Monday, June 11, 2012

International Buyers Flock to the United States





A survey released Monday showed that the six-year slide in U.S. housing prices, coupled with the rising value of some foreign currencies and continued instability in Europe, is fueling a property-buying binge in the U.S. by wealthy foreigners reported the WSJ. The National Association of Realtors said nationwide that international buyers spent $82.5 billion on residential real estate in the 12-month period that ended in March; up by 24% from the $66.4 billion spent in the same period that ended March 2011 and accounted for nearly 8.9% of the $928 billion spent on residential real estate during that span.

As a listing agent in Boston and the South Shore, I am seeing many buyers in from Canada as well as Europe looking for either an investment property or a place to stay while in Boston on business. Year to date, through May 31, 2012,  MLS (multi listing service) shows that condos sales in Boston are up 18.6%  and sales prices are up 1.0% over the same period last year. All buyers right now are finding that demand is high and supply is low, in Boston there is 4.5 months supply of inventory for condos which by definition is a seller's market. So, whether you are an international buyer or not, you will need to be prepared to put your best foot forward.

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