If you are an American considering buying Mexico Real Estate you will already know that in the third quarter of this year, the U.S. economy appears to be pulling out of the recession, with an annualized growth of 3.5%, and a Gross Domestic Product (GDP) exceeding the expectations of most analysts and showing a growth of 3%. While this is big news in many ways, it is also an important consideration for your Mexico Real Estate purchase.
If you are buying a Mexico property these days, one of the factors you are most certainly considering are the attractive reduction available on that beautiful beachfront condo, perfect for your retirement or as a second home the winter months. These kind of special deals are being offered in many key Mexico Real Estate destinations for many property types. Also, there is large selection created by a lack of buyers over the past two years. Right now many locations offer a true buyer's market. These are certainly attractive motivations to buy.
Now let's consider the current economic situation. The U.S. economy grew at an annualized rate of 3.5% in the third quarter of this year, which is the first positive result in one year, and the biggest growth in two years, as reported by the Commerce Department in the last week of October.
The figures show a recovery in consumer spending and construction, marking the end of the worst U.S. recession in 70 years. According to the Government, the economy shrank at an annualized rate of 6.4% in the first quarter and 0.7% in the second, with growth in the third. The trend is upwards. Between June 2008 and June 2009, the economy had contracted 3.8%, the worst performance in seven decades. The long-awaited shift ended four consecutive quarters of economic contraction, the first time this has happened since 1947, when records of these statistics were first made.
The numbers show that the recession has quite probably ended, and the economic situation for buyers is starting to improve. Of course, we have to consider the fact that, as President Obama has pointed out, the economy has pulled out of reverse, but there is still a long way to go for recovery, which has just begun.
But the fact that recovery is beginning means, albeit little by little, more buyers are going to have funds available to start investigating their dream home on a Mexico's beautiful oceanfront. As more buyers turn up again, the price reductions will little by little become less, and eventually disappear. The best deals available are going to get bought up by the first buyers to move on their new economic confidence, and, little by little, the large supply of properties will stabilize to closer to normal. As this happens, of course there will still great property options, but just not as many, and without the great price reductions we are seeing now.
As a buyer, where would you rather be – buying your second home now with all the options you could want, and at great prices and with attractive buying incentives, or later when you demand and competition from other buyers begins to remove the advantages you as a buyer have now? If you are thinking about buying your second home on the beachfront, or if you are ready to start planning for your retirement in Mexico, start your property search now so you can take your time in the search, and find that property perfect for you as the buyer, while you still have the many advantages the market offers now. Contact TOPMexicoRealEstate.com, "Your Expert Property-Finders," to find the information and guidance you need.
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