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.