I have said this very many times. In fact it is likely the most asked question when I do talks about the state of the real estate market etc. ”Should I buy Real Estate in the US?” I ALWAYS answer Yes, BUT not yet. This article by renowned editorialist Diane Francis supports my answer. THE BOTTOM HAS NOT FALLEN OUT YET!You can go ahead and buy I guess but know this:
- Sellers in the US have not accepted their reality and still have prices too high
- taxes for foreign investors adds a lot of extra cost, check it out BEFORE you buy
- Understand that mortgage money in the US is incredibly scarce, especially for foreigners. Which means you may need to hold Canadian debt, which is not as advantageous.
- Finally and more importantly, the prices are still dropping, and I thin potentially by a bunch. Why would you willingly buy a property today for a price that 12 months from now will SIGNIFICANTLY less
Be wary…
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