Oahu Single Family Home Inventory is Plummeting

I’ve had several people contact me recently saying, “I hear Oahu home sales are down! Are prices dropping? Find me a deal!” Headlines are tricky aren’t they? Click bait is all the rage. So sorry, but this is NOT what this means in the slightest. The state of the Oahu housing market is right in line with what’s going on all over the United States – low supply, high demand. For those who took an economics class in high school or college, what’s the one thing you remember? When supply is low and demand is high, prices only go up.

Are we in a bubble? Many sitting on the sidelines are doing the Dr. Evil pinky in the corner of the mouth with the snicker just waiting for prices to come crashing down. I can’t say I know for sure and I tread lightly with my answer to this question, but I had an epiphany yesterday while talking to my husband. We recalled the last crash of 2008 and discussed why that happened. Money was incredibly easy to borrow. Anyone could buy a home with little to no money down and stated income loans were kryptonite. You could basically say you make $10,000 a month with no documentation to prove it and the bank would say, “Booya! Go buy a house.” People were buying property like crazy and prices went up, up, up. Sounds similar to what we’re experiencing now, right? Yes and no. The difference now is supply is so low, buyers are having to compete to win. Who are the winners? Those with the most cash. So, whether you’re paying all cash or financing, even those who are financing are putting a significant amount of money down therefore, allowing for built in equity as soon as they get their keys. In 2008, many did 100% financing at inflated prices. They were so upside down on their homes, it was easy to walk away and let the bank foreclose.

Most people aren’t gonna walk away from a home with equity. Also, those who have stayed in the homes they purchased in 2008 have experienced an incredible run in the market. Maybe their homes are paid off? Maybe they’ve refinanced to 2.75% and have very affordable monthly mortgage payments. So, for those of you wishing, waiting, and snickering for deals in the near future, my hyper positive Pollyanna logic says you might be waiting for a while. And while there may be deals in the future, who’s to say that a deal 5 years from now wasn’t today’s highest price?

I’m not psychic and I can’t see into the future. I may wind of eating a big bowl of these very words. I don’t want to see a crash not just for my interests as a real estate agent, but for families, couples, people who are living the dream of owning real estate. But history is one of our best teachers and one thing’s been true for decades: real estate is cyclical. This market will shift. How and how much? We’ll see.

See Locations Article Here

What Are YOU Doing Here?

140 Niuiki Circle is located at Niu Peninsula in East Honolulu. It’s my first multi-million dollar listing and the property is unreal. Every agent desires luxury listings. Typically, it’s why we drive the luxury cars and carry the luxury purse. If we didn’t grow up with this lifestyle, we figure out how to belong until we do. We make it our own so we can sell it to another with ease. That’s how I like to roll, anyway.

A couple of years into my real estate career, I realized I had to trade in my Prius and get a more “realtor like car”. It’s not just a status symbol, but I needed something I could comfortably drive clients around in, would feel comfortable showing up to a listing appointment in, and one that would be safe and functional for the long drives all over the island. And whatever…I love my Lexus. Plus, I ran an IG poll to see if it matters what kind of a car a realtor drives and at least 75% of people admitted that it does. Gotta love the anonymous honesty.

The moment arrived. I got the biggest listing of my life and prepped it to hit the market. I had lunch with another realtor just 3 weeks earlier and I did the one thing I think we all do at some point in our lives: I side swiped the wall in a parking garage. My poor car, but worse, my poor spirit. Suddenly, pre-teen Maila who moved between states having to make new friends creeped up saying, “You don’t belong here. You don’t deserve nice things. You’re not good enough and even your car knows it.”

The listing wasn’t the defining moment. THIS was the defining moment. It was an opportunity to get the ding out my head and to get over the ding in my car. Here’s what I concluded: it’s not the car you drive or the bag you carry or the watch you wear. It’s the feeling. It’s understanding what others feel. It’s finding some sort of connection to convey to the next buyer so they appreciate what they are buying. It’s not bricks and sticks. It’s finding and selling the feeling and it’s constantly selling yourself on how awesome you are too.

What Does $2.8 Million Get You In Hawaii?

It depends where in Hawaii, but a house on the beach? You can pretty much count on it being at least $2 million or more just for the land itself. This one got multiple offers in under a week. Check back to see what price it closes at in a couple of months. For now, go on a virtual tour below:

Virtual Tour