International Buyers

By
Real Estate Agent with Keller Williams

According to newly released survey by NAR, International buyers are playing an increasingly important role in market share.  We here in Greenville can attest to that as we are host to several International corporations including BMW and an expanding GE.  Here is some of what  the survey had to say:

The survey found that a typical international buyer purchased a single family home for vacation purposes at $297,400 with mortgage financing, and stayed at his/her U.S. property for 2.6 months. At first glance, this seems rather similar to domestic buyers, but in fact international buyers are quite different from domestic buyers.

The median price for a property purchased was reported as $297,400, which is a lot higher than the $219,000 median price of existing home sales in 2007. Over 14 percent of properties sold to international buyers were in excess of $750,000.

Close to half of all international buyers paid in cash, unlike domestic buyers: this broke down to 43 percent of international buyers vs. 3 percent of domestic buyers . Although the majority of the properties sold to international buyers were single-family homes (which accounted for 75 percent), international buyers showed a stronger preference for condos and town houses compared to domestic buyers; 25 percent of international buyers purchased condos/apartments, versus 12 percent of U.S. buyers.

international

Comments (3)

Ann-Marie Clements
Candidate for an Ed.D. in Educational Leadership - Saint John, NB
Ed.D. candidate, Innovative Proactive Principa

The U.S. dollar is basically worthless compared to the Euro, etc. so you will have international investors coming in to buy commerical, residential and land properties now at a "DIRT CHEAP" price.  It's sad, when your own country's families can NOT keep their homes, but foreigners can buy them straight up, without a drop in the bucket. 

I have nothing against foreigners, since I'm a U.S. foreigner living in Canada for the past 4 years.  This opened my eyes to want was happening in my former country.

The U.S. is becoming a bought and owned country for foreigners.  This will mean, that in the future, if not now, Congress will make policy decisions based on what the foreigners want, since they will be the ones who will be "running" this country.  How scary is that?

 

Jul 30, 2008 10:58 AM
Brian Kantor
Fip Realty - Aventura, FL

Hey Ann-Marie,

Thank you all for being so Kind in inviting me into your BLOGGING world!

I look forward to catching up and looking at your profiles.

I am looking for reciprical links for my websites if you are interested.

Have a great and Blessed day!

Brian

www.rental-in-brevard.com

www.transylvaniacountyrentals.com

Jul 31, 2008 03:05 AM
Art Ramirez
WR Starkey Mortgage - San Antonio, TX

Foreign Nationals are slowly becoming a much stronger market, here in Central and South Texas.  There are still many loan programs that are custom tailored to foreign nationals.  Here in San Antonio, many wealthy Mexican Nationals buy summer homes to spend ony a week or two per year.  And these are not small balance deals!  Most often, the average purchase price is $250,000 - $350,000, with some larger purchases upwards of 6 figures.  In fact, I have one client who is working on developing a package deal to market to foreign nationals.... a 12-unit community with home prices averaging $280,000 per unit.

Thinking outside the box and expanding your networking or farming, you can definitley thrive in today's economy.

Jul 31, 2008 03:24 AM