Still Finding Hope for Homeownership in Today’s Market

With numerous articles and media stories about rising interest rates and high median home prices, homeownership can seem out of reach for prospective buyers and they assume they are priced out of paradise. However, that may not be true.

There is still hope for homeownership in Hawaii.

Most people do not realize that the median home price discussed in media stories is the price of the home in the middle of the list of all homes sold — meaning that half of the homes were sold below that price. The median home cost is not what first-time homebuyers need to aim for and according to the Honolulu Board of REALTORS, there were 1,605 purchases of condos and single family homes that were under $500,000 from January to August 2023 on Oahu.

Over the last 20 years, Hawaii HomeOwnership Center (HHOC), a nonprofit organization has been providing hope and help to first-time homebuyers to understand the purchase process, buyer assistance programs that may be available and provide coaching to become mortgage-ready. During this time, HHOC has found that barriers to homeownership are both real and perceived. So, many who dismiss the idea of homeownership don’t actually get qualified for a mortgage, nor learn about resources available to them. Some of these discouraged homebuyers can actually purchase a home — they just don’t know it.

Often people are presented with a homeownership opportunity like purchasing their grandma’s home, or a special affordable purchase program becomes available, and they are not able to take advantage of that opportunity because they never got educated and focused on becoming mortgage ready.

HHOC would encourage all hopeful homebuyers to get educated about the purchase process and work with a Homeownership Coach to create an action plan to get mortgage ready. Buyer assistance programs can be vehicles to getting into homeownership more affordably and having the guidance of a HHOC coach can assist with reviewing each option.

The Honolulu Board of REALTORS (HBR) is providing support for hopeful homebuyers. HHOC’s Lifetime Membership that includes unlimited access to homebuyer education classes, coaching and post-purchase support is $60 per buying unit. Through a referral by a HBR member, customers can receive a $50 subsidy towards their HHOC Membership fee, leaving only a nominal $10 investment for the homebuyer.

Hope, perseverance and getting educated are the key components for successful homeownership. Contact HHOC today to get on your path to mortgage readiness at hihomeownership.org. Interested in supporting HHOC in its work with first-time homebuyers? Consider making a contribution or being a sponsor at their upcoming Flavors of Neighbors gala. Visit hihomeownership.org/flavors-of-neighbors-2023 for more information.