Free Consultation and Advice on Selling Your Home
August 2017 Statistics from Realtors Association of Maui
Housing market statistics from the Realtors Association of Maui from August 2017 are now available. They indicate that there is a steady decline in housing inventory. Great news for sellers! Why? Well, because when there are fewer houses on the market, and a constant demand for housing, buyers become more competitive to purchase. Depending on each buyer’s needs, it can mean a larger earnest money deposit down, opting for a faster escrow, or perhaps even a cash purchase. But the greatest perk is that lower inventory means rising purchase prices. A big “woo-hoo” for the seller.
Economist Paul Brewbaker
Median sales prices on Maui are going up! Economist Paul Brewbaker likens this rise to an escalator for both the single-family and condominium markets. “Maui is on an escalator path of a rate of 6% higher median home prices each year,” states Brewbaker. Additionally, he adds that homes are selling quicker than last year. We are seeing a new average of between 110 to 120 days on the market. Fewer days mean more time for you, the seller, to move forward with your new housing plans. Another advantage for listing your home now before inventories increase.
Maui’s Mayor Arakawa
In a previous blog on Hawai’i Life, I wrote about Mayor Arakawa’s “State of the County” speech. In it, he informs us that there will be a lack of 14,000 housing units by the year 2020. That’s just three years from now. So, you know the wheels are in place for new construction. I’d like to draw your attention to the fact that our escalator ride up of 6% increasing home prices may also be an escalator ride down as housing inventory numbers increase. When will that happen? Not a psychic here, but, I do know that if I were thinking about listing my home, I would do it soon.
Each homeowner has specific reasons for selling. Examples might be a retiring baby boomer who wants to downsize, proximity to a new job, or extra space for a growing family, or aging parents. Whatever the reason, I am offering a free consultation to help you value your home and prepare it for buyers’ viewing.
Please contact me at LindaMcCormick@HawaiiLife.com so that I can help you move smoothly towards the next best adventure of your life.