This latest edition of Elite Pacific Properties’ Oahu Upscale Real Estate Report shows continued evidence of an improving market. Inventories are low, and escrows and sales are stable and in line with a rising trend. Price per square foot is down a tiny bit, but within a reasonable range of fluctuation. The upscale segment of the property market is also stable and improving, with months-on-hand inventory dropping. For the time being, things look healthy.
The market would probably look even better if overall inventory wasn’t so tight, and if loan requirements weren’t as overly stringent as they are now. We went from one extreme of no-doc subprime loans to another extreme of tight-fisted lenders with an endless list of things to verify, and we haven’t found a reasonable, consumer-friendly medium yet.
If you’re a seller, think about listing now when there is less competition. It could be an especially good time if the prognosticators are right that a new wave of foreclosures may be coming down the pike.
If you’re a buyer, get your financing in order so that when you see the property you want, you can be ready to make an offer.
Call Miki or me, and we can guide you through the process. Whether you’re buying or selling, or just need a professional opinion, we’re here to help.
