US Properties See Increase in International Buyers
In a growing trend, 2012 has seen an increase in the number of foreign buyers for US real estate. This has been a growing trend according to AFIRE, which monitors the ten most popular US cities (including Boston). Now the National Association of Realtors have made the latest statistics public and they are impressive. Total residential international sales in the U.S. for the past year ending March 2012 equaled $82.5 billion, up from $66.4 billion in 2011. That is a 24% increase. Today's news of improving Massachusetts jobs statistics adds to the attraction to our state.
As an international company, Sotheby's International Realty has experienced this firsthand. No one is surprised at the influx of international money. This is due to a number of key factors: the dollar is down, the real estate market is rebounding and more traditional forms of investment have been inconsistent due to international banking problems (like European Union bailouts). So, the US home market and the rebounding dollar make real estate a solid investment. Many of the international buyers are paying with cash and are therefore able to avoid financing restrictions. The average price paid by an international buyer was $400,000, compared to the average home price nationwide of $212,000 - indicating that they tend to look at the higher end of the market.
SothebysRealty.com, the international site we use to display our homes, gets 33% of its visitors from overseas. Our local site ByTheSeaSIR.com has seen dozens of international visitors since relaunching this spring.
If you are considering selling your home, now may be the right time. The spring market began unusually early and continues to go strong. Find out how By the Sea Sotheby's International Realty will provide your home with international exposure to be sure you are reaching the broadest spectrum of potential buyers.
As always, contact us with any questions. We are hear to assist you.