As we reach the end of the year, many people are checking out their finances including whether it's a good time to buy or sell a house. Let's start with the basic question. Is it a good time to sell a house?
"The simple answer is no. It seems as though the summer of 2012 will probably be the best time for people looking to sell, to dispose of their properties,” said Kynan Pang of Central Pacific Bank.
Pang is optimistic about the coming year - based on what's been happening with real estate during the past few months.
“November median sales prices have been up for condominium and single family homes over January 2011 data. It's important to keep in mind that the national real estate trends however may be negative - Hawaii's market is completely independent,” said Pang.
There are some parts of Oahu doing better than others when it comes to home sales.
If you are looking to sell your home and you live on the west side, it's going to be tough.
"Certain neighborhoods in the leeward area have been hit pretty hard with short sales and foreclosures - thus depressing the market value. For sellers in those areas looking to realize gains, it's going to be difficult for them,” said Pang.
As you heard in the beginning of our report, this may not be the best time of the year to put a house on the market. So when is the best time?
"Summer tends to be the busiest season. Of course, families that are moving don't have to interrupt their child's school year and during the holiday season, it tends to slow down which is advantageous to buyers looking to purchase in this market, because there's less competition for good properties,” said Pang.
If you have a question for our financial experts, e-mail us at dollarsandsense@khon2.com.
