We live in a global marketplace. While all real estate is local, not all property buyers are. A significant share of home purchases are made by people whose primary residence is outside of the U.S. Find out which are the top five countries of origin for foreign buyers of U.S. homes, and how these buyers are using the services of REALTORS®. This year's Profile examines purchases of real estate in the United States by international clients for the twelve-month period ending in March 2013.
- The dollar volume of purchases by residents and non-residents is estimated at $ 68.2 billion for the 12 months ended March 2013. This accounts for about 6.3 percent of total existing home sales of about $ 1 trillion over the same period.
- Canada, China, India, Mexico and the United Kingdom remain as the major sources of purchasers. However, it is not unusual to find potential buyers from a wide variety of countries.
- Florida, California, Arizona, Texas, and New York are the top preferred locations based on the number of reported purchases, with many other states receiving at least some degree of interest from foreign buyers throughout the U.S.
- The bulk of international purchases are single-family homes for residential purposes. Location appears to be the primary factor affecting residential home purchases, depending on the buyer's employment, vacation preferences, family, educational, and investment objectives.
In this video, Jed Smith, Managing Director of Quantitative Research discusses the highlights of the 2013 Profile of International Homebuying Activity with Marketing and Communications Manager TJ Doyle.
NAR offers a number of courses on the business and cultural aspects of working in the world of global real estate, as well as the CIPS designation. The CIPS designation can be earned by U.S. REALTORS®, non-U.S. real estate professionals, and Association Executives.