Heading into fall, the economic outlook is generally positive for the Oahu real estate market. Mortgage interest rates are below 6.5 percent and will likely continue to edge slightly lower over the next several months. As rates come down, an increase in demand is expected, particularly among first-time homebuyers.

If you purchased a new home in the past year, don't forget to claim your Oahu Home Exemption by Sept. 30 to avoid paying a higher property tax rate.

The interest rate on a 30-year fixed-rate mortgage fell 6 basis points to 6.44% last week, according to the Mortgage Bankers Association. That's the lowest rate since April 2023! Mortgage rates have been trending down since the Federal Reserve's recent indication that they are set to cut interest rates in September 2024. Falling rates are welcome news for both buyers and sellers, and create a unique window of opportunity in Hawaii's highly competitive real estate market.

You may have heard about a settlement reached with the National Association of Realtors® (NAR) that affects the way people buy and sell homes in the United States. These policy changes, which are required by the settlement, took effect Saturday, August 17, 2024. Keep reading to find out how these changes will affect homebuyers and sellers going forward—here in Hawaii and across the country.