For those that might have missed it, this article by Jim Woodard was published over the weekend. It shows the clear connection between the resort and second-home sector with the inbound international investment into the United States. If you want to add to your toolkit be sure to checkout the great courses offered as a part of the Certified International Property Specialist (CIPS) Designation at realtor.org/global. Two of the newly revised regional courses along with the At Home With Diversity Course will be offered at the REALTORS Annual Conference in New Orleans the first week of November — at a tremendous discount through the NAR initiative Right Tools, Right Now.
A growing segment of todays homebuyers are citizens of foreign countries. The international appeal of U.S. residential properties is driven by the strength ofthe dollar, the increasing value of properties in some regions ofthe country, the emerging economic recovery, and the rising worldwide popularity of owning a home in the United States.
This trend was documented in the recently released National Association of REALTORS’ 2010 Profile of International Home Buying Activity.
More than a quarter of REALTORS (28 percent) reported working with at least one international client in the past year. This is a significant increase from fhe 2009 report, when 23 percent of REALTORS worked with foreign clients. Eighteen percent of all REALTORS were estimated to have completed at least one sale, compared to 12 percent last year. Continue reading »
Here’s a great article from our friends at RISMEDIA. It focuses on Coronado, CA but can apply all over the US. Enjoy.
RISMEDIA, August 11, 2010—As the real estate market continues its bumpy road toward recovery, the vacation home market is heating up, causing homeowners around the country to seriously consider buying the vacation home they’ve been eyeing.
Margaret La Grange and Christine Van Tuyl, an award-winning mother-daughter team with Prudential California Realty in Coronado, CA, offer the top six reasons why now is the best time to buy a vacation home. Continue reading »
At the May 2010 REALTORS(R) Midyear Governance and Legislative Meetings, the Western Mountain Resort Alliance reported survey results regarding the lack of liquidity when it comes to condo financing. It was clear that this issue is regretfully hurting the resort and second-home REALTOR(R) — additionally, all REALTORS involved in condo transactions.
Please be aware that your REALTOR staff is “on the case” and sensitive to this issue. Look out for a webinar in September to update you on the latest news involving condo financing and the actions that NAR is taking.
In the meantime, this article by Lew Sichelman offers some helpful hints on the value of the FHA backing and tools to see if a property is eligable for FHA Approval.
Under a little-noticed edict put in place in December, the FHA is no longer approving mortgages on condominium units on a spot, loan-by-loan basis. Now the entire project must be cleared by the agency before a buyer can purchase a unit in the community with a government-insured mortgage or an owner can trade in his loan for a less expensive one backed by the FHA. Continue reading »