NOW YOU SEE IT – NOW YOU DON’T! – PHOENIX METRO REAL ESTATE UPDATE

By Buying, Mike's Articles, Phoenix Metro Real Estate News, Selling September 16, 2019

Our business calls for us to micro-watch various neighborhoods for buyers looking for specific homes in certain neighborhoods. We input their search parameters into our real time Multiple Listing Service (MLS) and when the home comes on the market, or otherwise falls into their search parameters, they and us are immediately notified.

What I’ve been observing recently is that the neighborhoods my clients are looking in happen to be red-hot. A few weeks back I showed homes in the $350,000 to $500,000 price range in Ahwatuckee. There were 4-5 homes for sale within their parameters at the time and 3-4 already in under contract in escrow. Seemed like a normal healthy market. These buyers were from out of state and were getting their home prepped to sell, and were thinking to make their move here next spring.

Fast forward to today – two weeks later, this neighborhood has 11 total listings. One active. 10 are under contract/pending including a couple new ones that sold in days.

We’ve watched for years now, a decreasing inventory of homes for sale, but it wasn’t frenetic. This is now our market …The new buyer formula: If you see it, and like it, buy it!

Jonathan and I were at a listing appointment four weeks ago in a north valley neighborhood. The home was a two story with 3200+ SqFt. No pool. The day we viewed it there were 3 other homes for sale, two being the identical floorplan on the same street, and one around the corner dead on similar.

These other homes had been on the market between 21 and 60 days. It looked like we would become the 4th similar home for sale in the neighborhood. Not good if you’re the seller. But then…

Voila, now you see them, now you don’t. In just 6 days, each of those three other listings went under contract. And then, there were none!

We’ve watched for years now, a decreasing inventory of homes for sale, but it wasn’t frenetic. This is now our market in many of our communities, especially under $500,000. No longer can there be a wait and see buyer approach.

The new buyer formula: If you see it, and like it, buy it!

Comparing supply and demand with this time last year we see the following changes for the single-family markets:

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.