Shoulda Coulda Woulda

Phoenix Homes For SaleShoulda, Coulda, Woulda

About three years ago I had a client whose son has just finished his first year at Arizona State University. They had ask me to help them find a condo or townhome close to ASU’s main campus in Tempe. The goal was to purchase a condo for their son with the money they would have spent paying dorm rent.

Why buy a condo in place of paying dorm rent? The mortgage interest tax deduction, the appreciation of the property over the three years their son would be living there and the ability to rent the other bedroom to another student.

We found a two bedroom two bath condo for just under $50,000. It was a perfect property for a student and had enough room for a roommate to help pay the mortgage. The complex was newer with all the amenities any young man could want. A nice fitness center, beautiful swimming pool area with spa and more than adequate parking. It seemed to be the perfect fit.

We talked about how the Phoenix Metro market had bottomed and several parts of the

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valley were already seeing a small appreciation. I shared the market numbers from ARMLS and The Cromford Report with them. We talked about making an offer and my clients decided to sleep on it. In 2010 there was no real pressure to make a quick decision. There was no decision the next day or the next and finally they said they weren’t ready to make an offer. They never did buy.

At the time our local media was doing stories on shadow inventory and the possibility of another round of foreclosures driving the market even lower. There is an old saying on Wall Street, “bulls make money, bears make money, pigs get slaughtered”. Timing the exact bottom of any market is always tricky. How

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good does a good deal have to be?

Earlier this month my client invited me to a graduation party for their son and I decided to check and see what the condo they passed on was now worth. Turns out that a comparable condo in the same complex sold in March for $104,000.

Should they have bought the condo? Based on their original goal, yes. Even if the property didn’t appreciate in value they would still have saved a considerable amount of money.

Could they have bought the condo? Absolutely, they were qualified for more than the asking price.

Would they have bought? If they knew how much it would be worth when their son graduated, of course. Hindsight is always 20/20 but you didn’t need a crystal ball to see what was happening to our market all you needed were the numbers.

Do similar opportunities exist in the current Phoenix Metro market? Absolutely! Even though interest rates are beginning to rise we are still enjoying amazingly low rates. Home prices have been on a steady rise and I don’t expect them to level off until we get much closer to a balanced market.

In our current market it’s better to buy a home today than tomorrow. Will you take advantage of the current market or in a few years will you be saying Shoulda, Coulda, Woulda?

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