Honolulu is among the top five US cities for sellers of real estate.
According to a recent article by Honolulu magazine.com and Movoto.com, Honolulu is the fourth best city in America for home sellers. But when it comes to the best cities for buying a house, Honolulu is not even in the top 50.
Honolulu homes provide a very attractive environment for new buyers. Because of low crime and good schools, Honolulu’s advantage offers perks on both sides of the transaction. Property values they high over time but Honolulu boasts the seventh lowest crime rate and the eighth best school quality.
The reason it’s good for home sellers is that there are fewer homes on the market so the competition among buyers allows them to set higher prices. But as affordability decreases buyers tend to lose out.
On the other side, Honolulu was ranked fourth in terms of low unemployment and people with jobs tend to buy home so it makes sense that low unemployment benefits sellers. On the flipside for buyers, it gets a little bit trickier; low unemployment rate is usually a good indicator that resale values will also be strong. Some of the reports believe that increased competition for the limited Honolulu housing inventory outweighs the resale concerns.
With home prices rising, Honolulu becomes a very attractive place for sellers to resell property since there is very limited competition and inventory. However, unless buyers must move here from other states and relocate, those that are native to the Hawaiian Islands may find themselves buying homes that are way out of their price range. [Source]
So what does all this mean? It’s a great state for home sellers because you can usually recoup any costs that you put into the home and usually sell for more than a purchase depending on when you bought the home.
For more information on buyers and sellers in Honolulu and the Oahu real estate market, call me today.