The following contribution comes from Kelly Rey and Stuart Deibel, Sales Associates with our Fonville Morisey Inside the Beltline (ITB) office. Both are members of the Triangle International Council of REALTORS® (Stuart is their President-Elect). Today, they are talking about the increase in interest for the international buyer in the Raleigh, Durham, Chapel Hill and surrounding market areas. Thank you for sharing, Kelly and Stuart!Courtesy of TICOR via their Facebook Page
According to the National Association of REALTORS® 2012 Profile of International Home Buying Activity report, buyers from around the globe are taking an increased interest in purchasing U.S. property. In many cases, property in America can be acquired for much less than a comparable property in the buyer’s home country, thus making it a good investment. In California, Texas, Arizona and Florida, home purchases by foreign buyers have trended toward nationality-based clusters, and international sales in those four states account for 51% of the total national sales to foreign buyers, with Florida as the fastest-growing destination for international clients at 26%.
The Triangle has also seen an increase in interest from foreign buyers, and in 2001, the Triangle International Council of REALTORS® (TICOR) was formed in response to the need for informed REALTORS® who could effectively assist international buyers in identifying and purchasing property in the Greater Triangle area. TICOR members are exposed to different facets of working with international clients through training modules, guest speakers and networking events. Realtors® who become active members of TICOR have demonstrated an interest in serving the needs of buyers and sellers of different nationalities by helping to bridge gaps in understanding of the American credit and financial systems, the buying or selling process, removing language barriers and even assisting buyers with obtaining drivers licenses and utility services.
International home buying activity is expected to continue its upward trend, with European and Asian wealth often being directed at American land investment to diversify portfolios and generate bankable profits. Some 60% of international buyers use cash and on average, spend $400,000 on a property, as compared to the overall U.S. average of $212,000, so providing exceptional service to foreign buyers can be both rewarding and lucrative.
TICOR members are ready to assist both local and foreign clients with all real estate transactions, including working with domestic clients buying abroad. If you have questions about domestic or international real estate, ask a member of the Triangle International Council of REALTORS® today!Image taken by Stuart Deibel courtesy of TICOR via their Facebook Page
Please plan to join in the celebration of International Day on September 19, 2012, sponsored by the Triangle International Council of REALTORS® and the Raleigh Regional Association of REALTORS®.