"People from outside the U.S. are buying homes in __________ Are you ready to serve this market?"
That is the question in an article titled Think Globally by Bridget McCrea in June 2010 edition of Texas Realtor magazine. What is the significance, here? The numbers are the big deal. Our international buyer's market is growing like a weed. And it's not just in Texas.
International buyers average higher sale prices. That's impressive, numero dos.
Loyalty is another big deal. Once you help one, you get everyone they bring to the melting pot. Danke.
And the buying ability is huge. These people aren't coming here, getting off the plane and asking to see houses because they're bored or enjoy the tour. They mean business. Texas Realtor magazine said approximately half of our international buyers paid cash. CASH! Do they have your attention yet? Press one for English, two to start talking their language. Mãĩ tumse pyār kartī hū̃ a.k.a. I LOVE YOU!
I am a fossil. I am the only person in most of my "groups" whether it be school, church, or anything I do, who was born and raised right here in this area. I am the only non-transplant I know. I love it. It's such a priveledge to raise my kids where I grew up in such a fantastic area. But what I love more is the diversity. The area I live in is perfectly Cuisinarted! We're all mixed up. This is what I've learned from the mix that Texas Realtor magazine so eloquently pointed out (and added a lot of fancy numbers to support it!)
1. Did you know median home prices for international buyers was higher than the overall national average? Go ahead and guess how much higher, on average: A. $10,000 more B. $25,000 more C. $35,000 more D. More than more. You guessed it. Texas Realtor said the median home price is $49,000 higher than the overall national median existing home.
2. Did you know more than a quarter of all foreign buyers paid more than $400,000 for a home? That is also according to the article I read. I know in other markets that may be a small sum, but in Texas that is like the Taj Mahal. Ok, that is exaggerated, but $400,000 is significantly above average in most of the submarkets here in my area.
3. This is according to me... International buyers are very loyal and they are a huge referral source. I realize Puerto Rico is not a foreign country. They are U.S.A., friends, we are terrible at remembering that sometimes, but they are still far enough away and of a different culture enough to teach me when you help one, you get the respect and trust of all their familia and amigos. Spanglish comes in handy. The pleasure is all mine when AA closes their doors in yet another major south of the boarder hub and good ol' DFW wraps her big ol' wings around 'em.
I don't know about you, but I ♥ referrals. I am finding the more international relationships I can build, the better, for more reasons than one. I agree with Ms. McCrea -- it's prime time to tap this market.
Kristen is a member of Pan American Round Tables of Texas, a benevolent organization whose objective is to foster mutual understanding, knowledge, and friendship among the peoples of the Western Hemisphere. If you are local to the DFW area and would like to join a very worthwhile women's luncheon benevolent organization, contact Kristen.
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