The latest data released by the National Association of Realtors (NAR) has revealed that foreign real estate investors have largely pulled back amidst some global financial instability, which has been underscored by the recent turbulence that has occurred on the heels of the controversial UK “Brexit” vote to leave the European Union. In today’s article from The Short Sale Gal Kristine Zelazo, we’ll explore how this withdrawal amongst international investors spells new opportunities for local real estate investors.
A Look at International Real Estate Investors’ Activity
NAR’s recent survey revealed that international investors, particularly those purchasing U.S. vacation homes and residential rental properties, have pulled back in recent months, resulting in a three-year low on spending.
Real estate purchases amongst international investors dipped over the past year. For April 2015 through March 2016, international real estate investors accounted for $102.6 billion in US residential properties. That represents a decrease over the prior year, which topped out at $103.9 billion.
For local real estate investors, this actually spells good news because it means there’s less competition in an already competitive niche. This is especially true in the states that see the largest portion of international real estate investors, including Florida, California, Texas, New York and Arizona.
In a statement, NAR chief economist Lawrence Yun attributed the pull-back to weak global economic growth, combined by currency devaluations and turbulence in the world’s financial markets. Notably, though, the dollar’s value has been on the rise and
This pull-back on the part of international real estate investors is great news for locals due to the decreased competition. That spells lower prices and fewer bidding wars, combined with more opportunities to snap up great investment properties, especially in the vacation home and rental home market sector.
Need Help Getting Started in Real Estate Investing?
If you need a real estate investing mentor, you’ve come to the right place! Getting started in real estate investing can be somewhat challenging, but when done right, you can stand to make significant profits. You’ll have lots of advantages in this regard when you work with a real estate investing and short sale expert like Kristine Zelazo, better known as The Short Sale Gal.
Based in Florida, Kristine works with both buyers and sellers and she is an experienced negotiator. So if you’re an investor seeking to get started in buying short sales and need a great mentor or wish to pursue a short sale transaction for the sale of your property, turn to Kristine Zelazo, the Short Sale Gal!
To get started with selling your home, simply complete the home pre-sale form to provide Kristine with additional information on the property in question. Then, call 786.570.0360.