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Hawaii truly is paradise, as they say. But it’s also a popular paradise, with many individuals looking to settle down and have a family here. As a result, purchasing a home in the Islands can be a difficult, expensive, and competitive process.
It’s unquestionably a buyer’s market: On Oahu, there were less than 500 homes for sale at one point last year. Many single-family homes in the second half of 2020, which would normally take months to sell, we’re able to find purchasers in days, if not hours. Being prepared is essential when purchasing a house in Hawaii. Here are some pointers to help you discover a home in Hawaii’s very competitive housing market.
Obtain a mortgage pre-approval
Obtaining a mortgage prequalification might help you set a realistic budget when looking for a home. When you’re ready to make an offer on a home, having the pre-qualification letter will improve your offer by demonstrating to the seller that you’re serious about making a deal and that you have the financial means to complete the transaction.
Find the best real estate agent for you
Purchasing a property is a difficult task, but you don’t have to go it alone. Find an experienced real estate agent who is familiar with Hawaii’s local market, has a track record of assisting customers in making successful home offers, and whom you feel comfortable having an advocate for you. Consult your friends and family who have recently purchased a home: if they’ve worked with a true winner, they’ll be eager to share. Check out Kohala ranch homes for sale.
Consider houses that are within your price range
When you receive your lender’s pre-qualification quote, it’s easy to get carried away and start looking at homes at the very top of your price range. However, you might have more luck looking for houses a few price points below because you’ll have more wiggle room to make a competitive offer. Keep in mind that nearly half of all recent homeowners in Hawaii paid more than the asking price. Building that expectation into your shopping and bidding approach is a good idea.
Prepare everything in advance, including your pre-qualification, down payment, and other personal financial information required to complete your mortgage application. Learn everything you can about the house or apartment you intend to buy—as well as the area around it. Nobody wants the home-buying process to take longer than it needs to; completing your homework ahead of time.
