If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:
“Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”
Yun goes on to say:
“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction, including the inspection, appraisal, and financing contingencies.
Bottom Line
As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.
More Information
If you need any information about selling or about buying a home on Oahu, please contact me.
See you next time, MM
#mmsellshawaii #makeithappen
Nicole Fong
October 12, 2017
Hello Michele,
I find your article on Kapolei very interesting! My name is Nicole and I am a business student at Loyola Marymount University in Los Angeles, and for my project I am studying Hawaii Real Estate, focusing on Kapolei. Do you have any views on how the housing property market in Kapolei will change over the next few years?