You can do more than observe National Homeownership Month during June… you can celebrate! Here are some reasons why now is a great time to buy a home, whether you’re a first-time buyer or already a homeowner.
Make 2019 a year to remember
A booming economy in 2017 and 2018 contributed to higher home prices and lower inventory in some areas, plus rising interest rates. This meant that many potential buyers decided to wait things out until the real estate and financial markets settled down.
If you’re one of those who’ve been waiting for a better time to buy, here’s some good news. Not only are home prices falling in some areas of Hawaii, but the total number of properties listed for sale has risen
. In addition, interest rates have recently begun to fall.
More good news for homeowners
According to a Federal Reserve survey
, an American homeowner’s net worth in 2016 was 44 times greater than that of a renter ($231,400 vs. $5,200). Interestingly, since the previous 2013 survey was published, a homeowner’s net worth increased by 15% … but a renter’s net worth actually decreased by 5%.
How Compass Home Loans can help you to become a homeowner
Although 2019 brought good news for homebuyers, the news wasn’t good for some renters. In addition to their net worth decreasing, rent costs continued to rise. For example, rent prices for two-bedroom apartments in Honolulu rose 4.2% during 2018.
If you’re tired of watching more of your take-home pay going towards rent, why not check into your home financing options right now? Compass Home Loans currently offers numerous loan programs for first-time and repeat homebuyers. They include condominium financing, conventional and Jumbo mortgages, and FHA, VA and USDA loans. You may also qualify for one or more down payment assistance programs that help make homeownership truly affordable.
Our shared mission is to provide the highest level of service by creating a team that goes “all in” to support our standards for service so our loan officers can go “all out” for our borrowers. Just last year, we helped over 500 individuals and families buy a home. We’d like yours to be next.
Jun 14, 2019