In the Palm Springs area and across the U.S., foreign buyers hunting for safe investments have been flocking to the U.S. housing market, attracted by low the prices here.
International clients accounted for $82.5 billion worth of sales during the 12 months ending in March, according to a survey by the National Association of Realtors . Compare that to the $66.4 billion spent over the same period a year earlier.
These foreign purchasers , mostly from Britain, Canada, China, India and Mexico, made up 55% of all international purchasers. The four states of California, Arizona, Florida and Texas – accounted for 51% of the states in which international buyers purchased homes.
Several factors are driving foreign buyers to purchase in the locations they did, including proximity to their home countries, climate and convenience. It seems the East Coast attracted mostly Europeans buyers while the West Coast attracted mostly Asians. Florida has drawn South Americans, Canadians and Europeans.
There are many happy and proud new Canadian homeowners in our Palm Springs area here. I happen to have new Canadian neighbors across the street from my home. They got a great little Santa Fe with western exposure that’s taking some work to get it back into shape. But, they’re happy with their smoking deal and we’re happy to have nice, friendly neighbors who take pride in their home . . . even though they can only be there six months out of the year. It’s a win-win for everyone.