As you have heard, the mortgage rates have been increasing rapidly which makes affordability a lot harder for people trying to obtain a mortgage. How has this affected the housing market on Oahu?
INVENTORY:
Single family homes as of 10/30/22 - 726 single family homes listed on the MLS
Condominium/townhomes as of 10/30/22 - 1287 condominium/townhomes listed on the MLS
*PLEASE remember this EXCLUDES any new developments as the developers have their own inventory list. Strictly resale information coming from the MLS
IN ESCROW WITH ACCEPTED OFFERS:
Single family homes as of 10/30/22 - 416 single family homes in escrow
Condominiums/townhomes as of 10/30/22 - 546 condominium/townhomes in escrow

This shows that the inventory of homes available and on the market has increased from the past two years but there are still buyers making offers and homes being sold even at these rates.
How are the buyers making offers?
With different options on financing. There is a 2/1 buydown that is very popular now that helps you obtain a mortgage 2% below the current market rate for ONE YEAR and then 1% below the current market rate for the next year. This requires the seller to help give the buyer a closing cost credit of around 2%. 7 or 10 year ARMS are also becoming available and I have heard talk about the return of a 40 year mortgage. Call me and I can help direct you to a loan officer that can help guide you on your needs and real estate goals.
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