Median Home Price Rising On Oahu
In the recent three-month period, the median single-family home price increased 3.2 percent to $645,000, while the median condominium price increased 7.6 percent to $325,000, over prices during the same period last year.
While these numbers indicate the growing strength of a sellers’ in the market, they are top-of-mind for today’s buyers, who are focused on getting the best deal on a home that they can in a changing financial and real estate marketplace.
If last week’s half-point step up in mortgage rates is a signal of what is to come, buying a home will become increasingly more expensive in the near future. The interest rate on a 30-year loan is up to 4.6 percent, which is still lower than what it was back in 2011.
The rise in mortgage rates began in February of this year and is expected to continue. “Low-interest rates make a significant impact in the expense of buying and owning a home, especially when you’re looking at a 15- or 30-year mortgage,” says Scott Higashi, VP of Sales at Prudential Locations, LLC
In the Oahu real estate market, competition is stiff as a result of increasing home sales and near-record low inventory rates. The number of single-family home sales increased 16.3 percent and the number of condominium sales was up 19.6 percent for the three-month period ending June 2013.
As a buyer, one of the keys to staying competitive is being the first to know about new listings.
Homebuyers are using different methods to stay on top of listings, open houses, and sold prices. Prudential Locations has a free mobile app that allows anyone to view listings as soon as they hit the market, including high-resolution pictures and open house dates and times. It allows you to personalize your search in different ways, such as by price or neighborhood, and is on the go whenever you are.
Whether or not you are tech-oriented, it is important to work with an experienced REALTOR who is an expert in your neighborhood of choice, and can craft a competitive offer.
“It’s important you work with someone who has their thumb on the pulse of the neighborhood, so that you don’t get left behind,” advises Higashi.
“With the unique, competitive dynamics of today’s market, you will benefit from an agent who has knowledge and strategies to handle multiple offer situations. Prudential Locations provides our agents with specialized training and education for just such situations. ”
If you are shopping for a home in the new median price range, here is a sampling of what you can find on Oahu:
WESTLOCH FAIRWAY This beautiful, two-story home was recently remodeled with new paint, granite kitchen counters and light fixtures and has 4 beds/2.5 baths. MLS#201327104, $572,000
HAIKU VILLAGE Enjoy the lush Windward side in this Kaneohe home whose back opens up to preservation and provides mountain views.