The Phoenix area has a glut of over 50,000 residential properties for sale. Home prices are sinking fast as sellers become more anxious about their homes selling. Builders of new construction are willing to accept low offers to get properties off of their books. Chandler Condos and townhomes that are new and/or under construction are being offered with great incentives for buyers.
NO CATCH especially to Canadians. The Canadian dollar is very strong in comparison to the US dollar. In fact, due to the ongoing shake up in the USA's financial market, Canadians are able to get excellent value for their money. Now is the time to pick up an Arizona second home property for a rock bottom price. The interest rate for mortgages this week is at an amazing 5.75% for conventional mortgages.
If you can afford to pay cash for a second home, you are in a great position because of the exchange rates which favor the loonie. The resort properties in Canada have increased dramatically in value over the past couple of years. It is now much cheaper to buy a second home in Arizona than in a Canadian resort. Canadian buyers are split in their forms of payment for US second homes. 53% take out mortgages while 47% pay cash. (Investors Group) If you plan on using US banks for your mortgages you are often required to produce a down payment of 30-40% as well as provide six months of property taxes, insurance payments and mortgage payments which are held in escrow. If you are using a Canadian bank, your down payment will be reduced. By using a Realtor that is well versed in International real estate sales you will be able to make this purchase without a hitch.
For more information about relocating or finding a second home in Arizona, call Christine at 480-628-0496.