Hawaii made one of the top ten states for first time home buyers!
A recent article by MSN magazine stated that how Hawaii came in as #6 as one of the best states for first-time homebuyers.
According to the article, “Hawaii had a 52.8% increase in first-time homebuyers from 2003 to 2013. It also has a lower foreclosure rate at .03%.”
Hawaiians however, have a limited options when it comes to programs in buying a first home. The state although does offer a mortgage credit certificate that can reduce the federal income tax homeowners owe.
Listing prices in Hawaii follow below home values making it more likely that a home purchase will be a good deal. Even though Hawaii can be expensive when it comes to condominiums and houses, causing the median home price to generate a payment of around $2100 a month for a 30 year mortgage, the programs and the sale price to medium home value is better. The median sale price for a home in Hawaii is $453,000 while the median home value is $537,000.
Even though we may not have a lot of state run programs for buying a first home, the mortgage credit certificate is a good incentive, especially for those that have not had the chance to purchase a home yet and are considering the tax benefits to homeownership.
We want our first-time homebuyers to be comfortable and satisfied with their home purchase long after the closing and knowing that they are getting a good deal and a good value on their home could be the incentive they need to make the jump into homeownership.
If you’re considering buying a home on Oahu please feel free to browse my website for more tips for first-time homebuyers, mortgage information, where to live on Oahu and for the absolute best service in buyer representation.