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Thank you for reading and letting me share my experience and opinion with you in Today's Real Estate Market. I look forward to discussing onging news, events, issues & trends affecting the Real Estate Market in North Central Florida. If you have any question regarding real estate, please contact me at amanda@showcaseocala.com. I often feature the latest and greatest listings such as homes for sale or condos for sale. Come back and checkout my blog as often as you like.
BUYER TREND
WHY CANADIAN'S ARE OUR HOT PROSPECTS!
With the Canadian dollar becoming strongher than that of the U.S., Canadians are looking to invest in American real estate. Following is an article written by a Canadian Broker which gives us insight into what the Canadians are thinking.
Now is a great time. Not only is the Canadian dollar getting stronger relative to the U.S. dollar, but interest rates in both countries are very low. At the same time, property values in the U.S. have plummeted, particularly in the Sun Belt.
The result of all this is that many Canadians are finding great deals on retirement or vacation homes in the U.S. According to the National Association of Realtors, the top foreign buyers of U.S. property in 2009 were Canadians. Philip McKernan, the author of South of 49: The Canadian Guide to Buying Residential Real Estate in the United States, agrees that Canadians are being more aggressive when they buy real estate. He says, “There is certainly a greater confidence out there with Canadians. It’s not just economic. There is a sense that we are players on the world stage, whether it’s our banking institutions or more recently at the Olympics.”
The other factor is that the deals are just not comparable to anything in Canada. For instance, in Laveen, a suburb of Phoenix, a 1,700 square foot home built earlier this decade would cost about $100,000 U.S. Homes in Toronto and Vancouver of a similar size could cost four or five times this amount, even after factoring in the exchange rate. Even more shocking – the house could sell for less.
Unlike in Canada, where prices are beginning to rise again due to shrinking inventory and growing demand, demand is still very weak in many markets in the U.S. As a result, many homes sit for months without selling, or sell for far below their asking price. Of course, it’s not all hidden deals.
Nelson GoulartBroker of Record with Signature Service GMAC Real Estate
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