October 2022 Oahu Real Estate Market Update
October 2022 Oahu Real Estate Market Update!
I've been hearing this a lot lately, "I'm waiting for the crash!" Why do people automatically assume there's going to be a crash? I'm not saying prices aren't going to go down but home prices went up 25% in one year, do we really think it's going to go back down by anywhere near the same amount? It's important to look at the facts when trying to determine what's going to happen to the real estate market. 1) Because of the recent appreciation of the market, American's are sitting on a lot of equity in their homes. 2) Inventory remains very low. 3) Building costs remain very high as supply chain and material costs were disrupted during the pandemic. Rising interest rates have definitely cooled off the market but there's no data to support a major crash on the horizon. In fact I think this is one of the best times to buy a home because my clients are getting them for under asking, under appraised value, and with credits since there's less competition. Once interest rates settle and the Feds stop raising them competition will return. Just because there’s a recession it doesn’t automatically mean home prices will fall. When buying real estate, the focus should be the next 5-10 years, not the next 5-10 months! Contact me directly so I can assess your particular situation.