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iOn REAL ESTATE | by Michael Humphries | Compass Roads Realty, Inc
The real estate market has become a competitive arena for homebuyers. Many are getting beat out by international buyers investing in U.S. markets.
In a report released earlier this week, the National Association of Realtors (NAR) found foreign purchases of U.S. real estate surged in the 12 months ending in March to $92.2 billion, an increase of 35 percent over the prior period.
An increasing number of purchases are coming from Chinese buyers—From April 2013 through March 2014, Chinese buyers accounted for 16 percent of foreign home sales, up from 12 percent in 2013 and just 5 percent in 2009.
Although these foreign buyers have played a much needed role in the U.S. housing recovery, they can be very difficult to compete with. 60% of international transactions this year have been cash as compared to only one-third domestic purchases.
If you're going go toe-to-toe with these guys you need to take measures into your own hands.
Cash buyers can be tough competition when you’re trying to buy a house however that doesn’t mean you’re out of the running on your dream home. Here are a 3 tips when going up against cash buyers:
Michael Humphries, designated broker for Compass Roads Realty, Inc. and writer for iOn real estate covers local and national real estate news, industry trends and market analytics. Read more of his work here.
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