The document provides a summary of key findings from the 2016 Profile of International Activity in U.S. Residential Real Estate survey conducted by the National Association of Realtors. It finds that while the number of residential properties purchased by foreign buyers increased 3% from the previous year, the total dollar volume decreased 1% due to fewer purchases by non-resident foreign buyers who typically purchase more expensive homes. Chinese buyers accounted for the largest share of foreign purchases at 26.7% of the dollar volume. Florida, California, Texas, Arizona and New York were the top destination states for foreign buyers.
Check out MNI 2017 Travel Factbook! It features data from every segment of the travel industry and is a valuable resource to improve the effectiveness of your travel ad campaigns
The document provides an overview of the international real estate market in the United States. It summarizes data from a 2013 survey on international home buying activity. Some key points:
- In 2012-2013, international buyers spent $68.2 billion on residential real estate in the US, accounting for 6.3% of total spending.
- The top countries that international buyers come from are Canada, Mexico, the UK, India, and China. Canadian buyers make up 23% of international buyers.
- International buyers typically purchase detached single family homes to use as a primary residence or vacation home. They pay higher prices on average - $354k in 2013 versus the overall US average of $228k.
Repeat Visitation to Visitor Attractions - Report for Fourth StreetFotios Ntagiantas
This document summarizes a research project assessing factors that influence repeat visits to visitor attractions. It conducted a survey of 111 visitors to the Old Royal Naval College in London, identifying three main visitor segments: local residents, UK tourists, and international tourists. Key findings include that 45% of visitors had visited before, with most repeat visits from residents within the last 6-24 months. 32% expressed strong intent to revisit within a year. Proximity, free entry, and spending time with others were most influential in propensity to revisit. The report recommends adapting surveys to better capture repeat visit data, developing a repeat visitation forecasting model, and stimulating repeats through technology, retail, events, and marketing.
The document provides an overview of real estate market trends in central New Jersey from October 2017. It summarizes national economic factors and inventory levels. It then analyzes housing market statistics such as average sale prices, days on market, and inventory levels in specific central NJ towns including Plainsboro, West Windsor, East Windsor, Lawrenceville, Princeton, Ewing, Hamilton, and Hopewell Township. Overall, the local housing markets are strong with low inventory, stable prices, and strong demand driven by jobs, schools, and transportation access.
It's a Seller's Market for real estate in the Southgate neighborhood. Now is a great time to sell your house. Message me for a complimentary home evaluation.
This marketing plan outlines strategies to maximize online exposure and promote listings across over 725 websites. Key tactics include professional photos, open houses, social media promotion, and weekly reports on online views. The plan emphasizes digital marketing as nine in ten buyers now use the internet to search. Properties will receive front page placement and be featured across real estate and third party sites through the broker's participation in branding programs. Home enhancements may be recommended to improve curb appeal and competitive positioning.
Fundamentals In Real Estate Series Part 5 Working with BuyersManaan Choksi
When you first begin your career in real estate, you will more than likely start working with buyers. There are many reasons for this which is centered on your prospecting and trust issues. Typically sellers pay the commission and look for more experience which is why a Sales Associates will usually start out working as buyer Sales Associate. Regardless, you are a Sales Associate who wants to build a business and the buyers you work with will be your future sellers. It is important to build a good relationship with them so they will trust you with the sale of their home in the future. Being friendly, helpful, understanding, listening to their needs and maintaining constant communication and service are the keys to success. You want to become the buyer’s Sales Associate for life.
Check out MNI 2017 Travel Factbook! It features data from every segment of the travel industry and is a valuable resource to improve the effectiveness of your travel ad campaigns
The document provides an overview of the international real estate market in the United States. It summarizes data from a 2013 survey on international home buying activity. Some key points:
- In 2012-2013, international buyers spent $68.2 billion on residential real estate in the US, accounting for 6.3% of total spending.
- The top countries that international buyers come from are Canada, Mexico, the UK, India, and China. Canadian buyers make up 23% of international buyers.
- International buyers typically purchase detached single family homes to use as a primary residence or vacation home. They pay higher prices on average - $354k in 2013 versus the overall US average of $228k.
Repeat Visitation to Visitor Attractions - Report for Fourth StreetFotios Ntagiantas
This document summarizes a research project assessing factors that influence repeat visits to visitor attractions. It conducted a survey of 111 visitors to the Old Royal Naval College in London, identifying three main visitor segments: local residents, UK tourists, and international tourists. Key findings include that 45% of visitors had visited before, with most repeat visits from residents within the last 6-24 months. 32% expressed strong intent to revisit within a year. Proximity, free entry, and spending time with others were most influential in propensity to revisit. The report recommends adapting surveys to better capture repeat visit data, developing a repeat visitation forecasting model, and stimulating repeats through technology, retail, events, and marketing.
The document provides an overview of real estate market trends in central New Jersey from October 2017. It summarizes national economic factors and inventory levels. It then analyzes housing market statistics such as average sale prices, days on market, and inventory levels in specific central NJ towns including Plainsboro, West Windsor, East Windsor, Lawrenceville, Princeton, Ewing, Hamilton, and Hopewell Township. Overall, the local housing markets are strong with low inventory, stable prices, and strong demand driven by jobs, schools, and transportation access.
It's a Seller's Market for real estate in the Southgate neighborhood. Now is a great time to sell your house. Message me for a complimentary home evaluation.
This marketing plan outlines strategies to maximize online exposure and promote listings across over 725 websites. Key tactics include professional photos, open houses, social media promotion, and weekly reports on online views. The plan emphasizes digital marketing as nine in ten buyers now use the internet to search. Properties will receive front page placement and be featured across real estate and third party sites through the broker's participation in branding programs. Home enhancements may be recommended to improve curb appeal and competitive positioning.
Fundamentals In Real Estate Series Part 5 Working with BuyersManaan Choksi
When you first begin your career in real estate, you will more than likely start working with buyers. There are many reasons for this which is centered on your prospecting and trust issues. Typically sellers pay the commission and look for more experience which is why a Sales Associates will usually start out working as buyer Sales Associate. Regardless, you are a Sales Associate who wants to build a business and the buyers you work with will be your future sellers. It is important to build a good relationship with them so they will trust you with the sale of their home in the future. Being friendly, helpful, understanding, listening to their needs and maintaining constant communication and service are the keys to success. You want to become the buyer’s Sales Associate for life.
When you first begin your career in real estate, you will more than likely start working with buyers. There are many reasons for this which is centered on your prospecting and trust issues. Typically sellers pay the commission and look for more experience which is why a Sales Associates will usually start out working as buyer Sales Associate. Regardless, you are a Sales Associate who wants to build a business and the buyers you work with will be your future sellers. It is important to build a good relationship with them so they will trust you with the sale of their home in the future. Being friendly, helpful, understanding, listening to their needs and maintaining constant communication and service are the keys to success. You want to become the buyer’s Sales Associate for life.
Tetanus is a serious illness caused by Clostridium bacteria. The bacteria live in soil, saliva, dust, and manure. The bacteria can enter the body through a deep cut, like those you might get from stepping on a nail, or through a burn. It can lead to "locking" of the jaw. This makes it impossible to open your mouth or swallow.
Hilary Marsh and Mary Martinez talk about why and how to use social media -- social networking sites, blogs, etc. -- to build relationships and attract prospective buyers and sellers. Delivered to Realtors at the McHenry County (IL) Association of Realtors in Feb. 2009
This document contains statistics from the National Association of Realtors on average real estate metrics and uses them to promote a real estate team. It states that on average, realtors sell 7 homes per year, for-sale-by-owners get 9% less for their homes, and homes take 148 days to sell. In contrast, it says the CJ Harrington team sold over 60 homes last year, gets homeowners more money, and sells homes in an average of 45 days. It encourages calling the team to list a home to avoid being average.
Compares Toronto real estate price increases to stock market performance (3 major indexes) over the last 20 years. Find out how the ROI for your house or condo investment has been doing.
Buyer perceptions of real estate agentsKylie Davis
The document summarizes research on buyer perceptions of real estate agents. It finds that only 14% of buyers rated their experience as excellent, and only 25% would definitely use their agent again to sell their home. Additionally, 68% felt agents had little interest in helping them find a suitable property. However, providing excellent buyer service can lead to clients referring business and recommending the agent. The document provides tips for agents to improve buyer care, such as being flexible with viewing times and responsive to inquiries.
This document provides tips for door knocking and phone conversations to promote real estate sales. It emphasizes having a positive attitude, planning ahead to understand the needs of potential clients, and using techniques to effectively engage others. Specific tips include handing out promotional materials, choosing high-turnover neighborhoods to canvas, following up on new listings by knocking on nearby doors, getting contact information from interested parties, and using a polite, solution-focused approach. The overall message is that preparation, friendliness, and focusing on clients' needs and interests can help convert chance meetings into sales opportunities.
The document summarizes key findings from the 2008 National Association of Realtors Profile of Home Buyers and Sellers. It found that 81% of buyers and sellers used a real estate agent, 41% of buyers were first-time home buyers, and the most important trait sought in an agent was trust. The internet has also become a primary tool for home searches, with 87% of buyers using it in 2008, up dramatically from just 2% in 1995.
The document provides an overview of Keller Williams Realty, including:
1) It describes the evolution of real estate industry models from traditional brokerages where associates are dependent on the company, to Keller Williams' interdependent and associate-focused model.
2) It lists several awards and honors Keller Williams has received for its success and innovation.
3) It highlights key aspects that define Keller Williams, including its focus on culture, profit sharing, and education to build careers and businesses.
RE/MAX Gujarat Newsletter April to June2015Manaan Choksi
RE/MAX Gujarat’s first quarter’s newsletter for 2015. It contains all the events and seminars done by RE/MAX Gujarat. New Broker Owner joining and new associates joining team of RE/MAX Gujarat associates. It also contains news from our broker offices. Many awards and recognition won by region, broker offices and broker associates.
Have a nice time reading it and do let us know if you have any feed-back for us and remember :
NOBODY IN THE WORD SELLS MORE REAL ESTATE THAN RE/MAX
Este documento presenta información sobre la época de la Reforma y la República Restaurada en México. Habla sobre dos grupos políticos con diferentes visiones para el país y sobre la Revolución de Ayutla que derrocó a Santa Anna. También menciona algunos de los movimientos más importantes durante este periodo como la promulgación de la Constitución de Reforma, el Segundo Imperio y la Restauración de la República. El documento contiene diapositivas con más detalles sobre estos temas.
El documento describe los pasos para realizar una búsqueda en la base de datos CINAHL sobre las causas y métodos de diagnóstico de la enfermedad de Crohn y la colitis ulcerosa en adolescentes varones. Incluye los términos de búsqueda, los filtros aplicados como años, género y edad, y cómo guardar y crear alertas de la búsqueda una vez registrado en la base de datos.
Este documento presenta un análisis FODA del curso "Computación para Empresas Turísticas". El análisis identifica las fortalezas como integrar tecnologías digitales en hoteles pequeños y usar recursos computacionales para fortalecer su competitividad. Las oportunidades incluyen desarrollar habilidades digitales básicas y usar herramientas como Word y Excel. Las debilidades son la falta de acceso a Internet y conocimientos básicos de computación. Las amenazas son el abandono del curso debido a falta de recurs
El documento describe el proceso de instalación de Windows 7 y Ubuntu 14.04 en una máquina virtual utilizando VirtualBox. Se explican los pasos para instalar cada sistema operativo de forma detallada, incluyendo la partición del disco duro, la configuración de idioma, zona horaria y contraseña. Al final, se instalan con éxito ambos sistemas operativos y se pueden seleccionar durante el arranque de la máquina virtual.
Trabajo universitario sobre las necesidades humanas según la teoría de la pirámide de Maslow y como influye la utilización de internet para conseguirlas.
La drogadicción es una enfermedad causada por la dependencia a sustancias que afectan el sistema nervioso central y las funciones cerebrales, produciendo alteraciones en el comportamiento. Existen dos tipos de dependencia - física, donde el cuerpo necesita la droga para evitar síntomas de abstinencia, y psíquica, donde el individuo siente la necesidad imperiosa de consumir drogas para evitar el malestar emocional. Las drogas se clasifican en narcóticos, sedantes, estimulantes y alucinógenos, cada
Este documento describe las características de un protagonista en una historia. Explica que aunque generalmente hay un único protagonista, también pueden existir dúos o tríos que comparten el mismo deseo y cuyos miembros se benefician o sufren juntos en su búsqueda de ese deseo. Los protagonistas tienen una fuerte voluntad, deseos conscientes o subconscientes, y la capacidad de perseguir sus objetivos hasta el límite establecido por el género de la historia. Deben generar empatía en el público aunque
2013 Profile of International Buyers: SummaryNar Res
A summary of the 2013 Profile of International Home Buying Activity in PowerPoint form. This was presented to the Massachusetts Association of REALTORS® by Jed Smith in August 2013.
The document proposes a plan for a U.S. real estate company to enter the Chinese market by partnering with a Chinese investment or real estate company. It notes that Chinese buyers are increasingly purchasing U.S. properties, in part due to safe investment opportunities and currency exchange rates. However, Chinese property laws and investment returns differ significantly. The proposal suggests partnering with a reputable Chinese company to sell turnkey U.S. properties and manage them, appealing to Chinese buyers seeking higher returns than domestic real estate currently offers. An initial trial period is recommended before establishing a long-term partnership.
When you first begin your career in real estate, you will more than likely start working with buyers. There are many reasons for this which is centered on your prospecting and trust issues. Typically sellers pay the commission and look for more experience which is why a Sales Associates will usually start out working as buyer Sales Associate. Regardless, you are a Sales Associate who wants to build a business and the buyers you work with will be your future sellers. It is important to build a good relationship with them so they will trust you with the sale of their home in the future. Being friendly, helpful, understanding, listening to their needs and maintaining constant communication and service are the keys to success. You want to become the buyer’s Sales Associate for life.
Tetanus is a serious illness caused by Clostridium bacteria. The bacteria live in soil, saliva, dust, and manure. The bacteria can enter the body through a deep cut, like those you might get from stepping on a nail, or through a burn. It can lead to "locking" of the jaw. This makes it impossible to open your mouth or swallow.
Hilary Marsh and Mary Martinez talk about why and how to use social media -- social networking sites, blogs, etc. -- to build relationships and attract prospective buyers and sellers. Delivered to Realtors at the McHenry County (IL) Association of Realtors in Feb. 2009
This document contains statistics from the National Association of Realtors on average real estate metrics and uses them to promote a real estate team. It states that on average, realtors sell 7 homes per year, for-sale-by-owners get 9% less for their homes, and homes take 148 days to sell. In contrast, it says the CJ Harrington team sold over 60 homes last year, gets homeowners more money, and sells homes in an average of 45 days. It encourages calling the team to list a home to avoid being average.
Compares Toronto real estate price increases to stock market performance (3 major indexes) over the last 20 years. Find out how the ROI for your house or condo investment has been doing.
Buyer perceptions of real estate agentsKylie Davis
The document summarizes research on buyer perceptions of real estate agents. It finds that only 14% of buyers rated their experience as excellent, and only 25% would definitely use their agent again to sell their home. Additionally, 68% felt agents had little interest in helping them find a suitable property. However, providing excellent buyer service can lead to clients referring business and recommending the agent. The document provides tips for agents to improve buyer care, such as being flexible with viewing times and responsive to inquiries.
This document provides tips for door knocking and phone conversations to promote real estate sales. It emphasizes having a positive attitude, planning ahead to understand the needs of potential clients, and using techniques to effectively engage others. Specific tips include handing out promotional materials, choosing high-turnover neighborhoods to canvas, following up on new listings by knocking on nearby doors, getting contact information from interested parties, and using a polite, solution-focused approach. The overall message is that preparation, friendliness, and focusing on clients' needs and interests can help convert chance meetings into sales opportunities.
The document summarizes key findings from the 2008 National Association of Realtors Profile of Home Buyers and Sellers. It found that 81% of buyers and sellers used a real estate agent, 41% of buyers were first-time home buyers, and the most important trait sought in an agent was trust. The internet has also become a primary tool for home searches, with 87% of buyers using it in 2008, up dramatically from just 2% in 1995.
The document provides an overview of Keller Williams Realty, including:
1) It describes the evolution of real estate industry models from traditional brokerages where associates are dependent on the company, to Keller Williams' interdependent and associate-focused model.
2) It lists several awards and honors Keller Williams has received for its success and innovation.
3) It highlights key aspects that define Keller Williams, including its focus on culture, profit sharing, and education to build careers and businesses.
RE/MAX Gujarat Newsletter April to June2015Manaan Choksi
RE/MAX Gujarat’s first quarter’s newsletter for 2015. It contains all the events and seminars done by RE/MAX Gujarat. New Broker Owner joining and new associates joining team of RE/MAX Gujarat associates. It also contains news from our broker offices. Many awards and recognition won by region, broker offices and broker associates.
Have a nice time reading it and do let us know if you have any feed-back for us and remember :
NOBODY IN THE WORD SELLS MORE REAL ESTATE THAN RE/MAX
Este documento presenta información sobre la época de la Reforma y la República Restaurada en México. Habla sobre dos grupos políticos con diferentes visiones para el país y sobre la Revolución de Ayutla que derrocó a Santa Anna. También menciona algunos de los movimientos más importantes durante este periodo como la promulgación de la Constitución de Reforma, el Segundo Imperio y la Restauración de la República. El documento contiene diapositivas con más detalles sobre estos temas.
El documento describe los pasos para realizar una búsqueda en la base de datos CINAHL sobre las causas y métodos de diagnóstico de la enfermedad de Crohn y la colitis ulcerosa en adolescentes varones. Incluye los términos de búsqueda, los filtros aplicados como años, género y edad, y cómo guardar y crear alertas de la búsqueda una vez registrado en la base de datos.
Este documento presenta un análisis FODA del curso "Computación para Empresas Turísticas". El análisis identifica las fortalezas como integrar tecnologías digitales en hoteles pequeños y usar recursos computacionales para fortalecer su competitividad. Las oportunidades incluyen desarrollar habilidades digitales básicas y usar herramientas como Word y Excel. Las debilidades son la falta de acceso a Internet y conocimientos básicos de computación. Las amenazas son el abandono del curso debido a falta de recurs
El documento describe el proceso de instalación de Windows 7 y Ubuntu 14.04 en una máquina virtual utilizando VirtualBox. Se explican los pasos para instalar cada sistema operativo de forma detallada, incluyendo la partición del disco duro, la configuración de idioma, zona horaria y contraseña. Al final, se instalan con éxito ambos sistemas operativos y se pueden seleccionar durante el arranque de la máquina virtual.
Trabajo universitario sobre las necesidades humanas según la teoría de la pirámide de Maslow y como influye la utilización de internet para conseguirlas.
La drogadicción es una enfermedad causada por la dependencia a sustancias que afectan el sistema nervioso central y las funciones cerebrales, produciendo alteraciones en el comportamiento. Existen dos tipos de dependencia - física, donde el cuerpo necesita la droga para evitar síntomas de abstinencia, y psíquica, donde el individuo siente la necesidad imperiosa de consumir drogas para evitar el malestar emocional. Las drogas se clasifican en narcóticos, sedantes, estimulantes y alucinógenos, cada
Este documento describe las características de un protagonista en una historia. Explica que aunque generalmente hay un único protagonista, también pueden existir dúos o tríos que comparten el mismo deseo y cuyos miembros se benefician o sufren juntos en su búsqueda de ese deseo. Los protagonistas tienen una fuerte voluntad, deseos conscientes o subconscientes, y la capacidad de perseguir sus objetivos hasta el límite establecido por el género de la historia. Deben generar empatía en el público aunque
2013 Profile of International Buyers: SummaryNar Res
A summary of the 2013 Profile of International Home Buying Activity in PowerPoint form. This was presented to the Massachusetts Association of REALTORS® by Jed Smith in August 2013.
The document proposes a plan for a U.S. real estate company to enter the Chinese market by partnering with a Chinese investment or real estate company. It notes that Chinese buyers are increasingly purchasing U.S. properties, in part due to safe investment opportunities and currency exchange rates. However, Chinese property laws and investment returns differ significantly. The proposal suggests partnering with a reputable Chinese company to sell turnkey U.S. properties and manage them, appealing to Chinese buyers seeking higher returns than domestic real estate currently offers. An initial trial period is recommended before establishing a long-term partnership.
The document summarizes a report on international home buying activity in the US from April 2013 to March 2014. Some key findings include:
- Total international home sales were estimated at $92.2 billion, a 35% increase from the prior year. Canadians and Chinese were the largest groups of international buyers.
- The top 5 countries for international buyers (Canada, China, Mexico, India, and UK) accounted for 54% of reported transactions. Chinese buyers spent the most total ($22 billion), favoring expensive markets like California and New York.
- The top 5 states for international home purchases were Florida, California, Arizona, Texas, and New York, accounting for 55% of foreign buyer transactions. Specialized expertise
2023 NAR Profile of Home Buyers and SellersTom Blefko
- The 2023 Profile of Home Buyers and Sellers survey provides insights into home buying and selling trends between July 2022 and June 2023.
- Home buyers had a median household income of $107,000, up from $88,000 the previous year. 20% of buyers paid cash without financing, up from 13% in 2021.
- First-time buyers made up 32% of the market, up from a historic low of 26% last year but still the 4th lowest share in over 40 years of data.
the Luxury Market Report, your guide to luxury real estate market data and trends
for North America. Produced monthly by The Institute for Luxury Home Marketing, this report
provides an in-depth look at the top residential markets across the United States and Canada. Within the
individual markets, you will find established luxury benchmark prices and detailed survey of luxury active and
sold properties designed to showcase current market status and recent trends. The national report illustrates
a compilation of the top North American markets to review overall standards and trends.
This document provides a summary of the Western North Carolina real estate market in the first quarter of 2016. It finds that there is a severe shortage of low-to-moderate priced homes, with a 36% shortage in Buncombe County price brackets. This shortage is slowing sales for buyers looking in these price ranges and increasing the frequency of competitive bidding situations. The document also provides statistics on home sales, prices, inventory levels and forecasts for the mortgage market in coming quarters.
A report from the National Association of Realtors outlining the Commercial Real Estate Trends in International Business.
The report outlines foreign buyer transactions among National Association of Realtors commercial members in 2020 and discusses trends in the Small Commercial Property market and also discusses trends in the large property market.
This document is a real estate marketing proposal from Rick Tankersley of Century 21 Northside to Richard Vanderbilt for marketing his property at 1234 Indigo Way in San Antonio. The proposal provides information on Rick and Century 21's experience marketing luxury properties, analyses the local real estate market, and outlines their strategies and advertising plans to sell the property at the right price and according to Richard's timeline and goals.
Seminar topik bagaimana sewa atau beli rumah di amerikaRonny Budiutama
1. Ronny Budiutama presented on options for renting or buying homes in America, outlining tips for international students applying to rentals, documents needed, finding rentals online, average rental costs, and landlord questions.
2. He also discussed reasons for investing in US real estate now, comparing renting vs buying, loans for foreigners, and the 2012 California housing market update and 2013 forecast.
3. The presentation provided information on rental tips, documents, websites to search, average costs, landlord questions, reasons to invest, rent vs buy comparisons, foreigner loans, and the state market outlook.
2012 profile international buying activityPhippsRealty
This document provides a summary of a 2012 survey conducted by the National Association of Realtors on international home buying activity in the US. Some key findings:
- International clients accounted for 4.8% of total US home sales from March 2011-2012, totaling an estimated $82.5 billion.
- The top 5 countries that international buyers were from were Canada, China, Mexico, India, and the UK, accounting for 55% of transactions.
- The top 4 states where international buyers purchased property were Arizona, California, Florida, and Texas, accounting for 51% of purchases.
- Specialized expertise working with international clients, such as foreign language skills and cultural knowledge, can
This document discusses research on online real estate consumer behavior conducted by comScore. It finds that 67 million people in the US are actively engaged in online real estate activities like buying, selling, renting, or financing. These online real estate consumers can be segmented into four main groups: Passionates (6%), who are highly engaged; Conventionals (14%), who rely on guidance; Actives (19%), who actively research online; and Future Prospects (61%), who are just looking now. The document provides details on the characteristics, behaviors, and best marketing approaches for each segment.
Canada Mortgage and Housing Corporation (CMHC) released today its annual Mortgage Consumer Survey (MCS). The largest survey of its kind, the MCS has been conducted since 1999 and provides insight into the behaviours, attitudes and expectations of Canadians when they acquire, renew or refinance a mortgage.
In April 2018, CMHC completed an online survey of 4,000 recent mortgage consumers, all prime household decision makers who had undertaken a mortgage transaction in the past 12 months. Sixty-eight percent had renewed their mortgage, 15% had refinanced their mortgage, and 16% had purchased a home with mortgage financing (9% first-me buyers and 7% repeat buyers). Total results were weighted to reflect the actual proportion of households in each region.
Utah Real Property: A Wealth Safe HavenAshlin Burton
International real estate property specialist Ashlin Burton China Trade Mission Presentation. Explore the growing investor demand for international properties. Whether it's Baby boomers seeking a vacation homes/retirement (capitalizing on the dollar currency value) residence. Or housing for student's studying abroad transitioning to an eventual rental. A trust worthy single point of contact is a priority relationship.
2021 Emerging Models in Real Estate ReportMike DelPrete
The 2021 Emerging Models in Real Estate Report is focused on the fastest moving, biggest trends in residential real estate tech.
Follow the story of digital disruption, from the rise of online agencies in the U.K. to iBuyers and Power Buyers in the U.S. Track which models are disrupting traditional brokerage businesses, what's driving them on, what's holding them back, and how smart agents are responding.
The document describes a Florida property fund that buys foreclosed properties at discounted prices, rehabs them, and rents or resells them. The fund sees opportunity in Florida's depressed real estate market and increasing demand from foreign investors and retirees. It aims to provide investors with returns of 10-17% annually through a low risk mortgage investment structure. The fund has offices internationally and partnerships to facilitate property acquisition, financing, legal work, and more.
The LeaseRunner annual rental industry report found strong tenant demand, which led most investors to refrain from selling rental properties. Respondents felt positively about the market due to high consumer interest, with several prospective renters for each vacancy. Over three-quarters of real estate agents and investors considered investing in rentals in the next 24 months, while accidental landlords may sell when conditions improve. The report collected data through surveys of investors, agents, and accidental landlords in thousands of US cities.
An independent study found that local real estate brokerage websites provide the most complete, accurate and timely home listing information compared to national real estate portals. Specifically, the study found that local brokerage sites display 100% of actively listed homes, list new properties an average of 7-9 days before national portals, and almost never incorrectly display homes as actively listed after they have been sold. National portals on average were missing around 20% of listings and incorrectly listed around 36% of homes as active after being sold.
LANEWAY SUITES! Learn what it takes to build and invest in laneway homes!
Question: What's our number one job as real estate investors??
Answer: **To put our money to its highest and best use!!**
With rising costs of property in Toronto, however, this is getting more and more difficult to do. Is the answer to look outside of Toronto for cheaper properties? No! As sophisticated investors, we know that along with lower prices comes increased risk. So what's the answer? DENSIFICATION!!
Laneway housing in Toronto has been a LONG TIME COMING for us investors, and will allow us to maximize the returns on our properties. Laneway suites can offer some of the highest ROI in Toronto for existing landlords who already own freehold investment properties with a laneway (i.e. single family, duplex, triplex, fourplex, etc), where a unit which cost $[masked]k to build can be rented out for $2000 a month. That's double the return of a condo.
Eldon Theodore, Partner at planning firm MHBC, will be joining us to discuss the opportunities and challenges around the activation and optimization of laneways through infill housing. We'll discuss the benefits and shortfalls of the recent Laneway Suite Guidelines approved by City Council. We'll run through real-life examples of applications to understand how to navigate this process!
Eldon Theodore is a Partner at MHBC with a dual specialization in planning and urban design where he has been practicing for 16 years. Eldon holds an Honours Bachelor Degree in Urban and Regional Planning from the University of Waterloo and a Masters in Urban Design Studies from the University of Toronto. Eldon is also a LEED Accredited Professional and has been trained under the National Charrette Institute System for conducting community charrettes.
Join us on Thursday, September 20th to learn about TORONTO LANEWAY HOUSING!!
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Aug 16th,[masked]:30pm-10:00pm
RSVP NOW!!!
Schedule:
6:30pm-7:00pm: Arrival, meet and greet and networking
7:00pm-9:00pm: Presentations begin at 7pm SHARP
9:00pm-10:00pm: Networking
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Volition Properties
Volition Properties is an award-winning Toronto boutique real estate investment firm that provides advisory and turnkey real estate investment services. Its mandate is to help real estate investors sustainably invest to build wealth in the Toronto real estate market by investing in low-risk, freehold, cash-flowing income properties over longer-term real estate cycles.
[Volition (vō-ˈli-shən): The power to make your own choices or decisions; free will. Living life by design, not by default.]
Contact us today for any questions about investing in real estate in Toronto! [masked]
This document provides a summary of trends in the US hotel real estate market based on a literature review. Key findings include an influx of foreign investors, particularly from Asia and the Middle East, and a shift from REIT financing to private equity. Investors are trending towards purchasing quality hotels in major markets and select service branded properties in secondary markets. Perceptions of risk are low given historically low interest and capitalization rates, leading to high return expectations. The outlook for the US hotel market is generally positive through 2016 with projected RevPAR growth in the high single digits. However, the document notes some inconsistencies between reports that could impact different perspectives.
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2. 2016 Profile of International Activity in U.S. Residential Real Estate
NATIONAL ASSOCIATION OF REAL
National Association of REALTORS®
Research Division
June 2016
3. About the Survey
Since 2009, the Research Division of the National Association of REALTORS®
(NAR) has
conducted an annual survey of REALTORS®
to measure the share of U.S. residential real estate
sales to international clients, to provide a profile of the origin, destination, and buying
preferences of international clients, as well as the challenges and opportunities faced by
REALTORS® in serving foreign clients.
The 2016 Profile of International Activity in U.S. Residential Real Estate presents
information regarding REALTOR®
transactions with international clients during the 12-month
period of April 2015–March 2016. While past years’ reports focused on residential buyers,
the 2016 report presents information on international client sales of U.S. residential property.
Following on from last year’s initiative, the report also provides insights on U.S. clients seeking
to purchase property abroad.
This survey was sent to 150,000 REALTORS®
who were randomly selected to participate
in the online survey and to 6,565 REALTORS® who responded to the 2014 and 2015 surveys.
The online survey was conducted from April 12–28th
, 2016. A total of 5,960 REALTORS®
responded to the 2016 survey.1
Information about the characteristics of international clients is
based on the most recent closed transactions of the respondents during the 12 months ending
March 2016.
The term international or foreign client refers to two types of clients:
o Non-resident foreigners (Type A): Non-U.S. citizens with permanent residences outside the
United States. These clients typically purchase property as an investment, for vacations, or
other visits of less than six months to the United States.
o Resident foreigners (Type B): Non-U.S. citizens who are recent immigrants (in the country
less than two years at the time of the transaction) or temporary visa holders residing for
more than six months in the United States for professional, educational, or other reasons.
Questions about this report2
may be directed to the Research Division of the National
Association of REALTORS®
at Dhale@realtors.org.
Lawrence Yun, Senior Vice President & Chief Economist
Danielle Hale, Managing Director, Housing Research
Gay Cororaton, Research Economist
June 2016
1
The number of respondents to each question varies because of non-response or because the question is not
relevant to the respondent and is not asked to respond to the question.
2
The team acknowledges Jessica Lautz, Managing Director, Survey Research and Communications; Lisa Herceg,
Director, Marketing Research; Meredith Dunn, Communications Manager; and Amanda Riggs, Survey Analyst, for
their valuable comments in improving the survey questionnaire and editing the report.
2016 Profile of International Activity in U.S. Residential Real Estate 1
4. Table of Contents
About the Survey ....................................................................................................................................1
Summary.................................................................................................................................................3
I. PROFILE OF INTERNATIONAL CLIENTS WHO PURCHASED U.S. RESIDENTIAL PROPERTY.......................5
Volume of Foreign Buyers Purchasing Residential Property..................................................................5
Economic Environment Effects on International Sales...........................................................................9
Origin of International Buyers ..............................................................................................................11
Destination of International Buyers .....................................................................................................13
Intended Use of the Property...............................................................................................................17
Prices and Financing .............................................................................................................................19
Type of Area Where Property is Located..............................................................................................23
Type of Residential Property ................................................................................................................25
Reasons for Not Purchasing Property...................................................................................................27
II. PROFILE OF INTERNATIONAL CLIENTS WHO SOLD RESIDENTIAL PROPERTY .......................................28
III. PROFILE OF U.S. RESIDENTS PURCHASING A PROPERTY ABROAD .......................................................30
IV. REALTOR®
INTERACTION WITH INTERNATIONAL CLIENTS....................................................................33
Number and Share of International Clients..........................................................................................33
Source of Leads and Referrals ..............................................................................................................36
Challenges in Dealing with International Clients..................................................................................37
V. CONCLUSIONS.......................................................................................................................................39
Appendix 1. Computation of the Size of U.S. Residential Purchases of Foreign Buyers...............................41
Appendix 2. Comments from REALTOR®
Respondents.................................................................................42
Appendix 3. About NAR’s Commercial and Global Services Group..............................................................45
Appendix 4. Realtor.com Data on Global Buyers Searching in the United States........................................46
National Association of REALTORS® Research Division 2
5. Summary
Amid slower economic growth in many countries and the strengthening of the U.S.
dollar, fewer non-resident foreigners purchased U.S. residential properties while resident
foreigners stepped up their purchases. Meanwhile, more U.S. domestic clients searched for
properties abroad.
Residential Properties Purchased by Foreign Buyers
• Foreign buyers purchased $102.6 billion of residential property from April 2015—March
2016, a decrease from $103.9 billion in the previous 12-month period. Foreign buyers
purchased 214,885 residential properties, a three percent increase from 208,947 in the
previous 12-month period. The dollar volume decreased even as the number of residential
property units purchased increased because there were fewer non-resident foreign buyers
who tend to purchase more expensive properties than resident foreign buyers.
• Non-resident foreigners accounted for 41 percent of foreign buyers while resident
foreigners made up 59 percent. In past years, the number of foreign buyers was split almost
evenly between resident and non-resident foreign buyers. The slowdown in economic
growth in many countries and the strengthening of the U.S. dollar against many foreign
currencies explains in part the drop in the number of non-resident foreign buyers.
• Foreign buyers typically purchase more expensive properties. For example, foreign buyers
purchased properties valued at $277,380 compared to the median price of $223,058 of all
U.S. existing home sales.3
The median price of properties purchased by non-resident foreign
buyers was $253,684, and the median price of properties purchased by resident foreign
buyers was $298,701. However, because the distribution of non-resident foreign buyers
skews to the upper end, a look at average prices shows that non-resident foreign buyers
purchased properties that cost $491,427 on average compared to resident foreign buyers
who purchased properties that cost $467,444.4
Forty-five percent of foreign buyers who
purchased residential property came from China ($27.0B), Canada ($8.9B), India ($6.1B), the
United Kingdom ($5.5B), and Mexico ($4.8B). Non-resident foreign buyers made up the bulk
of buyers from Canada and the United Kingdom while resident foreign buyers came from
China, India, and Mexico.
• Although foreigners purchased property nationwide, five states accounted for 51 percent of
total residential property purchases: Florida (22 percent), California (15 percent), Texas (10
percent), Arizona (four percent), and New York (four percent).
• Seventy-two percent of non-resident foreign buyers purchased the property as a vacation
and/or residential rental property for investment while 21 percent of resident foreign
buyers purchased the property for vacation and/or rental use.
3
The median is the middle value of the distribution. Half of all purchases fall below this value and half are above
this value. Because home values tend to skew to the higher end, the median is often a better reflection of typical
market activity.
4
The mean or the average price is used to calculate the total dollar volume of purchases and can be used as a
measure of central tendency. It is found by summing the responses and dividing by the number of responses.
2016 Profile of International Activity in U.S. Residential Real Estate 3
6. • Fifty percent of reported transactions were all-cash sales. Seventy-three percent of non-
resident foreign buyers made an all-cash purchase compared to 33 percent among resident
foreign buyers.
• Previous client contacts and referrals accounted for 47 percent of leads for respondents
who had a residential buyer.
Residential Properties Sold by Foreigners
• The majority of international clients who sold their U.S. residential property originated from
Canada, China, the United Kingdom, Mexico, Germany, and India. Properties owned by
international clients sold for $446,191 on average and a median of $245,331.
U.S. Domestic Clients Searching For Properties Abroad
• Fourteen percent of REALTOR®
respondents had U.S. domestic clients who were interested
in purchasing property abroad. Mexico, Costa Rica, Philippines, Colombia, and Canada
generated the most interest. Seventy-nine percent of U.S. domestic clients seeking property
abroad were interested in a residential property. Eighty-seven percent of those clients
intended to use the property as a vacation home and/or residential rental property.
REALTOR®
Interaction with International Clients
• Thirty-one percent of REALTOR® respondents reported working with international clients, a
decrease from the 35 percent share in the previous period.
• Sixteen percent of respondents have been in the business for less than one year, up from
less than one percent in 2010. This is a positive indicator of the strengthening U.S. real
estate market, but it also indicates the need for additional training and information for
REALTORS®
who are interested in cultivating and growing their business in this niche market
catering to international buyers and sellers.
• Most REALTOR®
respondents are optimistic about the outlook over the next 12 months:
44 percent of respondents expect increased activity with international clients, 29 percent
expect no change, 17 percent do not know, and only 10 percent expect decreased activity.
After the survey was closed, the voters of the United Kingdom decided to leave the
European Union in a referendum (“Brexit”). This decision rocked currency markets and has
driven bond rates lower as investors flock to safe investments. The decline in the value of
the British Pound is likely to mean fewer buyers from the United Kingdom. Longer-term
ramifications could be mixed. Businesses and foreign real estate investors may choose to
stay away from the United Kingdom, and the United States could become an attractive
alternative. However, if the uncertainty impacts global economic growth, demand for U.S
real estate could fall.
National Association of REALTORS® Research Division 4
7. I. PROFILE OF INTERNATIONAL CLIENTS WHO PURCHASED U.S.
RESIDENTIAL PROPERTY
Volume of Foreign Buyers Purchasing Residential Property
Foreign buyers purchased $102.6 billion of residential property in April 2015—March
2016, a one percent decrease from the $103.9 billion of property purchased in April 2014—
March 2015. Foreign buyers purchased 214,885 residential properties, a three percent increase
from the previous period. The dollar volume decreased even as the number of residential
properties purchased increased, in part because of the decrease in non-resident foreign buyers
who tend to purchase more expensive properties than resident foreign buyers. The share of
non-resident foreign buyers to foreign residential buyers decreased to 41 percent from the
almost even split between resident and non-resident foreign buyers in previous years.
$33 $41 $35
$47 $54
$44
$33
$41
$33
$45
$49
$59
$0
$20
$40
$60
$80
$100
$120
2011 2012 2013 2014 2015 2016
Billions
Dollar Volume of Foreign Buyer Residential Property
Purchases
Non-resident (Type A) Resident (Type B)
Note: Based on transactions in the 12 months ending March of each year.
2016 Profile of International Activity in U.S. Residential Real Estate 5
8. Foreign buyers purchased properties that, on average, were more expensive than
existing-homes sales for all buyers in the United States. Foreign buyers paid $477,462 which is
higher than the average price of $266,683 of existing homes sales. Ten percent of foreign
buyers purchased properties valued at over $1 million, pulling up the average purchase price of
properties by foreign buyers. Non-resident foreign buyers paid $491,427 while resident foreign
buyers paid $467,444.
105.4 103.1 98.1 117.8 99.4 88.5
105.4 103.1 94.4
114.8
109.6 126.3
210.8 206.2
192.5
232.6
208.9 214.9
-
50
100
150
200
250
2011 2012 2013 2014 2015 2016
Thousands
Number of Foreign Buyer Residential Property Purchases
Non-resident (Type A) Resident (Type B) Total
Note: Based on transactions in the 12 months ending March of each year.
$315.0
$400.0
$354.2
$396.2
$499.6 $477.5
$217.8 $212.2 $228.4 $247.4 $255.6 $266.7
$0
$100
$200
$300
$400
$500
$600
2011 2012 2013 2014 2015 2016
Thousands
Average Purchase Price of Foreign Buyers and
All Existing Home Sales
Foreign Buyers Existing Home Sales
Note: Based on transactions in the 12 months ending March of each year.
National Association of REALTORS® Research Division 6
9. In terms of typical transactions, foreign buyers purchased properties valued at $277,380
compared to the median price of $223,058 of all U.S. existing home sales. Although non-
resident foreign buyers purchased more expensive properties on average compared to resident
foreign buyers, non-resident foreign buyers typically purchased less expensive properties
compared to resident foreign buyers. Non-resident foreign buyers purchased properties valued
at a median of $253,684, compared to resident foreign buyers who paid a median of $298,701.
For the second year in a row, Chinese foreign buyers were the top buyers in terms of the
number of units purchased and dollar volume, purchasing $27.3 billion worth of residential
property which is 26.7 percent of the dollar volume of residential property sold. Canadian
$548.1
$450.7
$491.4 $467.4
$0
$100
$200
$300
$400
$500
$600
Non-resident (Type A) Resident (Type B)
Thousands
Average Purchase Prices of Foreign Buyers
2015 2016
$220.3
$290.6
$253.7
$298.7
$0
$50
$100
$150
$200
$250
$300
$350
Non-resident (Type A) Resident (Type B)
Thousands
Median Purchase Prices of Foreign Buyers
2015 2016
2016 Profile of International Activity in U.S. Residential Real Estate 7
10. buyers purchased $8.9 billion of residential property; Indian buyers, $6.1 billion; United
Kingdom buyers, $5.5 billion; and Mexican buyers, $4.8 billion. Both the number of properties
sold and the dollar volume from foreign buyers from Canada, China, India, and Mexico
decreased from their levels one year ago. The number of properties sold and the dollar volume
of sales to foreign buyers from the United Kingdom increased after a decrease in the previous
period.5
5
Estimates for the United Kingdom also exhibit more volatility because of smaller sample size.
2010 2011 2012 2013 2014 2015 2016
Canada $17.1 $13.0 $15.9 $11.8 $13.8 $11.2 $8.9
China $11.2 $7.0 $12.0 $12.8 $22.0 $28.6 $27.3
India $5.0 $5.1 $5.2 $3.9 $5.8 $7.9 $6.1
Mexico $6.5 $4.2 $6.5 $3.6 $4.5 $4.9 $4.8
United Kingdom $12.1 $6.5 $4.4 $4.2 $5.8 $3.8 $5.5
Total International Sales $65.9 $66.4 $82.5 $68.2 $92.2 $103.9 $102.6
China includes buyers from the People's Republic of China, Hong Kong, and Taiwan.
Estimates from 2010 thru 2015 include some commercial transactions. The 2016 estimate includes only residential transactions.
Source: NAR
Dollar Volume of Sales to Foreign Buyers from Top Five Countries
(in Billion Dollars)
2010 2011 2012 2013 2014 2015 2016
Canada 25.9% 19.6% 19.3% 17.3% 14.9% 10.8% 8.7%
China 16.9% 10.6% 14.5% 18.8% 23.9% 27.5% 26.7%
India 7.6% 7.7% 6.3% 5.7% 6.3% 7.7% 6.0%
Mexico 9.8% 6.3% 7.9% 5.2% 4.9% 4.7% 4.6%
United Kingdom 18.3% 9.8% 5.3% 6.1% 6.3% 3.6% 5.3%
Share of Top Five 78.6% 54.0% 53.4% 53.2% 56.2% 54.3% 51.3%
China includes buyers from the People's Republic of China, Hong Kong, and Taiwan.
Figures from 2010 thru 2015 include some commercial transactions. Figures in 2016 includes only residential transactions.
Source: NAR
Share of Top Five Countries to the Total Dollar Volume of International Sales
National Association of REALTORS® Research Division 8
11. Economic Environment Effects on International Sales
Economic, political, social, and personal factors affect an individual’s decision to
purchase U.S. property. In April 2015–March 2016, foreign buyers faced challenging economic
conditions which made U.S. residential real estate less affordable. Economic growth slowed in
2010 2011 2012 2013 2014 2015 2016
Canada 69,135 48,483 49,486 43,937 43,737 29,423 26,851
China 27,053 18,972 24,743 23,075 37,223 34,327 29,195
India 15,029 14,756 12,371 10,431 12,563 17,270 14,527
Mexico 30,059 14,756 16,495 15,805 20,007 17,910 17,881
United Kingdom 27,053 14,756 12,371 9,483 11,632 8,315 9,150
All Countries 300,585 210,797 206,192 192,500 232,643 208,947 214,885
China includes buyers from the People's Republic of China, Hong Kong, and Taiwan.
Figures from 2010 thru 2015 includes some commercial transactions. Figures in 2016 inlcudes only residential transactions.
Source: NAR
Number of Properties Purchased by Foreign Buyers from Top Five Countries
Average Purchase Price of Foreign Buyers from Top Five Countries
2010 2011 2012 2013 2014 2015 2016
Canada $247,283 $269,071 $321,745 $269,065 $314,718 $380,292 $332,072
China $412,162 $370,902 $483,984 $555,903 $590,826 $831,761 $936,615
India $333,333 $346,354 $418,966 $372,656 $459,028 $460,156 $420,352
Mexico $214,744 $283,000 $396,154 $225,500 $224,123 $274,849 $266,188
United Kingdom $447,143 $438,889 $355,921 $440,833 $499,242 $455,592 $598,182
All Countries $311,400 $315,000 $400,000 $354,193 $396,200 $499,600 $477,462
China includes buyers from the People's Republic of China, Hong Kong, and Taiwan.
Figures from 2010 thru 2015 include some commercial transactions. Figures in 2016 includes only residential transactions.
Source: NAR
Median Purchase of Foreign Buyers from Top Five Countries
2010 2011 2012 2013 2014 2015 2016
Canada $200,001 $177,274 $171,876 $182,956 $212,501 $196,250 $222,310
China $320,834 $282,144 $333,334 $412,501 $516,448 $486,111 $542,084
India $283,334 $305,557 $308,334 $300,000 $321,430 $380,000 $333,372
Mexico $134,376 $168,751 $200,001 $156,251 $141,072 $171,154 $176,522
United Kingdom $315,001 $325,001 $266,668 $250,001 $325,001 $200,000 $427,348
All Countries $219,400 $228,279 $274,219 $225,862 $268,284 $284,878 $277,380
China includes buyers from the People's Republic of China, Hong Kong, and Taiwan.
Figures from 2010 thru 2015 include some commercial transactions. Figures in 2016 includes only residential transactions.
Source: NAR
2016 Profile of International Activity in U.S. Residential Real Estate 9
12. China and Canada while the Latin America/Caribbean region’s economy contracted.6
Slower
growth, led by China, reduced the global demand for oil which, along with strong global oil
production, led to the collapse of crude oil prices from about $100 per barrel to about $50 per
barrel by January 2015. Oil-producing economies such as Canada, Mexico, Brazil, Venezuela,
and Russia where many foreign buyers originate were adversely impacted. Meanwhile, India
continued to grow at a strong and sustained pace, benefiting from the lower global oil prices, as
well as strong fiscal markets, investment, and consumer spending.
With falling export revenues, many currencies weakened against the U.S. dollar. The
Canadian dollar depreciated by five percent, the Chinese yuan by four percent, the Indian rupee
by seven percent, the Mexican peso by 16 percent, the British pound by five percent, the
Brazilian real by 18 percent, and the Venezuelan bolivar by 38 percent.7
Meanwhile, the median
price of existing-home sales in the United States increased by six percent in March 2016
compared to one year ago. Both the increase in U.S. home prices and the stronger dollar raised
the price of U.S. properties valued in foreign currencies, as shown in the graph below. For
example, a Canadian buyer who is purchasing a U.S. home will pay 10 percent more in Canadian
dollars in March 2016 compared to March 2015. Respondents to this year’s survey observed a
slowdown in Canadian purchases because of the strong U.S. dollar (see Appendix 2,
Comments).
6
International Monetary Fund, World Economic Outlook, Aril 2016, downloaded at
http://www.imf.org/external/pubs/ft/weo/2016/01/pdf/text.pdf
7
Depreciation for the Venezuelan bolivar is calculated at the official exchange rate. Black market exchange rates
suggest significantly greater depreciation of the currency.
2.5
7.3
0.9
7.3
1.31.2
6.9
1.6
7.3
-0.1
1.5
6.5
1.5
7.5
-0.5
1.9
6.2
1.6
7.5
1.1
-1
0
1
2
3
4
5
6
7
8
Canada China Euro Area India Latin
America/Caribbean
GDP Growth Rates
2014 2015 2016 Proj 2017 Proj
Source: IMF, April 2016 World Economic Outlook
National Association of REALTORS® Research Division 10
13. Origin of International Buyers
International clients come from across the globe. Asia/Oceania accounted for 34
percent of foreign buyers of residential properties, followed by Latin America and the
Caribbean at 21 percent, Europe at 18 percent, North America (mainly, Canada) at 12 percent,
and Africa at three percent. Twelve percent of foreign buyers came from a country that the
survey respondent could not identify.
45%
24% 22%
13% 12% 10% 10% 10% 8%
5%
2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Percent Increase in the Median Price of U.S. Existing Homes
Measured in Foreign Currencies in March 2016 Compared to
One Year Ago
Source: NAR calculations
* Depreciation for the Venezuelan bolivar is calculated at the official exchange rate. Black
market exchange rates suggest significantly greater depreciation of the currency.
2016 Profile of International Activity in U.S. Residential Real Estate 11
14. Foreign buyers from five countries continued to account for most of the reported
purchases: China, Canada, Mexico, India, and the United Kingdom. Together, they constituted
45 percent of foreign residential property buyers.
Canadians and U.K. buyers were mainly non-resident foreigners while Chinese, Indian,
and Mexican foreign buyers were mostly resident foreigners. About 80 percent of Canadian
foreign buyers and 61 percent of U.K. foreign buyers were non-resident buyers. Only 39 percent
of Chinese foreign buyers were non-resident, a decrease from the 47 percent share in the
previous 12-month period. Slower economic growth in China, the depreciation of the yuan, and
Africa
3%
Asia/Oceania
34%
Europe
18%
Latin America
and the
Caribbean
21%
North America
12%
Unknown
12%
Origin of Foreign Residential Buyers*
* Based on the respondent's most recent sale in the 12 months ended March 2016.
National Association of REALTORS® Research Division 12
15. tighter regulation on individual capital outflows may account for this. Eleven percent of foreign
buyers from India were non-resident buyers. Among Mexican foreign buyers, 27 percent were
non-resident. Non-resident foreign buyers typically have different characteristics than resident
foreign buyers in terms of the reasons for purchasing property, the type of property purchased,
and the type of payment or financing.
Destination of International Buyers
While international clients represent a small segment of total U.S. existing-home sales
market, they are an important clientele, particularly to states that tend to attract international
clients: Florida, California, Texas, Arizona, and New York. Together, these five states accounted
for 51 percent of international buyers who purchased residential property. Other major
destinations include New Jersey, Illinois, North Carolina, Maryland, Georgia, Connecticut,
Colorado, Michigan, Nevada, and Washington.
Proximity to the home country, the presence of relatives, friends and associates, job and
educational opportunities, and climate and location appear to be important considerations in
deciding where to purchase a property. Florida and Arizona attracted buyers from Latin
America, Europe, and Canada who tend to purchase properties in warm climates for vacation
purposes. California and New York drew Asian buyers, most likely for reasons related to
geographic proximity, cultural similarities, and job opportunities. Texas, which is physically
close to Latin America and home to a large Latino population attracted buyers from Latin
America and the Caribbean, as well as Asian buyers.
81%
47%
7%
31%
61%
80%
39%
11%
27%
61%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Canada China India Mexico U.K.
Share of Non-resident (Type A) Foreign Buyers Among
Major Foreign Buyers
2015 2016
2016 Profile of International Activity in U.S. Residential Real Estate 13
16. 18%
51%
11%
62%
34%
1%
8%
6%
14%
36%
14%
36%
6%
15%
25%
14% 12%
58%
8% 21%
5% 4%12% 11% 5% 5% 7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Arizona California Florida New York Texas
Origin of Foreign Buyers in the Major States
Asia/Oceania Africa
Latin America and the Caribbean Europe
North America Unknown
National Association of REALTORS® Research Division 14
17. Most Canadian buyers purchased residential property in Florida, Arizona, California,
Nevada, and Texas. Canadian buyers typically purchase properties for use as vacation homes, so
they tend to locate in states with warm climates and resort areas.
About a third of Chinese buyers purchased residential property in California, most likely
because of its proximity to and cultural affinity with Asia. New York, Texas, Washington, and
New Jersey were also preferred destinations. With roughly 39 percent of Chinese buyers buying
in states other than these top five states, they are among the more broadly geographically
distributed foreign buyer groups.
37%
19%
10%
5%
3%
26%
Florida Arizona California Nevada Texas Other States
Major Destinations of Foreign Buyers from Canada
32%
10%
8%
6% 5%
39%
California New York Texas Washington New Jersey Other States
Major Destinations of Foreign Buyers from China*
*China includes buyers from the People's Republic of China, Taiwan, and Hong Kong.
2016 Profile of International Activity in U.S. Residential Real Estate 15
18. Compared to other major foreign buyers, Indian buyers are not as concentrated in any
particular state, although Texas, California, and New Jersey were top destinations. Most Indian
buyers purchased properties to use as a primary residence in these states where they most
likely found jobs.
Most buyers from Mexico purchased properties in Texas and California, which are both
geographically close and culturally similar to Mexico. North Carolina, Illinois, and Florida were
also major destinations.
20%
17%
11%
6% 6%
39%
Texas California New Jersey Louisiana Illinois Other States
Major Destinations of Foreign Buyers from India
35%
19%
6% 5% 5%
30%
Texas California North
Carolina
Illinois Florida Other States
Major Destinations of Foreign Buyers from Mexico
National Association of REALTORS® Research Division 16
19. U.K. buyers mainly purchased residential property for vacation use, typically in warm-
weather states of Florida, California, and Texas.
REALTOR.com provides data on the market interest of global buyers searching for
properties in the United States. (See Appendix 4. Realtor.com Data on Global Buyers Searching
In the United States).
Intended Use of the Property
International clients purchase properties in the United States for residential,
investment, and vacation purposes. Forty-six percent of residential properties were purchased
for use as primary residences. By type of foreign buyer, resident foreign buyers were more
likely to purchase the property as a primary residence while non-resident foreign buyers were
more likely to purchase the property as a vacation home, a residential rental unit or both.
Seventy-two percent of non-resident foreign buyers purchased the property as a vacation
and/or residential rental property for investment while only 21 percent of resident foreign
buyers purchased for this purpose.
39%
15%
6% 6% 5%
28%
Florida California Texas Oregon New Jersey Other States
Major Destinations of Foreign Buyers from the
United Kingdom
2016 Profile of International Activity in U.S. Residential Real Estate 17
20. Canadian and U.K. buyers, who are often non-resident buyers, were more likely to
purchase the property for use as a vacation home and/or residential rental property for
investment. Among Canadian foreign buyers, 80 percent purchased the residential property for
vacation purposes and/or investment purposes. Among U.K. foreign buyers, 43 percent
purchased the property for vacation use and/or investment purposes. On the other hand,
buyers from China, India, and Mexico, who are predominantly resident buyers, were more likely
to purchase residential property for use as a primary residence or for the use of a child studying
at a U.S. university. Forty percent of Chinese foreign buyers purchased the property for use as a
46%
18%
14%
10%
4% 5%
3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Primary
Residence
Residential
Investment
Vacation
Home
Vacation
Home and
Residential
Investment
Property for
Use by
Student
Other Don't Know
Intended Use of Residential Property
29%
25%
18%
14%
3% 6% 3%4%
13%
4%
68%
5% 3% 3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Vacation
Home
Residential
Investment
Vacation
Home and
Residential
Investment
Primary
Residence
Property
for Use by
Student
Other Don't
Know
Intended Use by Type of Foreign Buyer
Non-resident (Type A) Resident (Type B)
National Association of REALTORS® Research Division 18
21. primary residence and 13 percent purchased for the use of a student. Among Indian foreign
buyers, 74 percent purchased the property to use as a primary residence. Among Mexican
foreign buyers, 63 percent intended to use the property as a primary residence.
Prices and Financing
Foreign buyers purchase residential properties for a variety of reasons and across
geographic areas, with the prices of properties purchased varying widely. On average, foreign
buyers paid $477,462 which is higher than the average price of all existing homes sold in the
U.S. at $266,683.8
Over 10 percent of foreign buyers paid $1M and over for their property. In
terms of the typical residential property purchased by foreign buyers, the median price of these
properties was $277,380 compared to $223,058 for all existing homes sold in the U.S. in the
same time period.9
Among the major foreign buyers, Chinese buyers purchased residential properties that
were more expensive than properties purchased by other buyers. This can be attributed to the
tendency of Chinese buyers to purchase residential properties in central cities and suburban
areas with relatively higher property prices such as California, Washington, and New York. In
8
The mean or the average price is used to calculate the dollar volume of purchases and can be used as a measure
of central tendency. It is found by summing the responses and dividing by the number of responses.
9
The median is the middle value of the distribution. Half of all purchases fall below this value and half are above
this value. Because home values tend to skew to the higher end, the median is often a better reflection of typical
market activity.
48%
6% 10%
22%
16%
18%
16%
10%
19%
16%
13%
8%
22%
17%
40%
74%
63%
32%
13%
2% 3% 0%
3%
5%
6% 5% 6%6% 2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Canada China India Mexico United
Kingdom
Intended Use Among Major Foreign Buyers
Don't Know
Other
Property for Use by Student
Primary Residence
Vacation Home and Residential
Investment
Residential Investment
Vacation Home
2016 Profile of International Activity in U.S. Residential Real Estate 19
22. contrast, Canadians mostly purchased residential properties in Florida and Arizona where
properties may be cheaper.
22% 23%
29%
11%
5%
8%
2%
0%
5%
10%
15%
20%
25%
30%
35%
Distribution of Foreign Buyer Residential Property Purchase Prices
$337.6
$311.4 $315.9
$405.0
$354.2
$396.2
$499.6 $477.5
$232.4 $217.5 $217.8 $212.2 $228.4 $247.4 $255.6 $266.7
$-
$100
$200
$300
$400
$500
$600
2009 2010 2011 2012 2013 2014 2015 2016
Thousands
Foreign Buyer and Existing Home Sales Average Purchase Prices
Foreign Buyers Existing Home Sales
National Association of REALTORS® Research Division 20
23. Fifty percent of reported transactions were all-cash sales. Non-resident foreign buyers
are more likely to purchase in cash than resident foreign buyers who are more likely to obtain
mortgage financing from U.S. sources. Seventy-three percent of non-resident foreign buyers
made an all-cash purchase compared to 33 percent of resident foreign buyers.
$247.1
$219.4 $228.3
$274.2
$225.9
$268.3
$284.9 $277.4
$189.4
$172.5 $170.3 $164.6
$179.8
$199.6 $208.9
$223.1
$-
$50
$100
$150
$200
$250
$300
2009 2010 2011 2012 2013 2014 2015 2016
Thousands
Foreign Buyer and Existing Home Sales Median Purchase Prices
Foreign Buyers Existing Home Sales
50%
41%
3% 4% 2%
0%
10%
20%
30%
40%
50%
60%
All-cash Mortgage Loan
from U.S.
Sources
Mortgage Loan
from Home
Country
Investors/Other Don't Know
Foreign Buyer Financing
2016 Profile of International Activity in U.S. Residential Real Estate 21
24. Nationally, cash sales account for about a fourth of all existing-home sales.10
On the
other hand, foreign buyers are substantially more likely to pay cash. Mortgage financing tends
to be a major problem for non-resident international clients, due to a lack of a U.S. based credit
history and a lack of a Social Security number which make it difficult to provide the mortgage
documentation required by U.S. creditors. Transferring funds from the home country to the
United States may also be difficult and/or a lengthy process. Among cases in which a
respondent had a foreign client who did not purchase property, 21 percent were associated
with cases where the client “cannot move money” and “could not obtain financing”.
Respondents suggested easing the requirements to access U.S. mortgage financing, especially
in the case of Canadian buyers because of the strong economic ties between Canada and the
United States and the similarities in financial systems between the two countries (see Appendix
2, Comments).
Foreign buyers from Canada, China, and the United Kingdom were more likely to pay
cash. Meanwhile, foreign buyers from India and Mexico, most of whom are resident foreigners
buying primary residences, were more likely to obtain mortgage financing from U.S. sources.
10
As of March 2016, cash sales were 25 percent of existing home sales, based on NAR’s REALTORS® Confidence
Index Survey.
73%
19%
4% 3% 1%
33%
57%
2% 5% 3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
All-cash Mortgage Loan
from U.S.
Sources
Mortgage Loan
from Home
Country
Investors/Other
Sources
Don't Know
Financing By Type of Foreign Buyer
Non-resident (Type A) Resident (Type B)
National Association of REALTORS® Research Division 22
25. Type of Area Where Property is Located
Nearly half of international clients were located in a suburban area and close to a third
were located in a central city/urban area.
Approximately eight percent of foreign buyers purchased residential property in a resort
area, with non-resident foreign buyers more likely to purchase property in those locations: 16
percent of non-resident foreign buyers purchased a resort property, while only three percent of
resident foreign buyers purchased in a resort area.
73% 71%
7%
29%
58%
17% 20%
90%
59%
39%
4% 6%
2%
3%4% 2% 2%
8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Canada China India Mexico United
Kingdom
Financing Among Major Foreign Buyers
Don't Know
Investors/Other Sources
Mortgage Loan from
Home Country
Mortgage Loan from U.S.
Sources
All-cash
2016 Profile of International Activity in U.S. Residential Real Estate 23
26. Chinese and Indian foreign buyers, who are mostly resident foreign buyers, tended to
purchase property in a suburban area. Among foreign buyers from Canada and the United
Kingdom, who are mostly non-resident foreign buyers, a larger fraction purchased property in a
resort area. Foreign buyers from Mexico, who are mostly resident foreign buyers, tended to
purchase in central city/urban and suburban areas.
25% 27% 30% 23% 25% 28% 33% 29%
46% 50% 43% 52% 50% 48% 46% 48%
15% 9% 11% 7% 11% 13% 12% 14%
15% 14% 17% 17% 14% 11% 9% 8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016
Location Preference of Foreign Buyers
Central City/Urban Area Suburban Area
Small Town/Rural Area Resort Area
29%
41%
8%
5%
16%
29%
52%
10%
5% 3%
0%
10%
20%
30%
40%
50%
60%
Central
City/Urban
Area
Suburban Area Small Town Rural Area Resort Area
Location Preference by Type of Foreign Buyer
Non-resident (Type A) Resident (Type B)
National Association of REALTORS® Research Division 24
27. Type of Residential Property
Approximately 92 percent of transactions were purchases of existing single-family
homes, condominiums, and townhouses. A larger fraction of resident foreign buyers purchased
detached single-family homes compared to non-resident foreign buyers.
18%
27% 23%
38%
21%
38%
64% 67% 39%
37%
8%
5% 8%
11%
12%5%
2% 2%
8%
12%
31%
4%
19%
0%
20%
40%
60%
80%
100%
Canada China India Mexico United
Kingdom
Location Preference Among Major Foreign Buyers
Central City/Urban Area Suburban Area Small Town
Rural Area Resort Area
65%
19%
10%
4% 2%
0%
10%
20%
30%
40%
50%
60%
70%
Detached
Single-family
Condominium Townhouse Other Residential
Land
Type of Residential Property Foreign Buyers Purchased
2016 Profile of International Activity in U.S. Residential Real Estate 25
28. By major country of origin, two–thirds or more of buyers from China, India, Mexico, and
the United Kingdom purchased detached single-family homes, while just fewer than half of
Canadian buyers purchased this type of property.
58%
9%
28%
3% 2%
71%
10% 12%
2%
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Detached
Single-family
Townhouse Condominium Residential Land Other
Residential Property Purchases by Type of Foreign Buyer
Non-resident (Type A) Resident (Type B)
48%
74% 67%
80% 86%
13%
8% 17%34%
14% 9% 10%
10%
4%3% 4% 5% 9%
0%
20%
40%
60%
80%
100%
Canada China India Mexico United
Kingdom
Residential Property Purchases of Major Foreign Buyers
Detached Single-family Townhouse Condominium
Residential Land Other
National Association of REALTORS® Research Division 26
29. Reasons for Not Purchasing Property
As is the case with potential domestic buyers, not all international clients will complete
the purchase. Survey respondents cited a variety of reasons why some of their clients did not
ultimately become home buyers.
“Cost of property” and “exchange rate” accounted for 22 percent of the cases in which
an international client did not complete a purchase. Finance-related reasons such as “could not
obtain financing” and “cannot move money” accounted for 21 percent of why the client did not
purchase property. “Could not find property” was the reason in 18 percent of the cases. The
lack of inventory may explain some of the cases why the international client failed to find a
property. Working with international clients requires an understanding of their needs and
cultures, so difficulties in meeting the objectives of the potential purchaser may also account
for instances when the buyer could not find property.
Other reasons are related to immigration laws (mainly that the buyer cannot stay in the
U.S. for more than six months), exposure to U.S. tax laws (if and when the buyer decides to sell
the property), and costs and maintenance fees. “Other” reasons include personal reasons such
as the buyer deciding to rent instead of purchasing, or purchasing in another area.
Respondents provided information on their experience in working with international
clients (see Appendix 2, Comments). NAR’s Commercial and Global Services Group can assist
REALTORS®
in building their skills to successfully address the needs of their international clients
(see Appendix 3, NAR’s Commercial and Global Services Group).
2016 Profile of International Activity in U.S. Residential Real Estate 27
30. II. PROFILE OF INTERNATIONAL CLIENTS WHO SOLD RESIDENTIAL
PROPERTY
This year’s survey also gathered information from residential seller’s agents about
international clients who sold residential property. Of the total domestic and international
transactions of seller’s agents responding to this survey, four percent were sales of properties
sold by international clients.11
International clients who sold their U.S. residential property mostly came from Canada,
China, United Kingdom, Mexico, Germany, and India–a list that is notably similar to the list of
top foreign buyers of residential property. Other major sellers of U.S. residential property are
from Brazil, Australia, Japan, Venezuela, and Colombia. Respondents reported several cases of
Canadians selling their U.S. property because of the stronger U.S. dollar.12
Just less than ten
percent of respondents could not identify the seller’s country of origin.
11
This data is based on survey responses. By comparison, the share of purchases by international clients is based
on survey response benchmarked to additional data from the REALTORS® Confidence Index on international
transactions as demonstrated in Appendix 1. A similar benchmark for sales data will be explored in future surveys.
12
A stronger U.S. dollar means that a Canadian who sells U.S. property gets more Canadian dollars for every U.S.
dollar of investment on the purchase of a U.S. residential property.
18%
13%
12%
9% 9%
6% 6%
5% 5%
2% 1%
9%
6%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Reasons Why International Clients Decided Not to Purchase
U.S. Residential Property
National Association of REALTORS® Research Division 28
31. The properties sold by international clients were mostly located in Florida, California,
Arizona, Texas, Nevada, New Jersey, New York, Illinois, and Ohio. Not surprisingly, the list of
states where foreign buyers sold their U.S. property is similar to the list of states where foreign
buyers typically purchase U.S. residential property.
Properties owned by international clients sold for $446,191 on average and for a median
of $245,331. International clients from China and the United Kingdom sold more expensive
23%
15%
6% 6% 5% 4% 3% 2% 2% 2% 2%
0%
5%
10%
15%
20%
25%
International Clients Who Sold their U.S. Residential
Property
*China refers to the People's Republic of China, Taiwan, and Hong Kong.
27%
14%
10%
8%
4% 3% 3% 3% 3%
0%
5%
10%
15%
20%
25%
30%
Location of Residential Properties Sold by Foreign
Homeowners
2016 Profile of International Activity in U.S. Residential Real Estate 29
32. properties. This is consistent with the data that Chinese and U.K. clients tend to purchase
properties that are more expensive than properties purchased by other foreign buyers.
III. PROFILE OF U.S. RESIDENTS PURCHASING A PROPERTY ABROAD
International real estate is multi-faceted. Not only do international clients choose to
purchase U.S. real estate, U.S. clients are also interested in purchasing property abroad.
Approximately 14 percent of responding REALTORS® reported that they had a client who was
seeking to purchase property in another country, compared to six percent in the previous 12-
month period. Four percent of respondents referred the interested buyer to a business contact
outside the United States, three percent helped the client directly, and one percent referred
the client to a business contact in the United States who works with international clients. About
six percent of respondents reported that they had a client interested in purchasing property
abroad but could not refer the client to anyone to assist in the purchase process.13
13
NAR has a rich source of information to assist REALTORS® working with international clients. For more
information, see http://www.realtor.org/global/global-resources.
$291.8
$694.5
$473.2 $448.6
$310.2
$684.2
$446.2
$189.5
$403.7
$355.0
$247.9 $278.0
$385.8
$245.3
$0
$100
$200
$300
$400
$500
$600
$700
$800
Canada China Germany India Mexico United
Kingdom
All foreign
sellers
Thousands
Mean and Median Sales Prices Among Major Foreign
Sellers
Mean Price Median Price
*China refers to the People's Republic of China, Taiwan, and Hong Kong.
National Association of REALTORS® Research Division 30
33. Among REALTORS® who had clients interested in purchasing property abroad, the
countries that generated the most inquiries were Mexico, Costa Rica, Philippines, Colombia,
and Canada. Spain, Brazil, Thailand, and Italy were also countries of interest to domestic clients
searching for property abroad.
The vast majority of U.S. clients seeking property abroad were interested in residential
property (79 percent), and a slim majority of those seeking residential property were interested
in purchasing a detached single-family home (53 percent) while nearly a third (30 percent) were
interested in a condominium. Most clients (87 percent) were looking to use the property as a
86%
6% 4% 3% 1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No client who
was interested in
finding property
outside the
United States
Could not refer
the client to
anyone
Referral to a
business contact
in another
country
Helped the client
search directly
Referral to a
business contact
in the U.S. who
works with
international
clients
Referrals of U.S. Residents Interested in Purchasing
Property Abroad
13%
4% 4% 4% 4% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% 2%
0%
2%
4%
6%
8%
10%
12%
14%
Top Countries of Interest to U.S. Residents Searching for
Property Abroad
2016 Profile of International Activity in U.S. Residential Real Estate 31
34. vacation home and/or residential rental unit. Only nine percent of U.S. clients were seeking a
primary residence abroad.
Residential
Property
79%
Commercial
Property
10%
Don't know
11%
Type of Property U.S. Residents Were Interested in
Purchasing Abroad
Other
1%
Vacation Home
28%
Residential
Investment
13%
Vacation Home
and Residential
Investment
46%
Primary
Residence
9%
Don't Know
3%
Why U.S. Residents Searched for Residential Property
Abroad
National Association of REALTORS® Research Division 32
35. IV. REALTOR® INTERACTION WITH INTERNATIONAL CLIENTS
Number and Share of International Clients
Approximately 31 percent of REALTOR® respondents reported working with
international clients, a decrease from the 34 percent share in the previous 12-month period.
Seventeen percent had one to two foreign clients and five percent of respondents had six or
more foreign clients.
Survey respondents had mixed international market share experiences. A smaller
majority of respondents indicated that the share of international clients they had was about the
same as last year (57 percent), while the shares of respondents indicating increases and
decreases in international clients both increased. Respondents reporting a decrease in the
share of international clients grew to 17 percent compared to nine percent in the previous 12-
month period. A higher percentage of respondents also reported an increase in the share of
international clients to their total business in the past year, 25 percent compared to 16 percent
in the previous 12-month period.
78% 72% 72% 74% 74% 73% 66% 69%
8%
8% 8% 8% 7% 8%
12% 10%
6%
8% 8% 6% 8% 7% 7% 7%
0%
20%
40%
60%
80%
100%
2009 2010 2011 2012 2013 2014 2015 2016
Number of International Clients Among All Respondents
Whether or Not Client Purchased a Property
0 1 2 3 4 5 6 to 10 11 or more
2016 Profile of International Activity in U.S. Residential Real Estate 33
36. Over a five year time frame, the experience among respondents is similarly mixed,
indicated by the higher fraction of respondents who reported either an increase or a decrease
in the percentage of clients who are international. Just less than half (48 percent) of
respondents reported a constant level in the share of international clients over the past five
years.
Respondents were mainly optimistic about the outlook for international clients looking
to purchase residential property in the next 12 months, with 44 percent of respondents
expecting increased activity.After the survey was closed, the voters of the United Kingdom
decided to leave the European Union in a referendum (“Brexit”). This decision rocked currency
12%
17%
17% 17% 18% 19% 16%
25%
76%
71% 73% 74% 74% 73% 74% 57%
12% 12% 10% 9% 8% 8% 9% 17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016
Change in Share of International Clients: Past Year
Increased Stayed About the Same Decreased
18% 22% 23% 22% 26% 27% 22%
36%
70% 66%
66% 67%
66% 64% 68% 48%
12% 12% 11% 11% 8% 8% 10% 16%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016
Change in Share of International Clients: Past 5 Years
Increased Stayed About the Same Decreased
National Association of REALTORS® Research Division 34
37. markets and has driven bond rates lower as investors flock to safe investments. The decline in
the value of the British Pound is likely to mean fewer buyers from the United Kingdom. Longer-
term ramifications could be mixed. Businesses and foreign real estate investors may choose to
stay away from the United Kingdom, and the United States could become an attractive
alternative. However, if the uncertainty impacts global economic growth, demand for U.S real
estate could fall
One reason behind the favorable outlook regarding residential purchase activities
among international clients may be that U.S. prices are often perceived to be more affordable
compared to home country prices. Approximately 36 percent of residential clients viewed U.S.
property prices to be less expensive than prices in their home country, while 24 percent viewed
U.S. prices as more expensive than prices in their home country, and 10 percent viewed U.S.
prices to be about the same as in the home country. Roughly three in 10 respondents were not
sure how their residential clients viewed U.S. home prices comparatively.
Increase
44%
Remain the
Same
29%
Decrease
10%
Don't Know
17%
Outlook Regarding Residential Purchase Activity of
International Clients in the Next 12 Months
2016 Profile of International Activity in U.S. Residential Real Estate 35
38. Source of Leads and Referrals
Personal contacts and referrals were the most important sources of leads among agents
who worked with foreign clients who purchased residential property, accounting for about 47
percent of responses. Website/online listings accounted for 17 percent.
Less expensive
than prices in
the home
country
36%
About the same
as prices in
home country
10%
More expensive
than prices in
the home
country
24%
Don’t know
30%
How International Residential Clients View U.S. Prices
Compared to Home Country
25%
22%
11%
8%
8%
6%
6%
4%
1%
9%
Personal Contacts
Referred by Previous Client
Website/Internet Organic Search
Was a Former Client
Walk-in/Open House/Phone Call
Website/Internet (Paid Ad)
From a Business contact in the U.S.
Signs/Ads on Boards or Yard
From a Business Contact Outside the U.S.
Other
Source of Referrals or Leads on Foreign Residential Buyers
National Association of REALTORS® Research Division 36
39. Among those who found their client through online sources (17 percent), the firm’s and
agent’s websites accounted for 35 percent of leads.
Challenges in Dealing with International Clients
The number of REALTORS® who are new to the business has been increasing, a positive
indicator of the health of the U.S. real estate market. Approximately 16 percent reported that
they have been in the business less than one year, up from less than one percent of
respondents in 2010 when the housing market was in a slump.
Serving international clients requires specialized knowledge on the part of the
REALTOR® relating to immigration, tax, property, financing, and other regulations. Cultural
affinity and knowledge of client preferences also play an important role in nurturing
relationships with international clients (see Appendix 2, Comments).
With more REALTORS® new to the business, there is a need for education and training
of new members in dealing with international clients, particularly non-resident foreign buyers
who are likely to face greater challenges and are less familiar with the U.S. housing market than
resident foreign buyers. NAR offers valuable educational training and resources for agents who
are looking at expanding their business transactions with international clients (see Appendix 3,
NAR’s Commercial and Global Services Group).
38%
29%
11%
6%
1%
8%
7%
Own/Firm/Franchise Website and Social
Media
Aggregators, except Realtor.com
Realtor.com
Local MLS
Other Broker's Website
Other
Don’t Know
Source of Online or Website Leads on Foreign Residential
Buyers
2016 Profile of International Activity in U.S. Residential Real Estate 37
40. 6% 5% 8% 14% 10% 16%
25%
20% 18% 16%
18% 20%
22%
26% 25% 27% 25%
20% 20%
14%
49% 49% 50% 51% 48% 51% 48%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010 2011 2012 2013 2014 2015 2016
Number of Years as a REALTOR®
Less than 1 Year Up to 5 Years 6 to 10 Years More than 10 Years
National Association of REALTORS® Research Division 38
41. V. CONCLUSIONS
All real estate is local, and although international clients represent a small segment of
the market, they are important to the REALTORS® who serve them and to the local markets
that attract international clients.
Foreign buyers purchased $102.6 billion of residential property from April 2015–March
2016, a one percent decrease from the $103.9 billion of property purchased in the previous 12-
month period. Foreign buyers purchased 214,800 residential properties, a three percent
increase from 209,000 units purchased in the previous 12-months. Purchases by non-resident
foreigners decreased to 41 percent of residential units while purchases by resident foreigners
increased to 59 percent. In the past years, purchases by resident and non-resident foreigners
were nearly split. The dollar volume decreased even as the number of residential units
purchased increased because resident foreign buyers generally purchase less expensive
properties than non-resident foreign buyers. Non-resident foreign buyers retreated as
economic growth slowed in many countries, including in China and Latin America, and as the
dollar strengthened against many foreign currencies.
Canada, China, India, Mexico and the United Kingdom were the major countries of origin
of residential buyers. Non-resident foreign buyers originated from Canada and the United
Kingdom, while resident foreign buyers came from China, India, and Mexico. Florida, California,
Arizona, Texas, and New York were the major destinations of foreign buyers.
Among international clients who sold the U.S. residential property they owned, the
major sellers were citizens from Canada, China, the United Kingdom, Mexico, Germany, and
India. Properties owned by international clients sold for $446,191 on average and the median
sales price was $245,331.
U.S. domestic clients are also engaging in international transactions and looking to
purchase property abroad. Mexico, Costa Rica, Philippines, Colombia, and Canada were the
countries that generated the most interest from survey respondents. Seventy-nine percent of
recent clients seeking property abroad were interested in a residential property, mainly to use
as a vacation home and/or rental property.
Personal contacts and referrals are the top sources for the majority of business
opportunities for REALTORS® serving international clients, accounting for 47 percent of all
international client leads. In addition, website/online listings continue to be an increasing
source of clients, including the agent’s own website.
Sixteen percent of respondents have been in the business for less than one year, an
increase from the share of less than one percent in 2010. This is a positive sign of the strength
of the U.S. real estate market, but it also indicates the need for training and support on working
with international clients. Serving international clients may require specialized knowledge on
2016 Profile of International Activity in U.S. Residential Real Estate 39
42. the part of the REALTOR® relating to immigration, tax, property, financing, and other
regulations. Cultural affinity and knowledge of client preferences may also play an important
role in nurturing relationships with international clients. NAR’s Commercial & Global Services
Group has resources that can assist REALTORS®
who wish to expand their international
business.
The outlook for international real estate activity in the United States remains positive. In
the next 12 months, 44 percent of respondents expect increased activity with international
clients, 29 percent expect no change, 10 percent expect decreased activity, and 17 percent
were unsure. While the voters of the United Kingdom decided to leave the European Union in a
referendum (“Brexit”) after the survey was closed, the outlook for international real estate
activity in the United States remains positive. The decline in the value of the British Pound
following Brexit is likely to mean fewer buyers from the United Kingdom. However, businesses
and foreign real estate investors may choose to stay away from the United Kingdom, and the
United States could become an attractive alternative. .
National Association of REALTORS® Research Division 40
43. Appendix 1. Computation of the Dollar Volume of Foreign Buyers U.S. Residential
Purchases
Notes on Data Inputs:
Percent of Existing Home Sales to non-resident foreigners (Type A): The fraction of U.S. existing home
sales to non-resident foreign buyers (Type A) is based on survey data from the monthly REALTORS®
Confidence Index Survey.
Split between non-resident (Type A) and resident (Type B) foreign buyers among all foreign residential
property buyers: The split between Type A and Type B foreign buyers is computed from the survey
based on information about the most recent foreign buyers from respondents.
U.S. Existing Home Sales: Sales for the 12 months ending March 2016 are obtained by summing the
monthly sales from April 2015–March2016.
Average Price, Existing Home Sales: Since total market value is being computed, the average rather
than median price is used. The average is computed as the average of the monthly mean price of U.S.
existing home sales.
Average Prices, International Sales: The average prices for residential property purchased by non-
resident (Type A) and resident (Type B) foreign buyers are estimated from the survey based on
information about the most recent foreign buyers of the respondents.
Estimation of U.S. Residential Property Purchases of International Buyers During April 2015–March 2016
Data Inputs
Line 1 Residential property purchases of non-resident foreigners (Type A), as a share of existing home sales 1.7%
Line 2 Share of non-resident foreign buyers to foreign buyers (Type A) 41%
Line 3 Share of non-resident foreign buyers to foreign buyers (Type B) 59%
Line 4 Existing home sales, April 2015-March 2016 5,309,000
Line 5 Average price, existing homes sales $266,683
Line 6 Average price of residential property purchases of non-resident (Type A) foreign buyers $491,427
Line 7 Average price of residential property purchases of resident (Type B) foreign buyers $477,462
Calculation of Number of Residential Property Sales to Foreign Buyers
To get Line 8, multiply Line 1 to Line 4, and round to nearest hundreds
Line 8 Number of residential property purchases of non-resident foreign buyers (Type A) 88,546
To get Line 9, get the ratio of Line 3 to Line 2, and multiply this ratio by Line 8, and round to nearest hundreds
Line 9 Number of residential property purchases of resident foreign buyers (Type B) 126,338
To get Line 10, add Line 8 and Line 9
Line 10 Total Number of residential property purchases of foreign buyers 214,885
Calculation of Dollar Volume of Residential Property Sales to Foreign Buyers
To get Line 11, multiply Line 6 by Line 8
Line 11 Dollar volume of purchases of non-resident (Type A) foreign buyers $43,514,075,409
To get Line 12, multiply Line 7 by Line 9
Line 12 Dollar volume of purchases of resident (Type B) foreign buyers $59,055,994,862
To get Line 13, add Line 11 and Line 12
Line 13 Dollar volume of residential property purchases of foreign buyers $102,570,070,271
2016 Profile of International Activity in U.S. Residential Real Estate 41
44. Appendix 2. Comments from REALTOR® Respondents14
Comments on Market Trends
o All of my Canadian buyers are on hold until their dollar increases (AZ).
o As a designed broker I have observed an increase in Canadians looking to sell in our Arizona
market. Other foreign buyers are sometimes taking their place in the market but most often it is
American buyers with renewed purchasing ability (AZ).
o Canadians are selling and not buying due to currency exchange (FL).
o Here in SW Florida we have found a decline in European and Canadian buyers (FL).
o Most Canadians who frequent South Carolina during the winter months showed little interest in
buying this year over years past (SC).
o The exchange rate for the American dollar raised so much in all the other countries in the
Americas that buying real estate property in the USA became very expensive. Winter Seasonal
rentals from Canadians significantly lowered in 2016 (FL).
o The US dollar is so strong right now that though folks are looking they are not necessarily buying
yet (HI).
o I work in the Disney area; many of the owners here are second home owners who use their
property as a vacation home. Most of my sales last year were affected by the strong US dollar.
The Europeans who bought their homes are selling now to avail of the strong dollar rate
whereas many of my foreign investors are waiting to see what will happen, especially with the
British pound ‘s value due to uncertainty from a “Brexit.” There are more European enquiries
but they are still slower because of the foreign exchange rate uncertainty (FL).
o I work in a resort community that draws many international visitors. Our housing prices are
among the highest in the country, yet I foresee wealthy visitors will continue to inquire, and
potentially purchase residential real estate here (WY).
o I have had more international renters than buyers, but they will probably buy. A lot of Canadians
looking to rent. I rent myself and over the past four years I have had two landlords from
different countries in South America, one from Russia, and one from Canada (FL).
o The numbers are increasing (MD).
o Most of my international clients are Chinese, (or other Asian cultures) and probably more than
50% of them pay cash. I attribute this in large measure to the fact that the areas where I work
are very close to The Ohio State University —most of my clients either work at OSU or are
students there. In general, they are wonderful to work with (OH).
o Foreign people have been buying in my condominium complex. We have a view of the city and
are at the highest point in the city - so foreigners can really see the value (PA).
o I list and sell properties in northwest Wisconsin; I've never worked with international clients or
customers (WI).
o I rarely have had an International client but have had many International tenants over the last
40 years of owning and managing rental properties (FL).
o In Texas, there are many buyers coming from Mexico (TX).
14
Comments were edited for clarity, spelling, and grammar. The comments that are featured here were selected
to highlight the broad range of issues across a mix of geographic areas that REALTOR® face when working with
international clients. Thank you to all our respondents who provided their valuable comments.
National Association of REALTORS® Research Division 42
45. o I see a rise in the purchase of homes by international buyers. I am aggressively seeking avenues
to attract these clients (NC).
o International client business is increasing and will in the next 5 years (MN).
o Chicago has seen an increase in the number of foreign buyers of our residential real estate—
sometimes for children attending school as well as for investment purposes to rent out. I see
this activity maintaining its current level, as prices are reasonable and rents are high (IL).
o Don't see any in our area (MN).
o Even though most of my transactions were with US citizens, most of these people are not
originally from the US or are 1st generation US born citizens. Countries include: Korea, Scotland,
Canada, Argentina, India, Mexico, and Trinidad (TX).
o Not a draw area for internationals - odds are one in a thousand... Adjacent "Knoxville"
Tennessee, likely. Maybe Sevier Co. Tennessee, too (TN).
o Foreign buyers, who by the way pay only cash and are investors, are causing the bidding wars.
They buy property but not live in them and rent them out at outrageous prices, then turn
around and sell them. A lot of the foreign buyers only buy cash because they can show their
purchase to INS and prove they have property and dollars and immediately get their papers
(CA).
o My clients are mostly from Latin America, especially from Venezuela. I think most of them went
already through the process of buying. There were two types: those who reacted to the current
crisis in Venezuela and were preparing to leave the country when needed and those who took
advantage of the crash in the US Real Estate market and came to Miami to buy properties (FL).
o International Buyers are looking for investment property. They consider that real estate prices
have gone up in the USA and, once they pay expenses (taxes, insurance, maintenance fees, real
estate commission, etc.) the return on their investment is not what they are looking for (FL).
o All my clientele are living overseas for the most part and renting their properties with me as
their agent (VA).
Comments on Working with International Clients
o I enjoy working with International clients. They are very grateful for everything I do for him (TN).
o It was a pleasure to help international buyers purchase their primary residence in Willowbrook,
IL. They were renting for years and are now happy to own. I loved helping them and they have
referred me to their friend who is also originally from Turkey (IL).
o I would love to help more international buyers. They know that they want to purchase
something and are less difficult with amenities (OH).
o REALTORS®
should be aware of the interest of international Buyers in acquiring property in the
USA and the importance of understanding their needs and negotiation styles. I think it is
important that NAR promote the CIPS designation (AZ).
o International clients seem to be most interested in finding a home with high quality schools. The
direction the home faces is increasingly a factor in many of these buyers decision (CA).
o Most international customers that I have spoken to are interested in the school system that a
community can provide. Just like the Nationals (AL).
o U.S. and state taxes are a negative issue for foreign buyers and sellers (HI).
o Immigration chances make sales tough (FL).
o International buyers are looking for investment property. They consider that real estate prices
have gone up in the USA and, once they pay expenses (taxes, insurance, maintenance fees, real
estate commission, etc.) the return on their investment is not what they are looking for.
2016 Profile of International Activity in U.S. Residential Real Estate 43
46. o It is important for US banks to write mortgages on Canadian properties and for Canadian banks
to write mortgages for US properties. These two countries are the friendliest yet cross-border
investment (using debt financing) is prohibitive. Our Governments must change the laws to
force banks to write mortgages for cross border investments that make economic sense (NY).
o Financial qualification has been difficult for my clients (CA).
o U.S .sources of financing are very important to increase of volume of purchase from
international buyers (CA).
o While in the past 12 months I haven't had an international client, several years ago, I
represented an international client who purchased a house in TX. A complex transaction due to
the lender requirements (TX).
o The buyer international base is expanding. It is sometimes difficult to find lenders. Most
international buyers are well funded cash-wise, but paper work requirements hinder their
purchases (NJ).
o There is more than a language barrier. You need to understand their cultural standards also
(TN).
o Knowing a second language is important for agent (TX).
o Had many transactions with foreign buyers but transactions were not completed for one reason
or another...didn’t find the home, didn’t like our community, etc. (IL).
o The one international client I had come from China. After working with me, he purchased a
home with an agent that spoke Chinese (NJ).
o May I suggest having International Clients Training twice a year? (TX).
o I would like to have Chinese language available in the REALTORS®
documents, Website, MLS and
all Purchased / Selling documents (CA).
o There is a great deal of interest from international buyers and much education and facilitating
that can be done by our industry (IL).
National Association of REALTORS® Research Division 44
47. Appendix 3. About NAR’s Commercial and Global Services Group
The Commercial & Global Services Group of the NATIONAL ASSOCIATION OF REALTORS® plays
an integral role in opening doors for REALTORS® to compete in the global market place. By
opening markets for business and keeping members informed of the latest developments
occurring around the world, the Commercial & Global Services Group gives REALTORS® the
tools they need to succeed in the global market. NAR maintains formal partnerships with over
80 foreign real estate associations in 60 countries. These relationships are formed to advance
the interests of REALTORS® worldwide, to uphold the highest standards of commercial practice,
and to facilitate international business arrangements in strategic markets for REALTORS® and
non-U.S. real estate practitioners. Additionally, the Certified International Property Specialist
(CIPS) Designation offers specialized education and services to real estate professionals who
aim to profit in the global market.
For more information and resources about working with international clients, please visit
http://www.realtor.org/global/global-resources
To access the Research Division’s various reports on the housing market, please visit
http://www.realtor.org/research-and-statistics
2016 Profile of International Activity in U.S. Residential Real Estate 45
48. Appendix 4. Realtor.com Data on Global Buyers Searching in the United States
Realtor.com® offers comprehensive reporting on the market interest of global buyers searching
in the United States. The graphs below show the countries searching U.S. properties, and which
U.S. cities were of most interest to them. These reports are updated monthly and can be
accessed on http://www.realtor.org/articles/where-are-global-buyers-searching-in-the-united-
states.
National Association of REALTORS® Research Division 46
49. Miami, FL
Los Angeles, CA
Orlando, FL
Bellingham, WA
Kahului, HI
Urban Honolulu, HI
New York, NY
Tampa, FL
Houston, TX
UK
UK UK
HI
Brazil
UK
UK
UK
UK
France
Japan
FranceFrance
UK
San Francisco, CA
50. Las Vegas, NV
Washington, DC
Phoenix, AZ
Cape Coral, FL
Seattle, WASan Diego, CA
El Centro, CA
Dallas, TX
Chicago, IL
UK
Mexico
UK
UK
HI
UK
UK
UK
UK
UK
Naples, FL
Germany