Browse > Home / Headlines, International, Marketing Ideas / Boost Your Business with Foreign Buyers

Boost Your Business with Foreign Buyers

December 12, 2009

This is a good time for real estate professionals to expand their clientele with international buyers. Among the factors favorable for marketing to foreign buyers are:

  • International buyers bought 154,000 homes and condos during the 12-month period ending in May, and they continue to be attracted to the weak dollar.
  • The U.S. dollar has weakened significantly since June, dropping 9 to 11 percent against such foreign currencies as the Japanese yen, European euro and Canadian dollar.
  • Both the U.S. economy and the U.S. housing market are showing signs of stabilizing.
  • Nearly 46 percent of international home buyers paid cash for homes purchased.
  • The median price that foreign home buyers paid for a home was nearly $80,000 more than the U.S. national median price.

Among International buyers, those from Brazil, Canada, France and the Netherlands have paid mostly cash for second homes. Those purchases, MSNBC.com reported, ranged from $6 million to $15 million in condo buildings.

Post to Twitter Post to Delicious Post to Digg Post to Facebook

Written by Brian Kinkade · Filed Under Headlines, International, Marketing Ideas 

Comments

8 Responses to “Boost Your Business with Foreign Buyers”

  1. Robert Worthington (10 comments.) on December 12th, 2009 7:27 pm

    I do find it interesting that nearly half of these home buyers are paying cash! Is there any statistical data that shows where these homes are being purchased?

  2. Brian Kinkade (8 comments.) on December 12th, 2009 7:55 pm

    From this article and the 2009 NAR Profile of International Home Buying Activity report linked in one of my earlier posts, http://www.realestateindustrywatch.com/us-market-still-attracts-international-buyers/, it would appear several of the very active states are Florida, California, Texas and Arizona.

    I have broker friends in Florida who confirm that purchases of luxury homes in this state with cash is not unusual. While I would presume much of the cash buying occurred in these states, I would expect cash purchases of property is not limited to just those parts of the country particularly as International buyers expand their investment opportunities in other parts of our country.

  3. Apartment Rentals Hayward (1 comments.) on December 14th, 2009 2:54 am

    These are some great stats and ideas to remember, thanks for sharing. What are some good ways to come in contact with foreign buyers and what areas are they looking to buy?

  4. Brian Kinkade (8 comments.) on December 15th, 2009 1:49 am

    Besides the Internet, which has been a good source of leads for me, I’m actively seeking out foreign buyers through networking.

    I have my Transnational Referral Certification, see http://www.realtor.org/cipshome.nsf/pages/trc. I’m close to earning my CIPS, or Certified International Property Specialist designation, http://www.realtor.org/cipshome.nsf/pages/cipshome.

    I am also an active member of FIABCI-USA, The International Real Estate Federation, see http://www.fiabci-usa.com/. FIABCI is a world wide group of real estate professionals for which I am proud to be a member of.

    Foreign buyers may be interested home buyers, second home buyers, investors or all of the above. I would seek out like minded agents in your area or beyond and get involved with available education and/or networking opportunities.

    I'll continue to contribute more posts as time permits with focus on identifying other opportune areas foreign buyers are actively purchasing.

  5. Ken Schmidt (1 comments.) on December 21st, 2009 8:21 pm

    I am a Real Estate agent in the Phoenix Arizona area and we are seeing ALOT of Canadian buyers right now. Especially this time of year when our weather is great. Mostly they are shopping and buying in retirement communities. Mostly are paying cash.

  6. Roy UT Real Estate (1 comments.) on December 23rd, 2009 1:26 pm

    Great post! More and more foreigners are now considering into real estate investments as they dream of having a home in a foreign land. Thus bringing your business online will be of big help to attract foreign buyers.

  7. Jeff Oleary Mississauga Real Estate (2 comments.) on January 5th, 2010 5:09 pm

    It makes sense that foreign buyers are purchasing with more cash, the rules for getting a mortgage are much tougher for a foreigner. Plus, the majority of people who can afford to own real estate in other countries usually have more money to begin with.

  8. kanishk on January 11th, 2010 9:44 pm

    I would seek out like minded agents in your area or beyond and get involved with available education and/or networking opportunities
    property

Got something to say?