May 13, 2008
Allan Krueger (Keller Williams Results Realty)
Want to buy property in the States?
Investors will be tempted to enter into the US market, but keep in mind not every region of the U.S. is affected in the same way. Look at year to year home price declines and you will see they are down over 20% in Las Vegas, Miami and Phoenix but down less than 3% in Seattle while Charlotte actually saw a 1.5% increase. As with any real estate purchase, consult with a realtor who knows the local market. I can refer you to an area agent to assist in your purchase. And personally, I would stay away from projects that have not completed.
"Going Green" makes me think of my beloved Roughriders but when it comes to real estate, home buyers are interested in greener homes and having a smaller impact on the environment. Green renovations, energy efficiency, air quality and protecting our water sources are becoming more important to Canadians.
I doubt carbon offset costs will be factored into the Offer to Purchase anytime soon but there is definitely a growing concern and sense of responsibility for environmental sustainability.
As for the seemingly ever-rising house prices, it appears we will see prices 8-9% higher this year and around 5% next year. Although the forest industry in BC has taken a hit, the rest of the economy remains strong. Ontario is feeling the effects of the downturn in the US economy a little more as industries like car production are taking a big hit. In Metro Vancouver, lower mortgage rates, high employment and in-migration should continue to hold up the housing market. We are nearing a more balanced market which is good news for buyers as they won’t feel as much pressure to make a decision ASAP. There is a lot of product on the market right now. As always, the first step would be to talk to a mortgage broker to find the best terms available to them. I have several I can recommend. On the selling side, there are still multiple offers out here. Homes are being priced a little tighter. In fact, some a little lower than market value to attract the buyers.
Maple Ridge is changing but has managed to maintain a nice balance of urban and rural areas, a wide range of housing choices and it realizes the importance of commercial and industrial land development keeping pace with residential development. There is a need for more medium to high density housing, especially as the population grows and ages. Compared to elsewhere on the Lower Mainland, Maple Ridge housing is still affordable and therefore attractive for those willing to commute.
However, just around the corner, the new Golden Ears Bridge and Pitt River bridges will increase the accessibility to Maple Ridge, and home values will reflect that – great news for those who have previously bought into the market. The population is expected to grow from over 70,000 will to near 110,000 by 2031. Needless to say, Maple Ridge is and will be attracting a lot of attention for property investment.
Want help with your property decisions? Give me a call and lets talk!
Keller Williams Results Realty
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