Real: Marketing Your Home to International Buyers

Home sellers should take advantage of international buyers’ interest in U.S. real estate by hiring a real estate broker in contact with foreign buyers. These brokers should be able to advertise in the seller’s country of interest and create a Web site for the property, complete with a virtual tour and numerous photos of the home and the surrounding neighborhood. The number of photos is important even if the agent only features the home on Realtor.com, as the U.S. site is frequented by foreign buyers. When choosing which foreign buyers to target, they should consider location, price, and the economies of other countries, keeping in mind the tendency of foreigners to cluster in areas. According to the National Association of Realtors, the Southwest is popular among Mexican buyers; while those from Asia and Europe are attracted to California and the East Coast, respectively. Even though the average price paid by foreign buyers in 2011 surpassed the overall average U.S. sales price — $315,000 versus $218,000 — experts say foreign buyers are looking for bargains. They also are interested in renting out the homes and increasingly are seeking mortgages. Sellers should help simplify the process for international buyers by changing square footage to square meters, explaining the inspection process, and emphasizing that the appliances come with the home. | Read More