Foreigners looking to purchase homes in the U.S. are increasing their online search activity for bargains, as sliding home prices continue to attract investors from around the globe — especially Canada.
Florida properties remained the lead attraction for foreign investment in the third quarter, followed by Arizona, Nevada and California, according to traffic on the website for Point2, a Canadian-based real estate marketing company. Those housing markets have experienced the steepest declines in home prices from the sector’s peak in June 2006.
The trade group said for the 12-month period ending March 31, new immigrants and foreign homebuyers were mostly attracted to Arizona, California, Florida and Texas. Over that time, 58% of all international sales occurred in those states. Sales initiated by international buyers rose to $82 billion for the period, up from $66 billion a year earlier.
NAR found the most important factor influencing home purchases by international buyers was a desirable location, followed by the expected investment profitability of the property.
Canadian traffic generated the highest number of visits to all top 10 states listed on Point2′s website, with a significant majority in six out of the 10 states. Potential buyers in the United Kingdom and Mexico followed in second and third place, similar to the NAR study.
