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  • Nancy Jane Williams

June 25, 2024 Kauai Real Estate Market Update

A quick update on the Kauai real estate market. 

 




Yes, the market on Kauai is slowing a bit. 

 

The inventory of available homes and condos on Kauai has been growing, mainly because more listings have been staying on the market longer.  This seems to be because higher interest rates have seen people holding back a bit and waiting.  Historically speaking, a “normal” or neutral market on Kauai is about 6 months of inventory. We’re not to a neutral market yet, but inventory is building.   So what does this mean for buyers and sellers?

 

If you’re thinking of selling, you may be asking…. “Should I sell my house right now?”

 

As mentioned above, the current trend shows that the real estate market (both nationally and on Kauai) is heading into more neutral territory.

 

Selling a home while still in a seller’s market has several advantages. A correctly priced home is likely to sell faster in a seller’s market, where you will also have more negotiating power. In a fast-paced market, correctly priced homes and those with in-demand features or layouts tend to sell quickly.

 

If you’re thinking of selling, you may command a higher price and sell your home or condo quickly in a seller’s market. 

 

If you’re thinking of buying and are asking “Should I buy a home right now?” the answer is YES – if it’s the best time for YOU to buy a home.   

 

There’s no one right time to buy for everyone since everyone’s circumstances and comfort levels are different. It’s important to understand what you can afford, and to connect with a loan officer  who can help you understand your financing options.

 

In a buyer’s market, you’re likely to have more choices, more price cuts and concessions and more time to shop. However,  there is no guarantee that any given market will become a buyer’s market.

 

So, no matter which way the real estate market is leaning, buying now means you can start building equity immediately. You should not try to time the market – your home should be a long term investment. 

 

Buying now means avoiding the potential for additional mortgage rate increases later.  There's no guarantee that interest rates or market will improve considerably anytime soon. Rising rates can spell serious trouble for your monthly budget, and they also result in paying more in interest over the life of the loan.

 

If your credit score is strong, your employment is stable and you have enough savings to cover a down payment and closing costs, buying now could be smart.

 

Call me to discuss either buying or selling your Kauai home or condo! 

 

 

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