My Secrets for Buying a Home Series
Buying a home can be confusing, and that’s why the tips and strategies you’ll find in our 8-week series will set you on the right path. It’s my unique approach and a “behind the scenes” glimpse of what you should look out for and consider when starting your search for a home.
Buying a home in the Honolulu market requires understanding the weekly and monthly shifts in market activity.
You’ll need to understand that there is a weekly and monthly flow when looking at homes. And you’ll need to be prepared and know what to expect.
Just like a surfer hitting the waves, you start to know what to expect and know what time you need to be out there to get the best outcome. It’s a massive lesson for buyers to see that they’ll need to adapt and be flexible.
Go With The Flow
I can’t emphasize enough that you’ll be a successful and less stressed buyer if you know how to respond to the cyclical flow of the market.
My secret tips below will help you understand why timing can affect how you go about looking for a home:
The Weekly Inventory Cycle
Homes tend to come on the market Thursdays and Fridays. As the weekend approaches, buyers have time to devote to their home search. Makes sense!
That means you have to get organized Friday afternoon or evening to know what homes you will see Saturday and Sunday. (Your Friday nights will never be the same!)
Depending on the neighborhood you are looking in, homes will either go for “speed” or go for “the money.”
What that means is, depending on where you are looking, sellers either tend to take offers quickly OR they set deadlines after the weekend to give as many buyers a chance to see their home, hoping to get multiple offers and drive the price up.
If you see a home, you like online, reach out to your agent and flag the listing so your agent can reach out to the seller’s agent to see if you need to rush out to see it and go for speed, or if you can take your time and have a set deadline, typically for early the following week.
There are exceptions to this rule, but typically, this is how the weekly cycle of new listings works.
Keep in mind that the inventory of homes for sale changes weekly, which can be drastic depending on the time of year. So once you decide to buy a home seriously, you need to be out there looking every weekend you can to see what has come on the market every week. And again, have a strategy in place for “speed” or “the money.”
The Monthly Inventory Cycle
Here’s a breakdown of what to expect during the month:
- Inventory (the number of homes on the market) in the Honolulu area has a monthly cycle that continues to be quite steady. We have limited land, beautiful weather year-round, out of state buyers, and very low interest rates which translates to scaricty of inventory and a competitive market.
- The competitive market often means over-asking offers, somteimes all cash and favorable terms for the seller.
What does this all mean for you?
Go with the flow! Don’t get frustrated or give up on your dream to own a home if it’s timing that’s not on your side.
There are exceptions to every rule, so if you want to know what to expect for your home search, get in touch, and I’ll help you through it all. It’s not one-size-fits-all, and these are not hard rules, just trends to keep in mind.
Let me know what you are looking for and where you would like to live. We can get you started on your search and help you fine-tune it to your needs and budget. That way, you’ll know what to expect and avoid any anxiety about your home search.
“Chillax” and ride the wave of this great Honolulu market! Let me show you how.
Next up in my My Secrets for Buying a Home series is a must-read – What NEVER to Do Before Buying a Home. These tips will save you a lot of grief!
I'm Tehane, a local realtor helping locals buy, sell, and stay local in Honolulu Schedule a conversation, and let's talk about your current situation and where you want to be. Then, let's create a plan to get you there. Every journey begins with the first step!
BHGRE Advantage Realty
4211 Waialae Avenue, Box 9050
Honolulu, HI. 96816