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During the pandemic, many international homebuyers had trouble purchasing in the United States due to restrictions. However, more than 100,000 homes were bought by foreign buyers from April 2020 to March 2021. Buyers from neighboring countries made up the majority of international buyers. In fact, Canadians led with 8% of foreign purchases totaling $4.2 billions. Mexicans made up 7% of purchases totaling $2.9 billion. Chinese buyers also made up a big part of international homebuyers. They made up 6% of the sales, totaling $4.5 billion.
For foreign homebuyers during the pandemic, paying cash was the favored option. Florida was one of the biggest targets for these buyers. Other popular states include California, Texas, Arizona, and New York.
International purchases decreased during the pandemic because of several reasons. First, travel restrictions were a huge factor. In addition, there were also many economic impairments that weighed heavily on the market. However, now that restrictions have been eased and the economy is recovering, more international homebuyers are expected to enter the US housing market at full speed.
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Looking to buy a home in the United States?
AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in Miami we are here to guide you through every step of the way. That is, from mortgage applications, to finding your dream home and closing the deal. We can make the process of selling or buying your home as smooth as possible. Contact us today!
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