Canadians still buying in Arizona despite price hike
Jan 3, 2013, 7:15 AM | Updated: 7:15 am
SCOTTSDALE, Ariz. — Higher real estate prices aren’t stopping Canadians from buying Arizona properties.
Demand has sent the housing prices higher, and that means that both Canadians and Americans have missed the boat when it comes to buying at the lowest price.
However, Diane Brennan of KTAR’s “That Real Estate Show” said Canadians can still find bargains here.
“With the Canadian dollar so strong, even though prices have increased in the Phoenix metro area, there’s still fantastic deals compared to what Canadians can buy for in Canada,” she said.
Brennan specializes in dealing with buyers from north of the border.
“I’m advising them to continue to buy,” she said. “There’s still great deals here. You can’t buy condos for $100,000 in Canada. It’s still very cheap here. There’s a lot of investors that are purchasing. There’s a lot of 30-year-olds who are purchasing their retirement homes because things are so cheap here.”
Valley real estate expert Dean Wegner said the buying frenzy of the past few months has leveled off.
“Right now, it’s not as much as it was during the summer, when you were getting 30 offers on the first day,” he said. “But homes are selling in the first week that they’re on the market. You’re still seeing multiple offers, but the bidding wars and the craziness has definitely leveled off.”
But something else has changed.
“We’re seeing a better appraisal environment,” Wegner said. “Whereas in the summer, nine out of 10 deals wouldn’t appraise. Now, nine out of 10 deals are appraising.”
