In today’s market homebuyers are faced with challenges, such as low inventory and high median prices. Many families have worked hard to overcome those obstacles to become homeowners. The rewards of homeownership are life changing in ways that build stronger families and communities. Here are few tips to consider when homeownership becomes your goal:
Become an educated homebuyer. A great resource is the Hawaii Homeownership Center. They provide education, information and support to create successful homebuyers. They put a strong emphasis on budgeting and finance to help you not only buy a home, but to also to sustain it. Visit http://www.hihomeownership.org for more information.
Get Pre-Qualified. Team up with your local bank or a mortgage broker to see what you can qualify to borrow. This should be done before looking at properties. After getting pre- qualified, you will be ready to look at homes and put in an offer when you find that special property.
Become a strong buyer. Save for a down payment. Often times you may be competing against multiple offers on a property. When competing against multiple offers, a large cash down can be very favorable to sellers.
Know your market. In the area you would like to live in, know what’s for sale, what’s sold and what kind of properties are in your price range. This will also help you with negotiating a fair price.
Don’t lose hope. It can be discouraging to see home prices go up, but there are still great deals out there. Buying a home may be one of the largest and most difficult transactions of a lifetime. Choose a full time realtor who can keep a close eye on the market for you, has knowledge of the local real estate market and will lead you to reach your homeownership goals!