Maui’s hot housing market has continued to deplete inventory with the most desirable homes and condos seeing offers within days of it coming to market. When it’s a seller’s market like it is today, a win-win scenario is a must.
Maui’s single family home market has seen so much demand that the median sold prices of single family home has increased over 25% in the last 9-10 months reaching the $980k mark at the end of January 2021.
With the most in demand properties seeing multiple offers, there are essential strategies buyers must deploy in order to remain competitive. Here are some of the Sayles Team’s top picks!
Create a Win-Win Scenario For Both Parties!
Ultimately, the seller and buyer are working towards the same goal of a completed transaction. Understanding what terms and conditions a buyer can put in their offer to make it more desirable to the seller will help ensure negotiations are kicked off on the front foot.
If You Can’t Win on Price, Win on Terms
If you can’t necessarily meet full asking, but can pay in cash and close quickly, you’ll be surprised what some sellers are willing to accept, especially when terms are agreeable.
Prepare Your Offer Ahead of Time
Going over the purchase contract ahead of time and learning the major milestones of the contract will put you miles ahead of ordinary buyers. Foundational knowledge of the purchase contract will allow you to work quickly in tandem with your agent to craft your win-win offer.
Receive INSTANT Alerts
By instant alerts, we mean at the exact moment the property comes to market. Have your agent set you up for text message or instant email alerts for properties matching your desired criteria. In this hot of a market, not seeing the property within 24-48 hours can mean the property of a lifetime or settling for one that works.
Ability to Perform
Whether purchasing with cash or financing, a verification of assets letter or a pre-approval letter from a local lender attached with your offer will always put a seller at ease. Do make sure your pre-approval letter is dated within 48 hours of your offer date and equal to the amount of the purchase price and not a penny more.
Know Your Property Criteria and Where You Can Compromise
Completing research upfront about your desired location, minimum living size, etc. will help your agent weed through listings and reduce time wasted on properties that are not of interest, but also knowing what you are willing to sacrifice is just as important.
If you’re interested in learning more about our private collection of listings, please contact our team for more information. 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)