If you tried to buy a home in Phoenix a year ago, you probably would have been able to land it for well under the asking price.
Those days are gone. In a city that was hit hard after the housing bubble burst in 2007, you’re more likely to encounter a bidding war for that split-level ranch on the cul-de-sac you had your eye on.
Prices have leapt 20 percent in the last year in Phoenix. Real estate agent Tucker Blaylock says they will keep rising as long as interest rates remain near historic lows, thanks to the Federal Reserve.
“You can borrow money so cheap it’s really pushing prices up,” he said. “A year or two ago, a buyer could bid 20- or 30-thousand under the list price and have a shot at getting it. Now sellers want list, or in some cases they get multiple offers and it’ll go above list price.”
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