Remember: The valuation of any property type, whether condo, single-family home, vacant land, apartment, or commercial property can vary depending on location, neighborhood, size, condition, age, features, amenities, upgrades and much more. For specifics regarding your particular property, contact me for a personal, customized home valuation.
As the Summer of 2017 starts to wind-down, the overall velocity of Oahu’s real estate market continues to remain very strong with limited inventory for certain property types, in certain locations and in certain price ranges. In other words, not all property types, locations & price ranges follow these island-wide trends exactly, but generally it is definitely still a “Seller’s Market!” The “hottest” markets based on my and my client’s personal experiences are as follows, in no particular order:
- Central & Leeward Oahu condos/townhomes & single-family homes under ~$500k and ~$800k respectively
- Kailua & Kaneohe condos/townhomes & single-family homes under ~$600k and ~ $1mil respectively
- Town & East Oahu condos/townhomes & single-family homes under ~$700k and ~$1.2mil respectively
For the best located properties that are in “above average” to “excellent” condition, w/in these general parameters, the competition can be fierce amongst possible Buyers w/multiple Offers the rule rather than the exception…. 3-10+ competing Offers not uncommon!
If you are a Buyer in these markets, it is Imperative that you do these things Before you even start looking:
- Chose an Experienced Full-Time Realtor with a proven track record and happy clients
- Secure your Loan Pre-Approval from a reputable Loan Officer (make sure your Credit is Verified for your Pre-Approval)
- Secure Verification of your Cash Funds for your Down Payment, Closing Costs and/or Purchase Price (if paying All-Cash) from your Bank, Financial Advisor, or Loan Officer
- Draft an Buyer’s Introduction Letter telling the seller(s) a little about yourself and you motivation to purchase…preferably w/photos
- Have Realistic Expectations as to what your $ can buy and what you may have to Offer to secure the property in a very competitive market
- Not to get too Attached any One Particular Property
If you are a Seller in these markets, to obtain “Top $,” in the quickest possible time, it is still important to:
- Hire an Experienced Full-Time Realtor with a proven track record and happy clients
- Properly Prep Your Property For Sale per your Realtor’s recommendations
- Make Sure your Realtor uses a Professional Photographer
- Make your Property as Accessible as Possible for Showings
- Be Flexible and Open to Subtle Changes in the Market as advised by your Realtor
- Be Realistic as to Your Property’s Current Market Value vs. overall “media hype,” especially when initially pricing your property
Whether you are a Buyer or a Seller…or both…if you follow these basic rules, you will have a much better opportunity to succeed in purchasing or selling your “home” with the best possible results!
Where we go from here no one really knows for sure; however, some of the current updated economic predictions indicate that this Seller’s market will continue for a few more years. This is despite previous predictions, and historical Oahu real estate cycles, which had pointed to a possible “peak” in 2017/2018 (~10 years since the last peak in prices in 2006/2007). That said, based on my 25-years of full-time experience, I would say that Oahu’s real estate market is a mix of these 2 predictions. Some property types in certain price ranges and certain locations or buildings either have, or are close to “peaking,” while others may still have those few years more to appreciate…
In Summary, whether you are a Buyer or a Seller, consult with your Realtor of choice for Specifics regarding your unique real estate situation and to expertly shift though all of the information and media “hype” on the web. Not all real estate “information” and “opinions” out there may apply to Your Situation. Also, remember that the monthly real estate statistics put out by the Honolulu Board of Realtors, use Island-Wide Median Prices for this month this year vs this month last year. So it is just a very small snap-shot in time vs. a rolling 6 or 12 month statistic. Therefore it is more subject to temporary swings in the market on any particular month due to a certain property location, type or price range selling more for just that month. It may, or may not, indicative of your specific property. That is where an experienced Realtor comes into play…properly interpreting all of the data, statistics and other information on the web in relation to your property, or property you want to purchase.
If I can be of assistance, feel free to call or text me at: 808-372-2274 or e-mail me at: email@example.com. I would be honored to use my 25-years of dedicated full-time experience to help you realize your real estate….and in turn “life goals!”
Aloha & Mahalo!
5/5 StarsTracy Yamato of Coldwell Banker is an outstanding Realtor in many ways. The purchase of a home is a multifaceted process that often a buyer does not fully anticipate until he/she is in the midst of it. What I really appreciated about Tracy is that from the very beginning to the very end he was with me every step of the way guiding me with his knowledge and supporting me with his attention and care. When I look back on the last 6 months, I do not think I would have been able to continue being a single parent, running my own professional practice, and doing a lot of volunteer work connected with my child’s activities, all while buying and moving into a new residence if Tracy had not been my realtor! Tracy has extensive market knowledge as the result of being a Realtor for 24 years and from performing many other roles that relate to real estate (project salesperson, investor, property manager, landlord). Not a day went by without Tracy giving me many options to consider buying, and when we did walkthroughs of the potential properties to buy he was quick to point out how each of them could be improved. When it was time to put in an offer to purchase a home in the condominium building that Tracy had originally recommended, Tracy worked hard to secure my home for me because another offer came in at the same time for the same dollar amount. The documents in connection with the purchase of a home are overwhelming, even for an attorney like me when I am trying to run my law practice. Tracy helped me through this onerous process by highlighting deadlines and documents that I had to pay attention to. Throughout the buying process, the moving process, and the settling in process, Tracy always responded to my calls and text messages immediately (or as soon as he was available if he was meeting with another client). As a family law attorney, I am used to being the professional who helps clients through rough times. Tracy really helped me to see from a client’s perspective how a conscientious, go the extra mile, approachable, and caring professional can make all the difference in what would otherwise be an overwhelming experience. I wholeheartedly recommend Tracy Yamato of Coldwell Banker to anyone who is considering buying or selling a home. Not only is Tracy Yamato of Coldwell Banker Pacific Properties the ultimate professional who you want on your side, but he is also a great friend!