From the mountains, to the prairies…to the oceans white with foam – international buyers are here! The newly released State-by-State International Business Reports have just been released by NAR, and they prove that foreign investment is taking place in all 50 states.
There are 51 reports – one per state and the District of Columbia – and each provide an overview of the real estate markets and economic activity for the state. You’ll find overviews of immigration, countries of origin, foreign visitors by visa type, homeownership data and more. These datasets can be extremely helpful when identifying international real estate opportunities in your market.
For example, in the Texas report, you will learn that 17% of the population (over 4.3 million individuals) is foreign-born. Over 3 million of the foreign-born population was born in Latin America, and nearly 1 million (850,444) were born in Asia. Over 8.5 million people living in Texas said their primary language is something other than English.
In its 2014 National Association of REALTORS® Profile of International Home Buying Activity, NAR estimated the volume of international sales last year was $92.2 billion, a 35% growth over the year prior. The state reports can be used to expand the scope for international real estate transactions with non-U.S. residents and recent immigrants to the United States.
Other resources to help you assess foreign activity in your market include the NAR Profile of International Home Buying Activity, and the Top 10 U.S. Cities Searched by International Consumers for September 2014 from realtor.com®, which also tells which countries were most engaged in searching the realtor.com® International site.
What else do you look for when assessing international buyer activity in your area?