Categorized | International

US Housing Market Dominated by Foreign Buyers

Please Share!

International investors are continuing to look to residential real estate in the United States to bolster their portfolios. Foreign homebuyers spent more than two times as much on homes last year as they did the previous year.

 

With the uncharted growth in residential real estate purchases, foreign buyers have transitioned from mortgage-back securities to buying actual properties. They are taking advantage of the overall glut in inventory, and the near rock bottom prices in the United States.

 

Realtors have recognized the trend, and are now taking advantage. More realtors than ever before offer an international version of their listings websites. Not only do these websites list American residential real estate properties to buyers in all parts of the world, but they also do so in more than ten languages.

 

While an increase in foreign buyers may have prompted an outcry from citizens in the past, many are now welcoming them with open arms. Foreign buyers are playing a big role in reducing the once overabundant inventory. The majority of foreign buyers are coming from Canada. China, India, Mexico, and Britain are also making up a significant number of buyers. In southern cities like Miami, many international buyers are coming from Venezuela and Brazil.

 

Most foreign buyers are flocking to the southern region, or in major cities up north. Florida has become an increasingly popular choice. In fact, foreign buyers have played a major role in maintaining the health of the Florida housing market. Although not in the south, New York City has enjoyed strong growth from foreign buyers as well.

Please Share!

About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

Leave a Reply

Twitter Chat