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FOREIGN INVESTMENT |
U.S. Housing Market Still Attractive to Foreign Buyers |
| NAR has just released its 2009 International Home Buying Activity report. While the report shows a further decline in home sales to foreign buyers from the 2008 and 2007 studies, the percentage of decline has narrowed. According to the study, 23% of REALTORS® served international clients in 2008/2009, compared to 26% reported in the 2008 study and 32% reported in 2007. The decline mirrors the overall decline in the existing home sales market, which decreased 39% between September 2005 and January 2009. There is confidence that once the global economic market conditions improve, the rate of home purchases by foreign investors and buyers will increase as well. The reports offers detailed information on sources of in-bound buyers and buyers' location and property type preferences. New with the 2009 study is data on commercial purchases and also information on barriers to successful transactions by foreign buyers of U.S. property. Download the full report. |
Stabilization and Recovery in Commercial Markets |
| "Back from the Brink... But What Next?" a new report issued by CB Richard Ellis sees some stabilization and recovery for the much of the worlds' commercial real estate markets at the mid-point 2009, with one notable exception: The U.S. The report notes the obvious indicators of weak market conditions but also identifies some positive developments, including initial signs of regional recovery. Highlights include an uptick in investment sales volume in Asia where the market has adjusted quickly and pricing may have hit bottom in some cities; stabilization of property markets in the Pacific region after 18 months of turmoil; and activity in the EMEA (Europe, Middle East and Africa) investment market inching up to €13 billion, from €11.6 billion in Q1 2009, with some expectation for further improvement in Q4 '09. Unfortunately, the CBRE report sites no signs of recovery for the U.S., where vacancy rates in the office, industrial and retail property markets continued to rise in Q2 2009. Read more details in the CBRE press release or download full report. |
CULTURALLY CORRECT |
Cultural Dos and Don'ts in India |
| Indians in the U.S. are the fastest growing Asian community, According to the American Community Survey of the U.S. Census Bureau, the Asian Indian population in the U.S. grew from almost 1.7 million in 2000 to nearly 2.6 million in 2007. With a growth rate of 53%, the highest for any Asian American community, and among the fastest growing ethnic groups in the U.S., Indian Americans are the third largest Asian American ethnic group, after Chinese Americans and Filipinos. REALTORS® looking to tap into this ethnic market should be familiar with cultural norms of India, many of which are widely practiced by Indian Americans. Learn more about the cultural 'dos and don'ts' within the Indian culture. |
Open-Ended Questions Help Communication with Clients |
| When dealing with clients and customers whose primary language is one other then English, REALTORS® are likely to get simple 'yes' and 'no' answers to questions, as this is a tendency of anyone not fluent in the language. We may think we understand the question and answer as simply as possible. This sets the stage for possible misunderstandings and, worse, failure to close a deal. To help ensure more thorough communication, phrase questions as open-ended, e.g., "Can you tell me what you like or don't like about this property?" If the client or customer isn't able to respond fully, you know you need to probe further, and/or get assistance from a translator. Source of tip: Executive Planet |
GLOBAL MARKETS |
Breaking Down Language Barriers Between U.S. and France |
| Beginning in mid-September, as many as 300,000 U.S. REALTOR® listings in Florida, California, Las Vegas and Washington, D.C. will be translated into French for display at the website of the Federation Nationale de l'Immobilier (FNAIM), NAR's association partner in France. Similarly, REALTORS® affiliated with participating local REALTOR® Association MLSs will be able to display their choice of more than 500,000 FNAIM members' listings from throughout France, translated into English, at their website. This global property "exchange" is the result of the expansion of a service that has been pilot tested over the past two years by two REALTOR® Associations in Florida (Miami and the Beaches and Sarasota) and the Paris chapter of FNAIM. Based on the success of the pilot program offered by Immobel, a provider of international real estate technology and cross language marketing services, FNAIM is expanding the Immobel Global Listing Exchange service to include all of its members listings in France and NAR is exploring options to expand the service in the U.S. The Immobel platform allows brokers to individually determine which properties they wish to make available for display and also which to display from their foreign counterparts. The ICREA Transnational Referral Service is the basis for cooperation between agents to assist clients and earn client referral fees. Share your ideas about this concept on realestateconnections.tv! |
China Leading World Out of Economic Crisis |
| There is a growing sense of optimism with regard to a global property market recovery. Unlike in past recessions, however, the U.S. and Europe are unlikely to lead the world out of this one. Rather, Asian countries are leading the way with government stimulus plans largely credited with helping the real estate industry recover from the world economic crisis. Within Asia, there are a number of strengthening markets (including Singapore, India and Vietnam), but China appears to be the region leader, where its government-dominated, top-down economy is surging after Chinese banks doled out more than $1 trillion in loans in the first half of 2009, in addition to a nearly $600 billion government stimulus program. Is this good news or bad new for the rest of the world? You decide. Read a recent article from India's Economic Times. |
BUSINESS RESOURCES |
RealEstateConnections.TV Relaunch |
| A new version of RealEstateconnections.tv, a social networking site for global real estate professionals, was recently launched. If you have a Facebook or Twitter account, you can link all three sites, post information once and share it on all three sites. A photo album has been added to your profile, and the site's layout has improved. If you haven't joined yet, don't miss this opportunity to network with members in 25 countries. Plus, CIPS members can join a special networking group within the site to communicate exclusively with fellow CIPS. |
Field Guide to International |
| Good or bad markets, REALTORS® can always benefit from information that broadens their knowledge of the market and industry. If you are thinking about going global or have already ventured into this arena, NAR's recently updated International Field Guide provides tips for locating and working with international clients, etiquette, cross-cultural business guides and international networking opportunities. You also find a wide assortment of international real estate information sources, including a variety of worldly resources from the REALTOR® organization. |
Rainer
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Tina M. Haugen
REALTOR, CFAC, SFR, RRG
Service Areas
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ActiveRain Community
about 14 years ago
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