I just wanted to check in and talk today about Buying Real Estate on Oahu in these crazy times, with the threat of Coronavirus. Like with listing Oahu real estate, a lot about buying real estate on Oahu has changed in only the past few weeks. But again, what definitely remains the same is our commitment to you, our buyer clients, to help you find the best properties for your needs, when the time is right.
Below is a summary of the OAHU. REAL ESTATE. LIFE. video (above) on Buying Real Estate on Oahu & CoronaVirus.
Agents and Buyers Should Be in Good Health
- Buyers and agents should not be going out anywhere, much less looking at any property in person, if they have symptoms of Coronavirus.
- Check with your doctor if you have questions about Coronavirus symptoms or other health issues which may increase your risk of contracting. Err on the side of caution.
- Buyers and agents who are aware that they may have been exposed to a person with Coronavirus should not be out looking at property in person, at any time.
- You will probably be asked questions about your health and your recent travel status by people in the real estate industry (or by any buyer or homeowners) if your home search involves visiting any property.
- These questions are OK to ask, provided that they are not handled in a discriminatory manner and are directed equally to everyone involved.
- You should ask non-discriminatory questions too, to help protect yourself.
- Some real estate companies may ask buyers and agents to sign forms and waivers, which you may or may not choose to sign, attesting to your health and where you’ve been.
Buyers Should Have a Serious Need to Find Housing …
- The way Buyers are shown properties on Oahu is going to be drastically different in the next several weeks or months.
- We have been advised not to go out with Buyers to see property unless the need is absolutely essential.
- Essential does not mean going out for fun, to “kick tires” and learn the market, or for a second or third home, or investment that is not immediately needed.
- Most purchases should wait.
Unless … Buyers Choose to Buy Sight-Unseen from a Distance
- The exception to working with only Buyers having a serious, immediate need, would be Buyers who are willing to buy from a distance, sight unseen.
- You can buy without physically viewing the property. While not mainstream in normal times, is done more often than one might think!
- Sight-unseen purchases have worked well for many in the past. (People purchasing vacation homes and military buyers come to mind).
- Distance purchasing may become a more common occurrence over the next several months.
What is a Serious Need to Purchase Real Estate?
A serious need to purchase (or rent) real estate MIGHT include the following situations, which we will look at on a case-by-case basis:
- Someone that needs to find a place to live because their current accommodations will no longer be available soon.
- A Buyer who must move to Oahu for a job who does not already have a place to live here. (After a 14 days quarantine, of course).
- Someone who needs to move due to death, illness, divorce, or personal danger in their current situation.
- People who will otherwise be homeless or in serious trouble if they don’t find a place to live immediately.
THIS urgent need to buy (or sell or rent) really is the only reason for designating real estate as an essential business service, not subject to complete shutdown. That said, hopefully, only serious Buyers with a serious need will be out looking to purchase right now.
So, You’re Probably Wondering … What Will the Buying Market Be Like for The Buyers That Are Buying Now?
- If only serious buyers with an immediate need are out looking , it should mean a lot fewer buyers out looking, at least for a while.
- Fewer buyers might NOT mean less competition for a property. There may also be fewer listings to choose from, as people take properties off-market.
- Sellers may want to hold or rent out their properties instead of selling.
- There will also be the “hurry up and list” type of Sellers. Sellers sometimes worry about the market and want to sell quickly, in fear that things will get worse.
- We are already seeing some downward pressure on prices and expect this to continue.
- Some Buyers may get good deals where sellers are in need of quick cash.
- Basic concepts of supply and demand will always come into play.
- How this will shake out, I really don’t know…
Ride Out the Storm if You Can
- My personal opinion is that in the next several months, it might be best to try to keep a property rather than selling, if possible.
- In the past, Oahu real estate has had ups and downs, following a long-term upward trend.
- Data shows that Oahu real estate has rebounded very well after past market downturns.
- Purchasing real estate works best as part of a very LONG-TERM strategy to build wealth.
Call Us if You Need Help With Buying Oahu Real Estate
If Buying an Oahu home is essential to your life right now OR if you are willing to use our strategies for buying from a distance, sight-unseen, we at the OAHU. REAL ESTATE. LIFE. Team can still help you find a place to live.
I’ll get into the specifics about how to approach the threat of Coronavirus with a serious need to buy a home on Oahu in my next video.
For now, stay home and stay safe. Please feel free to call, text, or email us if you have questions at 808.721.8088. ~Aloha
Connect With Yvonne Jaramillo Ahearn, Esq. (B)
READ ABOUT Selling Oahu Real Estate and Coronavirus