The National Association of REALTORS® (NAR) has released it’s 2018 Profile of International Transactions in U.S. Residential Real Estate
. This report is an in depth look at foreign buyers and sellers, the countries they are moving to and from, how much they are spending and what they are looking for. Overall, the report found that foreign buyers and recent immigrants accounted for 8 percent of the $1.6 trillion in existing home sales, a decrease from 10 percent during the 12-month period that ended March 2017.
“After a surge in 2017, we saw a decrease in foreign activity in the housing market in the latest year, bringing us closer to the levels seen in 2016,” said NAR Chief Economist Lawrence Yun in a press release
. “Inventory shortages continue to drive up prices and sustained job creation and historically low interest rates mean that foreign buyers are now competing with domestic residents for the same, limited supply of homes.”
Some of the key findings of the report indicate that:
• Foreign buyers purchased $121.0 billion of residential property from April 2017—March 2018, a decrease from $153 billion during the previous 12-month period (April 2016—March 2017).
• Foreign buyers continued to purchase properties at a higher price point compared with all existing home buyers: among existing home buyers, the median price was $249,300, whereas properties purchased by foreign buyers sold for a median price of $292,400.
• The major foreign buyers were China ($30.4B), Canada ($10.5B), the United Kingdom ($7.3B), India ($7.2B), and Mexico ($4.2B).
If you’re looking to take advantage of this sizeable market of international buyers and sellers, GBAR is offering two elective courses for the Certified International Property Specialist (CIPS) Designation.
Our first course, The Americas & International Real Estate
on August 21st, introduces real estate professionals to the basic skills and knowledge necessary to facilitate international transactions with clients in Canada, the U.S., as well as Central and South America. It is designed to benefit both experienced international professionals as well as those just getting started. Our second CIPS elective course on October 29th focuses on Europe & International Real Estate
and teaches the principles and knowledge you need to work with European clients.