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- FIRPTA: Thumbs Up or Thumbs Down?
- Bargain Prices Lure Investors Back to the Market
- When's the Right Time to Begin the Debate Immigration?
- The Culture of Social Media
- Is That a Light at the End of the Tunnel?
- Signs for UK Market Turnaround
- Do Your Research
- Become a CIPS Fan
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Generally speaking, the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) requires that a non-U.S. citizen have 10% of a real property transaction (typically based on selling price) withheld as a “deposit” for potential tax liability. Like most tax laws, there are defenders and detractors of FIRPTA. Recent declines in inbound foreign investment due to current market conditions has renewed the discussion on FIRPTA's pros and cons. While NAR has no official position at this time, international property specialists need to be familiar with the law. Read NAR Treasurer Jim Helsel's recent blog on FIRPTA, and then download a 20-min. training module for use in a company sales meeting on working with foreign nonresidents who buy, sell or rent U.S. property.
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Double-digit price declines of the past two years combined with the renewed strength of the dollar against foreign currencies has made buying overseas more affordable for Americans. While financing is still hard to come buy, cash buyers have a world of bargain-priced properties to choose from as developers cut prices to sell excess inventory housing stock. These market conditions are attracting investors back into the market, according to an April 27 Business Week story, not only to exotic locales, but also to traditional U.S. investment destinations such as Florida and the Southwest. Read which markets are most worth considering according to multinational market analysts, or view a slide show of Business Week's best global buys.
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Few doubt the U.S. has an immigration problem, but there's no consensus on how to fix it, or when or where to begin. Considered a political hot potato by recent presidents and candidates, Obama may be prepared to tackle the issue later this year. In April, The New York Times reported administration officials saying that Obama plans to speak publicly about the issue in May and will convene working groups to begin discussing possible legislation for as early as this fall. And the impact on housing? The data largely suggests that immigration pushes up rents and housing values. In this economy, however, there's a perception that immigrants will take jobs away, lower wages for American workers and drain the nation’s resources, thereby hurting the housing market.
View sources of U.S. immigrants by occupation and/or country.
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Are you part of the 550 million people involved in the social media culture? This number grows by 10 of millions every month and social media expert Brad Hanks says it's here to stay and provides REALTORS® significant business opportunities worldwide if used correctly. For those who think it's mostly Gen X'ers using social media, know that the fastest growing user segments are baby boomers and veterans. International specialists should feel quite at home with social media. Much like international relationships, you start by focusing on the relationship (social aspects), and then the business follows. Nearly 1,000 professionals registered for a free webinar on social media at RealEstateConnections.tv in April. If you weren't among them or were unable to access the live webinar, view the full presentation now.
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While no one is suggesting the recession is over, there are increasing signs of a light at the end of the tunnel. The G-7 finance chiefs meeting in late April predicted a “weak economic recovery will start to take hold in coming months" and that “recent data suggest that the pace of decline in our economies has slowed, and some signs of stabilization are emerging.” Recovery will vary by country, but among news boosting expectations is a rebound in German business confidence, signs of recovery emerging in China, and the March U.S. new home sales report showing numbers higher than forecasted. Existing U.S. homes sales, while still in decline, appear to be stabilizing with 53% of March sales to first-time buyers, which is critical to recovery.
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Several reports in recent weeks suggest the UK housing market may be moving into a recovery mode. In February, mortgage approvals rose by the biggest margin in three years and lending to companies grew at its strongest pace in nearly a year, according to the Bank of England. Mortgage approvals rose again in March by 16% over February. In March, UK house prices showed a surprise bounce as the nationwide house price index registered its first rise since October 2007. The index rose by 0.9%, bringing the year-on-year decline to 15.7% from 17.6% in February, and the price of the average house moved back above £150,000 ($218,666). According to the RICS 2009 Housing Market Survey, the number of new buyers registering with agents climbed for a fifth month. Read the summary of the survey's key points, or download the full report.
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What do you know about international market activity in your state? If the answer is, 'not much,' then NAR's State-by-State International Activity reports are for you. The free reports present economic and demographic data related to international business activity for all 50 states and Washington, D.C. Topics include population demographics, languages, immigration and naturalization trends, FDI, state exports and imports and more. This resource is one of more than 75 included in the online Global Business Guide, which highlights international business development resources.
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The CIPS Network now has a page on Facebook. A "must join" for CIPS Network members and designees, the CIPS Facebook page is open to anyone interesting in working with international clients in the global marketplace. Sign up now!
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Report compiled by NAR International Operations, narglobe@realtors.org.
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