If there is a global feel to the housing market these days, it may be because more international buyers are looking to buy homes in the United States, a report by the National Association of REALTORS® finds.
More than a quarter of REALTORS®, 28 percent, worked with at least one international client between April 2009 and March 2010, an increase over the 23 percent of REALTORS® reported the year earlier, according to the 2010 NAR Profile of International Home Buying Activity.
There are a number of factors that spur international buyers to purchase a U.S. home including the strength of the dollar, the value and desirability of U.S. real estate and an emerging economic recovery, says NAR.
So just where do these international buyers come from? The report found that while international buyers come from 53 different countries, the bulk hail from Canada (23%), Mexico (10%), United Kingdom (9%) and China/Hong Kong (8%).
Other interesting facts about today’s international buyers:
- The majority prefer detached, single-family homes.
- They are more likely to pay cash for their home.
- They tend to buy at the higher end of the market.