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How's your Oahu neighborhood values?

denisemiyahira

The October local market update was released by the Honolulu Board of Realtors and as expected, the prices of homes in October 2022 were higher than last year. EVERY SINGLE NEIGHBOHOOD on Oahu shows an increase in price from last year in both the condo and single family home markets. But the amount of pending sales (those in escrow) has decreased.


This is most likely due to the mortgage rates that were close to 7%. but the rates have since dropped down to low 6% and again, the mortgage products like the 2-1 buydown (2% below the market for the first year, 1% below the market for the second year) is becoming the norm. Sellers are offering to help buyers with closing cost credits to obtain these buydowns which then brings down the mortgage to around 4-5% for at least the first year or two with the premise that you will need to refinance within the next two years.



FYI mortgage rates dipped down and were hovering around 6% after the market felt "better" about the inflation report and hopes that the Feds will "slow their roll". The Federal Reserve Board is still expected to keep increasing rates until they feel they have a better grasp on inflation. Stay tuned for more updates





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