Article:
America's slumping real estate market has been making headlines
for some time now. As regions that once saw incredible booms now
face sharp property price corrections, many British and
international investors working in currencies other than the US
dollar find themselves wondering if investing in real estate in
the land of the stars and the stripes is worth the risk.
If you've been interested in buying or living in America but
found the residential property prices too high, now could be the
ideal time to look around for a bargain home.
Although there is both good and bad news in relation to the
American real estate market, foreign buyers will find some
rather decent bargains in the US at present. And what's more,
the American market is not likely to stay down for very long
either. Striking while the iron is hot - especially in
high-traffic tourism areas - is probably not a bad idea if you
want long term profits from your real estate assets!
Florida for example, has long been a favourite for British and
European expatriates and holiday makers. This semi-tropical
paradise is home to theme parks, beaches and lots of sunshine
and it is also home to rather well-developed expat communities -
and here potential investors will find a buyers' market at the
moment.
As values drop, construction slows and inventories of available
homes are really starting to pile up, buyers will find some
incredible deals on property. Although it might be some time
before this particular market rebounds to its former high-price
glory, British investors for example who are also looking to
call America's Sunshine State home are likely to find some
incredible deals. New construction builders are even slashing
their prices in Florida! While the future is uncertain for the
American real estate market as a whole, several American cities
are predicted to make a rather decent rebound in the coming
years. CNNMoney is predicting a few regions in particular will
begin to warm by 2009. The areas CNN say are worth watching
closely include Dallas/Ft. Worth, New Orleans, Atlanta and
Mobile. A few other cities such as St. Louis and Indianapolis
are also on the list.
Although the sub-prime crisis and record foreclosures are making
the overall American real estate market look bleak, chances are
it will not stay down for terribly long because the basic
fundamentals on which the market is built such as strong
employment and decent affordability remain in place. Investors
looking to get in on property in America will find the time for
looking around for an entry point is now.
There are some tricks to buying in markets that have been
traditionally hot - right now as the prices are plummeting and
sellers are getting antsy, the potential for good buys is high.
Some parts of the Tampa market for example have seen homes on
the market for months without any interest. This means some
sellers are so anxious to get out to prevent foreclosure that
they're willing to take the first reasonable offer they receive.
So, the key to a cheap buy is to find desirable regions and
desperate sellers - and unfortunately for the sellers, it's not
difficult to do right now.
As Americans face a foreclosure crisis and banks are willing to
take buyouts below value, the US is becoming more attractive to
buyers purchasing in a currency other than the dollar. Investors
who want to get in and do so for reasonable prices will find the
time to inspect property is nigh! Chances are certain regions
will not stay down in price for long and by buying in low you
stand the best chance of making the best profits over the medium
to long term.
About the author:
Rhiannon Williamson writes about
target="_new">buying property abroad for profit and for a
lifestyle retreat! So if you're thinking of buying overseas real
estate, her resource www.ShelterOffshore.com has all the
information that you could possibly need.
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