02 Jun International Homebuyers Have More Impact on High-End Market
Original article via RISMedia. Click here to read.
International homebuyers have more impact on the high-end housing market than on the general housing market, according to the latest Zillow Home Price Expectations Survey for the second quarter of 2017, which surveyed over 100 housing authorities. Those surveyed reported that though international buyers have a major effect on home values in the luxury market, they have only a minor effect on supply and values overall.
“International buyers are popular scapegoats for rising real estate prices and shrinking inventory, but domestic factors have had a bigger influence on the housing market, much more so than demand from overseas,” says Dr. Svenja Gudell, chief economist at Zillow. “Older millennials are reaching prime home-buying age, increasing demand for housing, but we are still well behind historical norms when it comes to building new homes.