Ray Corpuz and Joyce Nicolas estimate they’ve looked at more than 50 homes on the market throughout the past year for their first home.

"I haven’t pulled the trigger," said Corpuz, who plans to buy a place by the end of the year. "We went all over, and we’re more satisfied toward the Mililani area now."

The couple were among hundreds who flocked to the third annual Hawaii Homebuyers Fair at the Hawai’i Convention Center on Saturday. The free event was presented by the Honolulu Star-Advertiser and Alternate Energy.

Nicolas found it helpful to have several loan companies in one place to compare prices rather than searching only companies that came up in popular searches online.

"It’s very educational," she said.

About 30 vendors had booths at the trade show, including real estate developers, mortgage companies, home improvement businesses and other organizations.

Several workshops were also held throughout the day on first-time homebuying, credit and homebuying, and energy efficiency in the home. Free tours of residential developments in Kakaako were also available.

Carl Worthy, a Realtor and sales coach at Locations Hawaii, a real estate company, gave several presentations on becoming a homeowner in the current market.

"The market’s red-hot right now," said Worthy, who encouraged potential buyers to buy a home now because of low interest rates.

He said interest rates are artificially low because of government intervention that is ending soon, and the Federal Reserve expects interest rates to begin increasing by the end of the year, then reach about 6.5 percent by the end of 2017. A 1 percent interest rate increase could make a bigger difference than a $50,000 price increase of a home, he added.

Interest rates are currently about 4.25 percent.

"If you have rates at historic lows, you have buyers at historic highs," he said.

Further squeezing inventory is the perpetual shortage created by an insufficient number of homes being built each year. Worthy said the city issues a maximum of 1,500 permits a year when 3,500 units are needed annually to keep up with population growth.

"Right now is the best time (to buy) especially for new people to get in because the interest rate has the most to do with their payment," he said. "This timing is so perfect because we’re at these crazy low rates that we’ve never seen before and we’re never going see again when they’re gone."

He said first-time homebuyers, who usually have lower earnings and may barely qualify for a loan now, could get priced out of the market if they wait 12 months because of rising prices and interest rates.

He said the homebuyers fair offers potential buyers the opportunity to see different elements of homebuying in one place.

"You don’t have to call 10 different people," he said. "If a new homeowner comes here, if they take advantage of what’s available, they will have everything they need to know to move forward."

John Connelley, principal broker at Locations Hawaii, said potential buyers must move quickly because inventory is so low.

He said with interest being tax-deductible, buyers can own for the same price as renting.

A rent increase is what drove Waipio couple Harold and Jeane Hirao to consider buying a new home.

The Hiraos attended the fair with their 12-year-old daughter, Jenesis, in search of information to own their own home by February.

"We’re really enjoying it," Hirao said of the fair. The airport worker bought a unit about 18 years ago, but doesn’t remember the ins and outs of buying a home and said he wouldn’t know where to start.

"It’s kind of exciting," he said. "If you don’t know, you don’t know who to call."

Jeane Hirao, who works with attorneys, enjoyed the opportunity to ask questions of different Realtors without pressure.

"It’s just good to know that there’s something like this to get info," she said.

"We’re happy that we came," Harold Hirao said. "It’s informative, very nice people."