"Damn I Could Have Bought That Property For...."

OK everyone over the age of 30 can complete this sentence and probably have an interesting story to tell at the cocktail party or their church social.

Let me quickly tell you my story: At the age of 22 I decided it would make more sense to buy than rent. I found a little house on 4 acres of land in south Nashville for $33,000 that I thought would be a good first home and called my father for advice. He came from Pulaski to Nashville looked at the property and said, "Son look at these crocked floors and swagging roof. I would never buy this house if I were you." I DIDN'T!

Fast forward 14 years when I just started a real estate career. I drove by the same house which had a commercial real estate for sale sign on it. Out of curiousity I went to a pay phone(remember them) and called the agent. The price was $475,000. That would be about a million and half in todays market.

So, grasshoppers, what lessons can we learn from this? Lesson one: If you are a first time buyer seeking well meaning advice from your parents, just remember they may not have bought a home in twenty years, and during that time the real estate landscape completely changed.

Lesson two: Opportunity is knocking right now. You can buy property for investment or to live in at a 15% discount over 2006 value at a time when inventories are excellent, and interest rates are in the 5% range and take advantage of the Federal Tax credit if you qualify.

I would also like to suggest that you use me as your Realtor, and ten years from now you won't be saying, "Damn I Could Have Bought That Property For...."