Homebuyers from these countries are making a move on the Austin market
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Mexico and China buyers are buying single-family homes in the Austin metropolitan area at a higher rate than homebuyers from anywhere else, according to a new report.
The report, issued by the Austin Board of Realtors (ABoR), shows that Mexico and China were the top countries of origin for foreign homebuyers in the Austin area from April 2020 to March 2021. Each country represented 14 percent of foreign homebuyers. Canada (6 percent) and India (6 percent) are next, followed by Armenia (5 percent).
In total, international homebuyers pumped $ 634 million into the Austin area’s economy during the year under review. That was well below the $ 800 million in revenue foreign homebuyers generated in the pre-pandemic April 2019 to March 2020.
“Although the Austin housing market reached historic highs in both sales volume and median price, international buying and selling activity slowed due to international travel restrictions and economic uncertainty abroad,” said ABoR in a press release.
Susan Horton, President of ABoR, notes that international buyers have shown a preference for townhouses and condos for investment or vacation properties over the past year.
“Even in the midst of a global pandemic, international homebuyers continued to invest in residential real estate in the Austin area – a testament to the strength, popularity and resilience of our local housing market,” said Horton.
The $ 634 million spent by overseas homebuyers represented 3 percent of total sales from April 2020 to March 2021 (measured in US dollars) and the region’s median price ($ 320,000) for the period.
“With the additional job creation from large companies like Tesla, Amazon and Apple, Austin’s reputation as a global leader in technology innovation will continue to grow,” said Horton. “The number of agents specializing in international real estate in central Texas is growing just as quickly, and it will be exciting to see how Austin will affect the international housing market when the world opens up again.”
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https://austin.culturemap.com/news/real-estate/11-12-21-international-homebuyers-austin-real-estate-report/