August Real Estate Report: Most Oʻahu Houses Selling In 30 Days or Less
August 2019 Oʻahu Real Estate Market Trends
- Buyers got a 2% discount on purchases made in August, for single family homes, compared to listing prices!
- Single-family home prices were down this August, compared yo last August. This includes closed sales & average sales price.
- Low interest rates meant that August was a relatively stable month for the housing market. No surprises last month!
- Homes and condos spent less than 30 days on market. Being able to sell a single family home or condo in less than 1 month? That’s happy times for sellers.
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ʻEwa Plain Stats
The August monthly statistics for the ʻEwa Plain include Kapolei and ʻEwa Beach.
- 80 homes and 53 condos sold on the ʻEwa Plain last month — active as usual. The ʻEwa Plain region is one of the most active on the island, typically second only to the Waikiki Metro region in total sales.
- Last month’s stats show an increase in new listings for single-family homes, because of that, homes look a little longer to sell than in August of 2018.
This month I would like to show my respect to the men and women who serve our country in the armed forces. The federal government offers these personnel a wonderful benefit of the VA home loan! Let me highlight the benefits:
No Down Payment: Up to a limit of $726,525, and only 25% for any amount over this limit. This assumes you do have a good credit history.
No Private Mortgage Insurance: There is no mortgage insurance for VA loans, which could save buyers hundreds of dollars every month, for the life of the loan!
Looser Credit Requirements: Most VA lenders are looking for a credit score of at least 620.
Forgiving Debt-to-Income Ratios: VA lenders desire 40-50% of income to be used for major debts. Conventional loans are around 30%.
Minimized Closing Costs: The VA limits what fees and costs veterans can pay, and the lenders understand this factor.
Sam Paltikian is a REALTOR-ASSOCIATE®, RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781)