HONOLULU (KHON2) – The housing market has been sky high in Hawaii with little end in sight.
However, nationwide, certain metro area housing markets are cooling off which can signal a good time to buy for homebuyers who have been patiently waiting for change.
Smartasset, a financial website that offers tips for home buying, retirement and banking investments, came out with a new study ranking the top housing markets that are cooling off the most.
The top cities with markets starting to cool off are Boise, Idaho; Austin-Round Rock Georgetown, Texas, and Phoenix Arizona. Smartasset looked at 100 of the largest metro areas and Honolulu came in at 23 out of 100.
The good news is Honolulu’s market is cooling off, the bad news is that it’s still very high with many working-class families finding it hard to save up enough money for a down payment.
They offer tips for those ready to purchase a house when the market begins to cool.
Potential homebuyers should consider all the costs before signing the papers, not shying away from finding your forever home and lastly the importance of working with a financial expert.
To read the full report by Smartasset on what housing markets are cooling off the most, head to their website to see the entire list.
What’s going on around the globe. Find out in International News
Smartasset compared a city’s price reduction rate, the decrease in demand, the one-year change in number of houses sold and more.