Foreign buyers target real estate in the USA

As the US property market starts
to recover, buyers from overseas are again turning to American homes. The
National Association of Realtors (NAR) report that investors are targeting
properties in Florida, Arizona, Texas, and Southern California, with the four
states taking over half of all foreign buyer purchases.

Keep reading to learn more about
where overseas buyers are snapping up homes in the US.

Nearly half of overseas buyers are snapping up property worth under
£156,000

According to NAR figures, these
four states took a 51 per cent share of the foreign buyer market – with Florida
taking 26 per cent, California 11 per cent and the other two 7 per cent each.

Canadians are the most prevalent
buyers of American homes, while buyers from China, Mexico, India, and Britain
make up 55 per cent of international buyers.

Home sales to foreign buyers
totalled $82.5 billion (£51.5 billion) for the year ending March 2012, up from
$66.4 billion (£41.5 billion) in 2011. Total international sales were evenly
split between non-resident foreigners and recent immigrants, says the NAR.

NAR President Moe Veissi said:
“Today’s advantageous market conditions have drawn more and more foreign buyers
to the U.S. in recent years, signalling how desirable and profitable owning
property in this country can be.

“Low housing prices, a good
inventory condition and increased buying power with today’s exchange rates help
attract international clients.”

The NAR reports that around 45
per cent of international home purchases were for less than $250,000
(£156,110). However, the average price paid by an international buyer was
$400,000 (£249,550) compared to the overall US average of $212,000 (£132,385).

“Foreign buyers recognise that
owning a home in the US has many benefits, both financial and social,” said
Veissi.

“Many purchase property as an
investment, vacation home, or to diversify their portfolio. In addition, many
recent immigrants view homeownership as an important accomplishment. They
believe that being a homeowner is one of many ways they become established in
the US and attain stability, security, and a sense of community.”

By Nick Marr Homesgofast.com

Homesgofast.com offer
international buyers and sellers a platform to promote real estate to an
overseas audience. More at advertise real estate