Yesterday we were part of history being made. Martin Luther King’s dream has finally become reality as the people of the United States elected senator Barrack Obama into the presidential seat.
All around the world, newspapers, blog posts and radio shows were talking about a new dawn, a renewed sense of belonging and humanity all thanks to this charismatic leader called Obama.
But it is early days yet and there is no doubt that Obama will have his plate full to the brim with concerns about the economy, the global credit crunch and the war against terrorism. The question is, how will Obama’s election affect the US property market?
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As reports of the US glooming economy keep appearing, many US residents fight for their financial survival. According to latest new sources, there is now a huge surplus of unsold housing which is unlikely to shrivel fast.
In August, median house prices in the US fell to 6 percent, or $221,900. This is the lowest since the past eight years when the country was on a high with a huge property boom, especially along the coastal regions. What many couldn’t afford back then might well become affordable soon as property prices keep declining.
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Foreign buyers are eating U.S. property for dinner lashed with plenty of sauce. Ok, that was a rather weak approach at injecting some excitement into the fact that American real estate agents are pimping out bonuses to overseas buyers.
Extras such as airfare reimbursements and paid hotel bills could well become a reality for you if you are amongst those overseas buyers who have taken advantage of the dwindling economy in America.
Right now we enter a buyers market - if only there are buyers with enough cash flow to play the game. To boost local economy, some real estate agents have taken matters into their own hand and lure buyers from across the pond by giving them the royal treatment.
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Californian property has gained a renewed worldwide dream appeal for overseas investors since the slump of the U.S. dollar has given them more buying power. While local American interest has stalled, mainly due to slumping property prices and the fall of the U.S. dollar, overseas investors are snapping up properties in California as if they were the latest fashion.
This latest trend has prompted many local Californian Realtors to switch advertising tactics and target foreigners instead. Buyers from countries such as Spain, Russia, the Netherlands, the Philippines, Brazil, China, Italy and Mexico have especially been active in acquiring their dream property in California.
The dream of sand, sea and eternal sunshine lures investors to take advantage of the great conversions while the going is good.
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Thursday, November 6th, 2008 
Posted by OP-Mall in 
