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Texas sees lots of home sales to buyers from other countries

On Behalf of | Jul 26, 2016 | Real Estate Transactions

The sale of a home can be a very hectic time. All kinds of things can be on a person’s plate as they prepare to leave their home and transfer it to another.

In the midst of all the busyness that can go along with selling a home, it is very important for a seller to ensure that the various legal and paperwork issues related to the sale are not overlooked. Each home sale has its own particular such issues based on the unique circumstances of that particular sale, and these issues being appropriately addressed can be key in putting a sale on the path to go through smoothly and achieve the goals a seller wants it to achieve. Skilled real estate attorneys can help sellers with identifying and addressing the unique issues that have come up in their sale.

One of the unique circumstances a home sale can have is the buyer being from another country. Recent National Association of Realtors statistics indicate that Texas is one of the states where such circumstances are fairly common.

The statistics are on sales of U.S. homes to foreign buyers between April 2015 and March 2016. According to the statistics, around 10 percent of such sales happened in Texas. The statistics further indicate that Texas saw the third most sales of homes to foreign buyers of all states over this period. California and Florida were the two states with higher numbers of such sales.

For sales of Texas homes to foreign buyers over the above-mentioned period, the region of the world that the most buyers came from was Latin America and the Caribbean. This is different than what was the case for the U.S. as a whole. Nationwide, the most common region for foreign purchasers of U.S. homes to be from was Asia/Oceania.

One wonders what impacts the relatively high number of home sales to foreign buyers here in Texas has had on the condition of the state’s housing markets.

Source: The Dallas Morning News, “Come and take it: Texas one of top states for foreign home purchasers,” Steve Brown, July 6, 2016