Once in a lifetime opportunity to take advantage of low interest rates
Sponsored by Berkshire Hathaway HomeServices Hawai’i Realty
2021 continues to bring unprecedented rates in the real estate market, and that means new opportunities to those who take advantage. HI Now host Kainoa Carlson caught up with Co-President and Partner Scott Bradley at Berkshire Hathaway HomeServices Hawai’i Realty for a market update.
“In my 35 years in the market, I have never seen anything like this,” Bradley says. “We’ve got a supply demand imbalance. To explain that further, we’ve seen listing inventory drop by over 50 percent from last year, yet the number of buyers in the market has not changed. It’s just a super competitive environment.”
During the first half of 2021, Bradley says you can expect to see a competitive market with low inventory and low interest rates. In the second half of the year, when you see the availability of the vaccine become more widespread and things start to return to some sense of normalcy, he expects more inventory will come on the market, making it more balanced.
Bradley says he never thought rates would be this low.
“I think right now, if you have potential to buy and you think you can be in the home for medium to long term, then I would say do it,” Bradley says. “This is a once in a lifetime opportunity to take advantage of these low interest rates. The ironic thing is usually you say it’s a sellers’ market or it’s a buyers’ market, and it is a sellers’ market for sure. Prices are going up and sellers have the advantage, but because we expect a lot more inventory to come on the market next year, if you’re thinking of selling I would do it now.”
“We feel so fortunate for our clients to be able to buy in this environment and for our children,” he adds.
For more information: bhhshawaii.com