ARIZONA NEWS

Realtor: Housing most important economic factor in Phoenix

Aug 28, 2013, 5:33 PM | Updated: 5:33 pm

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.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Joe Biden speaking at podium next to Kamala Harris...

KTAR.com

Kelly endorses Harris for Democratic ticket, Arizona reacts to Biden withdrawing from 2024 race

President Joe Biden announced Sunday that he will not seek reelection after his first term as commander in chief ends in January 2025. U.S. Senator Mark Kelly  (D-Arizona) endorsed Harris on X as the prevailing name on the Democratic presidential ticket.

46 minutes ago

Migrants in sitting close to each other in Mexico asylum...

Associated Press

Behind Biden’s asylum halt: Migrants must say if they fear deportation, not wait to be asked

Posters inside a complex of giant, white tents tell migrants in English, Spanish, Mandarin and Hindi they should tell an officer if they fear being deported and “your claim will be heard.”

5 hours ago

Rendering of Papago Golf House designed by Wespac Construction Inc....

Payne Moses

Construction begins on Papago Golf House, will serve many public golf organizations

Construction for the Papago Golf House is now underway, as the groundbreaking was announced by the project manager on Thursday.

7 hours ago

Keshi (Casey Luong) posing in front of BOSE sign in New York....

Payne Moses

Keshi’s ‘Requiem World Tour’ to make Glendale stop on Halloween

Keshi's "Requiem World Tour" is making its way to Diamond Desert Arena in Glendale on Oct. 31, the host venue announced Friday.

8 hours ago

Rendering of a 1.2 million-square-foot Glendale warehouse fully leased to Amazon that sold in July ...

Audrey Jensen/Phoenix Business Journal

Valley facility leased to Amazon changes hands in largest industrial sale this year

A 1.2 million-square-foot warehouse fully leased to Amazon has sold in the Valley's largest single-building industrial transaction this year.

10 hours ago

(Photos via Utah Department of Corrections via AP and via Department of Justice via AP)...

Associated Press

Utah scraps untested lethal drug combination for Arizona Hopi man’s August execution

Utah officials said they are scrapping plans to use an untested lethal drug in next month's planned execution of a man native to Hopi land in Arizona in a 1998 murder case.

19 hours ago

Sponsored Articles

...

Sanderson Ford

3 new rides for 3 new road trips in Arizona

It's time for the Sanderson Ford Memorial Day sale with the Mighty Fine 69 Anniversary, as Sanderson Ford turned 69 years old in May.

...

Condor Airlines

Condor Airlines can get you smoothly from Phoenix to Frankfurt on new A330-900neo airplane

Adventure Awaits! And there's no better way to experience the vacation of your dreams than traveling with Condor Airlines.

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

Realtor: Housing most important economic factor in Phoenix