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.
![](https://oahure.com/oahu-real-estate/wp-content/uploads/2023/04/StatsInfo_Mar2023.png)
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 and prices will drop to a more normal level.
Imagine living near a vacation paradise with gorgeous beaches, stunning views, and vegetation as far as the eye can see. Oahu offers all this and more, with the perfect blend of high-end downtown exploration and tropical paradise. Who wouldn’t want to buy a home on an island aptly known as “The Gathering Place?” Also called “The Heart of Hawaii,” Oahu merges high-tech downtown spaces with ancient historic and natural sites that will have you in awe.
Even with the monumental appeal of living in an island getaway full-time, selling your Oahu home can be challenging. With the housing market in flux, getting the maximum return on investment (ROI) for your Oahu home is critical. Now more than ever, ensuring you do everything you can to raise your home value can significantly impact your overall ROI, especially as home values go down.
Even with the market readjusting, we have plenty of expert advice to help you weather this real estate turbulence and come out on the other side with a profit. From staging your home to working with professional agents to market your home, here’s our in-depth guide to maximizing your ROI on your Oahu home.
Maximizing ROI on Your Oahu Home
According to the International Association of Home Staging Professionals (IAHSP), staging can help sell your home up to 30 times faster than non staged homes. On top of this, good staging can boost the overall sale price by 20% on average, meaning there’s always a chance for higher returns.
For those unaware, staging is placing furniture and decor in a home to sell the house. Staging targets key areas, like the living room, dining room, study, kitchen, and bedrooms, to give the appearance of a lived-in home while still showing off everything the space offers.
Working with staging professionals is a great way to boost the overall sale price of your Oahu home and highlight crucial selling points in each room. However, if you want to DIY your staging, a few tips and tricks can streamline the process:
Another critical thing to consider when selling your Oahu home is curb appeal. A home’s exterior is one of the first things potential buyers see, and increasing overall curb appeal can boost your eventual ROI. Things like well-groomed lawns and landscaping, a garage, updated siding, and more can all positively impact your home.
An excellent way to assess your home’s curb appeal is to work with a professional real estate agent to discover salable points of interest. For example, if your home has property attached, sprucing up your landscaping and removing dead plants can significantly increase your home value.
It’s also a good idea to check on the status of your roof and gutters and see if any pavement needs a deep cleaning. Pressure washing can increase curb appeal and revitalize older areas of your home with little investment on your end.
While there is no right time to sell your home, some months are better for listing than others. For example, listing your home in January may not be the best bet for a more considerable ROI since fewer people are looking to move during winter, especially with school in session for kids.
However, spring is a crucial time to sell your home, as many people are looking to move into new homes at the start of summer. Remember, with more popular selling seasons. The market can be inundated with homes, making it harder to profit.
Work with an accredited real estate agent or listing service (like us) to choose when your home stands out. High-quality, HD photos can elevate your overall ROI due to perceived value and increase buyer interest in your home.
Selling your house is a lot of work. That’s why professional help can significantly increase your profits and streamline your entire process. Working with a real estate agent can make filtering potential buyers and offers much more manageable. In addition, listing your home on one of Oahu’s trusted real estate sites, like ours, can significantly increase interest in your home and drive up your overall profits due to interest.
OahuRE has helped sell over 1,600 homes, and working with professional listing services can help get your home in front of potential buyers. Increasing buyer interest can potentially earn more for your home, upping your overall ROI. In addition, even with fees and investments towards your home, your house’s market value increases with each step you take to increase the salability of your home, putting more money in your pocket.
Oahu is a gem among the Hawaiian islands, so selling your home should be as easy as a tropical breeze. If you’re looking for a surefire way to get buyers interested in your house or condo in Oahu, list with OahuRE. HD photos with less cropping show perfect angles of your slice of paradise. With transparent information buyers can trust, countless seller testimonials prove that working with a professional is a great way to increase your ROI and sell your Oahu home. Get in touch with us today to find out 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%.
The National Association of Realtors said sales have crashed to the lowest level ever per Realtor.
It looks like close to 1/2 million Realtors will be looking for a new line of work in 2023.
I am noticing the slowdown already too much more than the 2008 housing crash.
As pending home sales have dropped lower than the 2008 housing crash, it is an excellent time to revisit what happened in 2008, as it seems we are going there again.
In June 2007, the median Single Family Home price on Oahu was $685,000. It went down and did not recover to $685,000 until December 2013, so it took about 6.5 years to fully recover.
Some Realtors say it is Hawaii, and home prices will always increase. That is true if you wait long enough. If you bought at the median price in August 1990, you had to wait until August 2003 for the price to go up, so 13 years.
So what do I recommend?
If you live in your home and don’t have to sell, you don’t need to do anything. Just keep enjoying your home.
If you have to sell now, please don’t worry. You are selling for less but can also buy for less in your new location.
If you are currently renting, you might want to start following the Real Estate market as the prices are dropping and decide when the right time for you is to buy.
If possible, I do not recommend renting long-term. Prices will go up again, and having a home during the up times is a great way to accumulate equity.