First American’s Quarterly Summit yesterday included an overview of NAR’s Profile of International Home Buyers that identified where Arizona’s international buyers are coming from, which is primarily Canada, Mexico and China. There was a 24% increase in the purchase of real estate by international buyers from 2010 to 2011, totaling $82 billion in sales. The average value of a home purchased was $315,000.
I appreciated the presentation they offered on how different American perceptions are when it comes to negotiating styles and how important it is to distinguish the difference between price and value when dealing with an international buyer. Having a better understanding of communication styles (direct vs. indirect) and how people from other cultures view the use of time are both key elements to success in working with the international market.
It was fascinating to hear that the international student population at the college level has grown from 10,000 students in the 2005/2006 semesters to 67,000 in the 2010/2011 semesters. These are students whose parents are sending them here for an education, and guess what they are buying for their kids to live in? It’s time for real estate practitioners to spend some time getting to know the elements involved in this very important part of our market!
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Laura Kovacs Laura joined AAR in December 2010 as a curriculum specialist and trainer. She is an associate broker with HomeSmart Intl. and has been a licensed REALTOR® since 1976. Prior to joining HomeSmart, she was with Realty Executives Relocation & Referral Services. Active in community and industry service, Laura has served as the chair of AAR's Professional Development Committee, as a state director and executive committee member. An approved instructor for Arizona continuing education since 2003, Laura is an NAR-certified instructor for the "Employer Assisted Housing" and "At Home With Diversity" programs. She obtained her CRB (Certified Residential Broker) in 2009 and became a CRB instructor in 2011. She recently completed her SRES designation and is certified to teach the SRES course. Originally from Chicago, Laura enjoys traveling and spending time visiting her family in Albuquerque, NM and Seattle, WA. To see more posts by this author, click here. |
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