Is it still a real estate buyer’s market today in Oahu? As experts in the Oahu real estate market, we get asked this question frequently.
The answer isn’t as simple as yes or no.
The State of the Real Estate Market for Buyers in Oahu HI
First off, it really depends on the property type and location.
Single-family houses in great locations around Oahu that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Real Estate buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Homes and properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable house or property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Oahu, but seem to be rebounding as the rental housing market increases.
Real Estate investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the real estate market in unique ways.
Overall, those people in a position to pay cash for Oahu houses and properties have been picking up the best deals in the marketplace.
Lots of home and property sellers are trying out speculative prices just to see if anyone bites, but most real estate investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for home buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.
Overall the real estate markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Oahu because we believe in the community and the people here.
If you need to sell a house or property in the Oahu area, we can help you.
We buy houses like yours from people who need to sell fast.