How to Make Your Home Appeal to Overseas Buyers
More and more foreign or overseas buyers are looking to the California real estate market for investing and development. Whether you have a large development, condo building, or simply a single-family house, you can appeal to the wide range of homebuyers that are out there today including those overseas.
Sellers are looking everywhere these days for hot real estate markets, affordable homes, investment opportunities and rental properties, including overseas. You want the greatest return on your investment so appealing to a wide range of buyers as well as a variety of investors is always key.
According to the National Association of Realtors, foreign acquisition of residential real estate in the US totaled over $104 billion in the last year. This was a 13% increase from the prior year. Nationally this was 8% of the total dollar exchanged in existing home sales.[Source]
The US alone is a solid investment for many foreign buyers due to the increased property values and reputation for a good global place for business people to invest. Many foreign investors feel secure in the US as one of the world's largest economies. Specifically, Chinese nationals have been overwhelming the largest source of foreign real estate buying in the last five years. Chinese buyers purchased nearly $100 billion in US homes. The Chinese in general are looking abroad more and more.
This is why all homeowners looking to sell need to appeal to a wide range of buyers. Here are some common features that are most desired by foreign investors.
Condominiums are popular.
Condominium ownership is a preferred option for many international buyers since amenities are great and maintenance is low. The building itself is generally safe and secure and maintenance is taking care of even when they are not present.
Popular cities with global reputations.
Places like San Francisco and Los Angeles are receiving a lot of interest from international buyers. Many people travel to these larger cities for business and need a place to stay, call home or rent out when not in use.
High-end homes are also attractive.
Many of these international buyers are wealthy enough to invest in property overseas so there typically interested in homes that reflect a lifestyle they are accustomed to. These affluent buyers are looking for homes in the higher end of the market, typically $900,000+. This is ideal for many people in the bay area since the average home prices around this price point.
Buyers tend to focus on a number of criteria when searching for their next home including building management, accessibility, and the quality of the Association or community itself. Emphasizing these features is a key way to monopolize yourself in the market.
Anytime is a good time to sell.
Homeowners that need to sell during inopportune times of the year should not have any fear selling to international buyers. Timing is not quite a factor in many of these foreign buyers purchasing throughout the year. However, selling to an overseas buyer may take some time. Because they don't live in the country full time there could be a gap between traveling to and from the home for viewing. Once the offer is accepted things content to run quickly since many of these overseas buyers pay with cash. Also, many overseas buyers use property management services or concierge services that facilitate the transaction on their behalf. The point is, homeowners shouldn't fear as to when to place their property on the market since international buyers purchased anytime of the year.
If you're looking to sell your property and would like to market international buyers talk to me today. I'd love to help you devise a marketing strategy to appeal to the widest variety of potential homebuyers out there, not just locally but internationally as well.