Forbes recently shared some surprising data regarding the current housing market. Evidently, the US housing market is a lot more global than you might think. According to data out of the National Association of Realtors (NAR), 35% of all homes purchased in America last year were purchased by foreign buyers, primarily from China, the UK, India, and Mexico.
These homes, for the most part, are not being bought to live in or even necessarily to vacation in, but rather as investment properties. Wealthy investors around the world view the US housing market as a stable, profitable investment, and many of those investors are focusing their purchases in California.
Chinese property investors in particular are focusing on California markets like Irvine and the San Gabriel Valley – both areas with significant Chinese American communities. Last year, $22 billion of the over $92 billion spent by foreign investors on US real estate was spent by Chinese customers. Chinese buyers paid an average of $590,826 per US property, and about 60% of those purchases were all-cash deals.
Clearly, the world agrees that now is a great time to be buying US real estate, particularly California real estate. At ZINC Financial, we believe that investors should maintain a broad perspective and acknowledge that the best investment opportunities may not be in their own state, or even their own country. Based on current buying behavior, it’s evident that international investors have determined that California is the place to invest. If you come to the same conclusion – regardless of your state of residence – find out how you can do the same.
ZINC Financial works with investors from all over the country who flip houses in California. Markets across the state of California continue to draw house flipping pros who routinely make upwards of $100,000 gross profit per flip. Foreclosures are still available in some markets, and luxury homes offer exceptional opportunities in others. Home prices are on a steady rise, and buyer confidence is solid. The evidence is clear: the time for rehabbing real estate is now, and the place is California. Learn more about what the Chinese have already discovered by contacting ZINC Financial today at 559.326.2509.