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FOREIGN BUYERS ARE BUYING 2ND HOMES

by Cory Potter, Sales Manager/Corporate Trainer

According to a recently released NAR survey, 7.3% of home sales in Florida are to foreign buyers purchasing a second home (at least 47% are for vacation purposes). Here's a link to the survey click.

In Florida, 65% of Realtors had brokered a deal for an international buyer over a one year period. The survey goes on to say that, nationally, these foreign buyers prefer condominiums to single family homes. 28% pay cash for their homes versus 8% of U.S. buyers.

The survey also concluded, "Foreign home buyers purchase U.S. properties everywhere around the country, but two regions and several states dominate the list locations. The South accounts for the largest proportion of foreign home purchases - 49 percent. The West is also popular, with 31 percent of foreign buyers purchasing homes in that region. The Midwest's share of foreign home buyers was 11 percent, and that for the Northeast 9 percent."

THOUGHT: Have you considered this niche as a way to capture more leads in a slow market?

While there are Visa restrictions and other barriers, this niche may continue to purchase based on strong international economies.

Reference:

The survey was prepared by the Research Division of the National Association of REALTORS®

Posted by Cory Potter on 09/02/2007 05:46 PM

Comments (2)

second homes, niche marketing, foreign buyers, cory potter, sales manager, corporate trainer

2 Comments on FOREIGN BUYERS ARE BUYING 2ND HOMES

The US is a huge draw for people in the UK - it is for physical security & maintenance reasons that condos are preferred to SFR. As for cash buyers, you try getting a mortgage abroad if you don't have residency and work there!

There are many, many companies peddling their wares as 'international estate agents'. The internet is a great leveller so a webpage designed to attract UK buyers specifically should work. After all, you are here and they are there. With virtual tours, email, faxes and telephones finding a holiday home in the US is no harder than miles away from home in the UK.

The only snag is the language barrier. I'm English I a speak English - the terms differ hugely. You'll need an education to be able to translate to help your buyers.

09/04/2007 10:33 PM

by Alan Mills - Creating Closer Communication (ACN)

to add to Alan's comment: if your only language is English, you can hire a translator to market your listings in a foreign language Internet

08/08/2008 10:06 AM

by Olga Kellen (English-and-Russian.com, Translation & Internet Marketing)