Industry News

Study: Fewer Realtors work with foreign buyers

Share of Canadian buyers doubles in past year, NAR finds

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U.S. home sales to international buyers appear to have subsided in the past year, according to a National Association of Realtors study released today. The survey of 4,000 Realtors found that about 26 percent of participants worked with at least one foreign client from May 2007 to May 2008, down from 32 percent in the previous survey, conducted from April 2006 to April 2007. "The decline in foreign home buying could reflect the general downturn in the U.S. housing markets. Foreign buyers -- like U.S. buyers -- may be waiting for home prices to continue to decline in order to purchase a property at a lower price," the report suggests. "Some foreign buyers may be reticent to invest in a U.S. property until they are assured that their investment will 'pay off.' " Among those survey participants whose international clients successfully purchased homes in the United States, about 8.2 percent reported that these transactions represented the bulk of their busi...