Now is the best time to buy a home
If you’re thinking of buying a home in Hawaii, NOW is the best time to do so. Whether you’re a young adult looking for your first place or a family looking for a bigger space, you should seriously consider home-ownership. A home is an investment in your future and provides more than just a roof over your head – It is a place you can truly call your own. So, why should you buy a home now? Here’s why:
Rent keeps going up
It’s no secret that rental housing in Hawaii is high. According to the U.S. Census Bureau’s latest American Community Survey, Hawaii has the highest median monthly rent in the nation at $1,387. The money you pay in rent is money that you will never see again. Why should you continue to pay the high costs of a place that you don’t own? For this reason, buying a home is a smarter option. Moreover, renting is very uncertain – What will happen when the lease is up? Will the rent increase? What if the owner decides to sell? Homeownership provides a sense of security and stability that renting does not provide.
House Prices are rising
Everyone wants to own a little piece of paradise. In Hawaii, with the demand for homeownership exceeding the available inventory, home prices will continue to rise. The Federal Housing Finance Agency recently reported that home prices in the U.S. Pacific region, which includes Hawaii, rose the fastest at 7.5% over the past year. Imagine what the price of your home could be in 30 years! The question is: Should you buy a home now before prices increase? The answer is YES.
Mortgage rates expected to rise
Obtaining a mortgage is generally the most critical step in buying a home. Although mortgage rates are still fairly low, analysts expect the rate to rise throughout the year 2015. Securing a mortgage loan now while interest rates are low might save you money in the long-run.
The homebuying process doesn’t have to be intimidating. The friendly staff at CU Network Services understand the challenges involved and are ready to assist you. To see how they can help you, give them a call at 529-4599 or visit their office located at 681 S. King Street.