Three Ways Covid 19 is Impacting Hawaii Real Estate
What This Means for Your PCS and Three Ways to Make Your Move Easier
All 📷 by Jason Boyd on Pexels
1- Interest Rates are Low
With all the economic uncertainty, you may be wondering if right now is the right time to buy a home. If you’re thinking about buying and planning on using a VA home loan, there’s some good news -- interest rates are low.
What does this mean? Historically interest rates are at its lowest point, with some rates being near 2%. However, recent changes in the market have started to push rates up again. It’s best to speak with a lender to see what rates are today and what options are available. We can connect you with a lender who will look our for your best interest!
So, why is this important? The lower the interest rate, the lower your monthly payment. Check out our VA Home Loan Guide for everything you need to know about using the VA loan and taking advantage of this awesome benefit!
2- Low Inventory
Homes in Hawaii are selling fast! The inventory here on the island is low putting buyers in a competitive situation. This means, if you like a home, you have to move quickly to get your offer in. For context, here’s a list of the median days homes were on the market in Feb 2022 in the following neighborhoods.
Kailua/Kaneohe: 8 days
Ewa Beach: 5 days
Pearl City/Aiea: 10 days
Mililani: 7 day
In the next section of this post, we’ll share ways you can make your move easier. The best advice we can give you -- prepare as much as you can in advance (see below for more details on how).
3- Home Prices are Appreciating
Despite the pandemic, it’s still a seller's market on Oahu. Home values are going up, even if just slightly. In Feb 2022, single family homes median selling price was $1,125,000. In fact, sellers are generally getting well over list price for their home!. How will this affect your move? You’ll want to work with an agent that can help you find a home that you love in your budget, who understands the market, and who’s the first to know what’s available. This way, you can be competitive when you’re shopping around. Another bonus? If home values continue to appreciate, you’ll be in a good place when you’re ready to sell. We got you - click here so we can connect with you!
So now that you know what’s going on in the market, here are three ways to make your move easier.
1- Do your Research
If you have an understanding of what you’re looking for in a home and what neighborhoods you’re interested in, you’ll put yourself at an advantage to find a home under these competitive conditions. Don’t know where to start? We have some resources to help! Check out the links below for neighborhood guides, VA Loan tips, and even some current listings.
2- Get Pre-Approved for a Loan
Getting pre-approved for the VA Loan will help you set realistic expectations for your move. It will give you an idea of budget and it’s one less thing you’ll have to do if you end up finding your dream home and want to make an offer. Because homes are selling so fast, having loan pre-approval will give you an edge!
3- Find and Agent you Trust
Whether you choose to use The Vazquez Team or not, finding a local real estate agent that understands the market will be instrumental in making your move easier. They can be your advocate, tell you about listings first, give you tips, and help you find a home that fits your unique needs. Our team has unmatched experience with veterans and military families - learn more about us by clicking here!