by Keunwon Chung, Statistical Economist
International real estate purchases in the U.S. continue to account for a significant share of business for many REALTORS®. Beginning in 2007, NAR Research has conducted an annual survey of NAR members about their level of business with foreign clients. Results of the latest survey were released this past summer in The 2010 NAR Profile of International Home Buying Activity.*
In the July issue of Real Estate INSIGHTS, we looked at the economics of the international market. This month, we highlight some additional findings from the most recent survey.
REALTORS® and their International Clientele
After declining from 2007 to 2009, the share of REALTORS® reporting international clientele has increased. Of the REALTORS® surveyed, more than a quarter – 28 percent – served at least one international client in the 12-month period between March 2009 to March 2010. Additionally, more than half (18 percent) of those REALTORS® actually sold properties to international clients. Five percent of REALTORS® who had international clients obtained more than 50 percent of their sales from those clients.
For More information on this survey, please refer to http://www.realtor.org/research/reinsights/marketintelligence
*NAR has issued a number of reports based on surveys of international buyers. For those reports, as well as the complete 2010 Profile of International Home Buying (including information about the survey methodology), visit www.realtor.org/research/research/reports.intl.
We have not seen any significant increase in the number of international home buyers in the Bennington VT Real Estate market, but Bennington has rarely been a primary destination for second home buyers.