Hope for Homeownership in Today’s Market

It’s overwhelming to hear so many stories about our friends and neighbors being “priced out of paradise.” And while the high cost of living in the Islands is tough, many working individuals and families automatically assume that homeownership is out of reach without ever looking into the possibilities. But there are some. And there’s help and hope, too.

The “median home price” so often reported on by news media is the middle price of all homes sold — meaning that half of the homes sold are above that price, and half are below. But, according to the Hawaii HomeOwnership Center, the median home price is not the price first-time homebuyers need to aim for.

With connections to buyer-assistance programs and other resources, the Hawaii HomeOwnership Center provides hope and help for prospective local homebuyers from all walks of life.

Over the last 20 years, the center has provided hope, assistance, coaching and resources to help first-time homebuyers understand the purchasing process and to connect them with buyer-assistance programs. HHOC says many people dismiss the idea of homeownership, right from the start, without learning about the support available to them. Many of them actually can afford their own homes, the center says — they just don’t know it.

HHOC encourages the community to get educated about the purchasing process and to work with a “homeownership coach” to create a plan. Buyer-assistance programs can be vehicles to get people into their own homes more affordably, and an HHOC coach can offer different perspectives when reviewing your options. The idea is to ensure you’re ready when a purchasing opportunity arises, whether you’re looking into buying your grandma’s home, applying for a low-interest loan program with limited funds, or something else.

Chris Dotson and Kimo Carvalho became homeowners with the support of Hawaii HomeOwnership Center. Their abode has become a special place for gathering with loved ones and celebrating life’s milestones.

HHOC’s lifetime membership costs $60 and includes unlimited access to homebuyer education classes, coaching and post-purchase support. And if you’re referred by a member of the Honolulu Board of Realtors, you can receive a $50 subsidy toward your HHOC membership fee, leaving a nominal $10 investment for the homebuyer.

Hope, perseverance and knowledge of the purchasing process are key to successful homeownership. So, if you’re a Hawaii resident looking to purchase your first home, contact HHOC today to get on your path to being mortgage-ready, at hihomeownership.org.

Reina M. Miyamoto is executive director of the Hawaii HomeOwnership Center.

Editor’s Note: This article has been slightly modified from the original print version for optimal online reading. To view the full print story, pick up your copy of Hawaii Home + Remodeling at one of our partner locations.