Now is a Great Time to Buy and Sell in Hawaii
Aloha! We are excited to finally have some good news for home buyers and sellers in Hawaii. For years there has been a limited inventory of homes on Oahu. We’ve seen prices move up and down, leaving buyers frustrated by being unable to purchase homes. On the other hand, sellers have been anxious about being unable to find new homes after they sell their current property. Whether they need to upgrade or downsize, finding that next property presents such a daunting task that it’s been easier to stay put. But now the tides are turning. We are happy to say that there is more available real estate on the market, giving buyers and sellers more options. If you’re considering buying or selling property in Hawaii, now is a great time to do it. Prices are still high, but inventory is increasing, which is a welcomed condition for everyone. So if you’re looking to buy or sell a home in Hawaii, act now while you still have plenty of options.
Prices haven’t skyrocketed.
Unlike many cities across the US, home prices in Honolulu and Oahu haven’t shot up in the past few years. That means buyers can actually have confidence in the value of properties. With the global changes impacting all of us, now is a great time to consider investing in property in Hawaii. Taking advantage of an opportunity could boost your investments and ensure gains down the road – but when is that perfect moment? It’s impossible to say right away; we’ll need hindsight before discerning whether today was a great decision or not.
The current state of the Hawaii real estate market
Hawaii’s real estate market has fluctuated constantly the past few years have been no exception. But more inventory brings optimism for 2023. This means that both buyers and sellers have more options available to them, and lotteries aren’t a buyer’s only option. Now is a good time to invest in Hawaiian property as current market dynamics indicate that property prices are strong, creating an ideal opportunity for those interested in owning or selling real estate in Hawaii.
What to expect in 2023: No crash in sight.
2023 is shaping up to be a great year for real estate in Hawaii. After years of limited supply, more inventory is finally on the market. With more choices comes more opportunities and happier customers. As a result, we are looking forward to healthier and more stable market conditions and see no crash in sight. Oahu real estate professionals anticipate that this trend will continue through 2023, making now an opportune time to take advantage of the market because there’s no telling how long this will last.
It’s neither a buyer’s market nor a seller’s market. We are in the middle of what’s called a neutral market, which means that conditions are favorable for buying and selling parties. If you’ve been waiting to find the right property or took a break from your housing hunt, now might be the perfect time to get back on the hunt.
As always, please don’t hesitate to reach out to us here at Oahu-Homes! Aaron Kanno (aaron@oahu-homes.com) and Sean Fujimoto (sean@oahu-homes.com) are always available to answer any of your questions.