Tom Kelly of the Inman News recently wrote an informative piece on international buyers in the US market. As we’ve mentioned in several of our previous blog posts, the declining value of the US dollar, compared to other international currencies and our already low real estate prices, are bringing a lot of foreign investors and second home buyers to the US real estate market.
According to the US National Association of Realtors, the primary purpose for international buyers to purchase here in the US is to have a vacation venue for themselves, family, and friends and the typical buyer spend 4.2 months in his or her US property. An interesting note is that 28% of foreign buyers pay cash, as opposed to 8% of US buyers. This can be attributed to a wealthier segment of buyers and a greater focus on household savings in many cultures.
Across the US, buyers from the UK paid a median price of $335,000 for their properties while Chinese buyers averaged $340,000. Canadians were most likely to have homes priced over $1 million.
For more info on international activity in the US market, contact us at International@CarlisleShuler.com.
