HONOLULU (HawaiiNewsNow) - It doesn't matter if you are a buyer or a seller of real estate, the trend in home pricing matters. Matt Brummel, a Realtor Associate with Coldwell Banker Pacific Properties joined us on Sunrise this morning to talk about trends and get us in the Real Estate of Mind. Check out video of his interview above.. and his notes below.
What's the trend in the market today?
Today's market is definitely a seller's market. We are seeing multiple offers on many listings and this is putting upward pressure on pricing. Buyer's are trying to get in the market or move up within the market before they are priced out. Seller's can and are taking advantage of this while it lasts.
What's causing this?
It all boils down to Supply and Demand. Our active listings are relatively the same as this time last year. It was low then and it is low now. What has changed is the demand has grown stronger this year. This is likely spurred in part from extremely low interest rates and growing confidence in the economy.
Will it last?
This year over last year we have seen around 5-10% increases in median price for Oahu neighborhoods. The data seems to indicate that this will continue over the next 12 months or so barring anything unforeseen. Again, it really comes down to supply and demand ratios.
How does this compare to this mainland?
Relative to the mainland we have be very stable on Oahu over the past 4 years. They went down further and will come back up more and quicker.
If you're a buyer should you be discouraged?
If you a seller it's definitely a great market for you, but a buyer shouldn't be discouraged. An experienced agent can help navigate you through the process.