Incredible housing prices and a strong Canadian dollar are luring Canadian buyers to Arizona where the weather is warm and the housing cheap!
Canadians have become the top out-of-state buyers of Phoenix-area real estate. The Canadian dollar is gaining and is up from an average of 80 cents on the U.S. dollar in 2005 to 97 cents last week. At the same time, home prices in the Phoenix, AZ area have dropped about 50 percent from their peak in early 2007. This represents a unique opportunity for Canadian Buyers to take advantage of our current Buyers Market in AZ.
I wanted to include the basics on what you need to know about FIRPTA. When a foreign owner gets ready to sell, they could be subject to a 10% (of the sales price) withholding unless the transactiion is exempt from FIRPTA. The most common excemptions: The Sales price is $300,000 or less. The Buyer or a member of their family must have plans to reside at the property for at least 50% of the number of days the propoerty is used by any person during each of the first two twelve month periods after the sale.
Please contact me today-for all of your real estate needs in our beautiful state!
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