PHOENIX — When it comes to the economy in Maricopa County, there is one factor that will make or break the next five years, a Realtor said.
“Affordable housing is the most important issue affecting the economic development of Maricopa County in the next five years,” West USA Realty Operations Officer and former president of Southeast Valley Regional Association of Realtors Todd Menard told News/Talk 92.3 KTAR’s Bruce St. James Show on Wednesday.
Menard said the Valley currently has about 19,000 homes available, far below the 45,000 needed to maintain a normal supply. This has created a seller’s market, driving prices up and also increasing available interest rates.
“The biggest issue right now is that obviously there are few homes available,” he said. “We’re suffering from a small amount of inventory.”
However, this runs in contrast to many national reports that Phoenix is still fighting its way out of the Great Recession.
“Phoenix, much like most of the Sun Belt right now, is actually already recovered,” said Menard. “It started recovering a year-and-a-half ago.”
Menard said new programs that allow boomerang buyers — those who lost their home through foreclosure or short sale — have helped flood the market with new buyers, but all of those buyers have different circumstances that Realtors have to work with.
“Everybody has a different scenario and each individual has different sets of criteria, credit, income, debt and, of course, they need to talk to a qualified mortgage professional,” he said.
When it comes to getting boomerang buyers back in homes, Menard said the sooner they take action, the better.
“The people need to begin finding out where their individual position is, what it takes for them to get from here to tomorrow to get back into the game.”
Menard said the estimates show that Maricopa County will boast a population of about 4.5 million by 2020. Currently, about 3.75 million live in the county.
- The 5 worst things you could do for your roof
- 6 coolest things brewing in Arizona
- The virus that keeps head and neck cancers on the rise
- State Fair ‘Kid Reporter’ has all the angles covered
- 4 important things to know about timeshare maintenance fees
- Signs of delayed car crash injuries
- The truth about sports concussions
- The Alzheimer's epidemic: Facts you need to know
- The season is here, keep your Fantasy Football team strong all season
- 8 TV shows you can't miss this fall
- Football is here: 6 tips to make this your best season ever
- Gameday recipes and beers to match
- 6 reasons the Cardinals are driven to win the Super Bowl
- The Pac-12 football season nears kickoff
- Tips to get ready for a pain-free golf season
- Protect your family with these 7 home security features
- How to train like an Olympic swimmer
- 2016 Olympics: A guide to must-see TV events
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier
- Three elements of a strong timeshare exit guarantee
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.