Will The Holidays See the Normal Real Estate Slow Down on Oahu?

In Hawaii we do not see the extreme winter slow down as in parts of the mainland. The weather is nice year round here. But even with that said the holiday season usually sees a lull in real estate activity.

This year may see the trend bucked a bit. The last couple of months, inventory in some of the communities I service have dropped considerably. Interest rates with discount points at local lenders, are bouncing between 4.5% and 4.75% on a 30 year fixed. Add to the mix federal tax credits of $8000 for first time buyers and $6500 for repeat buyers. You may be seeing the forming of a perfect storm.

Buyers are finding homes at great prices and attractive financing. They are however finding less of them to choose from each day in many parts of the island. We are also seeing prices beginning to climb for the first time in awhile in some parts of the island.

My normal advice to sellers is to wait until the beginning of the year to put their home on the market. This year the conventional wisdom may possibly be out the window. December looks to be a good month for both buyer and sellers.

Buyers, who were going to wait until after the first of the year, may want to start their search now. Sellers who are getting their home ready for sale may think about jumping in the market now. The lack of inventory in many areas will put them in a more favorable position.

If you are thinking of entering the real estate market on Oahu, please contact me for a free consultation.