There’s been a lot of talk around the office as of late about investing in homes in the United States. Whether it’s about home prices in the States or any other reason, it’s a great topic for discussion!
Some markets in the United States have experienced significant depreciation in home values in the last few years. This market adjustment – combined with a strong Canadian dollar – have resulted in prices not seen by Canadian homebuyers in many years.
“Snowbird” destinations such as Florida or Arizona represent huge markets, so every type of property, house style and price range is available to choose from. There are numerous examples of 3-bedroom single family homes in sunshine destinations selling at close to $100,000 (Absolutely unheard of here in Toronto!)
Unlike the Canadian market, foreclosures are readily available in many U.S. markets. Foreclosures can offer great prices, but buyers should be cautious about these properties. Sales are typically ‘as-is’ and not warranted against hidden defects and sometimes such homes have not been well maintained. Also, since property values have declined significantly in some markets, the fact that a property is a foreclosure does not necessarily translate into a below market price.
Remember: under the current market conditions, it’s very important to rely on the services of a local real estate professional. If you are considering buying a home in the United States or anywhere else abroad, please contact me at firstname.lastname@example.org and I will set you up with a real estate professional in the area that’s sure to give you the ultimate service!