It’s widely known that in most areas in the country, the peak of home buying season is in the summer months. It’s not just the temperature that’s hot in June through August months. While the Hawaii real estate scene does not suffer from winter storms and subzero temperatures that plague open houses, and home sellers, in much of the mainland, even Hawaii’s market picks up in these times as well. If you’re looking to buy a house, now’s as good a time as any to crank up your home search (at the same time, if you want to sell your house, now’s a good time as well).
The Hawaii real estate market has been viewed with much optimism lately and many feel it will continue to rise (yes, of course, there are also detractors). Couple this with relatively low inventory and you have a bona fide seller’s market. That means if you’re in the hunt to buy, you need to be vigilant because summertime means increased competition from other home buyers for those homes that do end up on the open market. You won’t be the only one with an open eye for that next great house.
If you’re serious…
If you’re serious about getting off the sidelines and making a splash with an investment property or buying a new home for yourself, then you need to act like a serious buyer. That means decide WHERE you want to buy, WHAT type of property you want and get PRE-APPROVED with a quality mortgage professional (or have your CASH ready).
The last thing you want is to finally identify the house that fits all your buying criteria only to have it snatched out of your hands by another buyer because you weren’t prepared to act. Do your homework now so that all you have to do is go find your house.
Of course, if you’re not prepared to buy at the moment, there will still be good deals after summer is gone. With Hawaii’s year-round pleasant climate, you’ll still be able to pick up a great new home in Honolulu or investment rental in Kapolei or Kihei when summer leads into fall and on to winter. But with prices showing like they’re going to continue to rise, it may be worth your time and finances to get in the game now during the hot summer months instead of watching from the sidelines.
Hawaii real estate investors and future homeowners alike know that today presents some fantastic home buying opportunities!
Are land sales also up in HI?
That’s a good question, Jessica. I’m honestly not sure as I rarely look at vacant land, mainly just houses. I think it really depends on which island (and area) you may be referring to. For example, vacant land on Oahu can be a developer’s dream while on the Big Island there’s more than enough to go around and the price reflects it.
The summer season is the time to take a vacation. It’s not only because that’s hot temperature but also people are loving to own a property. They can take a rest whenever they want. In addition, having a property in a strategic location can be a gold mine to earn money. While the home is empty and they are not occupy it, they can rent it to other people who want to go there.