Review of Will Europe’s financial crisis stall foreign home buying activity? Will Europe’s financial crisis stall foreign home buying activity? Forbes. (2012). Retrieved from http://www.forbes.com/sites/trulia/2012/01/13/will-europes-financial-crisis-stall-foreign-home-buying-activity/
In this article you will find “Last year, approximately $41 billion dollars-worth of existing-homes were sold to foreign buyers.” That’s not bad considering the shape of the International Economy. Los Angeles, CA, New York, NY and Miami, FL were the top 3 cities searched by Europeans on Trulia.com.
European investors see this economy as an opportunity to expand their real estate. Since everyone knows what goes up must come down, European investors are collecting US real estate and waiting to capitalize on that theory. This is definitely an investor’s market right now. If you have cash, you are going to get a great deal. Whether you are American or not, getting a great deal on something is enticing.
The question asked in the title of the article is “Will Europe’s financial crisis stall foreign home buying activity?” The answer seems to be “no.” $41 billion seems to be a big chunk of the real estate sales for the US. The common stereotype for Europeans seems to be that they are frugal since they don’t tip. On the contrary, when it comes to real estate they are not afraid to throw down the big bucks. Just like American investors, European investors have money. Their pockets are not hurting because of this economy. Lower class citizens are the ones hurting. Lower class citizens are not likely to invest in US real estate but European investors are.
Come on, I know we all read “Rich Dad, Poor Dad.” Kiyosaki taught us all how to make money off of real estate in today’s market. One major factor though is credit and cash. If you don’t have the credit or cash, chances are you can’t take advantage of his ideas. On the bright side, at least we have foreigners interested in investing in our country who have cash or credit.
“In a late 1980s study, economists overwhelmingly viewed immigration, including illegal immigration, as a positive for the economy.[80] According to James Smith, a senior economist at Santa Monica-based RAND Corporation and lead author of the United States National Research Council‘s study “The New Americans: Economic, Demographic, and Fiscal Effects of Immigration“, immigrants contribute as much as $10 billion to the U.S. economy each year.[81] The NRC report found that although immigrants, especially those from Latin America, caused a net loss in terms of taxes paid versus social services received, immigration can provide an overall gain to the domestic economy due to an increase in pay for higher-skilled workers, lower prices for goods and services produced by immigrant labor, and more efficiency and lower wages for some owners of capital.” (Wikipedia 2012).
$41 billion for 2011 is a huge contribution compared to the estimate of $10billion/year in the statement above. That’s more than quadruple. When all else fails, we can count on foreigners to invest in US real estate. Since immigration has a huge effect on the economy, I say-”let them in.”
This is definitely something I would think about as a realtor. My website would feature multiple languages to make sure that I am marketing to different countries that do not speak English. I would translate my website by going to www.translate.google.com. Each language I want to market to, would feature its own sub-domain. For example: www.Spanish.Mydomain.com or www.French.Mydomain.com. My other option would be to simply add the languages to my navigator as a separate page.
With an Agent BizzUp Account you can accomplish all of this. Sub-domains do not acquire fees. They are included in your monthly hosting plan.
To read the full article please visit http://www.forbes.com/sites/trulia/2012/01/13/will-europes-financial-crisis-stall-foreign-home-buying-activity/