Moving out and buying a home at age 20!
Jennifer Auh reports on the comeback of home sales in Idaho and talks to a young new homeowner, who just purchased his first home. Video by IdahoOnYourSide.comvideo
After years of struggling, the housing market is slowly making a comeback and bringing the younger generation with it. Even some, under 21 years old!
'Second chance homeowners' are now starting to buy again, but we found some young people also making the big decision to buy.
We talked to a new homeowner, who just turned 20 and is still in school. However, he told us he feels confident about spending his savings on a home in Boise.
He said he's looking forward to seeing a full housing market turnaround and wants to get in, while he can still afford it.
Colt Catlin, 20, just signed all of the papers for the closing of his new home.
Catlin said he's been interested in real estate for a while, but didn't seriously think about buying a home until recently.
"With home prices the way they are, it’s a great opportunity for home buyers especially first time home buyers,” he said.
The latest numbers show home sale prices across the nation are up about 5 percent, and Idaho is seeing even a bigger jump of more than 17 percent, compared the last year.
"The market is in a perfect storm if you will, the interest rates are low, the values are low. Everything is where it needs to be,” said Alicia Malone, Front Street Brokers Realtor.
Experts said they’re seeing a jump in home prices because ‘2nd chance buyers’ are coming back to the market.
Catlin isn't the only young homeowner out there. A girl in Florida, who’s just 15, recently made headlines for buying her 2nd home, as an investment.