By John Voket
It’s no secret that the U.S. imports billions of dollars in goods and products from China. But I want anyone interested in selling their home to know that China may provide the best prospective buyers for U.S. properties going on the market.
Chinese spent $8.2 billion on U.S. properties in 2012 according to the National Association of REALTORS©.
Juwai.com recently reported that from million-dollar trophy homes to more modest condominiums, Chinese are the fastest-growing segment of property buyers. Ju Wai, which means “home overseas” in Mandarin, is the largest Chinese international property portal.
The site states that property is THE investment of choice for Chinese consumers with low performing stock markets and minimal returns from property investment within China accelerating demand for international property.
Buyers from China are bolstering housing recovery in the U.S., with Silicon Valley leading the way – and most of them are all-cash buyers who swoop in and close deals within a week according to the site.
Juwai.com noted that agents, Anina Van Alstine and Sharon Witte, who co-listed a home located a stone’s throw away from Stanford University, received more than a third of the offers as “all-cash.” (The successful buyer closed the deal within 1 week.)
Juwai said individual Chinese investors are motivated by underpriced markets, educational opportunities for their children and diversifying their investments.
Julie Tsai Law, a Silicon Valley REALTOR©, says the main reason behind Palo Alto’s strong appeal for her buyers is the educational opportunities offered. And she said he clients from China prefer to “wire the money overnight and close within five days.”
For a modest Chinese investor’s perspective, CNBC recently reported on an individual who recently bought a property in Irvine, California. He plans to move his family to the U.S. when his daughter turns 10, but in the meantime he’s making a five percent return renting the property.
This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.