Crazy times in the real estate market!
I cannot think of a better description of the many things going on in our Maui Real Estate market right now. Have we hit the bottom? As Terry Tolman from the Realtors Association of Maui says, there will not be a bell that rings when the bottom hits.
So who will know when that day comes? Until you’re looking backwards on the market climbing upward? What I do know is now seems to be a great time to buy. All the components to make a good purchase decision are lining up: great interest rates, large inventory and motivated sellers.
In West Maui, there are currently 216 residential homes, 711 condominiums and 151 parcels of vacant land for sale. According to the statistics from the Realtors Association of Maui, the inventory is slowly declining. Some of this inventory is REO bank owned and short sales properties. These will need to get off the market before the market can start to get a healthy foothold again.
With all the factors going for buyers, there are many properties — and I do not mean properties that are in distress or short sales, but well-priced properties that sellers want to move. These are the best properties to look at for purchases. Buyers are in a better position to negotiate a good price or terms for a property that they truly want.
Sellers are able to make the decisions on offers coming into them in a timely fashion. Buyers can take advantage of the credits offered to first-time home buyers (if they have not bought in the last three years) and the many other opportunities available right now.
There are many choice properties out in the marketplace right now. Do not let the opportunity pass you by…
A great value is a brand new home constructed on over one acre in Launiupoko. This gorgeous plantation home with a large covered lanai, tiger wood floors, open floor plan of kitchen/living room, high ceilings and dramatic ocean views facing Lanai and Molokai is the best-priced main home in the area at $1,679,000. Please call Debbie Arakaki at (808) 283-7214 for details.