Ottawa, Canada (MMD Newswire) August 28, 2012 -- CBC News reports that, after five years of struggle, the United States housing market is showing signs of improvement. Rebounding property prices and a drop in the number of homes on the market are tell-tale signs of recovery. While this is certainly positively affecting the American public, as millions of families were struck by foreclosure since the housing bubble burst, it is also adversely affecting Canadian real estate investors who have, in recent years, experienced little competition. Marnie Bennett, a real estate broker and Founder of Bennett Property Shop Realty, explains that a smaller inventory and a healthier economy have created a higher degree of competition for Canadian investors looking to purchase property south of the border.
The article reports that Arizona and Florida were hit particularly hard by the recession--and have also attracted the attention of Canadian buyers: "After the U.S. market tanked over the past couple of years, some Canadian buyers took advantage of an especially fortuitous confluence of events--a dollar that had moved up to par, deeply-discounted asking prices, and little competition from an economically battered U.S. populace."
But the rebound of the U.S. economy has translated into higher housing prices. The article asserts that "last year's bargain-basement prices can't be had these days." While properties struggled for attention from buyers just a year or two ago, today many of them are receiving multiple offers, taking between five and 10 bids, and leaving little room for low-ball offers.
"While it is true that the recovering U.S. economy is creating higher housing prices, this is actually good news for the Canadian buyers who have already invested," asserts Marnie Bennett. "These buyers are, in many cases, already seeing the value of their property rise. For those buyers who are on the fence about purchasing property in the United States, I encourage them to do so now. Rising prices will only decrease the margins that investors can make on these properties, and those prices are rising somewhat quickly."
Despite the increase in competition and rising prices, Marnie Bennett does not think that a recovering United States economy will discourage too many Canadian investors. "Canadians have long bought property in the United States, particularly in Florida and Arizona. Called 'snowbirds,' they have flocked south each winter for decades, and I don't think that rising property costs will keep them from securing a comfortable location to wait out the harsh Canadian winter."
Marnie Bennett, an estate broker and the Founder of Bennett Property Shop Realty, offers high quality customer service and seasoned industry insight to her clients as she guides them through the real estate market. Specializing in condo and home development marketing strategies and the design of cutting edge resale tactics, Marnie Bennett works with a variety of properties, ranging from starter homes to multimillion dollar estates. Marnie Bennett is dedicated to providing professional services while constantly improving her expertise with regard to the real estate industry.