You may be scratching your head, wondering what is happening with sales on the Hamakua? You are not alone. The Hamakua Coast is, in my opinion, the most desirable place to live on our beautiful island. Think air quality, even during a volcanic eruption. Think flooding, or the lack there of. We are in Zone 8. Think tropical. Need I say more? And think affordability. The dollar just goes farther than many other areas such as North and South Kona, the Kohala Coast, Waimea and Waikaloa, as well as the northern areas of Kapaau and Hawi.
During the years of the Pandemic, buyers were in a feeding frenzy, snapping up anything and everything that was available. Sellers had multiple offers to consider, most over list price, many with all contingencies waived. Now? Buyers still don’t have many choices. As of the time of this writing, there are only 27 residential properties available, with average days on market sitting at 91, and prices ranging from $450,000 to $13,000,000! Land listings are hurting with only 20! Average days on market is 120, with vacant land priced between $242,000 and $2,900,000.
Buyers are no longer desperate, but instead, willing to wait for the right property at the right price. And there is little to no waiving of those all contingencies.
3 WAYS SELLERS CAN INCENTIVIZE BUYERS:
Offer a credit to buyers at closing to:
- Buy down interest points. (Reduces the monthly mortgage.)
- Cover repairs and replacements. (Saves buyers additional out-of-pocket expenses.)
- Cover all or part of the escrow closing costs. (Again, less out-of-pocket expenses for buyers.)
Feel free to contact me for a complimentary Current Market Analysis related to your specific property and location!
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