With Oahu’s median home prices in June hitting $782,388 for single-family houses and $420,000 for condos, many potential first-time homebuyers immediately count themselves out of the market.
But it’s worth remembering that median prices represent the point at which half the home sales went for higher amounts and half for less, said Reina Miyamoto, assistant executive director of the nonprofit Hawai‘i HomeOwnership Center, one of the participants in the Hawaii Homebuyers Fair Saturday at the Hawai‘i Convention Center.
That means homes are available at affordable prices.
“You don’t have to think that the first home you buy is the home you’re going to be in for the rest of your life,” she said. “It can be a steppingstone.”
For a lifetime membership of $60, the center, which aims to create first-time homeowners, provides a range of services that include information on the buying process and counseling.
Hawai‘i HomeOwnership Center joined contractors, banks, Realtors, mortgage lenders and other exhibitors at the one-day fair sponsored by the Honolulu Star-Advertiser.
A new element this year was workshops on homebuilding and renovations.
Cyd Kamakea, the Star-Advertiser’s classified advertising manager, said organizers decided to add the workshops to the usual lineup of home-buying and -selling resources because of growing interest in accessory dwelling units. Building or renovating a home also can help grow the housing inventory and diversify the market, she said.
Kamakea said the fair benefits both those looking to buy or sell a home and participating businesses and nonprofits. Bank of Hawaii, for example, was able to prequalify dozens of consumers for mortgages, starting them on their way to buying a home, she said.
“People really are coming here without a clue … then they walk away with a sense of confidence, knowing that they can enter the real estate market,” Kamakea said.
Carol Marx, Bank of Hawaii vice president of residential lending, said the bank co-sponsors the fair because homeownership provides community stability and leads to safer neighborhoods through pride of ownership.
Salt Lake resident Stacey Fernandez attended the fair with her boyfriend and two children, with an eye toward buying a home in the near future. Her boyfriend, Sean Sakaida, also had questions about a photovoltaic system for his parents’ property.
“We got all of our questions answered that we came for,” she said. “We weren’t sure what to expect.”
For more information on the Hawai‘i HomeOwnership Center, call 523-9500 or visit hihomeownership.org.