Uncertainty Over the Housing Market
With an incredibly hot market driven by low interest rates and high demand, sellers are still hesitant to list their property. Many buyers are perplexed by the idea of why some homeowners are not taking an advantage of a hot market.
According to a recent Zillow survey completed in the 3rd quarter of 2020, only 1% of homeowners are actively trying to sell their property. This statistic alone paints a clear picture of how slim inventory is. The large majority of sellers are still on the sidelines, even though there is pent up demand with not many options available to buyers.
While some sellers are hesitant, we have personally seen some of buyer clients who are patiently waiting for their “perfect” property to come up for sale.
Although the market is hot and pushing sold prices up, more than a quarter (26%) of homeowners are concerned with not being able to find or afford their next property once their home is sold.
Statistics are saying buyers should be prepared to act quickly as a Zillow market update released on December 17th, 2020 revealed homes are going under contract in a record-low 12 days.
Rather than attempting to maximize their gains from the sale of a property, concerns at an individual level are pushing sellers to hold off:
- Homeowners cite general life uncertainty
- Anticipated slow down in the market that will bring favorable prices
- Existing renovation plans were already cemented prior to the pandemic
The record low mortgage interest rates were also enough to keep some homeowners content. More than 10% of homeowners report a recent refinance as a reason to not sell their property.
- Number of Wailea condos for sale: 81
- Average list price: $2,344,130
- Median list price: $1,588,800
- Highest priced condo for sale: $14.9 million
- Lowest priced condo for sale: $695,000
We specialize in the most exclusive Maui Real Estate including the Makena Wailea resort areas. Our team of exceptional agents are ready to find you your perfect Maui lifestyle property. We respect your privacy and look forward to connecting with you soon.
Anthony Sayles R(S)