Are we in a seller's market or a buyer's market? Is a shift on the way? We'll answer those questions for you today.
First of all, a seller's market exists when there are more buyers than sellers, inventory is low, and homes are selling quickly, often gathering multiple offers. A buyer's market exists when there are more sellers than buyers, demand is low, and supply is high. In this situation, buyers are able to negotiate aggressively. Keep in mind that results vary from area to area.
The median price for homes in Oahu in 2005 was $590,000; in 2011, it was $575,000, and today, the median price is $710,000. We don't think prices will fall, but the rate of appreciation may decrease.
Right now, we are in a seller's market. Inventory is low, and most of our listings get offers right away. We sell hundreds of homes every year, and this volume of activity gives us a better view of the market than an agent who only does a handful of transactions each year. The best time to sell is when inventory is low, and it is right now.
If you want a free market analysis on what your home is worth, give us a call or send us an email. We look forward to hearing from you!
