Younger First-Time Home Buyers Now largest Share Of Market
If you think you’re too young to be a homeowner, think again! According to the 2015 National Association of Realtors Home Buyer and Seller Generational Trends Report, Gen Y (ages 34 and younger) comprised the largest share of all home buyers at 32 percent and 68 percent of all first time home buyers. According to this report, while over half of these Gen Y home buyers previously rented their residence, most felt it was the right time and that they were ready to buy a home.
Today, Hawaii is among the most expensive rental markets in the country and, with rents consistently increasing year after year, projections show that rent amounts could nearly double every 20 years. If you can afford to pay this high rent in Hawaii, you most likely can afford a monthly mortgage payment. In addition, the amount of your monthly mortgage payment will not change for the life of your loan (depending on your loan product). You’ll also enjoy added benefits of building up equity, writing off your mortgage interest on your taxes, and a sense of security and stability that renting does not provide.
If you are a first time home buyer, or if you have a child you think might be ready to buy their first home, there are many programs to take advantage of to help buy for less. Whether it’s a lower down payment requirement or increased tax benefits, these programs can help make home buying more affordable. Even some of the new developments have special pricing programs set aside for first time home buyers only.
You’ll find the most challenging step of the home buying process is finding the right property. While searching for your first home may seem difficult and complicated, it is easier than ever with online searches that can be done right from your mobile phone or you can enlist a real estate agent. Once you find the right property, your real estate agent and loan officer will be there to help walk you through all the paperwork and rest of the home buying process.
The knowledgeable staff at CU Network Services have over 60 combined years of experience in the mortgage industry as well as close ties to experts in the real estate industry to help you through the home buying process. To find out what you can qualify for, call them at 529-4599 or visit their office at 715 S. King Street, Suite 100.