“We continue to see the market settle following the spike in interest rates and rising inflation,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®. “Compared to the frenetic real estate market we saw the last two years, sales momentum is sluggish, but median prices are holding steady due to low inventory.”
You really have to factor in interest rates when doing comparables now. For example, I just ran comparables and one seller is asking $890,000, and another seller is in escrow asking $915,000. So on the surface the $890,000 price looks cheaper. However, the one is escrow has a VA assumable loan at 2.25%. When running … Read more
Getting a termite inspection is important for several reasons. Termites are wood-destroying insects that can cause significant damage to a property if left untreated. They can infest the wood in a home or building, causing structural damage that can compromise the integrity of the structure. Here are a few reasons why you might want to … Read more
There are many reasons why someone might want to live in Waikiki, which is a neighborhood located in Honolulu, Hawaii. Beaches: Waikiki is home to some of the most famous and beautiful beaches in the world, including Waikiki Beach, Kuhio Beach, and Queen’s Surf Beach. If you love spending time in the water, sunbathing, or … Read more
There are several reasons why someone might want to live in Kailua, HI: 1. Natural beauty: Kailua is located on the eastern coast of Oahu, and is known for its beautiful beaches, turquoise waters, and lush greenery. Residents can enjoy activities such as swimming, kayaking, hiking, and surfing. 2. Climate: Kailua has a tropical climate, … Read more
The Days on Market for Single Family is up 300%, wow. It is definitely a slower market for sellers, and they are dropping their prices to sell.
Day on Market Single Family up 261%. Last year it was 13 days. Now 47 days. It is interesting that the Fed says the percentage of median income needed to buy a home is now the same as it was in 2006 before the housing crash, so homes are in no way inexpensive right now … Read more
Home sales have now dropped below the very lowest level during the COVID crisis. Also, the Fed is not done raising interest rates.
Prices are starting to drop. Some places are a lot more than the median 7.6%.