National Association of Realtors goes global with new services for international buyers

The National Association of Realtors, the number one homes for sale website in the US, is going global.
It aims to be the world’s largest online source of residential property listings and add more services such as translation, to attract more international buyers and sellers.

Its Realtor.com listing website already attracts more than 575,000 consumers from non US destinations a month.

‘While all real estate in the US is local, the same is not true for property owners. The US continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors(R) to help guide them through the process of buying property here,’ said NAR president Ron Phipps.

‘Realtor.com will expand the exposure of US real estate listings to global markets and add international listings. With expertise, knowledge and experience, Realtors(R) have a global perspective, reflecting the increasing importance of foreign buyers to US sellers,’ Phipps added.

NAR will work with Move Inc, the leader in online real estate and operator of Realtor.com, to add features to make it easier for international buyers to search for listings in their language and through personalized views.

‘This expansion of the strategic collaboration between Move and NAR benefits Realtors(R), provides home sellers with access to an even broader audience beyond our domestic borders, and delivers greater choice to home buyers interested in property in the US and internationally,’ said Realtor.com president Errol Samuelson.

‘US sellers will be able to generate even greater international exposure for their properties, while US buyers will be able to shop for global properties and connect with real estate professionals who can help them with international transactions,’ Samuelson added.

NAR’s 2010 Profile of International Home Buying Activity cites the strength of the dollar and the value and desirability of US real estate as the chief factors making US properties increasingly attractive to international buyers.

Between April 2009 and March 31, 2010, $66 billion of residential property, amounting to 7% of the total US residential market, was sold to foreign nationals, recent immigrants and temporary visa holders. More than a quarter of Realtors(R), some 28%, reported working with at least one international client in the past year, up from 23% in 2008.

The median price paid by foreign buyers was $219,400, higher than the national median price. Some 55% of foreign buyers paid cash compared to about 8% of domestic buyers, NAR’s study also shows.

Buyers from 53 different countries around the world bought residential property in the US last year with then highest number coming from Canada, Mexico, the UK, China, Germany and France. The top sources of international visitors to Realtor.com are Canada, the UK, Germany, Australia, Japan and Mexico.

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