Hawaii real estate competition stiffens as prices rise, what you can do to stand out – Honolulu, Hawaii

Honolulu, Hawaii 2021-04-08 03:48:40 –

Honolulu (KHON2) — The competition to buy a home in Hawaii is getting worse.

From bidding wars to prices that are sometimes hundreds of thousands of dollars higher than the asking price, it has become difficult for families to buy their own homes.

[Hawaii’s Breaking News–Download the FREE KHON2 app for iOS or Android]

Local realtors say the housing market is so competitive that you can get 20 to 30 offers in just one home.

“I’ve never seen a market like this,” said Shannon Haven, the current president of Honolulu Real Estate Agent. “If the price range is less than $ 1 million, many people can afford it right now, so a large number of offers are almost guaranteed. And when you enter the town area, when you exceed 1 million, You will see 20-30 offers for some highly desirable properties. “

What’s amazing is not just the number of offers, but the amount people are willing to pay.

Location Hawaii real estate agent and partner Bernieton said:

Realtors say they are having a hard time finding a home to sell.

“Many of us want to buy the highest interest rates we’ve ever seen. We have nothing to buy, especially in single-family homes, which are very low in stock. . “

Shannon Haven, Honolulu National Association of Realtors Member President

However, National Association of Realtors members say there is hope for those considering buying. They say people should work with realtors to prepare their pre-approval letters, and evidence of cash funds to show that they can put a down payment and close. They should also decide in advance the price limits they are willing to pay for the house.

According to Ton, when it comes to creating contracts, buyers need to see what they can do to deal with sellers.

“It’s very important to know what the seller’s needs are, because the seller may need to refinance for a week, two, or a couple of weeks just to help them move. Finding such things and including them in your contract will help you, “said Ton.

Most realtors write cover letters, according to Ton, but we also encourage people looking for a home to write a cover letter.

“A heartwarming letter telling the seller who you are and why you want their home so badly. It’s always helpful,” said Tong. “We have sellers who are very attached to their homes, and they want their homes to go to a nice family. So I have sellers emotionally attached to their homes , I accepted the contract because I wanted to go to my family. “

She said that new, ready-to-move homes are really popular, so people may want to consider buying an old home and remodeling it. Due to the current eviction moratorium, it may be easier to buy a home with a tenant.

“Then why not consider hiring a tenant for two months, and you might get a home that you wouldn’t get otherwise,” Tong said. ..

If you really want a particular home, you can also ask for an “escalation clause”. Under this clause, the buyer will raise the price to a certain amount that exceeds the highest offer submitted.

Realtors say it may take some time to finally get a home in the current market, but people should continue their efforts.

“You have to do your best. What can I give to the house? What can I bid for the house? What are you willing to do to sign the contract? Do you accept it? “Heaven said.

Hawaii real estate competition stiffens as prices rise, what you can do to stand out Source link Hawaii real estate competition stiffens as prices rise, what you can do to stand out

Back to top button