Buying into the Hawaii real estate market involves a lot of important decisions, especially if you’re after an investment property. You have to decide when to buy, and when the time comes, when to sell. Keeping track of the market is a big key to success. If you know what everyone else is doing, you can use that information to your advantage.
The National Association of Realtors recently released their Pending Home Sales Index, which is one of many reports to help you get a feel for where the real estate market is going. The report stated that pending home sales have reached their highest level in nine years as of April. Some industry analysts believe this is an indication that the decrease in existing home sales is temporary.
The data in this report is based on contract signings, which increased for the fourth month in a row in April. The index reached 112.4, which is the highest it has been since May of 2006. This says a lot for the robust quality of the market, especially when taking the recession into account.
Every region of the U.S. showed higher signings in April, so it isn’t a question of which parts of the country are thriving and which are lagging. That’s what makes the report refreshing. In fact, inventory shortages are a growing issue, and not just in the Hawaii real estate market, but in many parts of the country. According to NAR Chief Economist Lawrence Yun, metro areas are showing the most significant shortages, which is certainly true of Honolulu. In these conditions, you often have to compete with other buyers, which is why realistic offers will provide the best outcome.
If you need advice moving forward, you’ll find our contact information at the bottom of the page. We would be happy to assist you through every step of the process. Mahalo for reading this week!
