Here in the Treasure Valley of Idaho we have a scarcity of homes. In Ada county we have a 15 day supply of homes. The prices our rising quickly. Many of my buyers are being priced out of the market. They are being squeezed for rent and do not make enough to qualify for a home. I have always liked getting people into their first homes. I have two buyers who are older. Last year it would have been easy this year it is not. I have lived here since 1991. Homes have always been affordable now I realize I could not afford the home I live in with my husband on his salary. That is a scary thought.
For my older people I have thought about reverse mortgages. For my younger people I ask if parents can cosign. So many of my younger people are drowning in college loan debt. I have at least two buyers who are stuck in rentals with over $100K in student loan debt. Five years ago that would have been a mortgage. Even though the mortgage would be about the same as rent they don't qualify for loans. I have a 79 year old client with student loan debt. Apparently she went back to school in her 60's and got her BA.
Any ideas?
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