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Multiple Offers on Kona Real Estate – What's Going On?

Usually, I write a blog to tell you what’s going on out there. I either share a great buy, or elaborate on recent sales statistics. Today, I’m less interested in telling you what is going on and more interested in hearing from you what’s going on.

What I can say is that, as a buyer’s agent, I am writing a lot of offers and, in each case, we are up against multiple offers. Whether it is the low or high end, or house or condo, it doesnt seem to matter.

In South Kona last year, only four homes sold for more than $500K. I was lucky enough to represent the buyers on one of them. They got a lovely home for a great price. I just wrote an offer for another buyer on a home that just came on the market priced over $500K and the listing agent just called to tell me he has 8 other offers. EIGHT!

I had planned to show another couple some homes in Kona priced in the $400K range. We decided on the homes, but when the day came (just a few days later) all but two were in contract.

So, my question to all of you out there is, “what’s going on?” Agents, buyers, and sellers, let me know what you’re experiencing. I’m listening.

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Martha Tumbleson, R(S)

April 6, 2011

Erik – Buyers are finally realizing that NOW is the time to buy. Low prices combined with low interest rates – rare to get the combination. Inventory is low – sellers are reluctant to put their homes on the market unless they really must sell. So yes, multiple offers seem to be the norm right now. Good for sellers who must sell as well as buyers wanting to get a ‘deal’ – it’s a pretty neutral market. Exciting times!

Martha Tumbleson, R(S)

April 6, 2011

Erik – Buyers are finally realizing that NOW is the time to buy. Low prices combined with low interest rates – rare to get the combination. Inventory is low – sellers are reluctant to put their homes on the market unless they really must sell. So yes, multiple offers seem to be the norm right now. Good for sellers who must sell as well as buyers wanting to get a ‘deal’ – it’s a pretty neutral market. Exciting times!

Erik Hinshaw

April 6, 2011

@Martha – Absolutely. Takes a little more negotiating but good deals are still available. What I am also seeing is buyers are willing to look a bit further up and or out. I’m selling homes in Holualoa and South Kona instead of just the resorts or in town. These are my favorite areas so I’m enjoying that as well. Not only am I making sales Im getting new neighbors.

Erik Hinshaw

April 6, 2011

@Martha – Absolutely. Takes a little more negotiating but good deals are still available. What I am also seeing is buyers are willing to look a bit further up and or out. I’m selling homes in Holualoa and South Kona instead of just the resorts or in town. These are my favorite areas so I’m enjoying that as well. Not only am I making sales Im getting new neighbors.

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