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In anticipation of the Feds decreasing interest rates around summer of this year, Buyes are bouncing back into the market hoping to beat the frenzy that lower interest rates and increased competition bring. Increased buying activity since late last year is reflected in Honolulu Board of Realtors January 2024 stats. Single family home closed sales jumped up 22.7% over last year while condo sales are up slightly at 6.2%. Not only are showings and open houses picking up with activity, pending sales have also increased over the last 3 months for both housing categories confirming that Buyers are submitting offers and not only looking from the sidelines. As an added incentive, many Sellers are extending generous Seller credits to Buyers to assist with reduced interest rate programs such as the popular 2-1 temporary interest rate buydown program, permanent interest rate buydown programs and closing costs. If you’re thinking about purchasing real estate, don’t sit on the fence too long. Jump into the market now! |
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