Could This Huge Tax Credit Help You Afford Your First Kapolei Home?
How To Afford Your First Home Sooner
It may seem difficult to jump in and buy your first home, especially with these record high prices. But there are ways. For one: Getting assistance from the state and federal government. Have you heard of the Mortgage Credit Certificate (MCC)?
This program is for first-time home buyers only. It offers a direct refund on your year-end taxes, up to 20% of the amount of interest you paid on your mortgage. It can add up to big savings that may allow you to afford your first home sooner than you expected.
For example, a client of mine saves more than $300/month on their taxes thanks to the MCC. And this is not a one-time credit — the savings apply to the life of the loan.
Situations vary depending on your individual financial situation, so I always encourage my clients to consult with a CPA for guidance.
Contact me for further info on this program — I have additional resources that can help determine if you’ll qualify.
Sam’s July Real Estate Report Highlights
The local housing market on Oahu continues to grow this year. It might take a little longer to sell, but record high prices are being achieved.
- New records set for median prices on single family homes and condos, which are up 5.5% and 7.5% respectively! This is for July 2019, compared to July 2018.
- Closed sales are also up for both single family (12.7%) and condos (2.2%).
- However, days on market and inventories are up too.
ʻEwa Plain Stats
- New listings are down. This is normal, since many sellers list earlier in the year to try to complete transactions before school year starts.
- Single family home sales are up 16% over last year, as days-on-market were shorter last year and homes were being sold in earlier months.
- Condo closed sales are down a little. Inventories are down also. When there’s fewer homes on sale, it’s reasonable to expect that fewer sales will happen.
- The Kapolei and ʻEwa Beach (ʻEwa Plain) housing market is one of the most active on the island of Oʻahu, as we have so many houses available. The ʻEwa Plain continues to grow with new developments, and seems to be attracting more families — often due to the affordable prices!
Want to understand the data better? Contact Sam for a personal consultation! Making Realty Dreams A Reality!
Makakilo Housing Market Heating Up
The Honolulu Board of Realtors featured the red-hot Makakilo market in their monthly neighborhood highlights.
Home sales doubled in Makakilo in July. Yet prices are relatively stable, up just 4%. As you can see, the average cost of a single-family home in Makakilo is only slightly more than what you’d pay for a condo unit in Hawaiʻi Kai.
Sam Paltikian is a REALTOR-ASSOCIATE®, RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781)