REAL ESTATE WITH ALOHA
Are you still unsure about whether or not you should buy a house? It's most definitely a big commitment, and not just from a financial standpoint. But the rewards generally far outweigh any potential downsides for those who take the plunge. Need more convincing?
How about the fact that:
You're already paying a mortgage
That money that comes out of your account every month? It's going right into someone else's account. Doesn't that make you just a little bit mad?
To be clear, that someone else is making money off you
How about now, when you think about the fact that real estate continues to appreciate and you're not getting to appreciate that appreciation. The median sales price for a condo on Oahu also set a new record in July 2019: $461,500. That tops the previous record of $435,000 set in March 2018, the Honolulu Board of Realtors said. Aren't you tired of watching someone else make money while you sit in the place they own and try to figure out how to get ahead?
You may be paying more in rent
The tax benefits of owning a home are huge! You may be paying more in rent right now than you would be for a house payment, because you don’t have the tax benefits of homeownership. On top of the thousands of dollars in rent you’re throwing away, you’re also missing out on thousands in tax breaks each year.
Hardly anyone pays a 20 percent down payment anymore
Were you under the impression that you had to come up with a huge stack of cash to buy a house? Federal Housing Administration (FHA) loans are among the most popular options for all homebuyers, and for first-timers, they make a lot of sense. First, because the credit requirements are less stringent than other loans - in many cases, you can have as low as a 620 score. Also, you can qualify with as low as 3.5 percent down. On a $500,000 house, that's only $17,500.
Rates are still near their lowest point ever
Mortgage rates are still at record low. A year ago, the benchmark 30-year fixed-rate mortgage was 4.59 percent. December 2019, the rate was 3.93 percent. The 30-year fixed-rate average for January 2020 is about 0.78 percentage points below the 52-week high of 4.62 percent.
Need more convincing? Give me a call to discuss!
Johana Allison - Real Estate with Aloha
480 Kamokila Blvd. Ste 104, Kapolei, HI 96709 US
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