The U.S., throughout most of this century, was the top destination for foreign homebuyers from many countries, including China. However, its position has slipped due to the strong dollar and the after-effects of the global pandemic.
For buyers from China, the U.S. today is now the fifth-most-popular destination. We think this ranking could again improve in the years ahead because there remains a strong flow of Chinese to the U.S.
The Migration Policy Institute reports that some 2.4 million Chinese citizens live in the United States. The Institute on International Education says more than 280,000 Chinese students were studying in the U.S. And the NAR report reveals that billions of dollars of Chinese investment money sought a home in the stable U.S. housing market.
What it all means for agents
Understanding these trends is crucial for agents who aim to work with foreign buyers and capitalize on the transaction flow they represent.
One actionable strategy is to target buyers who seek premium properties, such as high-net-worth individuals from China, Canada, Latin America and Europe. Emphasize the unique benefits of U.S. real estate, such as stability and the potential for high returns. Also, learn about the property types that most interest these buyers in your area.
Focusing on key destinations will help you with this strategy. Because foreign buyers are most active in Florida, Texas, California, Arizona and Georgia, tailor your marketing strategies to showcase the lifestyle and investment benefits of these locations. Be ready to provide useful information that will help these buyers hit the ground running when they fly in to visit properties and explore the place that might become their new home.