Frustrations mount among potential homebuyers as prices continue to soar
HONOLULU (HawaiiNewsNow) - Home prices continued a steady climb in the month of September.
According to Locations, one of Hawaii’s top real estate firms, the median price for a single family home on Oahu is now at $1,050,000. Condos are on the rise, too, with the median price at $480,000.
Last month, 63% of single-family homes and 40% of condos went for above the asking price.
Realtor Maila Gibson-Bandmann has been helping her clients navigate the market but recently jumped in herself as a buyer. She and her family found the perfect home in Hawaii Kai listed at $965,000.
They had a strong down payment, and the day before the sellers were set to pick an offer, her Realtor called and asked her to do a few things to strengthen her offer.
“We did everything she asked us to do and we ended up in the second position backup,” Gibson-Bandmann. said.
“I followed that house all the way to the end, just hoping that we would end up being the ones. It closed way over asking right about at the same price we were at, but what broke my heart even more was like three days after it closed, I saw it up for rent.”
She went after yet another home, but an inspection revealed structural damage and she and her family walked away.
Finally, on the third try — after kissing two frogs, Maila says — they found their prince.
The home they found still needs work, but they’re happy and finally in escrow. Her message to prospective homebuyers: Don’t give up.
“So, you know, I couldn’t help but to feel that tinge of frustration that buyers are feeling right now — feeling as though investors are pricing them out of paradise and I experienced it for myself,” Gibson-Bandmann added.
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