Despite Slowdown, International Buyers See Value in U.S.
The National Association of REALTORS®’ 2013 Profile of International Home Buying Activity, which asks REALTORS® to report their annual international business activity within the U.S. ending each March, showed that total international sales were $68.2 billion, down approximately $14 billion from the previous year. The decline is attributed to a number of temporary factors, including economic slowdowns in a number of major foreign economies, tighter credit standards in the U.S., and unfavorable exchange rates.
“Foreign buyers are experiencing hurdles not only abroad, but also here in the U.S. when it comes to purchasing property,” said NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif. “Tight credit standards have made financing challenging for immigrants, and low housing inventories have made finding a house difficult. However, none of these factors appear to be permanent.”….read more