International Home Buyers

globalUpdate from Nar on Global-

I attended the recent meeting of the NAR Global Alliance Committee at the National Association of REALTOR’s Legislative Meeting in Washington, DC, it was announced that there were 92 Billion dollars of international real estate purchases in the U.S. in 2014. This represented a total of 232,643 international buyer transaction in 2014 and there are already 202,000 transactions so far this year.

The NAR Meeting had the highest international attendance ever. Some of the important topics that were discussed there, having an effect on these international purchases were the following:

-The expiration of the EB-5 Visa. To obtain the visa, individuals must invest $1,000,000 (or at least $500,000 in a Targeted Employment Area – (There are two kinds of TEAs: high unemployment areas (defined as areas having unemployment more than 150% the national average calculated by the Bureau of Labor Statistics) and rural areas (defined as areas outside a Metropolitan Statistical Area), creating or preserving at least 10 jobs for U.S. workers excluding the investor and their immediate family). This work visa was enacted in 2003 and has brought in $3.5 Billion dollars of foreign investment into the United States and has created 65,000 jobs for U.S. workers. The program ends in September of this year. 2 Representatives have brought in Legislation HR 616 to reform the program and make it permanent. National Association of Realtors does support this.

-NAR is always looking at tools to improve our efficiency. One of the interesting tools discussed was the NotaryCam. Home closings could now happen anywhere in the world via video conferencing easing the notary challenges from different countries. (You could be on a cruise in the middle of paradise and get your home closed via teleconferencing!) You wouldn’t have to worry about other countries notaries having to comply with ours and the challenge of translations. You won’t have to deal with the inconvenience and cost of getting to the local embassy when you are out of the country.

The highest reported sales volume purchasing buyers were from China and the highest unit sales were from Canada.
Statistics showed that the 1st choice is Florida for vacation homes, the majority were cash buyer. Good news for our local sellers.

RE/MAX International being on board with the international market is now in over 100 countries throughout the world.

I have achieved my Certified International Property Specialists designation. The CIPS Network is the specialty membership group for international practitioners of the National Association of REALTORS®. Florida attracts about 25% of all international buyers in the US. Our area attracts about 11% of that market.

Please contact Marie Avery at 941-725-0911, or email Marie@AveryRealtyTeam.com if you have any questions about our Florida Real Estate market.

About Marie Avery