Fort Lauderdale Real Estate | International Homebuyers in US
According to National Association of Realtors, favorable exchange rates and affordable home prices have continued to drive foreign buyers to purchase properties and investments in the United States Real Estate market. The NAR also indicated in their Profile of International Home Buying Activity report, that for the period spanning April 2013 through March 2014, the total sales for international buyers is an estimated $92.2 billion. This rise is a large increase from the previous period’s amount of $68.2 billion. Comprising the lion’s share of the purchases are the states of Florida, California, Texas, and Arizona. Florida remains the top destination for foreign purchases, accounting for 23% of the sales. The others states descending order reflects their place in the percentage of purchases. To read more on this report, see the full article at RIS Media International Homebuyers Continue to Invest in Profitable U.S. Market
A generalization of foreign buying influences are believed to be that Europeans prefer to purchase in states that have warmer climates such as Florida and Arizona. The warmer climate of California – but not as extreme in the heat index- attracts buyers from the Asian countries. It is believed that Indian buyers prefer to purchase in states that are home to information technology companies. In that list of states that are home to technology driven industries would be New York, North Carolina, and California. It is not difficult to find concentrated areas of people grouped by their nationality within those markets due to family proximity, shared information and cultural influences.
International buyers are more likely to purchase with cash due to the difficulty of obtaining a mortgage without job history, credit scores and social security numbers. Most foreign buyers purchase property as a second home or a vacation get away due to the fact that non resident buyers are limited to six month stays in the United States. This is great news for our Fort Lauderdale real estate market.
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