High-end foreign buyers see this as a great time to buy U.S. real estate. As discussed by Lawrence Yun, the Chief Economist for the National Association of Realtors, cities in Florida, Arizona and Texas are seeing a rush of foreign interest in residential property.
More buyers are coming from countries like China and India and less from European countries traditionally known for their U.S. real estate appetites. The investors tend to be looking for second homes and are paying cash for them. Over half of all foreign buyers pay cash for their homes and with an average home price of over $400,000, they are paying more than the typical American.
In Texas, job creation has prompted many foreign buyers to invest for business travel reasons. Arizona is seeing a lot of activity from Canadian buyers looking for vacation homes in the state’s warm climate. Eastern Florida cities have been attractive to Latin American families, while cities along Florida’s western coast have become a favorite for German buyers.
Hear Mr. Yun’s full comments here: http://retradio.com/?p=5574