Great Numbers Alarm – Phoenix Metro Area

By Uncategorized July 8, 2019

If you’re a part of the Greater Phoenix Metro Chamber of Commerce, a California firm looking to relocate to a business friendly climate, or a local business-person wanting to be a part of a vibrant growing business culture, look no further than Arizona, and specifically Phoenix. This is the place to be! We are doing well by almost any standard!

So Mike, what’s the problem?  Isn’t this every state’s goal? Dream? To have a healthy local economy of rising wages, low unemployment, and a seemingly ready workforce in place to absorb the increased demand to do business here? Yes, most states would love that to be their reality.

time is running out for some buyers and renters.

But there is a problem. The Bodeen team has been gently and not-so-gently sounding the alarm for several years as we’ve observed rents continue to climb, hitting an all-time rental price per-square-foot (psf) record last month while rental supply is not keeping up with demand.

We’ve also observed healthy home value appreciation since 2011, rising reasonably almost every year since then. This combination (higher rents / higher sales prices) is affecting and will continue to affect renters and first time home-buyers making it more difficult to afford.

The most recent sales numbers are in for May and June with both months setting home sales records at a time where we’re at record low inventories of homes for sale. In my limited economic understanding, this says to me supply and demand will continue to dictate home and rental values. This is good news for owners. However, time is running out for some buyers and renters.

 

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.