The newest Upscale Report shows a generally stable local market. Even though June was a terrible month for property sales for the nation as a whole, the Oahu market hasn’t suffered as much, nor have there been new negative trends in pricing locally. Although new escrows did drop after the end of the tax credit, as expected, average price per square foot is holding ground.
If you’ve been thinking about buying, note that mortgage rates are at historic lows. Any non-cash buyers out there really ought to consider making a move sooner than later to take advantage of rates. Assuming prices stay the same or rise, the same property will cost you appreciably less now than if you wait and interest rates go back to more normal levels. You’ll pay less every month, which will help you in the near term and save you lots of money in the long term.
If it’s time to buy or sell, give me a call. I’ll help you determine your options and will always work hard for you.
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