As mortgage rates edge lower, the Oahu real estate market is expected to become even more competitive for buyers. As lower rates attract greater buyer interest, demand for homes and condos increases across the island. In this fast-moving environment, homebuyers need to be prepared and informed to gain a competitive advantage. One of the best ways to strengthen your position as a buyer is to understand the difference between getting prequalified and being preapproved for a mortgage.

Get ready for a spectacular celebration of Hawaiian culture, cuisine and crafts, as the annual Waikīkī Ho‘olaule‘a, part of the Aloha Festivals, is just around the corner. This lively event promises to be the ultimate block party on the vibrant Kalakaua Avenue, and you won't want to miss it!

Heading into fall, the economic outlook is generally positive for the Oahu real estate market. Mortgage interest rates are below 6.5 percent and will likely continue to edge slightly lower over the next several months. As rates come down, an increase in demand is expected, particularly among first-time homebuyers.

If you purchased a new home in the past year, don't forget to claim your Oahu Home Exemption by Sept. 30 to avoid paying a higher property tax rate.