Experts say if you really want a certain property, expect to pay a little moreUPDATED 11:31 PM HST Oct 05, 2013Video Transcript
Thinking of buying...or selling your home? Who's got the advantage in the market right now? KITV4's Brenton Awa has real estate advice from the Hawaii Homebuyers fair at the convention center. It's no secret... sales of homes are up... So are the prices -- making buying difficult for some. But despite what many may think. One expert says were not in just a sellers market. 405 "ITS REALLY WHAT WE WOULD CALL EVERYBODIES MARKET." According to the Honolulu Board of Realtors... The average sales price of a single family home is 9.2 percent higher than a year ago. Sales have also increased by almost 25-percent. Both sounds good for sellers. 1057 "MANY PEOPLE WILL HAVE TO COME IN WITH AN OFFER ABOVE MARKET VALUE ABOVE LISTING PRICE AND MANY TIMES IT'S AN ALL CASH WINNER WHO WALKS AWAY WITH THE DEAL." So -- what about those buyers? Even with stiff competition -- expert say there's still two assists. First time buyer loans and low interest rates. 518 "IF YOU BOUGHT A 500K HOME IN 1990 WHEN THE INTEREST RATES WERE AT 10% YOU WOULD PAY ABOUT 4500 DOLLARS A MONTH FOR YOUR MORTGAGE -- TODAY AT 4.25 YOU WOULD BE PAYING ABOUT 2500 OR LESS ITS INCREDIBLE." It's also affordable -- but it might not last. Other experts say a home valued at 625-thousand dollars now -- could cost as much as a million dollars by 2017. The housing shortage in Hawaii doesn't help. 1024 "WHAT THAT REALLY MEANS IS UNLESS MORE PROPERTIES COME ON THE MARKET IN LIKE A COUPLE OF MONTHS ALL THE INVENTORY ON THE ISLAND WILL BE GONE." So bottom line -- experts say if you really want a certain property -- expect to pay a little more. If qualified -- first time buyers can take advantage of several different loans like the USDA loan -- VA loan or Hula Mae. Both the USDA and VA loans let buyers come to the table with no down-payment.