Is The Honolulu Real Estate Market Picking Up?
December 10th, 2008 categories: Rants & Riffs, The Market
I am starting to see signs that the Honolulu real estate market may be picking up. Its resilience could be seen in relatively strong interest before the financial woes of August, September, October and November. In fact, it is reasonable to believe that we have not seen the last of the bad news from the economy. In spite of all this historic bad news, our market has had continued sales!
So what leads me to think we are having a “bump”? Here are a few reasons.
1. Increases in interest. My listings that have been quiet for the last few months are experiencing more showings. I am hearing from other agents that they too are having more interest in their listings.
2. Increases in initial offering price. Even though offering prices have been coming in lower than list price, they seem to be closer to our asking price. Initial offering prices were coming in at “low ball” values and not in the realm of reality. We now see offers that are close enough to the list price that it appears an agreement can be reached.
3. Traditionally a slower time. In past posts, I have proffered the idea that the holidays see a drop off in activity. It is unusual to feel a surge in December, so this may be portending a shift in the market.
These three points may point to a stronger January and February. Stay optimistic!
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In Chattanooga, TN we are also seeing a little bump in our showings. Staying optimistic is very important in these difficult times. However, it is important to realize that “local weather is local”. Listening to the national news does not reflect our markets. David