Inventory Still Low On Oahu
Prices on Oahu increased again in the month of August according to the stats provided by the Honolulu Board of Realtors. Much of the cause is our lack of inventory on Oahu, especially in the more affordable price ranges. Ever since September of 2014 our months of remaining inventory has hovered around 3. This means that if no new listings came on the market there would be no inventory left to buy in 3 months.
What does this mean for you?
If you are a buyer it means you have to make an offer quickly and offer a good price. In our current market there are no bargains to be had. But, if you can qualify to purchase it is better to do it now while the interest rates are low. Our prices are not expected to decrease so there is no point in waiting. If you wait and the rates go up you may not qualify for anything. If you have questions about the process, or are ready to buy, please contact me.
If you are thinking of selling there may be no better time to do so. Low interest rates allow buyers to qualify for mortgages more easily and this enlarges the pool of possible buyers. You can also get top dollar for your home, however, if you price it too high it will sit on the market. That is why it is important to meet with your Realtor to discuss the comps and figure out the market value of your home. If you are interested in finding out, please contact me. I would love to help you take advantage of the great market we are in.
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