Today’s real estate market can best be described as softening. Inventory is rising, and prices are stabilizing. The market has gone from a heated Seller’s market to a more balanced market. So, is now a good time to buy? To sell?
When is the right time to buy or sell?
As with most things in life, it’s wise to take a balanced approach. Whether buying or selling, there is only one right time — when it’s the right time for you. Just because prices are flattening in some areas, doesn’t mean you shouldn’t sell. It’s important to consider your personal needs, goals, lifestyle factors, and motivation. Are you trading up? There may be no better time than now. Prices soften from the top down, so the home that was once out of reach might be within reach now.
Are you thinking of selling because your current home is becoming harder to maintain? Do you have too much overhead? Does it really matter if you sell at a price less then ideal to get out from under? Life is short. If your long term goal is less stress and more freedom, don’t let softer prices keep you from doing what is in your best interest. What if selling means losing money? It’s hard to lose money, but over time, most people make up real estate losses with subsequent real estate gains. Life goes on.
Consider All Factors, Market and Personal
There are lots of reasons to sell a home. Personal reasons. Keeping a proper perspective is essential. So is a balanced approach. Think long term and consider all the factors. Market conditions matter, but your personal conditions matter more.
The same holds true for buying. What is your current condition? Yes, interest rates are attractive, and there is more inventory to pick and choose from. But, do you have adequate reserves? Job stability? Are you emotionally and financially prepared to be a homeowner? Again, the decision to buy or sell has far more to do with your personal timing than the timing of the market. Hawaii real estate is a good bet. But ultimately, it’s about what’s right for you.
The Market is Changing
The Hawaii real estate market is changing. Normalizing. It’s more balanced. Adopt a balanced approach to your buying and selling decisions. When you do, you can rest assured that when the timing is right for you, it’ll be the right time to buy or sell real estate.
Ryan
October 3, 2019
Interesting article. I appreciate the honesty. The local market is softening. That’s good news…for my family at least. I’m afraid I’ll still need to wait to purchase until sellers figure this out…there seems to be a mindset that one can sell at greatly inflated prices. In the meantime, I’m building cash for when the right opportunity (I’m ready today should it come along…but prepared to wait (reluctantly) for a couple years rather than overpay.
Cherie Tsukamoto
October 24, 2019
> Hi Ryan, sounds like you are moving in the right direction!
James J Bucholtz
October 4, 2019
Markets rarely move from over priced to balanced. Typically they have to fall hard first. Hawaii and a number of cities on the West Coast , Florida and Arizona and NM, have benefited form the Fed’s easy money policy which has created a mini bubble of sorts. Hawaii and Australia, are particularly at risk due to the trade war and the fact that China needs dollars and they are finding it hard to find. As a result they are getting serious about currency controls and look upon foreign property purchases as a sign of being a traitor to the communist State, a State that is known to murder its citizens and then harvest their organs for the good of the Party. The yuan is a completely worthless currency since no other Nation will accept it. The risk to Hawaii is not so much that the Chinese stop buying but that China forces them to sell all at the same time. Remember what happened in the 90’s when Japan tanked.