The start of a new year is a good time to take stock of your financial goals, including your real estate holdings.
Last year was a challenging time for would-be first-time homebuyers and sellers, but with an improved outlook for the Hawaii market this year, now's the time to set your 2024 real estate goals. So, if your current home is no longer meeting your needs, consider your real estate goals for this year. 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 objectives.
Become a Homeowner
If you’re currently renting your home, ask yourself if you're ready to become a homeowner. While housing prices have increased significantly over the past several years, the rate of price acceleration has slowed. Mortgage interest rates, although higher than a few year ago, have come down since late 2023 and are expected to fall a bit more in 2024, improving affordability for first-time buyers. However, as rates drop, competition will heat up, so 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. 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 have decreased slightly from record highs, ending 2023 at $1 million and $510,000, respectively. With low inventory and high home values, many homeowners may be able 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!
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!
Find a Real Estate Partner
Once you’ve settled on your real estate goals for 2024, it’s time to make a plan. Locations hosts regular educational seminars on a variety of real estate topics throughout the year, including our popular First-Time Homebuyer Seminar and Real Estate Investor Seminar.
Tip: Register for a Locations Seminar that aligns with your real estate goal.
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