We know the market is back, and no less so in the Northwest. Foreclosures are at their lowest levels in seven years (read article) and international investors are flocking to the West coast to take advantage of the hot market. In particular and certainly noticeable in our area, “Chinese buyers accounted for 18% of the $68.2 billion that foreigners spent on homes during the 12 months ended March 31, according to the National Association of Realtors” (see article).
For Asian buyers, homes in the U.S. are a sign of status and wealth. It’s also used for many children of Asian families to live locally while studying at American universities. The Eastside is particularly attractive for such overseas buyers given our stunning environs, mild climate, top notch education institutions and ease of international travel.
So what does this mean for you and your home? Should you be considering selling or remodeling, it’s important to keep in mind that your target audience will increasingly consist of these overseas buyers and that means tailoring your spaces to broader tastes. There is tremendous opportunity for home sellers and investors looking for custom built homes to capitalize on this trend and further enrich and strengthen our local housing market. A globally expanding buyer pool will surely be a boon as we look to sustain the health of our markets locally.