The US Housing Market Attracting Foreign Buyers Once Again

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As the housing market in the United States is experiencing a steady recovery, the number of people looking to purchase a home is growing. Currently, the market is attracting more domestic and more foreign buyers. Foreign nationals can take advantage of the increasing market value of properties and of the low mortgage rates in the country as well.

In 2013, the total value of real estate purchased by foreign nationals was $68.2 million. This value accounts for 6% of the total value of homes purchased in the country during the year. The predictions are that both the value and the share of the homes purchased by foreign nationals will increase in 2014 and 2015.

Most of the homes purchased by foreign nationals are investment properties. Foreign property investors prefer to put their money in rental residential properties in large cities such as Chicago and in vacation homes in states like Florida, Arizona and California. It is less common for such investors to engage in practices such as property flipping for earning quick profit. Many of the residential properties bought are long-term investments which are expected to bring steady income as the US economy is growing once again.

US mortgages are now more accessible to foreign nationals than they were five years ago during the housing market crisis. Now lenders are more confident about providing financing for the purchase of a residential property provided that the buyer meets a specific set of requirements.

The major requirement is for the buyer to have a tax identification number from the Internal Revenue Service. Proof of income for the past two years and reports from local or other national credit bureaus are necessary as well. Typically, lenders require buyers to put down around a third of the value of the property, but the down payment can be smaller if the buyer has excellent international credit history.

With more foreign nationals looking to purchase US homes, lenders may start offering special deals.

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