With so much uncertainty in our market due to the Coronavirus, the real estate market is understandably hitting a pause. A big pause. Though there are still new listings coming on the market and properties going into escrow, total listings for single-family homes on Oahu fell over 17% in March compared to the same time last year. A large number of active listings were also temporarily withdrawn from the market.
We are only beginning to see the impact of the virus on our real estate market, but there is no doubt that with the loss of income due to mass closures, we can expect the pause to become more intense. Already, more than 160,000 Hawaii residents have filed for unemployment claims.
So, as people’s lives and livelihoods are being put on pause, what’s my advice? First, take care of yourself and your family. Self-care and good health come first. The current pause we are in is an excellent opportunity to re-evaluate your life and your priorities. Do a reset. Relax. Connect. Help. And above all else, enjoy those you love.
This is also an excellent time to speak to your trusted advisors about your options as it pertains to your finances, real estate and stock portfolios, insurance, and retirement plans. Be sure to avail yourself of all the various resources available to you. And lastly, pause and take a deep breath trusting that this will eventually be over.
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