You've all heard the stories about the house down the buyers who were outbidding one another for the house down the street, what would you do if you found yourself in the same situation? The National Association of Realtors prepared a guidebook for agents that explains the practical and ethical issues surrounding multiple-offer transactions, but there's plenty of good information for buyers and sellers, as well.
Favorable exchange rates and relatively low prices are helping boost sales of U.S.real estate to foreign buyers, according to the National Association of Realtors (NAR).
NAR's 2014 Profile of International Home Buyers shows that for the 12-month period ending in March foreign purchases of U.S. residential real estate totaled about $92.2 billion, a 35-percent increase compared with the previous 12 months.
Chinese buyers led the way with $22 billion in purchases, or about 24 percent of all foreign sales, by dollar volume with sales volume up 19 percent.
“We live in an international marketplace; so while all real estate is local, that does not mean that all property buyers are,” said NAR President Steve Brown and a broker in Dayton, Ohio. “Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future.”
According to Realtor.org, international buyers and recent immigrants purchased homes throughout the country (Minnesota was not high on the list), but four states accounted for 55 percent of those purchases: Florida, California, Arizona and Texas. Florida was the destination of choice for those buyers from abroad, staking claim to 23 percent of all foreign purchases. California was second with 14 percent, Texas had 12 percent and Arizona with 6 percent.
Los Angeles, Miami, Las Vegas, Orlando and New York City were the top five cities searched online by international buyers last year.
Dream homes and distressed sales helped propel Minnesota's busiest real estate agents to the top of their class last year, according to an annual survey by Real Trends, a Denver-based real estate research company, and Trulia.com. That survey is completely voluntary, but is vetted to make sure that agents aren't over-reporting sales. Here's a link to the complete list of top agents/teams in Minnesota, but here are top three in each category.
Top agents by volume
Top agents by transactions
Top teams by volume
Top teams by transactions
After months of discouraging signals, a flurry of monthly reports released this morning offer some positive news for the housing market. Here's a summary:
Long-awaited good news for the housing recovery: After several months of declines, existing home sales across the country rose 4.9 percent from April to May - a stronger-than-consensus gain, according to a monthly report from the National Association of Realtors and Wells Fargo Securities. Sales were down five percent compared with last year.
That national report, which is seasonally adjusted, doesn't include local data, but earlier this month we reported that home sales (not seasonally adjusted) in the Twin Cities increased nearly 26 percent from April to May, though May sales were11 percent lower than last year.
Trends of note:
We'll have the latest local data on July 14 when we report the June homes sales for the Twin Cities metro.
Nicole Suchy is Edina Realty Home Service's new director of Exceptional Properties. She'll be responsible for developing and implementing programs designed to support agents who specialize in listing and selling upper-bracket homes - those priced at $500,000 and higher.
Suchy has been in the business more than 20 years and with Edina Realty since 2000 in various capacities, including agent and manager of six Edina Realty Title branch offices. Edina Realty Home Services is an affiliate of Berkshire Hathaway.
The upper-bracket market is doing well these days. Pending sales of properties priced at more than $500,000 in the Twin Cities metro last month were up nearly 25 percent compare with last year, according to the Northstar MLS. There are now about 2,330 properties priced at $500,00 and higher on the market in the Twin Cities area.