If you are planning on buying a luxury home on Oahu, now is a great time to do so. I recently shared data from Trulia’s Market Mismatch Study, which showed that in today’s home market, buyers have the advantage.
91-2035 Kamakana Street, Ewa Beach, HI. 96706 (sold) $735k
The inventory of homes for sale in the luxury market far exceeds those searching to purchase these properties in many areas of the country and in Hawaii. This means that homes are often staying on the market longer, or can be found at a better price. Those who have a starter home to sell will find buyers competing and often entering bidding wars with multiple offers to be able to get a home.
91-2025 Kamakana Street, Ewa Beach, Hi. 96706 (sold) $745k
The sale of your house will aid in coming up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000. Not all who are buying luxury properties have a home to sell first. In a recent Washington post article, Daryl Judy, an associate broker with Washington Fine Properties, gave some insight into what many millennials are choosing to do:
“Some high-earning millennials save money until they are a little older and skip over that starter-home phase. They’ll stay in an apartment until they can afford to pay for the place they want.”
The best time to sell anything is when demand is high and supply is low. If you are currently in a home that no longer fits your needs in Ewa Beach or on Oahu, and are looking to step into a luxury home in Hawaii, now’s the time to list your house for sale. If you need any information about selling or about buying a home on Oahu, please contact me.
Aloha for now, see you next time,
P.S. I love my Hoakalei life and Ewa Beach life and would love to share with you about it!
Live the dream. Get your Hawaii Life now.