Why It is a Good Time to Sell
When you hear of housing sales or lack thereof in the news, you have to be careful to pay attention to what they are actually referring to. Are they talking volume, median price, average price and especially, compared to what?
For example, the latest news has been that housing sales are on the decline on the Big Island; down by 11% compared to the same time last year. But BE CAREFUL. That is by volume. The number of homes sold IS down. And that is because inventory is down. People who want to buy, can't because there isn't enough to choose from and the competition is fierce. Multiple offers are common, especially in Hilo.
As a result, the price of homes sold is UP. According to The Pacific Business News, the median price of single family homes sold on the Big Island in April rose by 21.3% (condos by 28.6%) compared to the same time in 2017.
As you would expect, by the same report, home sales and prices have declined in the Puna District, the site of the recent volcanic activity. We think this is a short term drop because we personally have seen a vigorous market in Puna, especially HPP as lava evacuees look for their new homes.
So, let's put all this together.
What does that mean for you? If you are a home owner on the Big Island and were thinking of selling, this might be the best opportunity yet to get the highest price possible. The economy is good. Interest rates are rising. Inventory is smaller than demand in most places.
Have you been looking to upsize, downsize, change neighborhoods or sell for other reasons? Let us help you. We have a full team of people behind us to help you market, look for your next home, move smoothly through escrow, and close with confidence.
Give us a call. As always, the consultation is at no cost or obligation. But we think you'll be impressed.