Wednesday, December 7, 2011
Is Now a Good Time to Invest in Arizona?
To put it simply, now is a great time to invest in Arizona! Having lived and developed properties in Sedona, Phoenix, Chandler and Scottsdale for six years, I know it well. For those that have visited Arizona, it is known for its great shopping and golf courses. For me, it was the desert that always drew me back. Living here was a triathlon oasis and anyone who knows me well, knows that for half my life I competed in dozens of triathlon.
It seems like every day, news reporters tell us how poorly the US economy is doing. What these news reporters fail to recognize is that the United States remains the wealthiest country on the planet. The fact that the country is in a recession presents an opportunity to Canadians.
Many homes in Arizona are selling for less than it would cost to buy the dirt to build on. Most homes are insured at double the cost that they are actually selling for.
Once you have made the decision to invest, the first priority is to determine your goals. Are you looking for a second home to use as a vacation property? This scenario is simple and straight forward. Make sure you have a property manager to look after your home in your absence and look for a home in a gated community. If you are looking to rent the property to earn some income you can either choose a property close to downtown or in the outlying areas. Alternatively, there are even opportunities to 'rent back' to the original owner who has been unable to continue their mortgage.
Unlike in Vancouver, where you choose is not as important as the quality of the home itself. Because of the way Phoenix has developed over the years, many of the areas have a similar feel with major shopping centers never more than a few blocks away. I would recommend North Scottsdale if you are looking for something newer and Central Scottsdale for something close to the old shops and restaurants. That being said, buy into an area with good job growth and infrastructure that is already in place. A single level home is a good choice because Arizona is still a retirement state and you want to be able to attract older tenants.
Following, are a few pitfalls or things to be cognisant of. Be careful when buying with friends or family. Remember that they may have different goals than you do and always have a partnership agreement in place to resolve issues that may arise down the road. Have the home thoroughly inspected, especially if it has been vacant. Watch out for condominiums with high condo fees (Home Owner Association fees or HOA fees). Do not buy on leased land. Don't try to pick the perfect time to buy. Trying to find the bottom of the market is nearly impossible. Lastly, use a Realtor with at least 2 years of market knowledge. I know many experienced Realtors in Arizona and would be happy to refer you to one.
Wednesday, December 7, 2011
Historically normal activity keeps the Greater Vancouver housing market in a balanced state
Categories:Vancouver Real Estate Market Report
The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.
Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.
“The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year,” Rosario Setticasi, REBGV president said. “November activity helped put our market firmly in balanced territory.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.
Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.
The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.
Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.
Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.
Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.
Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960.
Wednesday, December 7, 2011
November 2011 Video Market Update
Categories:Vancouver real estate market update
Latest Video Market Update
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