If you’ve been thinking of selling your home, Summer 2022 might be the perfect time. With Oahu home prices at an all-time high and for-sale inventory near record lows, sellers often receive 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. Prices are at record highs and demand is still strong, despite rising mortgage rates. There are many serious, qualified buyers looking for homes right now, and homes in good condition are receiving multiple bids. Although some neighborhoods and buildings are more competitive than others, multiple bids on both single-family homes and condos are common.
In a typical year, homes sell faster in June than in any other month based on a comparison of days on the market, a statistic measuring from the list date until escrow is opened.
Homes sell faster in the summer
The Oahu real estate 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. 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. So, savvy sellers will want to position their homes to sell in the summer months, while buyer interest is seasonally high.
Tips for sellers
Ideally, the home should be in good condition. Highly upgraded homes are always desirable, but depending on the available inventory in your neighborhood, major upgrades may not be necessary. However, sellers should complete minor repairs prior to listing whenever possible to increase curb appeal. Finally, because homebuying is often an emotional process, sellers should consider professional home staging to create a welcoming, homey feeling. If it fits your plans to sell now, this summer will be a great time!
Wondering how much your home could be worth? Get an instant, free home valuation with the Locations Home Valuator or contact your Locations agent for a custom home evaluation.
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