What’s Holding Foreign Home Buyers Back Now?
Foreign investors have made up a large percentage of those buying homes in America over the last few years but with their economies still facing an ugly future, property so cheap here and offering more for the money why aren’t they buying more homes right now? More importantly, what can real estate agents, investors and those attempting selling a home do to help them? Obviously for some language and understanding the difference in the home buying process in the U.S. can be a roadblock. So hiring multi-lingual help and offering better clarification on the differences and similarities in buying property here can go a long way to selling more homes faster. Many are also extremely confused by the real estate market here. They are still hearing mixed messages of how the housing market is improving, yet foreclosures continue to plague the nation. Some have heard of $1,000 homes in Detroit and except to find that everywhere while others are overpaying and will snap up anything at full listing price as soon as it comes on the market. Make sure you are positioning your properties correctly and explain the disparity. A recent global home buyer survey ironically put the number one reason foreign home buyers weren’t buying a home as not being able to find properties! This should never be a problem if you have homes to sell. If they aren’t getting the visibility they need then consider contacting overseas real estate agents to help in exchange for a referral fee. Alternatively think about offering to credit the cost of inspection trips if they actually buy for you. Plus, the more confidence you can give them in returns and keeping their capital safe will make all the difference in speeding up sales and increasing conversion rates.
What is it that is holding foreign buyers back from buying more homes in the U.S. now?