This is the question on many people's minds.
Here is a few of my observations.
- Oahu prices are fairly stable compared to most parts of the country. We have seen a slight slippage overall in median prices. A few areas have seen larger drops like Ewa Beach, which has short sales, foreclosures and developers in the area competing with resale homes. Areas like Kahala have seen price increases.
- Although sales units are down, homes are still selling if priced correctly and in proper condition.
- Interest rates are fairly low. Immediately after the Freddie and Fannie announcement, rates took a quick dip and are still down.
- We live on an island. There is only so much real estate available.
- We are looking like a great place for out of state investors.
If you have been waiting for the bottom or are nervous about the lending industry, you may want to make a move soon.
Our market real estate prices seem to be somewhat stable. Mortgage money is available and at pretty good rates. We do not know how long that will be the case. The lending industry is changing daily. Anyone who predicts what will happen is crazy or being dishonest.
If you are thinking of selling your home, interest rates are down and buyers can buy. You will be competing with many others so pricing and condition are very important.
If you are thinking about buying, there is a good selection of inventory and the lower interest rates will allow you to buy more for less.
In any case this is a time of change and working with top professionals is a must if you are looking for success. You want a real estate agent who is experienced and an expert in that community. You want a loan officer who is good at what they do. I personally prefer working with the funding lenders. That is an entire blog post of its own.
If you are a buyer, mine and most REALTORS® services are normally free to you, so get the best you can find. If you are a seller, I and most top REALTORS® will give you a free evaluation of your home and make recommendations for getting it ready for sale.
Times are a little uneasy, but there are many opportunities out there.