Who in the world is buying real estate in California? Let us tell you!

WHO IN THE WORLD IS BUYING REAL ESTATE IN CALIFORNIA?

By: Shannon Watson

California is known far and wide for having one of the most attractive — and expensive — real estate markets in the United States.  With a median price of $475,990 for a single-family, detached home, significantly more than the U.S. average of $230,000, California homes are out of reach for most buyers.

Or are they?

International home buyers consistently make up 4-8% of all home sales in the state, according to the California Association of Realtors.  Of those foreign purchasers, 43% are from Taiwan, Hong Kong, and mainland China, and are often attracted by homes in popular coastal areas that are in high demand.  Another 16% of home sales to international buyers comes from citizens of South Korea and Mexico.

What continues to attract international buyers to California, even within a higher-priced, high demand market?  For some, their U.S. home represents an investment property or a vacation home, with no need to change their permanent residency.  Others are pursuing educational or business opportunities which require them to find a long-term home in California.

In addition to its world-class universities and unparalleled employment opportunities, especially within the tech sector, California stands out for its natural beauty and recreational activities.  Its beaches are iconic, the redwoods in the northern part of the state are majestic, and Hollywood itself beckons to film buffs and aspiring movie stars alike.

Are you “California dreaming” too?  Now might very well be the perfect time for you to make your dreams a reality with a home purchase.

Filed under: Headlines by Wendy Jackson
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