Written by: Johanna De La Fuente

$82.5 billion dollars was invested by international buyers in the United States real estate market! This all happened in the last 12 month period that ended in March, according to the National Association of Realtors. With the seemingly endless turmoil in Greece, Spain, Italy, and Ireland, coupled with the potential dissolution of the European Union; international buyers are flocking toward the states to acquire properties.

This might seem at odds to Americans who constantly hear about the unstable housing market at home and the imperceptible recovery of the market that is keeping many domestic home buyers to stay on the sidelines, worrying that the market might double dip or remain stagnant. These international buyers are predominantly from countries such as Mexico, China, Brazil, the United Kingdom, Canada, and India, according to a recent article in the Wall Street Journal.

At two recent open houses in Los Angeles at Eklipse’s listings, Phillip Braunstein met several potential buyers from Indonesia, China, Denmark, and the United Kingdom who were looking to purchase the homes. Several of them already owned homes in Los Angeles and were looking to purchase another home for a relative or as an investment rental property.

While Sellers and real estate agents see this influx of foreign buying as a boon, many see it as a bane whereby foreigners are buying the limited amount of homes available in prime locations, excluding Americans from living in the properties in their own country.  For the time being, it seems that most professionals involved in the real estate business are welcoming the increased business from these all cash buyers, and when you’re at your next open house, keep your ears open for what foreign accents you can hear from people prospecting the home…