Texas Among Most Popular States for Global Home Buyers
Texas is among the top three states for global home buyers, according to a recent article in HousingWire. Here are highlights from the article, along with our own insights!
Data from the National Association of Realtors shows that foreign home buyers accounted for $153 billion in U.S. residential property purchases between April 2016 and March 2017. This is a 49% increase in dollar volume from the prior year, marking a new high.
Transaction volume is also up by 32%. Foreign home buyers purchased 284,455 residential units between April 2016 and March 2017. As a whole, global buyers represented 10% of market activity.
Global buyers are making home purchases in all price ranges, with about 10% of the transactions involving properties priced over $1 million. About 44% of all purchases were cash deals.
Half of all residential purchases made by foreign home buyers occurred in three states: Texas, Florida and California. Foreign buyers are drawn to these states for their climate, recreation, cultural amenities and economic strengths.
Most foreign buyers of U.S. homes come from China, Canada, the United Kingdom, Mexico and India. The largest transaction growth came from Canada, with $19 billion in dollar volume, up from $8.9 billion the prior year. Canadian buyers are increasingly turning to U.S. real estate for vacation homes and investment, a move bolstered by soaring property values in their home country.
What does it all mean for Houston home sellers? As a culturally dynamic city and an energy production leader, Houston attracts new residents from around the globe. When selling your Houston home, it’s important to partner with local real estate experts who have a global presence! We are part of the largest real estate company in the world, with more than 134,000 agents in 800 market centers worldwide.
With exceptional local service and an unsurpassed global network through Keller Williams, the KW Energy Corridor Team delivers top results! Contact us today for your personal real estate consultation!
KW Energy Corridor Team
11757 Katy Fairway | Suite 930
Houston, TX 77079