It all comes down to price. Properties that are priced well are selling fast and are even getting multiple offers. If a property is worth $700,000, for example, and you want to wait for $725,000, then you will have to wait longer (or possibly never get that amount). On the other hand, if it is priced well and exposed to the market well (properly advertised and promoted), then you will get a lot of showings and hopefully good offers. A home very close to my office was listed two weeks ago. It was priced well, and received 13 showings and 5 offers in the first week. There are qualified buyers out there. There are many factors that go into pricing and marketing it.
For professionals in Honolulu (City of, not County), see
I would be happy to break down the sales specifically in your areas. You typically want to look at homes in the same area, same age, same square footage and home size.
Frank Diaz, MBA (RA), e-PRO
East Oahu Realty
My name is Mike Gallagher and you should visit my website at http://www.hawaiirealestatestatistics.com and track what is happening Island wide as well as individual neighborhoods.
The best time to sell is Seasonal. It begins in April and runs through September of each year. If you are still on the market in October, pull the listing and remarket in the Spring of the following year.
There are plenty of EZ to understand graphs on my site.
Mike Gallagher, Broker in Charge, Abe Lee Realty
Ethics Complaints Review Committee Member, Honolulu Board of Realtors
Ronda Ching Day
To briefly answer your question, in general, Oahu overall has shown a steady incremental move upwards in the number of sales over each month this past year, with home inventory levels decreasing. (I believe there was thorough example of these numbers in a previous response to your question). We are also seeing homes in specific neighborhoods at various price levels actually leveling off or increasing. When priced correctly some homes have garnered multiple offers, sometimes at or over list price within the first 3 weeks of listing the home. For example, I had a client compete against 15 offers for a particular property. It is not uncommon for buyer's to now have to compete against several offers.
Helping to drive this frenzy, I believe is due in part to the government incentives, like the $8,000 tax credit for First Time Home Buyers. (Speaking of which, the deadline has been extended to purchase or be in escrow by April 30, 2010 and can be used by individuals who already have homes, up to $6,500)
The statistical trend and basic economics of increased sales and decreased inventory could point or signal towards a transitional market from a Buyer's Market to a Seller's Market. Are we there yet? Is it a good time to sell for you? Maybe. Your particular situation and each home/neighborhood is unique and a thorough consultation and market analysis of comparable recent solds in your specific neighborhood should be performed by your realtor of choice. I hope this helps. Happy Holidays!
Our offices our offering free various seminars that are very informative and not to mention offer pretty good pupu's. Topic's include, First Time Home Buyer (Tax Credit), 1031 exchanges and more. If you would like to attend one feel free to contact me to RSVP a seat.
Geoffrey Guzman (RA) GRI, ePro