Finding the Perfect Property in a Competitive Market

The real estate market on Oahu is very competitive. In 2013, 30 percent of the homes that sold went for more than the asking price. That is an all-time high for Oahu. So what’s a buyer to do? Working with a professional agent who knows the market is key to getting the property that you want, and buyers have to be smart and fast about making an offer on the home they want.

Get Preapproved

Last year I worked with clients who just moved here from the mainland. They wanted a two bedroom and two parking stall condo in a pet friendly building. Before we began looking at condos, they made sure they were preapproved, with the bank letter in hand. Preapproval does two things. It shows the buyers you are serious and ready to move forward quickly, and it helps you and your REALTOR® look for properties in your price range. Not having a preapproval letter can get your offer placed at the bottom of the pile because the seller can’t be sure that you won’t run into financing issues further into the deal.

Sales trends for the Parkview Village Condo Complex in Waipahu, where my clients purchased their condo.

Understand the Market

As the search for a condo continued, my clients became frustrated with the process. We were putting in offers but then we’d get out-bid; we knew the value of the properties because we had done our homework. My clients were able to recognize that these condos were no longer “well-priced”, but to them they seemed over-priced. We decided to keep looking, knowing the perfect property would eventually show up.

A way to stay educated is by exploring LocationsHawaii.com and review listings in the areas you are interested in – this will give you an idea of how fast, and for how much, homes in your prospective neighborhoods are selling.

How a Real Estate Agent Helps

A few months into our search, a condo came on the market in a complex for which I was very familiar. Immediately we went to look at it; my clients liked it and we wrote an offer right away. My clients were comfortable with the price and the offer, but were concerned that the appraisal would come in short. I was able to reassure them because I was very familiar with the complex and I was able to point out the price of the last sale, which coincidentally I sold. We put together a very competitive and solid offer with a home inspection following a few days later. The seller accepted our offer even though they had already received another offer. And as I had reassured my clients, our appraisal came in at our offered price - this all happened days before the first scheduled open house. 

Having a dedicated agent looking out for your interests, and one who understands the neighborhoods and market, definitely increases the odds of finding and getting the right property. Your initial offer has to make a great first impression. Come in with your best foot forward and be prepared to be flexible.

Today my clients are living in their beautiful two bedroom, two parking stall condo in Village Park, Waipahu with their cat. Patience and understanding the market helped them find their piece of paradise on Oahu. 

Click here for townhomes for sale in Village Park, Waipahu area.

Gil Negrin (R)

Fine Homes Specialist

Office: (808) 735-4200
Office Fax: (808) 732-5096
Direct Line: (808) 738-3166
Mobile: (808) 381-3141
email: gil.negrin@pruhawaii.com

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