What does a new record for O’ahu median home price mean for buyers and sellers?

It’s an interesting time in Oahu Real Estate. This November on Oahu there were 29% fewer homes for sale than last November. However, with interest rates what they are now, there are the same if not more interested buyers than ever.

This means more buyers are competing to purchase with fewer homes for sale. And the numbers show it: On average homes are selling for 99.5% of what they are listed for. Also, the median home price just hit a new high of $872,500.

Is this encouraging, or depressing?

Here’s why we think this is encouraging news for selling their home AND people looking to buy one.

First: it confirms that there is tremendous value in our market regardless of uncertain times. And value is good for both parties to a transaction.

Second: it makes pricing clearer and more predictable. It’s reasonable for sellers and buyers to be more certain about what a house will cost after all is said and done. Let’s face it, negotiating can be stressful.

With less wiggle room in prices (due to the market forces mentioned above) you pretty much know what you’re getting into from the beginning. This can free up energy to think more clearly about what you want and if the offer you’re considering is right for you.

Here’s what we recommend: Don’t let the numbers stress you. If you’re selling, it is very likely you will get top value for you sale. If you are buying, Oahu Real Estate continues to be a top value purchase.

If you’re ready to sell, the market is favorable. If you’re ready to buy, identify what you can afford and work with a professional to help you find the best opportunity.

In either case, we are happy to help. Let us know, and give us a call, when you’re ready to take advantage of these extraordinary times.