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O'ahu Home Sales Slows as Mortgage Rates Rises |
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September sales volume down by double-digits, properties spend approximately three weeks on market |
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Interest rates went up quite a bit in just the last month, from 7.0 to 7.5%. This is slowing down the buyer activity but not really affecting prices because the inventory is still low. Most homeowners have a much lower interest rate and so they don't want to sell their property and deal with the higher interest rates of today's market. Most would be sellers are opting to use their property as a rental instead of selling it. There's not as many buyers out the shopping right now, but the smart ones are getting really good deals right now in terms of a lower purchase price and seller credits. They are opting for highly leveraged loans, ARMs, and getting lender credits back with negative points and making the interest rate even higher in hopes that it will go back down soon and then they can refinance into something more stable. It's much more easier to shop around now with the decreased competition than it is once the interest rates come back down. |
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| | | My latest episode of the American Dream TV touring Lanikai just aired on the Travel Channel last week. Here's a recording of my segment. Hope you like it! |
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| | As far as the sales stats go for last month, the median price for a single-family home was $1,050,000 down 4.5% and condominiums were $532,000 which is actually up 6%. The median days on market for both single-family homes and condominiums is about three weeks. Close sales are down 16.5% for single-family homes and down 24.2% for condos. New listings are down across-the-board and months. Supply of active inventory is up a bit at 2.7 for single-family homes and 3.0 for condominiums. It's still a strong sellers market as six months is the threshold for when it changes from a sellers market to a buyers market, something we haven't seen in Hawaii in the last 20 years. Are you interested in making a real estate move in the new future whether buying or selling property here in Hawaii? Let me know so I can help. |
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| New Project: Launiu Ward Village |
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| The next project to come to Ward Village is called Launiu. It will be on the corner of Ward & Ala Moana on the "front row" with unobstructed ocean views. It will be released to the public Jan 2024, but I can get my clients in before that with the best possible pricing: Studios: 440 - 498 sqft and range from $714,000 - $842,000
1 BR: 782 - 812 sqft and range from $1,004,000 - $1,310,000
2 BR: 1,013 - 1,557 sqft and range from $1,731,000 - $3,137,000
3 BR: 1,630 - 1,677 sqft and range from $3,350,000 - $4,397,000 Register your interest for Launiu Ward Village below and schedule your private presentation so you can learn more about the project and see if it's the right fit for you: |
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| | | 3 BD 3 BA 1860 SF $1,320,000 |
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| | | | | 3 BD 2 BA 1137 SF $600,000 |
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| | 3215 Ala Ilima Street, Unit B104 |
| 3 BD 2 BA 992 SF $450,000 |
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| | | | 1212 Punahou Street, Unit 2003 |
| 2 BD 2 BA 981 SF $210,000 |
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| | | 4 BD 0 BA 1352 SF $1,080,000 |
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| | | | 300 Wai Nani Way, Unit II215 |
| 1 BD 1 BA 570 SF $480,000 |
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| | 98-288 Kaonohi Street, Unit 807 |
| 1 BD 1 BA 515 SF $398,000 |
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| | | | 1212 Punahou Street, Unit 2003 |
| 2 BD 2 BA 981 SF $580,000 |
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| At Compass, we know luxury. And in Hawaii we have many of the luxury listings. I'm able to help my qualified clients visit these properties leveraging my network as an agent. Just reach out directly if you are interested in any of these listings and I can coordinate a private showing for you. |
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| | | | At Kuilei Place, residents will discover a warm, welcoming community rooted in aloha. As a gateway to Diamond Head, Honolulu's most iconic beaches and historic neighborhoods are always just a moment away. Thoughtfully designed, 1-, 2-, and 3-bedroom homes reflect the best of contemporary island living while an expansive collection of amenities enhance the residential experience. |
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If I could sell your home for 10% higher than yourZillow Zestimate, would you be interested in selling? |
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| | Ben Fieman
Realtor Broker | RB-23470 | MBA Compass Hawaii, Founding Agent Career: $200M+ in Sales, 250+ Transactions
Work: 808.400.7007
Email: Ben@Fieman.com |
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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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