A growing number of North American property investors
are looking at the opportunities available to them within the regain's much-maligned residential property market.
Despite prices in certain cities currently standing at multi-year lows, many buyers are regaining confidence in the market and putting their hard-earned cash into second or third homes, Reuters has reported.
Speaking to the news provider, advisors have warned that a full US real estate recovery is unlikely to be witnessed within the coming few years. However, they added that there still remain plenty of deals for people with long-term investment horizons.
"We're starting to get a lot more inquiries and assisting in transactions," said Rocco Papandrea, a senior vice-president and wealth management adviser at Merrill Lynch.
Since the market hit its peak in 2007, house prices in the country have seen average fall of 30 per cent and discounts are now even higher in many of the destinations popular with retirees buying vacation homes, he noted.
"The overall sense is that people are going to be looking hard," Laura Parsons, a mortgage specialist at BMO in Calgary, told Reuters.
- Saturday 02 April 2011