Listing prices for Oahu real estate are approximately 10% lower than they were 6 months ago

Sales volume may be improving but home prices are down on Oahu.  Data from the last 6 months, available to see on Trulia.com, shows that home prices in Honolulu have been reduced 10%.  Great news for buyers, sobering news for sellers.  A recent article in the Star Bulletin quotes John Riggins as stating “It’s imperative in this market that sellers price their homes competitively.”  According to John Riggins, “There weren’t any Oahu neighborhoods that saw price increases last year and only a very few have begun to show increases in the last few months.  Most sellers are still going to have to list their homes below the last comparable sales in their neighborhood.”

For a house to sell on Oahu, it not only has to look better than the next house for sale but it also has to be priced better.  The tax credit extension and expansion may have more people looking but those that want to sell their Oahu real estate and trade up are going to have to price their homes competitively if they want to sell.

For more information about Kapolei Real Estate please contact John Riggins, Certified Distressed Property Expert. Click here for access to the Oahu MLS and all available listings in the Kapolei area.

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