"Now that the taxes are done, they see what money they have and they’re going to move forward," said Sofos, "so I believe in the next few months you’re going to see a real push because sales are the best time to happen in the summer."
The median price of a house went up from $565,000 to $585,000 a three and half percent rise. It’s the first time this year that the price increased from the previous year. Sofos sees the overall figures as a sign that the market is generally stable. And that it will improve, which is how the year started.
"Not where we were three to four years ago but better than we are and were two years ago," said Sofos.
Stricter laws make it harder for home buyers to get loans, so she says homes will be on the market longer before they sell. But overall, a lot more people are looking to buy. She sees a trend toward more buyers in urban Honolulu, especially for older couples who want to get closer to town.
"Giving the homes to their kids and buying into town so that they don’t have to drive everyday, take the bus, use the systems, and just really not have the stress about driving," Sofos explained.
Sofos says with mortgage rates at around five percent, refinancing is still a good idea for a lot of homeowners, although the rules are also stricter now as part of the government’s effort to prevent another wave of foreclosures.
See the original article at: KHON2 Local News
