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U.S. market attracting foreign buyers

December 21, 2010 - A report says that low prices in the U.S. are attracting a number of foreign buyers to consult international moving companies.

Australian buyers and investors have been particularly busy in the U.S. market, reported AOL Real Estate. More than half of all purchases by foreign buyers this year occurred in Florida, California, Arizona and Texas, mainly because those states typically offer affordable prices. It's in stark contrast to the real estate picture in Australia. That country is in the midst of an economic boom and homes run for around $500,000, said the report.

Some Australian buyers are looking at the homes more as an investment opportunity - often buying discounted foreclosure properties, repairing them, then renting them out. Vincent Selleck, an Australian real estate broker, told the source that the low price of U.S. homes and abundant foreclosures can provide for an incredible return for the savvy investor.

"We are mainly looking at buying homes in areas that are good for families to live in," he said. "In places like Miami, Orlando, Atlanta, Las Vegas, Cleveland, we are getting incredible deals."

Other recent reports point to the surge in interest from foreign buyers moving to the United States. Officials with the Miami Association of Realtors said that local condo sales surged in October, mainly off the strength of international relocations.
 

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