Inflation, rising interest rates, limited inventory, massive appreciation over the last 2 years, all factor in when you are considering the option…..is now the time to sell?
Is the Market Cooling Off?
A listing at Aina Nalu just came to market yesterday, and by 8:30am this morning there were multiple offers on the listing agents table. The whisper of a “cooling off” in the market is not necessarily something that we are seeing in the Maui real estate market. Not least, in April of 2022, we saw what can only be described as a market frenzy with Fidelity National Title publishing their year-to-date stats revealing 69% of condos sold at or above the list price, with 45% of ALL condo sales as cash deals.
If we look back historically, a predictable change is coming. As we know, real estate markets live in cycles. Timing the change is the question. The writing is on the wall for a shift, but at what point might it be too late? “Should I sell now?” is a consideration for owners who may never have previously given it a thought.
Life events are no longer the number one reason pushing the cause for de-acquisition. The intensity in the market over the last year especially has prompted owners to test the market with the hopes of optimizing their return as we see record price tags on property sales. We may find that sellers hold their price, especially with little motive to sell other than seeing what the highest market might fetch them, versus having a life change to prompt them. This may reflect as longer days on market, the sellers drive may only become evident over time. The buyers determination to own Maui real estate is the fuel.
Demand for Maui Real Estate Remains High
By all accounts the indicators, namely lower inventory and fewer buyers as a result of rising interest rates, will change the volume of sales numbers that we saw in 2021. However we do expect that the demand for Maui real estate will continue — as exemplified by the Aina Nalu unit landing to a waiting and ready audience of buyers — proves. A slow down may well be on the horizon, at the same time we are still awaiting the return of foreign travelers and international buyers to add to the mix of existing demand over supply.
If you are thinking you might want to explore selling in this market, please let’s have a chat. I believe I can help you weigh up your options in today’s real estate market.
Is it your time to fly the coop?
What’s on your horizon? If you are thinking you might want to explore selling in this market, please let’s have a chat. I believe I can help you weigh up your options in today’s real estate market.
Katy Foxwell R(B)
“At your service, with Aloha!”