Resolve To Reach Your Real Estate Goals In 2019
With the New Year upon us, now is a good time to reflect on your goals for 2019 and beyond. While many of us will set goals for our health, career or personal lives, don’t neglect to set your real estate goals for the coming year, too.
Market conditions in 2019 will present a variety of opportunities for first-time homeowners, move-up homeowners and real estate investors. Having a well thought-out plan of action will be key to realizing your real estate goals this year.
ESCAPE THE RENTAL TRAP
If you’ve been delaying homeownership because you’ve been outbid in the past, or don’t think you will be able to find a home in your price range, you’ll want to get back out there in 2019. Increasing inventory in many Oahu neighborhoods means less competition from other buyers and more homes from which to choose. New condominium projects are also slated to enter the market in 2019, many of which will offer affordable units.
Although interest rates have been rising, they are still historically low, and you may be able to put down as little as 3.5 percent toward your home purchase. Active-duty and retired military members may not need a down payment at all! You won’t know how much you will be able to qualify for until you talk to a loan officer, so as a first step, contact a lender in January.
Remember, the best time to own a home is always as soon as you are able. With your pre-approval letter in hand and a knowledgeable REALTOR® at your side, your goal of homeownership will be well within reach.
TRADE UP TO A NEW HOME
Current homeowners will also have more options to trade up in the New Year, thanks to more available listings than in recent years. With listings in some neighborhoods that have had little or no inventory in the past few years, 2019 will be an excellent market in which to move into a neighborhood or home that is best suited for your needs in the coming years.
With record-high median housing prices on Oahu, now is a great time to leverage the equity in your current home to move into a home that can accommodate a growing family, minimize commute time or free you from tedious home maintenance.
If you think that you haven’t owned your current home long enough to move up, you might be surprised to learn the value of your home may be more than you think. To get an instant, free home valuation, simply visit LocationsHawaii.com/LHV.
INVEST IN YOUR FUTURE
If you already own real estate investments – whether here in Hawaii or elsewhere – January is a good time to examine your portfolio and assess how your investments are performing. If you have a property (or properties) that are underperforming or may require costly maintenance sooner rather than later, current market conditions are ripe to exchange into a property that will command a greater return, has greater potential for appreciation, or won’t require expensive repairs or fees. With more available inventory than in previous years, investors using a 1031 exchange may find it easier to identify a suitable replacement property.
If you are a current homeowner and you’ve been thinking about purchasing an investment property, now is a great time to turn that goal into reality! Real estate investment properties can provide you with additional monthly income, as well as set you up to help children with college tuition, or to plan for your own retirement someday. If you are new to real estate investing, you’ll want to work with a REALTOR® who can help you to identify an investment property that will best meet your needs.
DON’T WAIT, MAKE YOUR PLAN TODAY!
As with any New Year’s resolution, putting pen to paper will help you to realize your real estate goals sooner. So, before you pop that bubbly, call your REALTOR® or visit LocationsHawaii.com/learn to map out your 2019 real estate action plan. You’ll be glad you did!