Mortgage News

Hilo Mortgage - Hilo Market Update July 2017

July 24th, 2017 6:06 AM by Heidi Lawler

As a Hilo Mortgage expert, I am determined to help my clients succeed with their dreams of home ownership.

Throughout my experience in the mortgage industry I have learned that there are quite a lot of aspects involved in the process of obtaining a mortgage and purchasing a home. Over the years I have learned that information is key when it comes to making such large financial decision.

In an effort to make the process as comfortable and stress-free as possible, I strive to provide my clients with as much useful and relevant information as possible. This is not limited to the current interest rates and mortgage information that can be found throughout this website. This information includes things like local market statistics because these statistics can have a large impact on the homes my clients end up purchasing.

Hawaii Realtors has recently released the market report for May of this year, which shows that the current market for single-family homes in Hawai’i County is remaining stable which is great news for buyers, especially those who are concerned with how their homes can be priced in the future. Purchasing in a stable market can bring a great sense of security.

In May of 2016, there were a total of 218 single-family homes sold, which increased this year to 239, an increase of 9.63%. in the condominium market, total sales rose an astounding 40.91% from 66 in May of 2016 to 93 in May of 2017.

The median sales price of Hilo single-family homes sold this May was recorded at $320,000, which is only a 1.91% percent increase over the median sales price of $314,000 that was recorded for May last year. The condominium market, on the other hand, showed another significant change year over year, with median sales prices dropping well over 19% from $339,500 in May of 2016 to $273,000 in May of 2017.

If you are interested in purchasing a Hilo home, now is the time – especially if you are in the market for a condominium!

Regardless of your current financial situation or the type of home you are searching for, I am here to help you every step of the way! Give me a call to setup your first consultation and to get started on your mortgage process today!

Source: https://www.hawaiirealtors.com/MarketInfo/year-end-reports

Posted by Heidi Lawler on July 24th, 2017 6:06 AM