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Every week we are bombarded with news regarding the housing market. Some of the news becomes the bearer of bad news while on other days we are told to rejoice in hopes of a brighter tomorrow for the housing market. Well it seems the market is receiving help from an unlikely source. That source would be foreigners. That’s right people, a portion of home sales over the past year are accounted for by foreigners that have been flocking here in droves with their families.
How many foreigners are we really talking about though? How many people are becoming American citizens and picking up our vacant homes? Apparently over the past year, the rate of foreign buyers has increased by over 24%. These people aren’t taking home buying lightly either. They accounted for $82.4 billion in home sales. So obviously these people aren’t taking up broken down homes. Many of the buyers are picking up higher end real-estate in order to begin fulfilling their very own “American Dream.”
Some of the buyers are buying crazy mansions I could only dream about. Just look back to last Summer where a British buyer purchased a mansion in Los Angeles for a reported $85 million. That’s not the only case of extreme home sales though. Just this past December we saw the Russian businessman and billionaire, Dmitry Rybolovlev purchase a condo in Manhattan for $88 million. The crazy thing is that he didn’t even buy this condo for himself. He purchased it for his 22-year old daughter while she attends college in New York.
Where do most of these people originate from though? Well thanks to an NAR survey, we can find out. 55% of all International sales occurred from residents of countries like Canada, China, Mexico, India and the United Kingdom.
If yourself or a family member is looking to relocate to the United States, might I recommend checking out the Michigan real estate market? Now don’t think you need to buy a mansion to relocate though. We can easily help you assemble a mortgage for a beautiful home in Michigan. All you need to do is call one of our loan officers at 1-800-555-2098.