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.
- 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.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food