Record Number of Overseas Visitors Coming to United States - Visitors experience America and bring abundant benefits

Washington -- Despite increasing airfares due to rising fuel prices, record numbers of international travelers are coming to America.

It’s a bargain for people outside the United States to come here. Hotel room rates in New York, for example, are up 11 percent in dollar terms, but only a mere 1.5 percent increase when calculated in euros, according to Bobby Bowers of Smith Travel Research in Hendersonville, Tennessee.

“Once you’re here, in terms of staying in a hotel, it’s cheap,” Bowers said. “Alternatively, for those traveling from the U.K. to Paris, [they] won’t find the value [they would] get by going to places like Orlando [Florida] or [Washington] D.C.”

Foreign buying activity in US during 2007
Survey: 4,400 NAR members
Average price: $297,000
14% sold over $750,000
43% of foreign investors paid cash
75% bought single-family homes
33% came from North America
26% of Realtors sold to a foreign buyer in 2007

2007 Foreign Buying Activity - Source: NAR Survey:

21% of respondents* have experienced an increase in international business, 72% have seen the level of international business remain constant, and only 6% experienced a decrease. The majority of respondents selling international properties noted that the weak U.S. dollar had impacted foreign sales purchasers.

*4,400 NAR Members responded to the Survey

2007 Foreign Buying Activity - Source: NAR Survey:

According to the survey, 26% of the respondents had served international clients in the past 12 months. Approximately half of the clients subsequently purchased real estate properties in the US. When clients did not make a purchase, the survey respondents mentioned cost of property (54%), immigration laws (27%), and property taxes (24%) as being the major reasons behind their decision.

2007 Foreign Buying Activity - Source: NAR Survey:

The largest group of buyers came from North America (33%), followed by Europe (31%) and Asia (22%). Individually, Canada, the UK, Mexico, China, and India ranked among the top five. The most popular U.S. destinations for the purchase of property were Florida, California, Arizona, and Texas.

2007 Foreign Buying Activity - Source: NAR Survey:

Close to half of all international buyers paid in cash and the majority were attracted to single-family homes (75%), with the remaining 25% opting for condos or townhouses.

Foreign Buying Activity in 2007 - Source: NAR Survey:

The survey found that a typical international buyer purchased a single family home for holiday purposes at $297,400 with mortgage financing, and stayed at the property for 2.6 months. Over 14% of properties sold to international buyers were in excess of $750,000.

From OPP News:

This is my first posting for my blog. I ask you to please have patience as I become more familiar with this platform, and constantly improve the content, ways in which it is posted, and use within my business. I know that this will be a very informative blog, full of useful information, my opinions on certain matters, and useful for gathering feedback from all of you!

RAMB Members know Immobel as one of the hottest  exclusive Premium Services provided FREE to every RAMB Member.  Not only is Immobel a 13 language web site, it is also an E-marketing tool, web site with IDX solution, bio/resume in 13 languages, and includes an incredible "Virtual Agent".  As if all that wasn't enough to save RAMB members $798.00 a year...RAMB has rolled out the first in the world, International IDX between Paris, France and RAMB-Miami Listings. 

Follows is an excerpt from Kevin Brass' blog - Raising the Roof: