I spent way too much time deciding to which blog I should post this, but I think I can tailor it better to this crowd.

In light of the ongoing posts about affordability and what we can "do" I thought I would share my own story.

When my first wife and I separated, I found myself in need of a place to live. Finding a house immediately was out of the question, especially in light of my remarkably chivalrous decision to give her just about everything. So I hunkered down, rented an apartment and started to save and build my credit to where I could purchase solo.

At the time I moved out, we only had owned our home for about 18 months. And it wasn't too much longer than that when I decided to start looking in my former neighborhood for a home where I could be close to the light of my life, my daughter Faith. Needless to say I was astonished to find my neighborhood was out of my reach - even a simple 3 and 2, 1500-square foot home had appreciated more than 30% and was well outside of what I could afford.

The year? 2002.

Affordability isn't a new issue. But I believe our interpretation, both as buyers/sellers and as agents, has changed greatly because of the 2005 surge in prices. It's much easier to point at the rise and say "no one can afford anything" rather than face the more difficult, yet more practical, task of educating our buyers and helping them set (or reset) their expectations according to the current market.

There are many, many single-family detached homes in the Phoenix area in the $195,000 - $210,000 range, some as little as a few months old. Maybe the location isn't what the buyers initially wanted. Maybe the size isn't what the buyers initially wanted ... but historically, it wasn't unusual for a first-time buyer to purchase a smaller house initially and later become a step-up buyer once they've built equity, savings, etc.

That's what I did four, nearly five years ago. Before I was an agent. When I had no other choice but to continue renting. And I stopped renting for the same reasons I give prospective buyers today - better to build your own credit, your own equity (looking long-term, not at the recent slight pullback in prices) than pay someone else's mortgage for them.

Even if the house is not quite the home of your dreams, it can be yours. You need only make the decision to make it so. Your alternative? To wait for a severe market correction which may or may not occur -- and if it does, to have the wisdom to know when to enter the market. The problem with searching for the bottom of the market is you often don't see the bottom until you've risen off of it. It's true of stocks. It's true in real estate.

I hope this story isn't unique. And I hope it may help one of you turn a prospect waiting for the fall into a buyer enjoying the benefits of home ownership.