By: Maui Real Estate 808; July 30, 2023

Should I Buy a Hawaii Home Now or Wait?

According to recent statistics, 77% of people think that now is a bad time to buy a house in Hawaii. This is mainly because of the relatively high mortgage rates in the past few weeks, and the prices which allow only a few buyers with strong financial conditions to enter the market.

If you’re planning to buy a home now, plan your finances well and make sure you have 5 to 6 months of savings after you put your down payment.

Tips for Buying a Hawaii Home in a Slow Market

Consider the Value of the Property:

A slow market is the buyer’s market. There is a high chance that the home values may decrease before it starts to increase again.

Don’t Buy at the Lowest Price: Sellers can conceal major defects and sell a Hawaii house fast or for cheap. Get a home inspection report before you buy any house that’s too cheap to be true (always get a Home Inspection). Otherwise, you can end up with a bad investment.

Don’t Invest in Properties for the Short Run: If you’re not planning to stay in a real estate property for a long time, do not buy it. Buying a home solely for selling will only increase inventory. This won’t be beneficial in a slow real estate market.