It used to be that potential buyers for your home would be families from the area looking to move up or those locating from another state. However, with today’s global community, your buyer could be from China, India, or somewhere in South America. The international community is turning its focus (and funds) to the U.S. housing market. Why the foreign interest in American properties and how can you capitalize on it? Read on to find out.
Ready to sell? Go global and local!
If you’ve worried that the market for your home will suffer because of a still-sluggish U.S economy, take heart. You may find the perfect buyer on the other side of the globe!
International buyers are buying up homes in the United States in increasing numbers, and the trend shows no sign of slowing down. Low housing prices, pent-up inventory of properties, and a favorable exchange rate make the U.S. housing market extremely attractive to foreign buyers looking for vacation homes, investment properties, or primary residence to establish themselves in this country.
And you don’t have to own a mansion to attract a foreign buyer. In fact, forty-five percent of international purchases were for properties less than $250,000. Of course, higher priced properties — $250,000 to $500,000 are also attractive, as international clients are usually wealthier that domestic buyers.
Many foreign buyers are using their American purchases as their primary residence, with about 66 percent of international sales going for detached, single-family homes. About half of the purchases are in suburban areas and close to 25 percent are in urban settings. While Arizona, California, Florida, and Texas account for fifty-one percent of international purchases, it’s no surprise that Florida has been the fastest growing “foreign investor” area. About 26 percent of foreign purchases take place in the sunshine state. The real estate market in Miami (and all of Florida for that matter), is in a boom as international buyers look for vacation homes in the “sunny south.”
However, just about any area can be attractive to this buying segment. In fact, U.S. housing prices overall have started to recover some because of the global community. And that’s good news for Louisville sellers as well. Immigrants have always looked favorably on our city, and many of them see homeownership as key to being accepted in the community.
Bring the world to your door
If you feel your home may have international appeal, let a local realtor guide your choice. Selling to an international buyer has its challenges, including possible cultural and language barriers. That’s why so many foreign clients work with a Realtor®. Realtors who serve international clientele know what obstacles foreign buyers face when buying U.S. properties, and they have the expertise and knowledge to make the transaction a positive and lucrative experience for both the buyer and the seller.
As an International Real Estate Specialist, I am very comfortable buying and selling to clients across the globe. And I know how the housing “system” works in other countries. I would be happy to use my expertise in international sales to bring a much wider audience of potential buyers to your doorstep. Please call me at 502-640-6861, and let’s discuss your options and opportunities –both local and global!Bruce Moore, Realtor Remax 100, Inc. Louisville, KY (502) 640-6861