Today’s market is a sweet spot for sellers compared to years past. We know that there were 30% fewer sales this June than last June here in Honolulu.
June had a total of 248 closed sales of single-family homes and 470 closed sales of condos, with an average of 17 days on the market. That being said, there are many advantages to putting your home on the market at this time.
Low Inventory
Low inventory means less competition. With fewer homes to choose from, buyers are limited to only so many options. Your home could very well be the only home on the market in a certain area, and that makes it extremely appealing.
We are constantly seeing multiple offers on homes at this time. You could very well experience a bidding war on your home if priced correctly. That means your home could sell for even more than the listing price!
In June we saw over 700 listings go into escrow at an average of 17 days. More people are catching on to the pros of selling right now, and you still have time to take advantage of the market if you act quickly.
Equity in Your Home
The median price for single-family homes and condos has jumped over one hundred thousand dollars in Honolulu since 2020, and your home may have more equity than you realize. Homes in Honolulu are always in demand, and prices remain strong because of limited land.
Talk to an agent to learn more about your home’s equity and what they believe you could list your home for. Don’t wait for the competition to show up and sell while there’s still low inventory!
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