Year-To-Date Review:
The Hamakua Coast year-to-date sales volume and number of sales decreased, while median sales price increased. This is due to minimal inventory to present to prospective buyers, as well as fewer buyers when compared to the same 8-month period in 2022. Higher interest rates continue to be an issue.
What is the answer for you, as a potential seller?
- Price your property correctly, using current comps.
- Prepare your property to make a great first impression.
- Consider a Purchase Money Mortgage whereby you are the bank.
- Typical interest rate is around 5%, healthy down payment, balloon payment in three to five years. (Where else can you get 5% on your money?)
What is the answer for you as a potential buyer?
- Depending on the island district you are looking in, your offer can come under list price.
- Ask for a Credit to Buyer at closing to help buy down the interest rate and save hundreds on your mortgage.
- Look for a seller willing to carry the mortgage (Purchase Money Mortgage) saving you from higher interest rates.
ISLAND-WIDE MARKET REPORT
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