With a New Year comes new opportunities in the Oahu real estate market—if you know where (and how!) to look for them.
Favorable Market Conditions
- Competition for homes is easing, offering opportunities for first-time homeowners who have stopped actively searching for a home to enter the housing market. Those who are not yet homeowners should purchase a home as soon as they are able.
- New condominium projects are slated to enter the market in 2019—many of which will offer affordable units. First-time homebuyers, investors and those looking to plan for their future housing needs should act on these opportunities.
Opportunities for Homebuyers and Sellers
- Typically inventory-scarce neighborhoods will see new listings, providing more opportunities for homebuyers. 2019 will be a good market in which to trade up or find a home that better suits current or future needs.
- 2019 will be an ideal time for real estate investors to start, add to, or exchange within their portfolios.
- Those in the market for a luxury home or condo will have more choices in the coming year, thanks in part to significant increases in new condo inventory in the Kaka‘ako-Ala Moana neighborhood.
Headwinds for the Oahu Real Estate Market
- Interest rates will continue to rise in 2019, so prospective homebuyers should not delay purchasing a home.
- Home sellers will need guidance to develop a listing strategy for their home, taking into account competing inventory and sales velocity around their specific neighborhood or building.
- There will still be buyers who are actively searching for the right property; however, these buyers will face higher interest rates and will have more choices. Therefore, sellers will need to temper their expectations.