Marnie Bennett: Recovering US Housing Market Sparks Increased Competition for Canadian Investors

OTTAWA, Canada, Sept. 18, 2012 /PRNewswire/ -- A report by CBC asserts that the United States housing market is in an upswing. Five years after the burst of the housing bubble, this rebound has resulted in increased property prices and a sharp decline in the inventory available on the market. Such news is certainly positive for the American people, who have suffered from record foreclosure rates; however, the increased competition within the recovering market may limit the prospects for Canadian investors. Marnie Bennett, real estate broker and founder of Bennett Property Shop Realty, asserts that, despite the increased competition experienced by new investors, the improvement in the US housing market is a positive event for Canadians who have already purchased property in the neighboring country.

According to the article, Florida and Arizona are states that both fell hard during the recession and have, traditionally, gained the attention of Canadian investors: "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."

The upswing that is currently changing the landscape of the housing market in the United States has also resulted in higher prices. The article notes that "last year's bargain-basement prices can't be had these days," as properties are starting to once again attract multiple offers. In fact, the article asserts that some properties have received between five and 10 bids, making it difficult for buyers hoping to score a new home with a low-ball offer.

Marnie Bennett concedes that higher housing prices may limit the options available to some Canadian investors; however, she notes that the recovery of the market will only benefit investors who have already made their purchases. "The buyers who have secured their investments before this improvement in the market are, in many areas, seeing their property values rise," comments Marnie Bennett. "The market is in recovery, but it has not yet recovered. For this reason, I encourage anyone considering investing in US real estate to make their move soon. Over time, the rising prices will cut into the profit margins that investors need to make the purchase worthwhile."

Although she certainly encourages investors to make their moves quickly, given the improving state of the US housing market, Marnie Bennett does not believe that the recovery of the market will deter a high percentage of Canadian investors. She notes that Canadians have, for decades, purchased property in the United States for both investment and winter home purposes. The harsh Canadian winter, Bennett reasons, will continually prompt individuals to purchase homes in Florida, Arizona, and other states.

ABOUT:

Marnie Bennett is a real estate broker and founder of Bennett Property Shop Realty. Through her services, clients receive support and guidance throughout the process of a real estate purchase or sale. Bennett specializes in condo and home development marketing strategies, as well as the design of cutting edge resale tactics. Bennett works with properties ranging from starter homes to multimillion dollar estates and is committed to offering superior professional services while constantly developing her expertise.

SOURCE Marnie Bennett