Why now might be the best time to sell your home

If you’ve been thinking of selling your home, now might be the perfect time.

With Oahu home prices at an all-time high and for-sale inventory near record lows, sellers are often receiving multiple offers over the asking price — sometimes within just a few days.

It’s still a seller’s market

“Last year was the strongest seller’s market on the books, but 2022 is proving to be a very close second,” says Locations Realtor® and Partner Corinda Wong, who has sold 18 homes so far this year. “Prices are at record highs and demand is still strong. There are many serious, qualified buyers looking for homes right now.”

Wong acknowledges that rising mortgage rates have had a small effect on sales, noting that she’s seen a bit of a slowdown from the frenzied market of 2021. However, she says that slowdown is mostly affecting homes that need a lot of work, are priced too high or are not in ideal locations. Wong says she continues to see multiple bids on both single-family homes and condos, although some neighborhoods and buildings are more competitive than others.

Homes sell faster in the summer

“Our market is typically the most active between May and October. Families often look for a new home over the summer, so children won’t have to switch districts mid-year. Homes usually sell faster in the summer, too,” she adds.

Days on Market — the number of days a home is on the market before an offer is accepted — typically fall below the annual average from April to mid-September. Oahu homes tend to sell faster in June than any other month, when Days on Market are 10% lower than average. Savvy sellers will want to position their homes to sell in the summer months, while buyer interest is seasonally high, says Wong.

Tips for sellers

“Ideally, the home should be in good condition already,” says Wong.

“Highly upgraded homes are always desirable, but depending on the available inventory in your neighborhood, major upgrades may not be necessary.”

However, she does suggest making minor repairs whenever possible to increase curb appeal.

Because homebuying is often an emotional process, she also recommends staging to create a welcoming, homey feeling. Finally, she suggests combining traditional marketing methods with social media marketing to give homes maximum exposure.

“If it fits your plans to sell now, this summer will be a great time,” Wong says. “As rates continue to increase this year, buyer interest will drop off a little — but, don’t fear, there’s still plenty of demand!”

For homebuying and selling tips, or to find a knowledgeable local Realtor®, visit locationshawaii.com.

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