The Weakening US Dollar is Allowing More Foreigners to Buy into the California Dream
categories: Foreign Buyers & Sellers
There is a new buying pool for the California Dream…especially in coastal resort towns such as Santa Barbara and Montecito. As the market has slowed over the last 18 months and the US Dollar has weakened dramatically, California has become second to only Florida in terms of international purchases. Many foreigners are looking for second homes and places to invest their money in less certain economic times. The property type that seems most desired is:
1) High-end estates
2) Larger homes
3) Condominiums in upscale areas
Santa Barbara and Montecito CA fit this bill for most of these buyers. Many of these buyers are also looking for homes that are turn-key, with very little to no effort needed in fixing up.
In my experience over the last 2 years here in the Santa Barbara CA area, I have seen most international buyers coming from Canada and England.
For a Realtor, a strong and user friendly Internet presence is crucial to attract foreigners who will most likely familiarize themselves with U.S. housing markets online before they search for a specific property or a real estate agent.
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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