Tips For Dealing with A Multiple Offer Market in Hawaii

How do you deal with a hot market in Hawaii where there are few homes and the ones that come on to the market seem to have two offers on them as soon as they hit the market?
  1. Work with a Realtor who keeps their eye on the active market and keeps their ear to the ground with other Realtors in their offices who hear about listings as they bubble up.
  2. Be ready financially and emotionally to jump. You are not going to have the luxury of waiting two weeks to send the listing to your friends and family for their opinions and go and see it a few times, etc.
  3. Come in with a STRONG offer. You can’t be lowballing offers in this market. Your first offer has to be your best, as other offers will be taken and considered side by side, so you won’t have a chance to come back and offer full price when other offers started there.
  4. Listen to your Realtor. They are listening to other agents, calling for listing appointments, losing offers and re-writing new ones.
  5. Consider changing your focus. My husband and I checked out 99 homes and bid on dozens in 1999 in Silicon Valley as the market was on fire and we ended up with a triplex when we had originally looked at single family homes. We also ended up with a 1/1 condo here in 2005 when there was not just low inventory, but the condo prices were increasing weekly. Did I want to live in a 800 sq ft condo with two kids? No, but I did what I did in order to get my foot in the door and live in Hawaii in something we could afford. A buyer in my “365Kona’s I’m Moving to Hawaii and Buying A House!” group is looking at homes in Milolii (located about an hour south of Kona) because that is what he can afford and he is set on getting into driving distance of Kona for a job. You do what you do.
  6. Don’t get discouraged. One of our buyers in that buyers group is watching homes he wanted to bid on get scooped up over and over. Low interest rates are driving the crazy, as well as people looking to change their lives. I can’t say that the demand won’t always be there..before the pandemic Baby Boomers looking to retire have had their eyes on moving to Hawaii for years. But if you have faith, a great Realtors, a strong offer, perhaps a letter to the sellers about your dream, and may be on a video that you post to social media soon enough doing the “I bought a home” happy dance.
Let’s do this thing! If you need a fantastic Realtor to work with to help you purchase a home on any of the islands, (or a Realtor to help you sell your home on the mainland!) we have connections to help you today. Send us an email or call or text us and we can help you get going! or 808-785-2898.
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