Foreign interest in both commercial and residential U.S. real estate remains strong, and is poised to grow in coming years. For some real estate agents, especially those in large metropolitan areas with a diverse demographic, “going global” is second nature. For others, particularly residents of smaller markets in Middle America, it can seem like an opportunity reserved for faraway coastal towns.
The truth is, these international homebuyers and investors are purchasing in every U.S. city, in markets of all sizes. They typically pay a higher median price and pay in cash more frequently than domestic buyers, making it a very worthwhile niche to explore. But realizing the potential of engaging in international real estate is the easy part. Figuring out where you and your community fit into the global marketplace can be a bit more complicated.
What draws international buyers to your local market?
Are foreign companies opening facilities nearby? Or, is there a vacant space available that you could market overseas? Is there a university nearby that attracts international students or faculty? What about luxury property, condos, coastline, or other lifestyle (and commercial) attributes that would draw foreign interest?
NAR has written Local Market Assessment Case Studies for nine U.S. states that would be considered “unlikely” destinations for international buyers. States profiled include Utah, Arkansas, North Carolina, Alabama, Colorado, Georgia, Kentucky, Ohio and Washington. You don’t have to live in these states (or even in the United States) to benefit from this research, much of what you’ll discover in each study is paralleled in other markets.
By following the step-by-step processes discussed in these reports, you will learn how to identify global opportunities in your area, no matter how “unlikely” a market it might seem.