Honolulu, Hawaii 2021-06-08 03:34:04 –
HONOLULU (KHON2) — Advice from experts, “Don’t wait to buy,” as the Hawaiian real estate market continues to heat up without showing any signs of chilling.
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A median single-family home price of $ 985,000 was a record, according to a May report from Locations Hawaii. This number is expected to jump to $ 1 million by this summer.
Jason Lazzerini, President and CEO of Locations Hawaii, said: “I think it’s starting to become more common for people from the mainland to come in and try to buy a villa here or do remote work here. That’s definitely true on the West Coast and now , I see local markets competing with some of the mainland markets. “
It is a fast-selling area such as Mililani, Ewa Beach, Kapolei and Waianae.
“People can’t afford it, so I think they’ll go farther to get what they can buy in their price range,” said Shannon Haven, president of the Honolulu Real Estate Agents Commission. It was. “If they still want a single-family home and are in the $ 650,000 range, it’s almost gone even in the Ewa region, so you have to go to the Waianae side to get that price range.”
For many trying to step into the door, cash offers and bidding wars can make it difficult to close a deal. Experts say that lottery systems for development, such as Core Ridge and Houpuri, could be the solution.
“The lottery gives buyers the opportunity to secure a home at essentially a fixed price,” said Core Casadi, a real estate agent associate at Compass Hawaii. “Everyone has more or less the same odds. Right? Unfortunately, who wields the biggest sword compared to the resale market?”
To participate in the lottery, get pre-approval, then set up a tour of the model house and work with agents to prepare all the paperwork.
“From the moment you apply for the lottery, you’re more likely to secure a home within the week or sign the contract within two weeks,” says Cassady. “Therefore, it’s very quick. It’s a seamless process as long as the ducks are lined up and pre-qualified in advance.”
Experts expect the hot housing market to continue until next year. Buyers should hire an agent as soon as possible if they need part of paradise.
Honolulu Real Estate Agents Commission Hope program For buyers who can help prepare the purchase process.
Oahu single-family homes near $1 million as housing market remains competitive Source link Oahu single-family homes near $1 million as housing market remains competitive