Jul 26, 2011
Foreign buyers — where and why?
26 Jul 2011
Posted by Andrew Kantor
The folks at Credit Sesame (“The new and easy way for you to manage your personal credit online”) were curious where foreign buyers were, well, buying. So they did the research and found some interesting answers.
Virginia is one of the 15 U.S. states with the most foreign buyers; about 2% of property sold here is bought by someone outside country. The majority of purchases are for less than $250,000 — about 61% are single-family detached homes.
More fun facts:
- 37% are using the property as their primary residence
- 62% pay cash
- 43% choose the home simply because “It’s in a desirable location”