The state of Florida leads the way in capturing International Home buyers with 31% of all foreign buyers in the US. According to the National Association of Realtors®' 2011 Profile of International Home Buying Activity, California, Texas and Arizona respectively were the top destinations. This is great news for Florida and other markets that were hit hardest with the housing downturn in past years.
With low prices, plenty of inventory and the opportunity for a secure investment, foreign owners look for rental opportunities and long-term appreciation potential. This is not an accidental trend. Last year I received my Certified International Property Specialist (CIPS) designation and went to the NAR Conference to receive my pin. I was part of the largest CIPS group of new designees to date. As the market shifted, I knew that attracting foreign buyers to Florida properties would enhance my business and offer opportunites for foreign buyers. Networking with agents from around the globe has helped me understand the ins and outs of international property transfers, and I have gained a tremendous amount of knowlege.
"Realtors in this country have a global perspective and experience in working with clients from different cultures and real estate practices, helping them bring value to their international clients." says NAR President Ron Phipps. Last year 28% of Realtors reported working with an international client.
Understanding currency conversion and rates is critical to successfully negotiate a sale with a foreign buyer, as two transactions take place simultaneously, the property transfer and price, and the currency transfer and exchange rate.
Anothr interesting trend is that foreign buyers are purchase homes as students attending US Universities, and foreign executives who are here temporarily and would rather purchase than rent.
Canada remains the number one Country to purchase with 23% of foreign sales, China in the number two position with 9%, and the UK, Mexico and India tied for third. Single family homes made up the majority of real estate purchased.
This week our Property Appraiser spoke at the West Pasco Board of Realtors monthly meeting and stated that their office statistics and his experience show that our market has bottomed out and is back on the rise. With so many Canadian license plates this past winter, I welcome the International home buyers who come down to purchase homes and boost our economy.
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