In Hawaii we do not see the extreme winter slow down as in parts of the mainland. The weather is nice year round here. But even with that said the holiday season usually sees a lull in real estate activity.
This year may see the trend bucked a bit. The last couple of months, inventory in some of the communities I service have dropped considerably. Interest rates with discount points at local lenders, are bouncing between 4.5% and 4.75% on a 30 year fixed. Add to the mix federal tax credits of $8000 for first time buyers and $6500 for repeat buyers. You may be seeing the forming of a perfect storm.
Buyers are finding homes at great prices and attractive financing. They are however finding less of them to choose from each day in many parts of the island. We are also seeing prices beginning to climb for the first time in awhile in some parts of the island.
My normal advice to sellers is to wait until the beginning of the year to put their home on the market. This year the conventional wisdom may possibly be out the window. December looks to be a good month for both buyer and sellers.
Buyers, who were going to wait until after the first of the year, may want to start their search now. Sellers who are getting their home ready for sale may think about jumping in the market now. The lack of inventory in many areas will put them in a more favorable position.
If you are thinking of entering the real estate market on Oahu, please contact me for a free consultation.
I am hopeful that the new Tax credit program will boost our sales and we will not have a slow down.
Betty
We get VERY slow in the winter months, although some people will tell you our market is great (not) and our inventory is reduced... it is, but unfortunately it is because people have pulled their homes off the market. It is easy to spot the true 'buys' here but not the true 'buyers.' Aloha Randy!
Randy, I agree, this is a good time to buy or sell a house, with the interest rates being so low and the extension of the tax credit. I normally have slow November's and Decembers, but so far November has been a good month, and I am expecting December to also be better than I have experienced before.
Randy - we are seeing similar conditions here. The weather certainly doesn't contribute to any slowdown but the holidays often do. Hard to know this year with conditions that are encouraging for some buyers and sellers.
Jeff
Betty - So far the tax credit has made an impact.
Suzie - Pulling off the market has impacted inventory here some, but the last few months sales have definitely picked up.
George - Last Sunday's open houses had pretty heavy traffic. It looks like the usual slow down is not happening.
Jeff - If we finish with a strong holiday season, look out the beginning of the year.
So far we are seeing an upturn in calls. Hopefully an increase in ink on the paper!
I wish it would slow down, I could sure use a couple of days off in a row!
Randy,
Who can predict Buyers and/or Sellers? Holidays are traditionally slow but let's hope that is not the case this year!
I will be testing the holidays today. We will have three of my listings holding open houses.
Randy, good to hear as December rolls along the market in your area is shifting toward being balanced. I always think there's less stress on buyers and sellers in a balanced market.
Gary - Some areas are now turning to seller's markets for the first time in a few years.