Cash is king these days
I have to share with you that I thrive in competitive environments. I always put my best foot forward when representing either buyers or sellers, but this market is truly favoring cash. In talking to peers and submitting strong offers on behalf of buyers who are utilizing conventional loans it is clear to see that cash is reflecting more and more at the closing table. I don’t discourage my buyers who are utilizing conventional loans as they still have chances of making a deal happen, but I also talk to them about setting realistic expectations and being ready to embrace the offer responses. The housing market in North Kona is seeing a major downturn, with residential property sales down 57% from last year. On the other hand, the median is at $1,188,888 million ( up 20% from last year’s data)
Condo sales are up this month by 10% if we compare them to last year’s data, and some complexes are super hot where multiple offers are being presented.
So what to do?
If you are a seller and your home is experiencing slow activity, keep a close eye on your pricing strategy. Pricing your property properly and at market value will take you to your next goals. To discuss strategy in detail, feel free to give me a ring and I will gladly prepare a report and provide you guidance.
If you are a buyer utilizing conventional financing, ride the incoming waves. Interest rates may be on the raise again in the near future so save as much cash as possible to reflect a higher downpayment.
If you are cash – your chances of getting the property that you want are very high.
So to summarize, the housing market has seen a significant shift in recent months. As prices are still up and sales volume continues to decline it seems that there will be more changes happening soon. Stay tunned…
Check out these closings from South Kohala to North Kona March 28th-29th (the majority reflecting cash closings)
# of Sales on The Big Island of Hawaii – March 2023
137
183
41
News and Economy
March Updates
Small Business Owners of Kailua Kona
I had the pleasure of featuring all of these amazing small business owners of Kailua Kona! Click on the video to see the post.
Made with Love❤️
Property Highlight
73-1181 Mahilani Dr
Beautiful property in Kona Highlands
Purchase Price: $1,250,000
Welcome to the ULTIMATE Rental in Kailua Kona featuring expansive ocean views! This unique property is a dream come true for anyone looking to enjoy the beauty and convenience of living in paradise with added long-term rental income potential.❤️
Property Highlight
Here is a video that highlights
73-1181 Mahilani Dr
Top 5 favorite things about this property
If you need more information about this property, please feel free to send me an email directly ❤️ Buyers due diligence package available upon request.
Willie's Hot Chicken
Have you been to Willie's Hot Chicken I had the pleasure of speaking with Alan Wilson, owner and operator of Willies Hot Chicken 🐓❤️🔥 His restaurant serves the most delicious and juicy chicken in Kona. He and his team have perfected the crispy fried chicken recipe! This business owner brings so much passion and hard work to our local community 💎 Mahalo Alan!
”“Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for.” Letters, Principal Doctrines, and Vatican Sayings❤️
Maly RomeroReal Estate Consultant
