New NAR Study Finds Numerous Opportunities for Professionals to Broker U.S. Property to Foreign Home Buyers

WASHINGTON, DC--The National Association of Realtors has completed a 12-month survey and profile of international home-buying activity in the U.S. The 24-page report may be obtained by contacting IMoore@realtors.org or going to http://www.realtors.org/research.

The survey was based on about 4,000 responses reflecting business activity of Realtors with foreign buyers over the 12 months between May 2007 and May 2008.

The survey was conducted by Lawrence Yun, (top right photo) senior vice president, research; Jed Smith, managing director, quantitative research; Keunwon Chung, statistical economist; and Kate Anderson, senior editor consultant.

Highlights in the report's conclusions were:

--More than a quarter of REALTORS® have had some international clientèle in the 12 months between May 2007 and May 2008.

--Approximately half of their foreign clients subsequently purchased real estate properties in the U.S.

--While U.S. real estate is still considered a “safe haven” for foreign funds, there are some perceived impediments to foreign purchases including cost of property, immigration laws, and property taxes.

--Regarding the trend of international business, 21 percent of respondents have experienced an increase in international business, 72 percent have seen the level of international business remain constant, but only 6 percent experienced a decrease.

--The majority of respondents selling international properties noted that the weak U.S. dollar had impacted foreign sales purchasers.

--As more and more people in different nations recognize the value of owning property, the opportunities and challenges for real estate professionals to broker U.S. property to foreign home buyers are numerous.

-- Whether international purchasers use their U.S. home as rental/investment property, as a vacation home or both, non-U.S. residents account for a significant share of home buying activity.