According to the National Association of Realtors (NAR), the total U.S. residential international sales for the 12 months ending March 2012 reached $82.5 billion, an increase from $66.4 billion in the previous year.
NAR attributes the continued growth of foreigners buying homes in the U.S. to the relative weakness of the dollar and low home prices.
NAR President Moe Veissi, said in a statement, “Today’s advantageous market conditions have drawn more and more foreign buyers to the U.S. in recent years, signaling 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,” NAR President added.
The NAR President continued, “Foreign buyers recognize that owning a home in the U.S. has many benefits, both financial and social.”
These international buyers who bought homes throughout the U.S. were equally split between recent immigrants and non-resident foreigners. They came from different parts of the world. The top foreign buyers were from Canada (comprising 24% of the international sales), The People’s Republic of China including Hong Kong (11%) and Mexico (8%).
The average price paid by a foreign buyer was $400,000, way higher compared to the general U.S. average of $212,000. These international buyers bought homes in the U.S. for primary residence, vacation and rental purposes.
Whether you are a first-time home buyer, first-time home seller, empty nester, thinking about selling a home or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Group is the number one real estate team.