North Scottsdale Realtor
Imagine working with buyers and sellers for twenty or thirty years and then trying to distill all the things you have learned onto a webpage. It’s next to impossible for a Realtor to convey all the wisdom they have gained into a book, let alone a website.
Please call me to discuss your future home sale and we will be able to answer all your specific questions right on the spot.
Call Mike Bodeen at: 602-689-3100 to get started today.
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Mike was recently granted the right to use the CDPE® Designation (Certified Distressed Property Expert) and joins just 2% of licensed agents nationwide to have obtained this designation.
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.
Realizing that Arizona will be facing the problems of foreclosures and upside down mortgages for years to come, it only makes sense to get formal training to help people. "I think what has been the biggest benefit of earning this designation is to be able to help folks know their mortgage options, and amazingly there are options," said Mike.
If you or anyone you know has problems making their mortgage payment, or finds themselves hopelessly underwater, (owing more on their mortgage that the house is worth) have them give Mike a call (602) 689-3100, or he will be happy to call them. There is no charge or obligation for a free consultation.
I asked my newbie Realtor son Jonathan a question recently about what he thought was the most daunting part of starting a real estate career at this time and at his age?
This is what he wrote:
"Well two things really. The first is probably my youth and inexperience. (Jonathan is 21) And the second is the overwhelming negativity concerning real estate from the general public and media. Many people assume I am making an unwise career choice based on their perception of the current market. The way I think of it is that learning the business in this market will strengthen me to be able endure storms in the future. And the truth is for an agent its really not so bad out there. The foreclosures and short sales have made a different kind of market with different kinds of buyers. It seems the rules of the game have just changed a little, and I bought in at just the right time to learn a fresh perspective."
This is the very same gospel that Executive Launch preaches to new agents at Realty Executives. In an age where conventional economics has been thrown under the truck, many young people (and older ones as well) see the entrepreneurial possibilities of "no ceiling" career choices. (Just for the record, Jonathan learned the above from his Boise mentors not his dad)
I started my real estate career at age 22. My broker was not a positive mentor role model. After 6 years of learning the wrong way, I went to work for another realty firm in Truckee, California, I slowly began unlearning most of what I thought was the right way of doing business. It took awhile, but decades later I would still honestly confess that I have one blessed profession.
My son Jonathan just became a Realtor in Boise, Idaho.
Honestly, in my wildest dreams (nightmares?) I never envisioned my youngest son (he's 21) having any interest in following my career footsteps to become a Realtor. He seldom showed any interest, and to be fair, I never encouraged any of my kids to follow in my occupational footsteps.
Why was that you ask?
That's a reasonable question. I'm not sure I have a reasonable answer. As I consider it, I think, "Mike, you love your job, you enjoy being with people, you have a counselor's heart, you want the best for them, you're paid well, and you're willing to let the big bucks go if it's the best road for your client to take. Besides all that you sleep well."
On the down-stroke, economies soar and swoon – it's not a predictable living – commission sales are not for the faint of heart. Workdays are many, hours are long, and at the beginning of a career, (as well as other times along the way) sales are few. Many folks will attempt and succeed at using your knowledge, time and experience, and in the end don't buy a home, or don't buy one from you.
And then I see, my son is much like me.
So how did my son's real estate career begin if I had nothing to do with it?
While attending a Christian bible college in Jerusalem over a year ago, Jonathan met the girl of his dreams and last weekend Jonathan Bodeen married Sarah Sperlock of Boise, Idaho.
Jonathan had previously moved to Boise at the beginning of the year to find a job, an apartment, and get to know the future Mrs. Bodeen better. Amazingly, all these things occurred in a very short time. He located a room to rent from a nice family in Boise. As it turned out, the owner of the home, Shawn, is a successful Realtor there and he needed some part time help from someone to assist him with signs, ads, errands, e.tc, and hired Jonathan to assist him
And after a few weeks, Shawn says to Jonathan, "Jonathan, why don't you get your real estate license. If you did, you would be a better help to me, and I can give you the overflow of my business.
And then our phone rings at home. On the other line, Jonathan excitedly says to me, "Hey dad, what would you think of me becoming a Realtor?"
Silence.
Mike Bodeen's North Scottsdale and Phoenix
Real Estate Report – May 2009
From a Buyer's Market to a Seller's Market??? YES! (For Some)
Good News: If I'm a Buyer for a Valley home, I'm ecstatic. Conditions for buying have NEVER been better. Phoenix area home prices are lowering and are, in many cases, undervalued. We're witnessing investors coming back into the market and first time home buyers are taking advantage of the pricing, historically low interest rates, and some excellent lender opportunities.
Bad News: If I am a Seller who has a higher priced Valley home to sell, I am concerned. Conditions for selling, although slowly turning, have seldom been more trying. Though the high end is reducing, there's still high inventory, resulting in average absorption rates longer than a year. Paradise Valley, which logged just 15 sales in April, has a 3 year supply of homes for sale (37 months).
For another recent market press release, see the following from ASU:
http://asunews.asu.edu/20090429_business_asursi
In 90 days, the Phoenix Metro real estate market has gone from a beat up, crippled, dying on the vine, and left for dead real estate market, to a statistical seller's market. I'm having a hard time believing it, but its true – on the macro level – the Phoenix Metro combined communities. And it's true with numerous cities as well.
It's not yet true (the turnaround) for the high 5: Paradise Valley, Scottsdale, Fountain Hills, Carefree and Cave Creek. What do these communities have in common? They are the only Valley communities that have a median sales price over $300,000.
And there folks is your market in a nutshell. Price still drives everything! And the beat goes on ~ let's elaborate some more:
Three months ago, the Valley single family detached home sales market (not condos or townhomes) had an average of 8 months of inventory for sale. Only 2 or 3 cities had dropped to a normal market absorption rate which we deem to be 6 months or so. Today, with the Big 5 exception, all cities have a balanced market or are firmly in a seller's market.
The most radical turnarounds have been in Phoenix, Gilbert, Goodyear, Mesa, Peoria and Surprise. These cities have a 3-4 month supply of homes for sale. Solidly, a seller's market!
Why? Price. For Phoenix to move into this realm it had to sell its soul to the devil. One year ago the median sales price of a home in the City of Phoenix, not the Phoenix metro area including all cities in the Valley), was $220,000. Today the median sales price is $65,000. That my friends, is a 70% drop in value in 12 months, or almost 6% per month! Ouch.
The overall Phoenix Metro communities combined had a median sales price for April 2009 of $121,000, which was a drop of 46% from $220,000 one year ago. The reason for this price drop is that 65% of all sales were distressed or bank owned sales. These must cease.
As bad as the carnage of plummeting values have been, there is an upside, and many of us who have been in the industry for the past recessions knew that the ship would turn around, but not without great loss. And what our country has been through, and may yet go through is certainly unprecedented in our lifetime. The ship is still turning and other storms may yet alter our course, but we first had to eliminate the high inventories before there could be any return to value stabilization.
The one major storm that we're all watching is the economy – global and national. Until the economy turns around, there will not be stabilization. In bad past recessions, it was the recession itself that forced many into bankruptcy and foreclosure. Our foreclosure catastrophes began before the recession. Many are still in deep waters and millions of homeowners owe more on their home than the home is worth (upside down).
Financing and economic confidence hold the keys to a sustained housing turnaround. The foreclosure market may still get worse before it gets better. Buyers are getting many lower end bargains. Homes that have been priced at over a million in 2005-2007 are selling for $500,000 and less! Cash buyers are the preferred choice by REO (bank owned) sellers as they can close quickly.
We have a long ways to go, but it looks like the massive hemorrhaging may be over – except for the high end market… So what does all this mean? Are we about to reverse course and have skyrocketing prices again? … No.
We will, however, cease the relentless drop in values and gain month to month stability in the recovery, resulting in a healthier long term outlook. Is the worst behind us? I think so. I think we'll begin to see a leveling off of prices each month. The result of that will shortly be the baseline (the bottom) for the recovery.
The High Five have a longer way to go. Prices above $500,000 still need to adjust lower, perhaps by another 10% to 20%, and larger over a million. The lower price ranges of the High Five (under $350,000) are recovering now.
The North Scottsdale Market
North Scottsdale is turning around, but at a much slower pace than the rest of the valley. Reason? The average NS median sales price stands at $438,000 versus $119,000 for the entire valley combined. Though the absorption rate drops in North Scottsdale are lagging the rest of the valley, all North Scottsdale zip codes lost inventory last month – a total of 7%. Pending Sales have also increased. Sales increased by 8.5% versus April of 2008. All the North Scottsdale sales indicators are positive, we now need to make up ground.
If you or anyone you know would like a free daily updated list of homes for sale in the Valley just have them call or e-mail me at Mike@NorthScottsdale.com.
Who's Buying and Where are They Buying???
According to data* I obtained from the Arizona Regional MLS, 88% of all single family detached sales in the Valley were under $300,000 in April.
Based on April 2009 sales, the following represents the price breakdown of Valley sales:
PERCENTAGE NON-TRADITIONAL SALES FOR APRIL 2009
INCREDIBLE FIRST TIME HOME BUYER PROGRAM
NO DOWN PAYMENT
*** NO CLOSING COSTS***
BELOW MARKET INTEREST
NOT A GIMMICK!
Major lenders, including bank of America, have set aside Billions of dollars to help first time home buyers get into homes. It's actually a program that helps counsel buyers how to afford the home, how to budget, and avoid pitfalls that could hurt them in the future. Perfect credit is not needed. Interest rates last I saw a week ago was 4.375%. No down payment is required. No MI (mortgage insurance) is required except a $65 monthly fee, and there are no closing costs. It is amazing.
For more information, e-mail me at Mike@NorthScottsdale.com.
Is Wallpaper making a Comeback?
After years on the decorative outs, wall coverings are back in style. They've shed their dowdy association with teddy bears and tiny country prints and re-emerged in fresh, attention-getting forms. Click here to read the linked article and see if you agree.
*All figures have been obtained from the Arizona Regional Multiple Listing Service and are deemed reliable but not guaranteed.
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