With over 200 neighborhoods here in Oahu, knowing which one is right for you may seem like a daunting task. Truthfully, though, the answer as to what area is best isn’t cut and dry—it depends on your personal wants, needs, and goals.
So while we can’t tell you which neighborhood is best, we can point you in the right direction. Along with the considerations we already mentioned, there is another point to think about when choosing a location: resale value. Unless you’re certain that the home you’re moving to will be where you stay for the rest of your life, it’s good to consider what kind of value you’ll be able to extract from it when the time comes to leave it behind.
This is just one reason why having an experienced agent by your side is crucial. While you, as a buyer, will be going about your search with your immediate needs in mind, your agent should be thinking about the long-term implications of your move.
But how do you determine a home’s resale value? The first step is to evaluate the number of properties for sale in the surrounding area. If the number of active listings exceeds 2% to 5% of the total number of properties in the neighborhood at any given time, this is likely a sign that people want out. That doesn’t bode well for the future of a listing’s value.
“Unless you’re certain that the home you’re moving to will be where you stay for the rest of your life, it’s good to consider what kind of value you’ll be able to extract from it when the time comes to leave it behind.”
Obviously, a home’s location will also have a direct impact on its resale value. A listing that is located near a number of amenities, for example, may have a higher resale value than one that is overly remote.
In addition to location and nearby market activity, another good litmus test for resale value is whether the home is owner or renter occupied. Neighborhoods with owner-occupancy rates at or above 75% are best. And, speaking of the neighborhood residents, community pride will also play a major role in resale value. If the properties in a given neighborhood are well maintained, then area home values are sure to reflect this.
Finally, if you’re looking for a tangible measure of local home values, you may want to ask your Realtor about appreciation rates for the area.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.