International sales were up considerably in the last
year, with low prices and a weak American dollar attracting
international buyers.
The latest National Association of Realtors 2012
Profile of International Home Buying Activity found that residential
international sales rose from $66.4 billion in 2011 to $82.5 billion for
the year ending in March 2012.
"Today's advantageous market conditions have drawn
more and more foreign buyers to the U.S. in recent years, signaling how
desirable and profitable owning property in this country can be," said
NAR President Moe Veissi, broker-owner of Veissi & Associates, Inc.
in Miami, Fla. "Low housing prices, a good inventory condition and
increased buying power with today's exchange rates help attract
international clients. Foreign buyers also have the advantage of working
with a Realtor®. Realtors® who specialize in serving international
clientele have a truly global perspective; they know what hurdles
foreign buyers face when purchasing property in the U.S., and have the
expertise and knowledge that comes from working with clients from
different cultures and real estate practices."
Several areas attracted more international
interest than others. The NAR survey found that Florida, California,
Texas, and Arizona led the way. Florida was a hub of activity, making up
26 per cent of all foreign purchases nationwide. California came in a
close second, accounting for 11 percent of all foreign purchases.
The survey found that European buyers were
attracted to East Coast locations, while Asian buyers tended to pursue
homes on the West Coast. Demographics were mixed for areas such as
Florida and Texas. Texas was a popular buying ground for Mexican buyers,
while Florida found interest among South Americans, Europeans, and
Canadians.
Leading the way in foreign purchases by country
was Canada, followed by China. Canada accounted for 24 percent of
international sales while China accounted for 11 percent, up from nine
percent in 2011. Mexico was third with eight percent of sales and India
and the U.K. both accounted for six percent.
"Foreign buyers recognize that owning a home in
the U.S. has many benefits, both financial and social," said Veissi.
"Many purchase property as an investment, vacation home, or to diversify
their portfolio. In addition, many recent immigrants view homeownership
as an important accomplishment. They believe that being a homeowner is
one of many ways they become established in the U.S. and attain
stability, security, and a sense of community."
These are not all vacation properties, either. Many of the homes purchased were bought as primary residences.
July 2, 2012 -- Realty Times Feature Article by Carla Hill
No comments:
Post a Comment