#hawaiirealestateupdate #HawaiiIsland #RealEstate
Our group of Realtor and mortgage partners joined us for an island wide market update for October and from all corners of this Big Island, the answer to “How’s the Market?” it’s in this video, but the answer was pretty much the same:
Homes are sitting on the market longer as buyer demand wanes due to increased interest rates and inventory drops to a trickle making the homes that ARE on the market hold stubbornly to their prices..but some sellers are breaking with some price decreases, but not enough to really bring the median price down too much.
We call this actually a “normal” market..buyers are getting a chance to go see a property a few times, sellers are making concessions, very few multiple offers are happening, so buyers are not having to bring an extra $100k to the table to get into a home, mortgage companies are offering products to help homebuyers for a few years while they wait for rates to go down, and escrows are less hectic with the frenzy of hundreds of homes selling at once gone from the market.
Our mortgage partners said that it could be spring before the Fed can see a clear picture of the work they are doing now to raise rates make a difference on inflation.
What are you seeing in YOUR market?
Scott Wynn mentioned an upcoming webinar to learn more about financing options in this market. Go here to learn more:
Creative Financing Webinar (10/26)
Equity Transition Planning (using equity to get ahead)
Thanks to Lance Owens Delania Branham, Realtor Jana Mahoney Tanya Tapson Klett Amber Haley Marla Wynn and Scott Wynn for joining us yesterday with all their wisdom! Each Realtor is an expert in their neighborhood and the Wynn’s are fantastic mortgage pros.
Eric and Julie Ziemelis are REALTORS with Keller Williams Realty Big Island.You can reach us at 808-785-2898 or email at Eric@Ziemelis.com