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A Seller’s Market – The Good and Bad of It

by | May 15, 2015 | Mike's "Real State" of the Market, North Scottsdale News | 0 comments

A Seller’s Market – The Good and Bad of It

The Phoenix Metro Seller’s market has returned which of course means good news and bad news. We just need to first answer the question, “Are you buying or selling?” And if neither, keep reading anyway because it will help give you a lead-in to a conversation besides “Isn’t it great weather we’re having lately?”  Now you can say, “Have you heard how the residential real estate market has been heating up?

 

How has it been heating up Mike? Since last quarter:

  • Active listings are down by 6%
  • Under Contract listings are up by 29% and Pending Sales are up by 28%
  • Sales have increased 40% (8255 vs 5171)
  • Monthly Listing Supply Dropped from 5.5 to 3.1 (39% decrease)
  • Pending Price Per Square Ft (PSF) rose from $131 PSF to $137 (5% increase)
  • Monthly Sales PSF rose from $131 to $136 (4% in one quarter)

First the good news for owners/sellers:

  • Prices are rising hence equity is increasing
  • Inventory is shrinking, Market Times are Decreasing
  • Underwater homeowners may soon be above water – Choices may emerge
  • Refinance options may be back on the table – Interest rates remain low
  • Caveat: All Real Estate is local — the Seller’s Market news is not for everyone — yet

 

Now the bad news for ‘on the fence’ and future buyers:

  • With rising prices you will get less house for the money or;
  • Paying more for the same type house gets you a higher payment
  • With less inventory you will have less choice, with more competition
  • Your rents are rising or it may be getting a little too cozy living with family
  • Caveat: All Real Estate is local – In some areas it’s still a buyer’s market – for now

 

Is there good news still for buyers? Absolutely! There are communities that are still in a buyer’s market realm, and even if you’re looking in a hot area you can still do well with a good buyer strategy. Also, mortgage rates are still low. Unfortunately, the window in that vein is closing.

 

HomeSmart Opens New World Headquarters in Scottsdale

            HomeSmart Realty is preparing the opening of its new 66,000 SqFt World Headquarters in Scottsdale within the 101 loop near Princess Drive and Frank Lloyd Wright (pictured below). The recent acquisition by CEO Matt Widdows will become HomeSmart’s new corporate location having just vacated the current location at 32nd St and Camelback.  HomeSmart will still have a presence on Camelback, opening up a new office there as well.

HomeSmart Building - Scottsdale - Harford Address

The office will be split between the corporate side and the sales agents’ side. Having already been a leader of innovation and technology, we’re excited about having the latest and greatest available for the benefit of our clients. Jonathan, and I will be relocating to the new location when the office remodeling is complete – we hope shortly.

Along with the Camelback location there are 10 other offices in the Valley. One of the great perks of our business is that HomeSmart lets each professional use any office facility in the Valley as if it’s our own 24/7 utilizing a pass card.

About the Author
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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.

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Address: 8388 E Hartford Dr Ste 100, Scottsdale, AZ  85255
Phone: 602.689.3100
E-Mail: [email protected]

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