The start of a new year is a good time to take stock of your financial goals, including your real estate holdings.
Our homes have become more important than ever in the past year and a half or so. But if your current home is no longer meeting your needs, now’s the time to consider your real estate goals for 2022. Whether you want to become a first-time homeowner, trade up to a new home or add to your investment portfolio, a well-thought- out plan of action is key to realizing your real estate goals.
Become a homeowner
If you’re currently renting your home, you should know that Hawaii rents are already on the rise and are expected to rise even more in the coming year. While home prices increased in 2021, mortgage interest rates are still near historic lows — giving first-time homebuyers greater purchasing power. Single-family homes are in short supply across Oahu. If owning a home is one of your goals for the new year, you’ll want to start working with an agent sooner rather than later. You should also meet with a lender to determine your budget and get prequalified.
Condos are in greater supply, however, competition for condos heated up in 2021, and the condo market is likely to be more competitive in 2022 than previous years. Remember, the best time to own a home is always as soon as you are able.
Tip: Use our Rent Accumulation Calculator to see how much money you're spending on rent that could be going toward a mortgage instead.
Find a new home
Oahu single-family home and condo median prices reached record highs in 2021, at $1.05 million and $500,000, respectively. With extremely tight inventory and prices climbing ever higher, it’s an opportune time for homeowners to leverage the equity in their current homes to move into a new home that better suits their needs. Think you don’t have enough home equity to trade up? You might be surprised to learn how much your home has appreciated in 2021!
Tip: Use the Locations Home Valuator to get an instant, free home valuation.
Start or add to a real estate portfolio
If you’ve been thinking about purchasing your first investment property, this could be the year to turn your dream into reality! Investing in a rental property now will allow you to take advantage of growing equity as prices rise. Investment properties have other perks, too, like tax benefits and added monthly income. If you already own real estate investments — whether in Hawaii or somewhere else — the beginning of a new year is a good time to examine your portfolio and see how your investments are performing.
If you have an underperforming property, or one that may require costly maintenance in the near future, you may want to consider using a 1031 exchange to secure a replacement property. Whether you’re a seasoned investor or a first timer, you’ll want to partner with a Realtor® who can match you to an investment property that will best meet your needs. Don’t wait — make your plan today!
Once you’ve settled on your real estate goal for 2022, it’s time to make a plan. Locations hosts several in-person and virtual seminars on a variety of real estate topics throughout the year, including our popular First-Time Homebuyer Seminar and 1031 Exchange Seminar.
Tip: Register for a Locations Seminar that aligns with your real estate goal.
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