Home Affordabiltiy Cycles in Oahu, Hawaii
Recent low mortgage rates and lower median home prices have made homes in Oahu more affordable than they've been in 5 years since sales peaked in 2004. The home affordability is the percentage of median family income required to purchase a median-priced home. Let's take a look at the Oahu Home Affordability.
The best years of home affordability were in 1977, 1998 through 2003, when the affordability rate was between 28% and 30%. 2009 was considered a good year based on affordability that is 37.17%, the best affordability since 2005. This year, some economists predict the affordability level may increase mainly due to increasing mortgage rates. The interest rate has gone up a little already, and if it rises to 6%, the affordability level could increase to 41%.
If you are looking for a property and if you plan to finance, take advantage of this market while the mortgage rate is still low. If you are a first home buyer, you should consider taking advantage of the federal tax credit for the first home buyers.
Please feel free to contact me for more information on Oahu real estate market!
Please see current Honolulu Condo Listings on our website, www.HNLCondos.com, as well as detailed information and floor plans on Featured Honolulu Condos.
Mahalo For Reading.
If you or anyone you know is thinking about buying or selling a condo in Honolulu, Hawaii, it would be my pleasure to help.
Douglas Fischer, R.A., REALTOR, ePro, C.D.P.E.
RE/MAX Honolulu
www.HNLCondos.com
808-497-3810
Douglas@HNLCondos.com
Douglas is an experienced and respected Honolulu, Hawaii Realtor Associate, in partnership with his Japanese speaking partner, Christopher Sumida, who specialize in residential Real Estate and the sale of Condos in the greater Honolulu area including the neighborhoods of: Waikiki, Diamond Head, Ala Moana, Kakaako, Kapiolani, Makiki, Chinatown and Downtown Honolulu.
