Toronto, Ontario (PRWEB) August 23, 2008
As Canadians top the list of foreign buyers of property in the United States, N5R, an award winning real estate marketing company based in Toronto, is helping major US developers sell their real estate exclusively to Canadians.
Through the use of N5R proprietary databases, exclusive seminars, webinars and broker networks in every major Canadian city, N5R is able to spread the word to Canadians looking to invest in US property. N5R.com has also arranged financing with RBC for Canadian purchasers of US real estate.
"Canadians are flocking to snatch up property in the U.S. as a result of affordable house prices and attractive exchange rates," said Roman Bodnarchuk, an N5R representative.
Since May, 2007, the National Association of Realtors estimates that between 150,000 and 190,000 homes in the U.S. were bought by foreign nationals. This is important for companies that provide marketing for real estate to consider.
This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S., with the percentage of Canadian buyers more than doubling to 23.5% from 11% last year, NAR said in its 2008 Profile of International Home Buying Activity survey. The UK came in behind Canada, followed by Mexico, China, India and Germany.
"Many international buyers recognize that real estate is an excellent investment and are drawn today by abundant inventory, low interest rates and a softer dollar," said NAR president Richard F. Gaylord. "These conditions allow them to own their own piece of the American dream."
Gaylord said foreign exchange rates have helped make U.S. homes more affordable for foreigners, particularly in Florida and Arizona. Single-family vacation homes at an average price of $297,400 were the most popular purchase for international buyers. The most popular states for purchases were Florida, California, Texas, New York, Washington and Nevada, NAR said.
The NAR survey found four in 10 foreign buyers paid for their purchases in cash, compared to 7% of domestic U.S. buyers. It also found that the average international buyer stayed at their U.S. property for 2.6 months during the year.
Purchases by international buyers also tended to be more expensive, with 14% of properties sold valued at $750,000 or more.
The 2008 NAR Profile of International Home Buying Activity survey is based on responses from approximately 4,000 Realtors who serve foreign buyers.
N5R combines the science of next-generation marketing with the art of skillful sales. Over the last decade, N5R has built an impressive international portfolio that includes residential projects, destination clubs, master-planned communities, condo conversions and condominium hotels. N5R specializes in luxury real estate and condominium marketing and understands what motivates prospects to buy and how developers can capitalize on any opportunity, in any season, regardless of what's happening in the economy.
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