March 2021
Hi Friends & Neighbors!
Spring is just around the corner, a time of new beginnings and lots of real estate business! In normal times, that is...
If you just woke up from hibernation and peeked out to see the real estate landscape, you might wonder, “Where have all the listings gone?” A recent report by the New York Times notes how (and attempts to explain why) there are very few homes for sale nationwide. If you’re actively looking to buy, I’m sure you’ve noticed.
Long story short, a combination of low mortgage rates, a preexisting housing shortage, and sellers staying put — due to either uncertainty or loan forbearance programs — has coalesced to create a very tight housing market. Bidding wars are becoming the norm, and O'ahu median sale prices for single-family homes were up 19% year-over-year in February to new record highs.
It’s great news for prospective sellers, whose homes might currently be the country’s hottest commodities that don’t come in a syringe. But if you’re looking to buy, or sell and buy (as is often the case), you’ll need great representation to quickly negotiate and win your new home.
As always, we are watching the market to provide you with the latest insight and updates. If you’re considering making a change, please don’t hesitate to reach out. We’re happy to help you and anyone you send our way!
In the meantime, we hope you find something of value in this monthly newsletter we've crafted for you.
Warmly, Mike & Lisa Styring Hawaii Realty International
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