It comes as no surprise that the top states for foreign buyers are Florida, California, Arizona and Texas, but I was surprised recently when I reviewed a recent National Association of Realtors report that stated that Canadians are now the number one international buyer of American real estate, a position previously long held by Mexican buyers.
Canadians currently account for nearly one quarter of all foreign buyers. We all know how strong the Canadian dollar is compared to the America dollar, and clearly Canadian buyers are using a soft housing market to make their move and take advantage of some of the lowest home prices in years and snap up those bargains for vacation homes.
In the Florida market, my fellow Brits, supported by the strong Euro, are the number one foreign buyer, followed by Canadians. It was also interesting to note that slightly more than half of all German buyers selected Florida as their real estate investment choice. While California won the Chinese buyers' favor, Florida showed with a strong second place.
The weak dollar is likely having an impact on foreign investors purchasing homes in America; as the housing market continues to strengthen, foreign investors will likely feel reassured that their investment is safe and we will continue to see foreign investors looking for both primary and vacation homes for their families.
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