Texas Helps Lead Way in International Home SalesTuesday, 04 November 2014 00:00
Texas is the Lone Star State and it surely is shining, and not just on a national level. Texas has become a huge attraction internationally. According to the Texas International Homebuyers Report by the Texas Association of Realtors, there was more than $11 billion in international home sales from March 2013 to March 2014, which was third, only behind Florida and California.
This total made up 12 percent of the entire international home selling amount of $92.2 billion from that time period. This is the highest amount in five years and up three percent from last year’s nine percent. The $92.2 billion in sales is an increase of 35 percent from the previous year.
The Texas International Homebuyers Report stated that naturalized citizens of Texas are 12 percent more likely to own a home than native Texans (75 percent compared to 63.5 percent). This is a very different trend compared to the rest of the nation, which is nearly equal.
Our friends from the south in Mexico make up more than half of the international home sales in Texas and contributed $4.5 billion of international home sales in the U.S.
"Most International homebuyers are looking for stability, affordability, and flexibility," said Lowell Pinnock, division sales manager of Design Tech Homes. "Naturalized U.S. Citizens are more likely to own a home compared to native citizens in Texas because they see the value in homeownership and they are more likely to get approved from a home loan based on documentable credit sources, income and other lending factors."
In 2012, there were more than one million immigrants who moved to the U.S. with nearly 10 percent moving to Texas. Texas has six of the top 50 metropolitan areas in the U.S. with the highest amount of immigration. The Houston-Sugar Land-Baytown area is #6 on the list with nearly 32,000.
As the oil and gas industry continues to provide more jobs in Texas, especially the Houston-area, it can be expected that the housing market among international homebuyers will increase.