Posts Tagged ‘Make Money in Real Estate’
How to Stage Your Home for Mass Appeal
Close your eyes. Picture multiple buyers, multiple offers and a bidding war. Envision selling in days instead of months. Feels pretty great being a real estate genius, doesn’t it? So, how do you create “We’ve gotta have it!” and “We’ll offer more!”?
In this Why Pay 6 Percent blog, we offer illusions, tips and tricks of the trade on the art of “Staging”. We ask you to look with “new eyes” at your house. Remember that your house is no longer “your home”…it is a product that is For Sale. The challenge is objectivity. The reward is mass appeal. The genius is in knowing that real estate is a numbers game. Better your odds by eliminating no one.
If you are unsure of exactly what staging is, think new home builders. Even though staging is a new concept to the resale home market, homebuilders have profited from staging for years. Their model home parks take “picture yourself living here” to an art form. They often sell entire subdivisions of homes, sight unseen, thanks to a few smartly decorated “model” homes.
What can staging do for you? Take a look at a couple of builders model homes. You will quickly spot that everything is new, fresh and clean. It smells good. It’s light. It’s bright. The lawn makes you want to walk barefoot. It’s very friendly. It feels like home, maybe better than home. Gottcha!
When touring a model home, don’t focus on the furnishings, but how they are placed in the room. Notice the amount of light in the room and where it comes from. Note what you don’t see…clutter, deer heads, dead plants. All these little things you see, and don’t, create an illusion of warmth, openness and universal appeal that make buyers say “I could definitely live here”.
You can also get practical ideas about staging on TV channels like HGTV and A&E. Shows like “Designed to Sell” and “Sell This House” have great ideas and feature real homeowners. Their websites, www.hgtv.com and www.aetv.com feature show highlights and special topics to discover at your convenience. Great staging idea’s can also be found in home magazines and websites. And, in case you are short on time, we’ve done a little research for you.
InfoTip 1: First Impressions are formed in 15 Seconds
A buyer called to see inside. Congratulations, your marketing is working and your curb appeal, appealed. What can you do to make a good first impression?
Buy a new Welcome mat. Avoid cutesy. Go classic.
Shine up the door knob and knocker
Mood Music, softly please. Avoid lyrics’, opt for soft jazz or classics.
Open the windows and air the house out. If outside noises are not a problem and the weather cooperates, leave a few windows open.
Adjust the inside temperature to an ideal setting.
Flower Power— Flowers are cheap, create ambiance, add personality and cheer.
Smells—Good, clean, subtle smells are good. Overpowering, disinfectant smells are used to cover something up and may also trigger allergies.
Add a nice guest book and pen to invite comments. Add small photo book picturing your house during a beautiful season.
Turn on the lights in each room. Well lit rooms show well.
Open the drapes and blinds, but don’t expose ugly views.
Highlight good views by drawing the eye to them.
Light a few groupings of candles in appropriate areas. Avoid strong scents.
Remove all items considered “real estate”, before showing. A good rule of thumb is, if it is attached or would leave a mark when removed, it stays with the house. Many buyers refuse to close, or worse, they call an attorney, when they discover the dining room chandelier they “bought” is missing, the roses bushes have been dug up or the basketball goal has been stolen.
InfoTip 2: Making a Grand Entrance
Area Rugs break up the expanse of a floor space and make rooms feel smaller.
Entry closets should be cleaned out. Hanging Coats should not touch each other.
Remove coat stands.
The entrance into all rooms should be free of obstacles.
InfoTip 3: Bigger is Better
Create illusion of big rooms that people can picture their stuff in. Think Spare, not Bare.
Traffic Flow—You should be able to walk through every room in your house without being impeded by furniture.
Counter Intelligence—Clear off all horizontal surfaces in the entire house. Store the designer blender. Decorate with a rosemary topiary, not functional items.
Bigger is better does not apply to furniture. Store oversized pieces.
Re-paint dark rooms in light, neutral colors. White reflects light-black absorbs it.
Mirror, Mirror on the Wall–Seinfeld fans know mirrors create the “illusion of space”, feelings that there is a “whole other room in there”. Mirror magic is highly effective on birds, and home buyers… Mirrors also add light, elegance, enhance views, show off mantels and shrink long, narrow hallways.
Small pieces of furniture like footstools, end tables and throw rugs shrink space.
Dining Room or Home Office? Multi-tasking décor is confusing at best and screams that you have a lack of space and storage. Computers do not belong in the dining room, ironing boards do not belong in spare bedrooms. Stage each room for its intended purpose.
InfoTip 4: Hidden Treasures
Everyone needs Storage. Covered Parking. Garages. Attics. Basements. They may not count as finished square footage, but for homebuyers they count a great deal.
Clean and light these areas before showing your home.
Use a label or sign to mark hidden doors or areas buyers might miss.
Empty garages look bigger. Pack the bikes, lawn equipment and trash cans.
Basements should be aired out and free of mold and mildew.
Plywood can be placed in attics to create large, walk-in storage area’s.
Hide things in storage boxes that slide under the bed.
Lubricate the garage door.
InfoTip 5: Outdoor living rooms
When looking for ways to grow your space. Look outside.
Balconies, patios or porches are living area’s, if staged properly.
Tables and chairs near your grill create another dining area.
A comfortable lounger and coffee table create a reading nook.
Healthy, potted plants can stage a greenhouse effect.
Freshly mowed, green lawns have universal appeal.
Outdoor lighting and sprinkler systems set a mood of relaxation.
InfoTip 6: Stimulate Imagination. Buy this house and dreams come true.
Romantic, candle light dinners happen every night in this house… set your dining room table with your finest tableware. Add a center piece and the stage is set.
Use the romance and coziness of your fireplace to your advantage. Place a pair of wine glasses and a vase of flowers on the coffee table in front of the fire.
Sex Appeal. Set the mood in your bedroom with fresh, fluffy linens, decorative pillows, candles and soft lighting. Remove all personal items from view.
Well Healed His & Hers. In the closet, like clothing should be grouped together. Designate His and Her areas with his pants & shirts in his area, her blouses and dresses in hers. Allow for space between each hanger. Shoes should disappear. Shelves should not over flow.
Anything provocative could spoil the mood. Play it safe with displayed books, magazines and religious items.
Private Parts…bedrooms and bathrooms are private areas that people feel uncomfortable exploring. To lessen feelings of intrusion, hide all personal care products in a basket under the sink. Your Jacuzzi tub is sexier without the used razors and waxing creams. Stage your bath as a place of retreat and quiet pampering. Freshly hung, fluffy towels, candles, a basket of unused bath products de-personalize and give a bathroom the feel of a luxury hotel.
InfoTip 7: Real Life Issues Builders Never Face
Pets. We love our Pets so much, this topic is painful to discuss. Unfortunately, when buyer’s see pets, they start looking for trouble. They immediately sniff for evidence of accidents. They scrutinize for chewing, stains and scratches. They rarely venture into the yard for fear of what they will step in. You can’t pack your pet, so what can you do?
F Cat Fanciers- Change the litter and sweep up daily. Vacuum for hair. Pack the kitty condo and all the toys. Pick up the food bowls. Freshen up bedding. Brush your cat daily, so shedding is minimized.
F Man’s Best Friend- If you can take your dog with you or to the neighbors, during a showing, do so. If Doggie Day Care is available in your town, perfect. Dogs who feel their job is to guard the house must be confined or taken off the premises. Aggressive or barking dogs are best kept elsewhere until the house sells.
Pick up the toys inside and out. Scoop the lawn, daily. Repair holes, paths, bare spots and damaged fencing. Clean the pen. Paint scratches on the door. Remove feeding dishes and water bowls. Vacuum daily. Groom the dog and keep him clean. Freshen his bedding. Make it up to him when this is over.
Small Children—Can a two year old make selling difficult?
As small as they are, they sure have a lot of stuff. Try packing toys while they nap. When you unpack in your new house, they will think it is Christmas. Store the big life-size golf carts and doll houses. Pack up most books. Neaten their closets. Clean out diaper pails, daily. Move obstacles out of the entry or middle of their room. Clear off bathroom countertops and hide bath toys under the sink.
Teenagers. Bribe if necessary.
Scary, but their private space is now on public display. They should make their bed every day, especially on weekends. Take down the beads and re-hang the door. Roll up those super model posters. Get the TV, DVD, Computer, X-Box and Video Games stored out of view. The closet is clean. Clothes are put away. Hide the spider collection and the magazines. Repaint those purple walls boring white. If a buyer is looking at the house, get out of bed, even if it is only 10:00 a.m., or get off the phone, turn off your TV and get out of the house. Take comfort– a trip to the mall usually buys their forgiveness.
Staging is a hard thing to live with everyday. Thankfully, if you do it right, you won’t doing it for long. One of those Looky Lou’s will picture themselves lounging and entertaining in your house in no time. They will at long last become a homeowner and you will be recognized as a true, real estate genius.
Thank you for visiting Why6Percent.com. Our turnkey marketing programs reach million of home buyers, from all over the world, each and every day. We can help you sell and save money to!!
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8 Signs that the Housing Market is Improving
We finally have a reason to celebrate!! There is an avalanche of positive news regarding an upturn in the real estate and housing market in 2012.
- Foreclosure activity in 2011 is down more than 50% lower in several states, including New Jersey, Maryland and Florida. Realty Trac
- The much feared “shadow inventory” of foreclosures declined dramatically in 2011. In December 2012, 2.2 million properties were in some stage of foreclosure. In September 2011, that number dropped to 1.5 million units…or a whopping 32% in nine months. Realtytrac
- Realtors in some hard hit area’s, such as Michigan and southern California, are reporting a shortage of housing inventory and a return to bidding wars in tight markets.
- Wall Street thinks the worst is over. Stocks of the nation’s five largest, publicly traded, home builders are at 52 week highs, signaling an upswing in home construction in 2012. In addition, the home builders have been snapping up deals on land and abandoned subdivisions, in anticipation of increased buyer demand. CNBC
- Home sellers, Realtors and home builders are getting help from rising rents, as Americans realize that owning a home is often less expensive than renting one. And, while future rent increases have no ceiling on how high they can go, ownership locks in housing expenses and equity is created as the loan balance decreases each month.
- Legal issues, property maintenance and other issues complicating the foreclosure process will push banks and lenders to approve more short sales in 2012, further reducing housing inventory.
- Interest rates will remain at historical lows in 2012, which allows more people to qualify for a home and cheap money buys more house for the same monthly payment.
- Overall, foreclosure activity was dropped more than 30 percent in 2011. Fewer than 2 million properties foreclosure notices were filed in 2011, down from 2.9 million property filings in 2010. Realty Trac
If you need to sell your home, things haven’t looked this favorable in years. 
Arm yourself with an MLS listing and exposure on Realtor.com and all the major search engines for real estate. Millions of home buyers search these websites, daily. If your home isn’t there, they will buy the one that is.
Thank you for visiting Why6Percent.com. We have helped thousands of home sellers and we can help you, too.
To MLS or Not to MLS? Separating Fact from Hype
Topics:
What is the MLS?
What are the Benefits of advertising on the MLS
What is all the “Hype” of the MLS
What Should You Consider?
What is the MLS?
The Multiple Listing Service is a database of homes and property that are for sale. The MLS is operated by the local Board of Realtors®. The MLS is the resource agents use to find homes for their buyers or advertise their home listings to other agents. MLS listings include detailed information about the property. In addition to selling price and address, an MLS listing generally includes number of rooms, size of rooms, interior and exterior features, lot size, local school district, property taxes, association dues, directions to the property and comments. Most also include photo’s of the home and a lockbox. At the sellers discretion, most MLS listings can also be upgraded for a fee to include additional photos or virtual video tours.
To MLS or Not To MLS; Separating Fact from Hype
The Multiple Listing Service (MLS) is a powerful tool for real estate agents and home sellers. It allows seller’s and agent’s to cross-sell all properties in a given market, which greatly expands the sales force of all the properties for sale. The Internet has expanded the power of the MLS by providing information in real time to not only agents, but to home buyers and home sellers alike through its www.Realtor.com website. The MLS and Realtor,com it is looked at by thousands of real estate agents who may have a buyer for your property and individual home buyers searching the Internet.
Note: In addition to Realtor.com, properties listed on the MLS also appear on other major real estate search engines like Zillow, Homes.com, Military.com, Trulia.com, Yahoo, Google and a host of others.
Benefits of MLS Advertising:
There is only one very significant benefit to having your home listed on the MLS…EXPOSURE! The fact that your home is for sale will now be known by anyone searching the Internet. Additionally, hundreds, if not thousands of real estate agents in your market will also know about your property. To fully benefit from this exposure, you need to be willing to “co-op” with a real estate agent, if they bring a buyer whose contract terms are acceptable to you. “Co-op” means that you agree to compensate the buyer’s real estate agent at the closing of your property. Typically, a buyer’s agent will earn between 2%-3% of the sales price of the home. If you are willing to “co-op” with a buyer’s agent, you should indicate this clearly in your Internet and classified advertising, and on your brochures.
To list your home on the MLS, you will need to contract with a real estate listing agent that is a member of your local real estate board. If your interest is purely to have your home listed on the MLS; you can contract with a new type of Broker who charges a one-time fee to cover the cost of them listing your home in the MLS and allows you to act as your own listing agent.
The flat-fee MLS listing concept is fairly new and not all agents will be anxious to provide this service, as they are in the full service real estate listing business. To learn more about using a flat-fee MLS service, visit websites like http://www.why6percent.com
In many areas of the United States, when a home appears on the local MLS, it will also appear on aggregator websites like MSN Home Advisor, Yahoo Real Estate, Realtor.com, Zillow.com and local state and broker websites. Many of the MLS Boards send their inventory directly to these websites to enable even more exposure for the homeowner.
In today’s transient society, thousands of people use the internet to search for homes far in advance of their relocation. Many people supply the list of properties that interest them to their agent, so the agent can set up showing appointments. When a buyer is relocating to a new area, time is limited and critical. This means the buyer’s agent becomes a critical part of relocation effort. Therefore, the MLS can be key to exposing your home to people relocating to your area.
What is the Hype of an MLS listing?
1) Your house will never sell if it is NOT listed on the MLS…False.
Your house may sell more quickly or for more money because of the tremendous exposure we discussed above, but your home can sell with or without the MLS.
2) Buyers will never find your home if it is NOT listed on the MLS…False.
According to the National Assn. of Realtors data, 60% of all home sales occur because of the sign in the yard. Newsletters, directional signs, open houses, classified advertising and InfoTubes or InfoBoxes, filled with attractive home information flyers, will also help you find a buyer for your home.
3) Real estate agents will not bring a buyer to you if you are NOT on theMLS… False.
If an agent has an interested buyer and you indicate you are willing to pay them a commission, they have no reason to boycott your property. If they do, they risk that the buyer contacts you directly and they don’t make a dime.
Considerations:
The MLS has proven value and is certainly a wonderful way to expand your advertising reach. If your goal is to make local agents aware that your home is for sale and reach the millions of buyers searching for homes on major real estate websites. Keep in mind that you will need to pay a commission to a buyer agent at closing, if they bring you an offer that you accept.
If you decide to place your home on the MLS, consider it as a part of your overall marketing strategy and not a replacement for your advertising program. Properly understood, the MLS can be another excellent part of your home selling process.
Thank you for visiting Why6Percent.com. Our national network of flat fee MLS brokers are standing by to assist you in marketing your home. Please visit our website or phone 1-800-381-9496 to get started!
Do’s and Don’ts for Taking Good Real Estate Photo’s.
Profitable 2012 Resolution: Showcase and show off your home with great photo’s.
Photographs are important and powerful tools in marketing real estate. Statistics show that home sellers who provide numerous and good quality photographs of their property receive twice the amount of buyer interest than their competition.
When photographing your property, try to follow this advise from Dave Rezendes, #1 real estate photographer in the USA.
• Don’t assume that wider is better. Sometimes a particular vignette or architectural detail will better convey the feeling of a house and give a stronger effect.
…. CLICK HERE TO FINISH READING THE ENTIRE ARTICLE
Thank you for visiting Why6Percent.com. Make 2012 your year to SHOW and SELL!!!!
College Students Swap Dorm Life for Suburban Mansions
When the real estate bubble burst in 2007, I predicted that we would likely see large, single family, suburban mansions carved up and repurposed into multi-family housing. Well, time and a prolonged recession have proven the idea viable.
The USA went through the same type of evolution, in reverse, with intercity housing. Vacant, large urban, single family mansions where carved up into apartments, efficiencies and co-ops, after the mass exodus to the suburbs in the 1950’s. Now, its the McMansions, gated communities and long commutes that are out of vogue.
Families are returning back to life in the inner city. They are buying multi-family homes and converting them back into single family residences. The concept of highest and best use…has come full circle.
Check out this short video to see the latest change in student housing in decades. A bad housing market has created some luxury digs for college co-eds out in the ‘burbs”.
College students renting suburban McMansions
Thank you for visiting Why 6 Percent. We offer flat fee MLS and Realtor.com packages to builders, homeowners and anyone who needs to keep more money from their property sell. We have helped thousands of homeowners sell their homes. We can help you, too.
Banks Bulldoze Houses To Cut Taxes and Fee’s
Getting rid of repossesed homes is the biggest headache for US lenders. 1,679,125 homes ( 1 in every 77) are in some stage of foreclosure as of June. Lenders feel that no one will buy many of these homes and they”re trying to cut their losses. Bulldozing the problem away means the banks won’t owe property taxes to our floundering cities and it won’t have to pay for repairs, maintenance and upkeep on the property. In addition, there are some perks for giving away a house. The banks get a bunch of tax write-offs and best case… they may even get a pat on the back and some nice PR, too.
The idea of Bulldozing houses is nothing new. Although the banks are not blowing up homes for alturistic reasons…I think we can all agree that removing home inventory is good for all of us. In 2010, Warren Buffet advised that ”blow up a lot of houses” was a viable option and similar to ‘cash for clunkers’ auto program. I always thought bulldozing abandoned homes and returning the land to a raw state was a smarter solution than handing out money in the form of a homebuyer tax credit. The tax credit cost billions of dollars, put money into the hands of a few people blessed with good timing and did little to reduce inventory.
Bankers, why not take the “TNT” strategy one step further. Donate unwanted houses to local non-profits vs blowing them up? Make a call to Habitat for Humanity, for example? I can’t understand why Habitat is still building new homes, when we can’t get rid of the ones that are causing problems in our neighborhoods. Habitat needs to change their business model with the times and so do our lenders. Families, who are in dire need now, wait up to 6+ months for a new home to be built and the cost of building from scratch far exceeds the costs of rehabbing properties, in most cases.
Just my two cents….
Thank you for visiting Why6Percent.com. We offer a low, flat fee MLS program for owners, builders and for people who need to hold onto as much of their money as possible. If you aren’t familiar with advertising your home on the MLS or Realtor.com, please visit our website and review the FAQ. Our marketing packages reach millions of home buyers each day.
InfoTube.net is FREE home selling website. Visit our site for free legal forms, home searches, home listings, marketing tools, advise and support! We are a 100% Made in the USA company.
What the Real Estate Market looks like in 2012
Would you like to see what the housing market has in store for 2012? If so, take a moment to watch this video.
Remember that in spite of the doom and gloom…10,000 sets of keys are handed to new homeowners every single day!!
Thank you for visiting Why6Percent.com…we offer FREE marketing website for owners, builders and agents. In addition, our MLS and Realtor.com packages can give you all the exposure of a full service listing…without the cost.
Remember that… Who you buy From is as important as What you Buy! Look for Made in the USA products and support US workers!!
National Home Improvement Stores Outsource American Jobs to China
FOR IMMEDIATE RELEASE
National Home Improvement Stores Outsource American Jobs to China Home Depot, Lowe’s vendor ignores U.S. patents, outsources popular INFOBOX®
ASHEVILLE, North Carolina (May 10, 2011)—Recently, Hillman Group, vendor to national DIY home-improvement retail giants Lowe’s, Home Depot, and Menards, replaced the store’s popular American-made INFOTUBE® and INFOBOX® products with Chinese factory replicas.
INFOTUBE® literature boxes were invented 23 years ago in a garage in Dallas, TX, to provide Realtors®, builders and homeowners with an affordable way to sell their homes. Today, millions of these patented real-estate literature boxes are being used in neighborhoods across America.
In March, Hillman informed Crow Erickson it was replacing INFOTUBE® and INFOBOX® products effective immediately, leaving thousands of boxes stranded on the docks and effectively closing the doors of the Asheville, NC-based manufacturer and inventor. Caplugs® factory jobs in Erie, PA and Buffalo, NY will also be affected, two areas already hard hit in this economy.
Crow Erickson’s patent attorney has inspected the Chinese product, currently available on Home Depot’s website, and it does appear to be copy of the INFOBOX® design, something Hillman insiders have conceded. The Chinese knockoff provides no cost savings to the consumer.
This is not the first time Hillman has ignored U.S. patents and put American jobs in jeopardy, including the hundreds of disabled and handicapped American workers that Crow Erickson has employed at competitive wages in partnership with vocational rehabilitation centers.
In the 1990s, Hillman tried to outsource INFOTUBE® products, a patent violation against which Crow Erickson took legal action. The settlement required Hillman to renew its contract for INFOTUBE® and agree not to compete in its product niche.
Apparently Hillman is banking on the rising cost of lawsuits to deter the small, woman-owned business from pursuing legal remedy this time around.
Crow Erickson has made numerous direct appeals to the Hillman Group and senior management at Lowe’s and Home Depot, citing its 20+ year successful partnership, patent concerns, and a desire to work with all parties for a mutually beneficial and cost-competitive resolution.
To date, Crow Erickson has not been able to engage Hillman, Lowe’s or Home Depot in any meaningful discussion and has been left with no recourse other than pursue costly legal action or close its doors and watch another American-made product fall victim to Chinese factories.
Crow Erickson is currently launching a public media campaign to save American jobs. More information can be found on www.infotube.net and the company’s blog. INFOTUBE® is also sponsoring an online petition to save American jobs from export to China which can be viewed and signed on The Petition Site at Help-Save-American-Jobs.
Contact:
Tommi Crow
President, Crow Erickson, Inc.
800-858-6000 (o) 828-230-2260 (cel)
7 Tips to Sell Your Home this Weekend
In today’s’ super-competitive housing market, it is essential that homebuyers picture themselves living inside the home you are trying to sell.
7 Home Selling Tips from the Lips of Top Selling Agents
- For starters, take down the Wallpaper – Trust me when I say, “Buyers just do not like wallpaper.” If you doubt how personal wallpaper is…just walk into any wallpaper store and stare at the thousands of available patterns. Chances of your tastes matching are at least a thousand to one. Don’t risk it! Pull that paper down!
- The Clutter HAS to Go! Living in a house is alot different than Selling a house. It is easy to get blind to your own clutter. Ask a friend, neighbor or neutral party to be honest with you. Then, pack away every single thing you don’t use. And, clear the kitchen counters completely.
- Smelly Homes Will NOT Sell. Agents have an old saying, “If I can smell it, I can’t sell it.” Pet smells, musty odor’s, etc will kill a sale everytime.
- White is not a Color. But, paint is your friend. Every room should have a fresh coat of paint in a warm, neutral color.
- A Spot of Color. Everyone loves flowers. Place pots with colorful annual flowers by the front door or plant seasonal color in the beds to make your home inviting and memorable.
- Househunting Begins on the Internet. If your property is not exposed on the internet, your chances of a buyer finding you are very small. Tip the odds in your favor by advertising your home on the MLS and all the major search engines for real estate. InfoTube also offers FREE property listings on its website. Also, make sure your listing includes at least 10 good photo’s of the interior and exterior of your home. If possible, also include a video tour of the house and neighborhood.
- Forget About Comp’s and Sold Properties. Study your competition, which means homes currently For Sale. If your home is priced too high when compared to your competition, it is going to sit for a long, long time.
Homeowners should please keep in mind that Buyers have a lot of choices. The homeowner who can make their house stand out among the vast inventory of “For Sale” signs will the one who wins the selling game.
Thank you for visiting Why6Percent.com,, your do-it-yourself home selling source. We can bring buyer’s to your door. Check out our website to see how we’ve helped thousands of home sellers.
Foreign Buyer’s Snapping Up US Property.
Attention Why6Percent Realtor.com customers: Due to growing foreign demand for American real estate…Realtor.com plans to offer a language translation service to reach non-english speaking homebuyers.
Foreign buyers are turning to the U.S. to buy “trophy properties,” according to a recent Wall Street Journal blog which added that demand is so strong, leading real estate website Realtor.com plans to add features, including a translation service, to help the influx of international buyers find real estate.
“They’re feeling that investing in U.S. real estate right now may be a more stable option than investing in their home countries,” Julie Reynolds, a Realtor.com spokesperson said.
Reynolds cited a National Association of Realtors survey that showed that 55% of foreign buyers paid cash in 2009, compared with about 8% of overall respondents.
In her WSJ blog, S. Mitra Kalita concluded that, “Given the shaky state of some markets and a still-tight lending environment, real-estate agents say the rush to market to foreign buyers only makes good business sense.”
And the National Association of Realtors findings back her up: It reported that between April 2009 and March 31, 2010, $66 billion of residential property — 7 percent of the total U.S. residential market — was sold to foreign nationals, recent immigrants and temporary visa holders.
“We have definitely seen an increase in international clients this year,” said Miami realtor, Ines Hegedus-Garcia. “What’s exciting is the fact that they are not interested in just single residential properties, but multiple properties as well as commercial and industrial. They are savvy cash buyers who do their homework and pull the trigger fast once the numbers make sense.”
On Realtor.com, traffic from countries in Western Europe, the Middle East, South America, and Asia has increased by more than 50% over the past two years with the foreigners targeting properties in Florida, California, Arizona, Texas, Georgia, New York, and Nevada.
At a local level, Realtors have also noticed the surge of interest from abroad: Last year 28% of them reported working with at least one international client in the previous year (2009 – 2010), up from 23% in 2008.
Here’s how the foreign interest in U.S. property breaks down: Canadians have make up the bulk of international buyers during the past 3 years; Mexicans the fastest growing; and buyers from the UK, stung by their own housing market collapse, have posted the steepest decline.
About 50 percent of international homebuyers said they wanted to move here and make the homes their primary residences; 25 percent bought vacation homes for their own use; 14% were bought residential rentals for investment; and another 14% said they wanted their purchases to double as their own vacation home and a rental.
Thank you for visiting Why6Percent.com. Our customers receive all the benefits of advertising on the MLS and Realtor.com for a fraction of the money. Visit our website for details and FAQ’s. If you have a home to sell, it is time to Spring into action!!!