Former RVC student invests in housing market shortly after graduation
Alex Anguiano is now a homeowner after searching for a couple months. He bought a house three days after the owners placed it on the market
ROCKFORD, Ill. (WIFR) - Just weeks after graduating from Rock Valley College, one former student bought a home in the competitive Rockford housing market.
Alex Anguiano is now a homeowner after a couple months of searching. The house he purchased was only on the market for three days. The RVC graduate saved up enough money during the last couple of years and felt now was the time to make the investment.
“I was pretty in shock once they took our offer and they told us they are going to go with ours,” said Anguiano.
The house Anguiano bought is a Fixer Upper, a home which needs repairs. These types of homes often are priced better and are easily available at times. He took a break from college to pursue carpentry, so a daunting task for most people might be a piece of cake for Anguiano.
He eventually wants to flip houses but for now, he’s focused on repairing his new home. Some of the repairs include a restoration of the hardwood floors and expanding the bathrooms. Rockford Area Realtors CEO Conor Brown says a situation like Anguiano’s isn’t common.
“I think having my own space and making the place my own and start remodeling small stuff and adding value to the Rockford area too,” said Anguiano.
Rockford Area Realtors CEO Conor Brown says a situation like Anguiano’s isn’t common. One reason most college graduates can’t afford their first home is because of student loan debt.
“This is the perfect situation. You have somebody with a true life skill, coming into a situation and really improving upon the property. It certainly helps the overall values of our neighborhoods,” said Brown.
Due to how competitive the housing market is, Brown said inventory is down about 60% compared to last year. At the end of April, 293 homes were for sale compared to 783 homes at the start of the month.
Recent studies have shown that many millennials and Generation X’ers postpone marriage to focus on homes and investments. Men are also the third largest home buying group nationwide. Even late teenagers are joining in on this major life investment.
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