International buyers snapped up $104 billion dollars’ worth of residential property in the U.S. from April 2014 through March 2015, according to the new “Profile of International Buying Activity” from the National Association of Realtors.
That figure represents 8 percent of the dollar volume of U.S. existing home sales during that 12 months, and it should be of particular interest to agents selling luxury properties. The average price of the homes purchased by international buyers was $499,600, nearly twice the average price of $255,600 for American buyers. Chinese buyers tended to pay more, an average of $831,800.
For the first time in NAR’s report, buyers from China were responsible for the largest portion of foreign sales, spending $28.6 billion on American properties. They were followed by buyers from Canada, India, Mexico and the United Kingdom. A majority of the transactions were all cash.
SELLING LUXURY WORLDWIDE
The easiest way to reach high-dollar international buyers is right in your own backyard. Homes & Land sends qualified luxury listings to the websites where those buyers look, including the Wall Street Journal’s editions for Asia, Europe and India, and the Chinese and Spanish-language versions of Mansion Global, mansionglobal.com.
Buying that exposure on your own would cost approximately $1,400 per listing. When you advertise with Homes & Land, it’s part of the package.