Hawaii Housing Market – Unprecedented Opportunity for Military Buyers
Economists who have studied local housing market trends find that homes on Oahu appreciate at a rate of 2.5 percent (with real inflation adjusted). This home price appreciation is expected to continue into the future.
The high cost of homes in Hawaii may have deterred many would-be homeowners from taking the big step, but, if you are ever going to buy, now is the time to start the process. Although prices are not likely to come down any time soon, historically low interest rates are encouraging buyers to get their foot in the purchasing door. “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 and economists believe that if the market continues with this trend, and predictions for appreciation are correct, then buying a home in Hawaii is an investment residents, including our military, cannot afford to miss. Investing in a home in Hawaii is a smart way to build equity and upgrade your financial portfolio.
The opportunity offered by the current marketplace is especially exciting for military homebuyers. Active duty service members and veterans can take advantage of VA Home Loan benefits that enable them to purchase a home with zero-down payment and no private mortgage insurance fees! From 2014 to 2015, there was a 44 percent increase in the usage of VA Home Loan programs by military homebuyers. Each year, more veterans and active duty homebuyers realize just how valuable their VA Home Loan benefits can be when purchasing or refinancing a home.
Because the VA Home Loan program does not require eligible military homebuyers to make a down payment, they can avoid thousands of dollars in upfront homebuying costs. This makes the goal of homeownership in Hawaii especially attainable for them.
Additionally, according to the VA, the median VA Home Loan borrower in recent years made about $71,000 a year. It’s truly a middle-class homebuying program. Homeownership can be a very smart investment for this group of homebuyers even if they move in the future. With no down payment or private mortgage insurance fees, plus assistance from Basic Allowance for Housing (BAH), eligible military buyers have a fantastic opportunity to become homeowners in Hawaii.
“Many people in Hawaii buy a home because they see it as a good investment, and not just a place to live,” Kim adds. Making the jump now can benefit you in the future and help you build strong equity. Purchasing a home in Hawaii with the combined advantage of historically low interest rates and VA benefits, means our military buyers have an unprecedented opportunity to both own a “piece of paradise” and create a solid financial future.
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).
Tuesday, August 9
6 to 8pm
VUHL Educational Center Waipio
94-539 Puahi St., 2nd Floor
Saturday, August 20
10am to Noon
Imiloa Astronomy Center
600 Imiloa Place
Hilo, HI 96720
Limited seating – Register today!