Anyone looking to buy a home or condo right now is in luck.
They’re not calling it a buyer’s market. however the Honolulu Board of REALTORS says buyers have more options with more homes and condos newly up for sale.
President Jenny Brady says, “In the single-family category in the month of March alone, there were 468 new properties that came on the market in the single-family category, so that gives you some perspective, right? And in the condo category, new listings are 712 new listing on the market.”
REALTOR associate Biz Kellam at Berkshire Hathaway HomeServices says local REALTORS may be anticipating a surge of business over the summer as military personnel get transferred to Hawaii. Such moves are called Permanent Change of Station, or PCS.
“We’re going to have an influx of about 7- to 9,000 military personnel PCS-ing here in June, and any inventory that’s out there, is going to be absorbed, because these guys have VA loans, their base housing allowance pays for their mortgage, so it’s free money, and quite a few of them do buy when they get here.”
Of course, just as many military members may be leaving and selling their homes, which could balance out the market.
These are the sorts of numbers the Honolulu Board of REALTORS reports on — resales — but of course it also monitors new housing.
Brady says there’s Hoʻopili, that releases 20 new homes for sale at a time, via lottery.
The Koa Ridge development has long been in the making.
And among the new condominiums in Kakaʻako, Ke Kilohana will be released to buyers in May or June.
Kellam recommends that anyone in the market, whether first-time or experienced home buyers, get an experienced real estate agent.
“There’s just a lot of paperwork, there’s a lot of timing with making sure things are submitted to escrow, so if you are selling your house, you don’t miss a deadline and then you’re out of contract and then bye-bye buyer.”
Talking about the one that got away is a sad affair, whether in fishing or home buying.