One thing that people in the U.S. real estate market are seeing is that there are many more homes on the market now than only a year ago.
This is creating high competition for people looking to sell their homes. In many U.S. real estate neighborhoods, there are price wars among neighbors who are trying to be the first to sell their homes. One area that people are seeing a strong rise in this trend is Phoenix Arizona. Phoenix has been a home sellers dream for a number of years, but with the current US economy, it is now a strong buyers market.
Many new home builders in the area are doing everything in their power to attract customer interest to their home. Fancy amenities are becoming the norm for newer homes. Things like high tech stainless steel appliances and marble counter tops are showing up more and more. These are being used as incentives by home builders who want to lure customers to houses they are trying to sell, and is a direct result of the massive amount of homes on the U.S. real estate market. People who own their homes and are trying to sell are offer many similar incentives. This is causing homes that would once sell in just a few days to sit around waiting for the right person to come along.
An additional advantage for people who are looking to purchase homes in this U.S. real estate market is that interest rates for homes have fallen to record low prices.
This offers the advantage of purchasing a home at a low price as well as low interest rate. With this double incentive, it would seem that people would be rushing to buy these homes, however an increasing rate of unemployment and foreclosure has many people too scared.
This presents a unique opportunity for foreign real estate investors to invest in U.S. real estate.
In fact, Canadians have become one of the major home buying forces in the area. Much of this is attributed to the strong Canadian economy. This is creating an environment where the Lonnie is much stronger than the American dollar, increasing buying power for U.S. real estate.
As more Canadian residents understand this unique opportunity the amount of people who wish to take advantage of it has increased and professional investors are not the only people seeking to take advantage. Many non professionals who have extra money are looking to get in on the action. This includes people who have traditionally invested in stocks but want to diversify as well as retirees who are looking to purchase a home for long vacations.
In order to take advantage of the situation, the first thing you need to do is getting informed. US tax and real estate laws can be drastically different from what many are accustomed to. There are a variety of real estate agents and accountants that can help in this process. Also be sure to take time to shop around. This will ensure that you are getting the best deal.
It is important to recognize that this situation will not last. In order take advantage of U.S. real estate before the climate changes, be sure to speak with a consultant as soon as possible.