Big Island Real Estate Updates | December 2022

Aloha from Paradise! 🌴

As the year 2022 draws to a close, I would like to thank all of my clients and readers of this newsletter for all of your support! It is always a pleasure to provide value and it is always an honor to provide you with insights of this dynamic sector of real estate.

What a year we had! Curious about what happened last month?

The housing market for November in West Hawaii saw an unprecedented surge with 150 homes/condos available, a near threefold increase from the 55 that were on the market in 2021. It’s clear that there is a huge surge of available inventory.

So what is the advice?

Big Island sellers have enjoyed a remarkable rise in their property values over the past two years. Unfortunately, that sunny streak has come to an end and buyers are becoming more selective as they look for homes worth investing in – going through all of the due diligence steps such as home inspections before making a purchase decision. If you want your Big Island home to stand out from the rest, make sure it’s staged well with professional photos included and priced competitively so potential buyers will be enticed by its condition and location!
If your home is in need of serious TLC, it’s essential to take action before listing. Otherwise you could be looking at potentially costly negotiations and a sale price lower than what you had hoped for – not ideal! Save yourself time and money by arranging a pre-home inspection as soon as possible. Getting repairs sorted out before potential buyers see your property will put more dollars back into your pocket. Don’t forget about marketing- make sure tyou have a solid partner that can help you with marketing and is well-versed with all aspects of social media.

Big Island Buyers: Buying a home on the Big Island has been an exhausting experience over the past two years. Do you remember submitting offers only to find out that the property went contingent just hours after being active? I am sure you are not missing that environment. With real estate market conditions changing, new opportunities are arising that offer more options for hopeful homeowners!

Be aware that homes in fantastic condition priced correctly may generate multiple offers. For example I just released a gorgeous listing yesterday in a beautiful condominium complex called Kona Reef and the amount of showings, emails and offers was through the roof.  Sellers are in a multiple-offer environment and the best offer will win.

How can you have a successful real estate transaction whether you are selling or buying property in 2023?

Having trusted advice from experienced local agents is invaluable as they can strategize how best to approach your prospective purchase or sale and make sure you get what you want out of every deal!

As always – I am here to help ❤️