Coldwell Banker Real Estate LLC, a subsidiary of Anywhere Real Estate Inc. (NYSE: HOUS), released the latest “The International Buyer’s Guide to Purchasing U.S. Property.” This robust collection of guidelines offers international buyers a wealth of tips and best practices to purchase property in the United States.
Serving as an invaluable resource for Coldwell Banker affiliated agents, The International Buyer’s Guide also acts as a powerful marketing tool, facilitating global referral business.
Key features in The International Buyer’s Guide include:
The Current Real Estate Landscape
After years of record home sales and price appreciation, the U.S. housing market has experienced unit contraction and a deceleration of appreciation. Higher interest rates coupled with historically low housing inventory and resilient home prices has impacted domestic buyer activity. The median existing-home sales price grew 2.8% from one year ago to $394,300, marking the third consecutive month of year-over-year price increases.[1]
International buyer activity has also experienced a contraction. Between April 2022 and March 2023, the number of existing homes purchased by international buyers fell to its lowest level since tracking for foreign buyer purchases began in 2009 – a 14% decline from the prior period.[2] Additionally, the dollar volume of international buyer purchases decreased modestly to $53.3 billion.
- Home Purchases: International buyers accounted for 84,600 of existing home purchases.
- Cash Offers: 42% of international buyers paid all-cash for a U.S. property, compared to 26% among all existing home buyers.
- Real Estate Investment: 50% of international buyers purchased property for use as a vacation home, rental or both in the United States.
Top Destinations
Florida, California, Texas, Arizona and North Carolina are this year’s top five U.S. states attracting the greatest number of international home buyers. Major cities such as New York and Los Angeles have historically drawn international investment, however affordable secondary cities, suburbs and inland housing markets now present enticing, “hidden gem” opportunities.
Partnering with a Trusted Consultant
For a seamless transaction from start to finish, it’s imperative that all buyers work with a trusted agent in their dream destination. Coldwell Banker® affiliated agents are available to provide their expertise to international buyers during each step of the process, offering around-the-clock support to address unique challenges and help secure their dream home.
QUOTES:
“Homebuying can be a stressful and complex process, and even more so for the international buyer. This year, we’re elated to provide a refreshed instructional guide that demystifies the process of acquiring real estate in the U.S. The ‘International Buyer’s Guide to Purchasing U.S. Property’ provides an expansive catalog of best practices, tips and recommendations for buyers when thinking about their next purchase.”
- Jason Waugh, President of Coldwell Banker Affiliates
[1] Reported by the National Association of REALTORS® (NAR).
[2] Tracking and estimations reported by the National Association of REALTORS® (NAR).
