Current Maui Market Condition – Shrinking Property Inventory Now Upon Us
I am still hearing from many people who are telling me they are waiting for the bottom of the real estate market to hit. I talk to them about the current market conditions and explain that what we are now experiencing shows that it seems that that time has come and gone. With this current shift upon us right now, the inventory is at a low we have not seen for a few years.
I get buyers who are used to asking a lot of questions and doing their due diligence trying to find that perfect house or condo and then before they know it, the first property they had looked at is gone. It’s not like in the past where a property may sit for a year. Now, unless a property is over-priced, do not expect it to sit on the market too long.
Shrinking Inventory is Not a Myth
Case in point is just yesterday I had 4 buyers call me. Two of them wanted to see specific properties, they (the sellers) already had multiple full-price cash offers – and the listings had been on the market only a week. I know it is hard to get the idea of believing the market has changed, but it has, and if you have been doing your research you will find that your search is not yielding as many listings these days.
Many condo complexes that used to have multiple active listings are now down to zero, or just one or two. I put in an offer for a client last week on a condo that had been sitting for over two years. The day we put in our offer the agent told me he just got another almost full price cash offer. Of course, the seller took that one over ours since ours had a loan contingency.
This complex now has zero listings and this buyer only wants a condo in this specific complex. If you need a loan to make a purchase, be sure you get yourself pre-qualified and be prepared – do not find the perfect place then think about getting qualified for a loan; if it is a good buy, it will be gone.
Available Kilohana Waena Vacant Lot
We had an office meeting just the other day and one of our agents happily reported that 6 lots in a development have gone into escrow in just a two week period. This is just another example, this development had been sitting idle for a few years. If you are interested in a vacant lot in Kihei, right on the edge of Wailea, take a look at Kilohana Waena. The prices range from $325,000 to $560,000.
Happy hunting and hope to see you soon in Maui.