Phoenix Real Estate Questions From A Canadian Buyer, Part 1.
Canadians Buying Arizona Real Estate
Right now is a great time for Canadians to buyer real estate in the Phoenix Valley! It is a great time because the Phoenix, Scottsdale, Mesa areas are all experiencing an incredible buyer's market, interest rates are low, and the Canadian dollar is worth more than the US dollar.
These three conditions have made buying real estate in the Phoenix Valley a great opportunity for Canadians. One of my Canadian clients sent me an email yesterday outlining a lot of great real estate questions.
I am going to write a blog series answering this client's questions, because I believe that there are probably a lot of other Canadians with the same questions!
If you are reading this and are a Canadian who would like to buy real estate in Arizona, please do not hesitate to write and ask me any questions you have that I may not have answered!
REALTOR
Can we make offers on more than one property at the same time so we don’t loose out, without being locked into both offers? (rescind one offer)
In Arizona when you submit a purchase contract you are saying in good faith that you are planning on purchasing that home. What I like to do with any of my clients that live out of state is write more than one contract when they are in town. We start with their first choice home and submit the offer. If we are unable to secure that home, I already have a purchase contract on another, and we simply move on to the next real estate property.
Who pays the Realtor fees/commissions?
In the Phoenix Valley the general rule is that the person Selling the home pays their agent a commission for selling the home. The Selling agent offers a co-broke, or part of his commission to the buyers agent.
What area would be best for market value increase over the next 5-10 years?
Because I do not own a crystal ball this is a difficult question to answer, but I will try. A good rule of thumb is to buy in an area that is highly desirable and has always increased in value. Look for good schools...even if you are not going to use them, and look for a home that is convenient to other things. You also want to avoid certain things like buying a home on a busy street, buying a home that borders a bad neighborhood, and homes that boarder a strip mall.
Asking/listing price vs purchase price, how close are the two? Is there room for negotiation and what percentage below can we expect to obtain a property for?
Every home purchase is different. Because every Seller is different there is no formula that will work. What I can tell you is that the Phoenix Valley is experiencing a buyer's market. No one is paying list price for a home, but the amount available for negotiation is dependent on who is selling the home, why they are selling it, and how much equity they have in the home.
Short sales & bank foreclosure vs listed houses. What are the differences? What are the benefits? What are the draw backs?
I could write an entire blog on this questions alone...and that is what I am going to do. Part 2 of this blog series will answer this exact question!
How many places can we expect to look in one or two days?
Date: Tuesday, April, 8th 2008 @ 10:46:40 AMViews: 153
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