What To Expect From The Hawaii Housing Market For The Rest of The Year
You know what they say, "timing is key"; and when the time come for you to buy or sell a house, timing is everything. Hawaii's housing market has it's ups and downs, but what does the rest of the year entail for us? Let's ask the experts.
The Number of Homes for Sale Will Likely Increase
Realtor.com's Cheif Economist, Danielle Hale claims we are starting to see early signs that housing inventory is starting to pick up.
"The gap between this year’s homes for sale and last year’s is one-fifth the size that it was at the beginning of the year. The catch up is likely to continue, . . . This growth will mean more options for shoppers than they’ve had in a while, even though inventory continues to lag pre-pandemic normal.”
- As a buyer, you should know that having more options to choose from is a blessing; especially in our current market. However, it's still imperative that we act fast on your dream property and put in offers up front as the competition is still fierce.
- As a seller, you should know that your home could have some competition. Great news though! If you're planning to sell then buy, you're move-up process just got a lot easier.
Mortgage Rates Will Likely Rise Due to Inflation
Odeta Kushi, Deputy Chief Economist of First American Title Company, agrees that at our current rate of inflation, mortage rates should follow the trend.
“… ongoing inflationary pressure remains likely to push mortgage rates even higher in the months to come.”
- As a buyer, it is more important than ever that you work with experienced real estate professionals - like the Pineapple Group. Having a trusted lender will also enable you to learn how the current mortgage enviornment will impact your purchasing power. If you're ready, it may be in your best interests to buy now before the cost goes up.
- As a seller, the current rate of inflation is a motivator to move forward now rather than later. If you're planning to buy again, reach out to a trusted Realtor to decide your next best move.
Home Prices Will Likely Continue To Climb
Home values will continue to rapidly appreciate as the current market currently reflects a lower inventory of homes for sale. However, Lawrence Yun, the National Association of Realtors (NAR)'s, Chief Economist confirms that while the rate of appreciation will level off, home prices likely won't.
“Prices throughout the country have surged for the better part of two years, including in the first quarter of 2022. . . Given the extremely low inventory, we’re unlikely to see price declines, but appreciation should slow in the coming months.”
- As a buyer, appreciation rates should be a motivator to buy sooner because, the longer you wait, the more it will cost you. You also will be able to revel in the current equity climb we're seeing in today's market and a strong hedge against inflation.
- As a seller, the current appreciation rate is amazing news for your home's value! Reach out to a real estate professional to figure out the best possible conditions for selling your home and buying your next to maximize your profit.
Whether your a buyer, seller, or real estate news enthusiast, it's imperative that you know what's happening in your market so that, when the time comes, you can make the best possible decision.
Connect with us today to discuss your goals and your path to success!