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The market is rising and I need to think outside the box

By
Real Estate Agent with John L. Scott Sp34627

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?

Posted by

 Debbie Holmes

John L. Scott Real Estate

  

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

 

Comments (11)

Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Debbie Holmes I highly recommend YOU sit with a couple of well-versed mortgage brokers who have access to all of the mortgage programs with flexibility for your people.... once they get into a home and their equity continues to grow, they can refinance and reduce their student loans.... or maybe there are better methods.... there are always new programs surfacing....

Feb 19, 2020 07:31 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

You are facing a problem that is common in many areas of the country. Barbara Todaro gave some good advice. I think it's time for coffee or lunch dates with some mortgage brokers, including independent ones as well as the "big banks."

Feb 19, 2020 07:51 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Debbie,  One of my lender and me are doing a homebuyer semiar and I am mailing out to 2 rental complexes that I mail to ever quarter aleady so they no my name and picture.  Renters will buy sometime and my lender can show them how to work on their fico score.

 

Feb 19, 2020 08:36 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Debbie - regardless of local market conditions or other factors impacting real estate, thinking outside the box is a good as well as a mastery of the basics.  Refine or Redefine.  Sometimes it's that simple.  At other times, there are aspects of our own business and ourselves that need reflection.  

Feb 19, 2020 09:21 AM
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#12
Peter Mohylsky, Beach Expert
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

You need to sit down with your broker and develop a plan.  Check with, establish a working relationship with a great mortgage banker.  You might be superwoman but you can't do the impossible.  Use your time effectively and dont waste time trying to do something that can't be done.  

Feb 10, 2021 06:45 AM