Why are there Canadians Buying US Real Estate?

Canadians buying US real estate look at properties not as vacation property, but rather as an investment opportunity. A Canadian man from Montreal, J. Riley, purchased a property in Florida even before he was able to visit the state. The property was a fixer upper. A two bedroom, two bathroom condominium unit located in a Florida suburb, the unit cost $175,000 during the height of the real estate bubble. However, due to the bottoming of real estate prices in recent years, he was able to buy it for only $75,000. All that mattered to him was that the price was right and he just dove in.

Not the Only One

 

J. Riley isn’t the only Canadian man looking to invest their hard earned Canadian dollars south of the border. Based on a recent survey, one out of five Canadians is interested in buying US real estate for personal or investment purposes. US property figures have fallen to about a third of their value since the bubble burst in 2006. In some hard hit foreclosure states like Arizona, Nevada, and Florida, many properties are for sale at rock bottom figures.

Best Time to Buy Property – NOW

Economic data from the United States suggest that now is the perfect time to grab the opportunity to buy US real estate. This is due to the fact that the price to rent ratio vs. the price to own has gone back to its pre-housing bubble price average. Likewise, the mortgage rates in Canada as well as the United States are at their all-time lows. Owning a piece of US real estate property is now more affordable than ever. Once you combine this with a stable Canadian currency, you now have the perfect invest opportunity storm to reap the benefits of real estate.

Price is not the Only Factor

When considering purchasing properties in the US, a savvy real estate investor must not rely on mere price alone as the only determining factor for buying. US real estate properties in sunny Florida are still on the market for a fraction of their values before the bottom dropped out. Just about anyone can find a condo unit at fire sale price values. However, affordable does not always equate to livable. Canadians must look for themselves if the foreclosed property is in a good neighborhood, need only a few repairs, and have access to amenities. This is essential because it will determine the property value once it is sent back to the market.

Work with an Experienced Real Estate Agent

Don’t get caught flat-footed in the complex world of real estate without someone guiding you. Obtain the services of an experienced real estate agent; someone that has years of experience and a level of success known in the real estate industry to help you find the property of your dreams. A realtor can act as your property inspector in order to inform you about the features of different units as well as the pros and cons involved in them.

A realtor can negotiate the price for you. They will also handle all the paperwork necessary for your purchase of the property. They have excellent knowledge on guidelines and other rules governing the purchase of real estate in the state you are interested in.

If you are interested to know more about how you too can invest in US real estate visit http://www.stevemartel.com for more details.