Millenials and Trekkies

By Buying, Mike's Articles, Phoenix Metro Real Estate News, Selling April 1, 2019

An interesting article in the Wall Street Journal recently indicated that “Exurb” communities, those that are an hour or more commute outside a main employment hub, such as Phoenix, are making a comeback. The writer further indicated that Millennials are a part of this resurrection, pointing to towns like Maricopa and Florence which are in major new construction growth mode.

The article (linked below) does not provide any solid data that “millennials” are changing their locational preferences from living close-in or near a Phoenix type city. It does make sense, however, that many Millennials (renters in general) are being “forced out” of urban living due to the escalating cost of rents. With rents rising an average of 8% per year, it doesn’t take a Goldman Sachs monetary genius to figure out your affordability time is running out.

So the choice before the urban renter is to rent further out, own further out, or commute from mom and dad’s place (again). Not many pretty choices. At least home ownership stabilizes the housing

expense. (See the article linked below)

https://www.wsj.com/articles/a-decade-after-the-housing-bust-the-exurbs-are-back-11553610771?mod=searchresults&page=1&pos=3

Interest Rates Heading Back Down? Really?

Media real estate stories will soon be reporting that more home buyers will be house shopping and more recent home purchasers will be refinancing – if rates continue downward.

Just 6 months ago, mortgage rates were heading north to 5%, the economy was booming, and Federal Reserve bankers were indicating at least two more price increases this year. All this was pointing to the next higher level of mortgage financing.

And then, rates began backing down. With the slowing economy and inflation in check, mortgage rates are now at about 4%. It’s possible we can see the return of the 3.5% 30-year fixed rate mortgage sooner than we would have imagined.

“Beam Me Up Scotty!”

Silicon Valley Star Trek Home Tour – What $10,000,000 (+ land) can Buy You!

Seen a lot of homes, but never one as much Sci-Fi fun as this one. Check it out!

https://www.wsj.com/video/beam-me-up-scotty-a-tar-trek-home-in-silicon-valley/2935E98D-5D6A-4894-A2A5-C04A8AC242D2.html

About the Author
Michael Bodeen, Associate Broker

     I was born and raised in San Rafael, California, from the mid 50’s to the early 70’s. I had super parents who worked hard to provide 5 kids with a good Catholic education – despite my best attempts to overthrow the knuckle-cracking regime of Sister Mary Anselma. My dad worked as a self-employed butcher until his retirement at 65 and enjoyed many wonderful years until mom passed away in 1992.

     Dad passed away in the fall of 2006 having lived a great and full life into his early 90’s! In California, I attended college in Chico and Sacramento as a “Sosh” major, but like many of my contemporaries, I did not have a clue what I wanted to do when I grew up. Because of my age, I missed the Vietnam War and into my early 20’s I had many typical youthful indiscretions.

     Thankfully, that was a brief period of my life, and with greater thanks, not too much damage was sustained in those early and rebellious years. And by the way, those thanks are due to the answered prayers of faithful relatives who prayed for years that a wayward Michael would turn his life over to the Lord, and in January of 1982 that’s what happened.

     I lived in Sacramento, California in the mid 70’s, and later moved to Truckee, California, which is near Lake

Tahoe and Reno, Nevada. Truckee’s often labeled the “coldest spot in the nation.” Why did I move there?

My father-in-law was a real estate broker in Donner Lake, California, and despite his cantankerous disposition, he seemed very successful in his real estate endeavors. I joined him in sales in July of 1976.

    The Truckee and Lake Tahoe area was a wonderful place to raise a family, but a difficult and cold environment to live in, but we did so for 18 years. In 1994, my wife, Karen, and I visited Scottsdale at a friend’s request, and within 8 months, our family of 5 had relocated to “the valley” – or is it a desert? Whatever it is, it’s warm. At any rate, 24 years have gone by since we made the break from the late great state of confusion, uh, California, and it’s turned out to be a great move.

     As for hobbies, I enjoy family, friends and travel. My kids Robert, Kendra, and Jonathan are now 40,

34, and 31 respectively. I recently became “gramps” for the 4th time as well. It’s a nice time of life. Karen remains as lovely on the inside and outside as the day we were married. We continue to wonderfully grow together as the years advance. As an ordained Christian Chaplain, I volunteer Preaching at Florence Prison with Along Side Ministry. The ministry helps make the formerly incarcerated able to function, even thrive, on “the outside.”

     Should you choose to have me represent you in the sale or purchase of your home, you’ll be receiving my 40+ years of real estate knowledge, counsel, and experience (including negotiation experience).

    Beyond the transaction, I’m always available to you, should you ever need my real estate advice.