Just three years ago we posted about how foreign buyers spent a record $153 billion on homes in the U.S. Now, along comes a report from the Wall Street Journal (reposted on Realtor.com) that says foreign buying of U.S. homes is drying up. Citing data from the National Association of Realtors, they report that already slowing demand was accelerated by the Coronavirus pandemic – especially when you factor in new travel & immigration limitations – which further weakened demand. Indeed…
“Foreigners represent a tiny percentage of overall buyers. But because they have tended to cluster in coastal cities like New York, Miami and the Los Angeles area, they sometimes have had an exaggerated influence in these markets, especially at the higher-price end. Foreigners also were more likely to pay cash, making their offers more attractive to sellers.”
