Foreign Buyers Flock to Warmer Dwellings
It’s not uncommon to hear of friends, family and neighbors packing up and heading to a second home in warmer states during the winter months. After all, many parts of the country experience brutally long bouts of cold and snowy weather. However, U.S. citizens are not the only people looking to spend at least some of their year down south or out west, whatever the reason. According to the National Association of REALTORS® 2015 Profile of International Home Buying Activity, just four states accounted for half of all international home sales: Florida (21 percent), California (16 percent), Texas (8 percent) and Arizona (5 percent).
Our Own Global Business Council has been working hard to ensure MetroTex REALTORS have the deepest understanding of Dallas’ place in the global market and how to work with international buyers and sellers.
International activity in North Texas is growing quickly. Increasingly, we’re seeing activity from China and India in addition to our important relationship with buyers and sellers from Mexico and their neighbors to the south. Interestingly, the most international online property searches for Dallas-Fort Worth are coming from people in Canada, Mexico, the U.K., Germany and Australia. It’s reasonable to expect interest to translate into dollars at some point. International activity is a big reason why cash sales account for approximately 30 percent of all sales in the region.
Rapid population growth, lots of industry moving into the area and an increasing number of long haul non-stop international flights make the region more attractive to a globally-minded crowd. As a REALTOR®, your ability to take advantage of the global market are dependent on your expertise and knowledge. Becoming a Certified International Property Specialist and a member of the MetroTex Global Business Council should be are essential part of your business plan. Find out more by joining us at the next Global Business Council meeting on July 20 at MetroTex Dallas. Contact stevet@dfwre.com for more information.
