Investors
28% of homes sold in San Diego in February 2011 are bought in cash by investors.
With the Australian Dollar very strong (40% stronger than 1+ year ago) and home prices in Australia relatively high, it becomes really attractive to buy homes in Phoenix, Arizona which sell for 55% less than the top price in 2006.
Note: there are also several stories of Australians scamped with these real estate deals.
A $100,000 home sold in 2006, might sell for $45,000 (that is no exception in Phoenix area, or Las Vegas area).
With the AUD $ = USD $ ($1 for 1 UAD$), currently the echnage is roughly 20% better than in early 2007 and 40% better than in early 2009.
This "makes it feel" another 20-40% more affordable than the allready 55% drop!
Do not forget that for the "avarage school teacher" or "average government worker", the cost to but is 40-70% less than 4 years ago. Only problem, the banks as real questions now. It is a great time to buy for people. Make sure that you get (below) current value.
Msn.com By MarketWatch
Despite low mortgage interest rates, a smaller percentage of first-time home buyers are entering the market, according to an annual profile of buyers and sellers just released by the National Association of Realtors.
The percentage of single female home buyers, however, inched up in the survey to its highest level on record. Twenty-two percent of all home buyers were female and on their own, up from 21% a year ago and up from 14% in 1995. In comparison, single males accounted for 9% of home buyers, unchanged from last year.
In 2006, a typical home sold for 98% of the listing price in this year's report; it sold for 99% of its listing price a year ago.
More information about home buying in San Diego