The Hawaii real estate market, and specifically the Honolulu real estate market is likely to go through some changes in 2019.
With the real estate market across the U.S. looking like it may slow down in terms home sales and appreciation, there are some things that both sellers and buyers should consider this year in Honolulu.
Buyers
Many real estate experts are predicting that home prices will still increase this year, just at a much slower rate than they have in recent years. Because of that, there will likely be an increase in inventory as homes continue a trend of staying on the market longer than they have over the last couple of years.
This could also lead to some stagnation in prices and the amount of competition among buyers could loosen. Therefore, we could be on the verge of it becoming more of a buyers’ market, or at least a more balanced buyer-seller market.
Some experts expect interest rates to increase, however, so that is something home buyers will want to monitor if they are considering purchasing real estate in 2019.
Sellers
As homes stay on the market longer, sellers should consider practicing patience as their home may not fly off the shelf like they may expect. What comes in handy for sellers in this type of market is to partner with a real estate agent and loan professional team that knows the market well.
Having the right team on your side can be a big help when trying to accurately price a home and make sure a transaction gets on a fast track to closing once an offer has been made.
If you are looking to sell, refinance or purchase real estate in 2019, make sure to reach out to one of our loan professionals with any questions you may have about the Honolulu market.