NAR recently issued the 2011 Profile of International Home Buying Activity. The international market for U.S. residential property approaches $82 billion on an annual basis. Twenty-eight percent of REALTORS® reported experience with an international client in this year’s report. Nine percent of REALTORS® reported six or more sales to international clients. International buyers came from a total of 70 countries with the top five countries being Canada, Mexico, China, U.K., and India.
Why are international buyers looking to the states to purchase property?
According to the report, here are some of the reasons:
- Many international buyers to date have been due to a transfer to the U.S. and job location.
- Some buyers are reported purchasing U.S. properties in college areas for college residences for children and investment purposes.
- Location, security and profitability are important factors influencing purchases.
- Many Canadians are looking for investment or lakefront recreational property.
- Buyers tend to cluster in specific locations based on their countries of origin, probably based on word-of-mouth and shared experiences.
- The average price paid by international buyers was $315,000 in comparison to the overall U.S. average of $218,000.
- 62% of international purchases are reported as being all cash.
To read the full report 2011 Profile of International Home Buying Activity and learn how agents specialize in this market, go to http://www.realtor.org/press_room/news_releases/2011/05/foreign_buyers