In September last year, we published a guest post by long time Hawaii realtor Bill Jardine about "Will falling prices in Hawaii Real Estate attract new home buyers"? As the real estate market in Hawaii and around the world is steadily changing, we thought, it's time to talk to Bill again. Read what Hawaii realtor Bill Jardine from the Big Island has to say on the current real estate market in Hawaii.
"Hawaii Real Estate Market 2008" by Bill Jardine from Big Island Buyer's Brokers
"Riding the Hawaii real estate market can be a lot like surfing. You don’t get to control the waves, but you sure can control how you are going to deal with them!
Living in Hawaii, we have an opportunity to see success and failure up close. There are those who have made great rides out of big waves as well as those who have been capsized by mere ripples. The difference between the two often seems to be their outlook on things. Those of us in the real estate agency business have been watching prices slowly fall as the natural real estate cycle recovers from the last big demand wave. Some are now crying that the market is bad, while others are calmly adjusting to reality.
The truth is that Sellers are asking too much money for their properties right now. It is really just as simple as that. When demand is high, prices rise. When demand slacks, prices fall.
Simple, simple, simple.
The problem is that there are real estate agencies willing to list properties at unrealistic prices. Think about it for a moment … If Sellers dropped prices by, say, 25%, don’t you think lots of those properties would sell? Pick any percentage you like, but the message is the same:
If Sellers adjusted prices to current demand, all properties would sell.
In the same token, if there were no real estate agencies that were willing to list properties at unrealistic prices, there wouldn’t be any over-priced listings.
There are lots of Realtors who made their reputations when selling property was easy and all they had to say to their clients was “Sure, we can try that.” They are still hoping that their lack of skill will work the way it did when rising demand would erase their short-comings.
The way to tell the difference between a good agency and a lousy one today is to offer them an over-priced listing. If they politely say “no” you are in good hands. If they say “Well, we can try that.”, you are probably dealing with someone perpetuating the problem rather than solving it. Meantime … if you want to get a property at a great price this is the time to do it. Aloha, Bill Big Island Buyer's Brokers"
Mahalo, Bill. True words spoken! Sellers in Hawaii adjust your prices and the buyers will come. Good luck for finding a nice home to buy in Hawaii. Aloha Pua Hawaii Vacations
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4 comments:
Thank you for a great article. I live on the Big Island in the district of Puna, the fastest growing area in all of the islands. Prices have fallen, but not to where it is attractive for more buyers yet.
thanks for joining our hawaii big island real estate discussion. yes, you are so right. i totally agree. and that's actually what bill from big island brokers is saying. if sellers want to see movement in the near future and attract buyers, they need to adjust their position and asking prices.
it's like everybody is still hanging on to the totally inflated Hawaii house prices from 2005, when prices were going through the roof.
prices will come down more. we all experienced it in the past. of course, it's always a gamble when to buy before house prices go up again., which will happen for certain. hawaii is too big a temptation to resist. pua
The current market scenario has brought everyone on his toes. One should be careful before investing in real estate. Do confirm prices by other builders/other sources.
Idaho Real Estate
The scenario on the current 2009 Hawaii real estate market is somewhat different from the rest of the nation like Idaho.
Hawaii has been and still is the most desired vacation destination. Everybody wants to have his little piece of Paradise: condo or house in Hawaii but buyers are waiting for the big drop of house prices which has not happened yet.
Our friends recently sold their ocean view home in gated community way under former market price from over 1.2mill. and had to take a big loss.
Anyhow, buyers in Hawaii are more than careful and don't buy w/o big negotiations.
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