Market conditions for West Maui real estate have come a long way over the past few years, and at this point, scarcity is the main challenge facing those who are interested in buying. There are few single-family homes up for sale at this point, and bids are highly competitive.
If you’re looking for luxury homes in West Maui, particularly in the $1 million and up range, then you have more choices. If you’re looking for something cheap, that time has passed. Buyers with an eye for something with a low price are just waiting for new properties to come up for sale at this point. We haven’t had any short sales in the past three months, so don’t hold your breath looking for one of those, but this is good news for our economy and the stability of the real estate market.
Given current conditions, home owners have a much easier time selling their home at a profit than in past years. If you bought at an affordable price, you could stand to earn a substantial profit on your investment at this time. Demand is high and multiple offers are common, particularly if your asking price is reasonable.
If you are interested in selling, it’s worth noting that buyers are reluctant to buy at a million and over, according to trends observed by the Realtors Association of Maui. There’s a distinct preference among buyers to stick with a six digit purchase, even if the price is just a little under a million.
If you are in the market to buy, interest rates are still relatively low, which is a spot of good news in light of the challenge presented by low inventory. Rates are likely to increase later this year, so keep that in mind when considering your investment. As always, we recommend that you get pre-approved if you’ll need a mortgage. The way the current market trends are going, you’re likely to find fewer opportunities to buy the longer you wait.
Whether you’re looking to sell or buy, we’ll be happy to assist you through every step of the process. You’ll find our contact information at the bottom of the page if you need to reach us. Mahalo!