June 23rd, 2023 9:58 AM by Linda Holley
Most foreign (global) buyers have generational intent--not transactional--because they want their families in the US.
Test your International IQ:
1. What are the top 5 countries of origin for global real estate buyers in US?
China, Canada, Mexico, Brazil, and India, in that order. Chinese buyers purchase higher-priced properties and Canadians purchase more homes in the US than other global buyers.
2. What are the top 5 destination states for global buyers?
Florida, Texas, California, New York, and Arizona. Global corporations are moving to Arizona and international buyers have recently discovered North Carolina.
3. What country has the highest percentage of cash buyers?
Canada. Chinese buyers are financing single family homes over $500,000.
4. What type home is most appealing to global buyers?
Single family homes because most are interested in the land and future home for their heirs. They are not interested in investments and resale.
5. Why are California and New York so appealing?
Florida does not have direct flights to China. Also, the education system is better on the west coast.
6. What is CIPS?
Certified International Property Specialist, a National Association of Realtors' professional designation.
7. What are the 2 types of foreign real estate clients?
Type A - Non-resident - living in US six months or less. Interested in second homes and seasonal rentals.
Type B - Resident - living in US more than six months for education, professional, and other reasons. Lifestyle is important.
8. What's most important to Venezuelan buyers?
Safety and discretion (gated communities).
9. How is Florida restricting foreign buying power in real estate?
Senate Bill 264 - effective July 1, 2023, restricts purchases by residents of certain countries. Stay tuned for my next blog.
10. Which term is correct? Foreign or global buyers?
"Foreign buyers" is a legal term.
11. Why do Realtors love international buyers? Because the Realtors, like Linda Holley, who provide exceptional service are remembered by international buyers. They refer us to their friends and families in the future knowing we'll take good care of them.
12. Why do international buyers prefer to work with Single Agents and not Transaction Brokers?
Full disclosure and representation.
* Information in this blog provided by Florida Broker and Coach Neal Oats, Jr., in the training seminar June 22, 2023, hosted by Women's Council of Realtors.
Call Linda Holley, Realtor, GRI, SRES, Fine Properties, Lakewood Ranch, Florida ,for your real estate needs in Sarasota, Nokomis, Venice, and North Port, 941-914-4914
www.LindaHRealtor.com
LindaHRealtor@Gmail.com
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