Hawaii Housing Market Perfect for Military Buyers
Veterans United Home Loans of Hawaii
Owning a home in Hawaii may seem like an impossible goal to achieve, but now is a better time than ever before to purchase in Hawaii, especially for military buyers! With rising inflation and interest rates in our market, it’s clear that houses won’t cost less in the future than they do now. But with access to the powerful VA Loan program, military buyers can purchase a home without a down payment – saving them thousands of dollars in upfront costs. A hot market with rising home prices is a great problem to have for those who do choose to purchase, and because of VA Loan benefits, there are few reasons not to make the jump today. Experts agree.
“The housing market continues to accelerate forward at a brisk pace,” Kalama Kim, president of the Honolulu Board of Realtors, says. “Both home prices and unit sales continue to rise as compared to last year.” Real estate professionals believe that if the market continues with this trend, as it is projected to, then buying a home today means the seller will get his or her return and then some in the future. This makes homeownership in Hawaii an investment that residents cannot afford to miss. Investing in a home in Hawaii is a smart way to build equity and protect your future financial state. This chance to invest is exciting but also fleeting because of the rate at which home prices are increasing.
“Strong demand for housing fueled by low mortgage interest rates continues to meet, and in some neighborhoods exceed the supply for housing,” Kim says. “This dynamic causes homes to sell very quickly and push home prices up.”
Potential home buyers who do not make the jump today will miss out on the chance to buy when they can perhaps afford it most. While down payments on Hawaii homes today are costly, they will only increase, and it’s important to realize the expected value of one’s home in the future.
Military homebuyers have a special advantage in this case. Because the VA Loan program does not require eligible military home buyers to make a down payment, they can avoid thousands of dollars in upfront costs. With no required down payment, no private mortgage insurance fees and assistance from Basic Allowance for Housing (BAH), the goal of homeownership in Hawaii is especially attainable for eligible military buyers.
Because service members and their families move around often, the thought of owning a home can be daunting. But with the resilient market in Hawaii and the promise of growing home prices, buying now in Hawaii is still a smart move. Working with a lender that specializes in the VA Loan is a great way to begin the home buying process safely and with expert information on the benefits that accompany the VA Loan program.
“Many people in Hawaii see homeownership as a good investment and not just a place to live,” Kim says. With this in mind, there’s no reason to wait to become a homeowner in Hawaii. Making the jump now can benefit you in the future and help you build strong equity – especially if you are a military home buyer. Real estate and mortgage industry experts agree that purchasing a home will not only provide Hawaii residents with the opportunity to live in what many call “paradise,” but also give them the chance to create a solid financial future.
To learn more about Veterans United Home Loans of Hawaii, visit VeteransUnitedHawaii.com or call (808) 677-5626.
Upcoming VA Loan Seminars
Veterans United seminars include Powerpoint presentations & free workbooks. Question and answer periods follow the presentations. For more information and directions, call 677-LOAN (5626).
Saturday, March 26
10am to Noon
Veterans United Home
Loans of Hawaii Educational Center
94-539 Puahi St., 2nd Floor Waipio, HI 96797
Thursday, April 14
6 8 pm
Oahu Veterans Center
1298 Kukila Street Honolulu