International buyers are generally upscale when buying a residential property in the U.S. Based on information in the 2013 Profile of International Home Buying Activity, which covers the 12-month period ending March 2013, the mean price of reported international purchases was $354,193, compared to a nationwide mean price for all home sales of $228,383.
The international non-resident client is likely to be substantially wealthier than the median domestic buyer, may be looking for a trophy property, and is probably looking for a property to be purchased after having met essential living needs. The international residential client may be looking for a property in a specialized niche, for example, a larger property suitable for multi-generational living, or a property that establishes the individual’s presence and standing in the community.
What Does This Mean to REALTORS®?
There is a good chance of having a foreign buyer, whose expectations and needs may differ from those of U.S. buyers. The site http://www.realtor.org/global provides a substantial amount of information that may be of help to REALTORS® not experienced in dealing with international clients.
