Foreign Home Buyers are Snapping up U.S. Homes, especially in the State of California. California has always been a fairly wise investment as home prices increase much faster than other areas.
A recent La Times article quotes: Foreign clients bought $41 billion worth of stateside houses and apartments during the 12-month period that ended in March 2011, according to the latest tally by the National Assn. of Realtors. That's roughly the same as the previous year.
But add in the $41 billion spent by immigrants who moved here within the last two years and individuals with visas of more than six months, and the total is $82 billion worth ofU.S. residential real estate taken off the market by international buyers, up from $66 billion the year before.
The demand for American real estate is so strong that last fall, the Realtors association launched an international version of its listing website. Now, the 4.4 million properties displayed on Realtor.com can be viewed more easily by buyers from practically any place in the world, and in almost a dozen languages.
Another Recent Article on Bloomberg States: Bidding wars are breaking out for luxury homes in such wealthyLos Angeles enclaves asBrentwood,Santa Monica,Beverly Hills and Bel Air as an increasing number of buyers bet on rising home prices and investors return to the market. Even properties in need of extensive renovation are being fought over by shoppers who expect to resell them for more after a remodel or rebuild.
“The percentage of people who think prices are only going to go up is the greatest I have ever seen in my career”.
Sales ofBeverly Hillshomes priced at $2 million and higher climbed 11 percent in the first quarter from a year earlier to 39, according to DataQuick. Santa Monicahomes are flying off the market as well. If the home is priced right, many times it is sold in days with multiple offers and this phenomenon is happening all over The Westside from Hollywood to the Beach.
**NOW IS THE TIME TO BUY PROPERTY IN SOUTHERN CALIFORNIA AND HOME VALUES ARE INCREASING VERY RAPIDLY IN MANY AREAS!
If you are an International Home Buyer thinking of buying Real Estate in Southern California, here are some tips to getting a good deal:
- Find a Local Southern California Real Estate Agent who specializes in the area you intend to buy the property or properties
- Know What your budget is and how much you would like to spend
- Decide if you intend to purchase a multi-family property, condo, or home.
- Most International Home purchases are Cash Purchases, You will need to have your proof of funds information all lined up such as copy of bank account or current bank statements to make an offer
Once you have found a Local California Real Estate Agent to work with, schedule a trip to preview the homes and prepare to make your offer
Here are Some of Best Areas to Invest in Real Estate in Southern California:
If you are looking to buy, rent, or sell Real Estate Right Now in Southern California-Contact a Los Angeles Real Estate Agent that specializes in assisting International Home Buyers. You can find great deals in Los Angeles, it just takes using a local professional to achieve this.
Call Me Today for All Your Los Angeles Real Estate Needs!
Heather Paul, Realtor (310)586-0364 or (424)625-1037
“Your Local Real Estate Expert”
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