When you imagine your perfect summer vacation, where do you see yourself? If you’re like many people, you dream of pristine beaches, crystal-clear waves, abundant sunshine, and lush natural landscapes. Sounds a lot like Hawaii, doesn’t it? That’s why so many people decide to purchase a second home here in Hawaii, particularly on Oahu. Our island offers the best of resort-style living while still offering all the conveniences of city life. If you’re ready to turn those daydreams into reality, the good news is that summer is an excellent time to buy a vacation home here on Oahu. Here’s what you need to know to make those vacation home dreams come true this season.
Typically more homes are for sale this time of year
Historically, summer has always been the busiest time of the year in the real estate market. Many people choose to wait until summer to make a big move, especially if they have school-age children. Sellers looking to maximize their profit will often wait until the summer season to list, knowing they will likely get more offers. While we’re still in a seller’s market, and inventory has not rebounded yet to pre-pandemic levels, you’re still more likely to find a greater number of homes to choose from in the summer.
There’s less competition
Buyers have been out in full force for the past two years. The pandemic has changed the way we live, and many remote workers were searching for second homes in desirable locations since they could work from home. But recent data has shown that demand for vacation homes has cooled in the last few months. Some buyers are being priced out of the market, while others have returned to the office. If you’re eager to buy a vacation home on Oahu, then there will be fewer buyers you will need to compete with to get your offer accepted.
Cash offers are desirable to sellers
If you have the wherewithal to buy a vacation home on Oahu, then chances are you’re able to make an all-cash offer on a home. And you wouldn’t be alone. In recent months, more than half of all vacation homes sold nationwide were paid for with cash. Buying a home with all cash makes you extremely attractive to sellers. With mortgage rates on the rise and housing prices continuing to increase, lenders are placing more and more restrictions on buyers. This can cause problems during the closing, and in some cases can even kill a deal. But when you pay with cash, you avoid those problems. Sellers are much more likely to accept an all-cash offer – even if it’s lower than other offers – because it eliminates many of the hassles of closing and often speeds up the entire process.
Mortgage rates are on the rise
Finally, if an all-cash offer is out of reach, then you’ll need to finance the purchase of your vacation home on Oahu. While mortgage rates reached historic lows during the pandemic, the federal government has recently raised interest rates. Chances are these rates will continue to increase. If you want to get the best rate possible, then now is the time to act.
Contact Keller Williams Honolulu today!
Are you ready to enjoy the luxury of your very own vacation home on Oahu? Then contact Keller Williams Honolulu at 808-596-2888 or [email protected]. We know real estate, and our team of experts is here to answer all of your questions and help you every step of the way!