Foreigner buyers find US real estate alluring


United States, 25th August: US real estate is inviting the interest of a large number of foreign buyers, especially Canadians.

United States, 25th August: US real estate is inviting the interest of a large number of foreign buyers, especially Canadians.

In fact, the current trend shows that the US housing market is hot with investors beginning to grab up properties.

And the reason for this upbeat trend is strong dollar accompanied by a major blow to the US market, feels a MacNicol & Associates Asset Management’s portfolio manager, Scott Baker.
The above stated two factors are alluring more and more Canadians to buy a share in the US housing market, adds Baker.

Low prices of US real estate–Real estate market in some of the US states including Miami and Los Angeles have touched new lows since the downfall in the real estate in the year 2007.

Taking a close look at the housing market trends for the last couple of years, it appears that there has been a steady downfall in the real estate prices since the year 2007 registering a decline of 31.5 percent in the period of last four years.
So, the home prices are almost the same as they were around nine years ago in 2002, the S&P/Case-Shiller National Home Price Index shows.
And with more and more Americans feeling compelled to sell their homes (due to recession in the economy), demand for rental homes in the US has gone up considerably. Here in comes an obvious choice for investors to get the real worth by making investments in US real estate.
Mr. Baker states that there has been a rise in the rents for accommodation across the US since everybody needs some place to live.
Low US house prices attract Canadians—Seeing a significant decline in US house prices, a large number of Canadians are looking towards US housing market as the best bet for investment. This is clear from the recent survey on behalf of BOM (Bank of Montreal).

The survey suggests that at least one out of every five Canadians want to buy property in the US.
Among the favorite US cities for investments in real estate include Florida followed by Miami and Fort Lauderale. Nearly 90 percent of buyers of real estate in Miami are foreigners including Canadians, Italians and Britons, quips WiseCat Realtors’ Andy Katz.

However, Canadians exercise care while selecting the best deals, adds Katz.