Updated Mar 12, 2014 - 6:08 am
Real estate expert says buying frenzy underway in Valley
SCOTTSDALE, Ariz. -- There may be some changes going on in the Valley's real estate market.
Valley home values and prices have either leveled off or dropped slightly in the past two months. Mortgage and real estate expert Dean Wegner said a rise in interest rates and fear about Obamacare led to the declines.
But now, it appears that things may be back on the way up.
"We have seen a huge uptick in the last two weeks," Wegner said. "It's just been a scurry of people buying houses, so I think the (downward trend of the previous two months) is going to reverse going into the second quarter of 2014."
Wegner said a decline in interest rates two weeks ago and a decline in the unemployment rate has led to the frenzy.
"Open houses are extremely busy right now," said Wegner. "People are looking at houses left and right. I just had one that had five offers in the same day."
Wegner is affiliated with Guaranteed Rate Mortgage and said the company is busy.
"Two contracts yesterday, two contracts today, five contracts last week," he said. "There was a time in December that you would see maybe two contracts in 30 days."
Wegner said that other reasons for the bump may include the nice weather in the Valley. Visitors who are in the state for the winter or for spring training may be falling in love with the Valley and buying a home here.
He also believes that many people who lost a home during the recession are now jumping back into the home buying market.
Bob McClay, Reporter