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Buy a Home Abroad Why You Need a Local Realtor

  • By Bebuzee Admin
  • 10, March 2023
  • 1053711 views
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Information is power, especially when it comes to real estate investing on foreign soil. You have to know the area, the schools around, transport, new developments planned and real estate laws that apply. Staying ahead therefore means you have to do considerable research. However you look at it, you’ll find that having a local realtor is still the best way to get important information you need. Here are five things a local real estate agent will help you with if you wish to buy a home abroad.

1.     Local pricing.

The important thing with buying or selling real estate is price. How do you assess the ‘fair’ value of a property in another location? You have to rely on data from comparable properties. The price of a similar property in the next town may be lower than the price in your current city, for example. Real estate agents have access to such data, given their access to the MLS and can help you determine if what you’re paying for a property is ‘fair’.

 

2.     Get pre-approved for mortgage.

Sellers give more preference to pre-approved buyers and you might be able to lock in a favorable rate with your bank. You need an agent’s help when getting pre-approved for mortgage. They have gone through the process many times before and can be of invaluable help.

 

3.     Help find catalysts.

One sign that an area is coming up and that will be desirable in the future is the development of new infrastructures. When you see new roads and built schools, it is a sign that the community is ready for growth. Investing in a growing community can be very profitable.(check how to spot a developing market). In addition, certain types of development, such as new shopping malls, can be extremely attractive to home buyers, and can also help keep the tax base low. Real estate agents have a general idea of ??what new projects are about to take off.

 

4.     Explore low-tax alternatives

 

If there are two cities side by side - one with high property taxes (or the progressive increase in property taxes) and the other with low property taxes - the one with the lowest taxes will usually be more in demand.

 

Real estate agents can help you determine which areas have the best and worst tax structures. Also look to see if a revaluation is set to take place in the near future as it may mean that property taxes are about to rise.

 

5.     Check school rankings.

Almost all states rank their schools for how well students in each district benefit from math and English tests. Sharp investors should look for schools that are moving up or are at the top of the list. These areas are often desirable for parents. Access to quality education is a great selling point for new home buyers. Agents have access to this information.

 

The bottom line: Doing your homework, getting free information and putting in the leg work alone might not do the job. A local real estate agent is an invaluable resource when looking to buy property abroad. 

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The Real Estate Market in January 2025: A Comprehensive Overview

  • 21, January 2025

Understanding the Trends and Influences Shaping the Market

As we step into the New Year, the real estate market in January 2025 presents a fascinating tableau of trends and influences, reflecting broader economic conditions and demographic shifts. This month has already set the tone for what property buyers, sellers, and investors can expect in the coming months.

Market Trends

Housing Prices

January 2025 has seen a modest increase in housing prices across most urban areas, continuing the upward trend from the latter part of 2024. Factors contributing to this rise include ongoing demand for residential properties, coupled with limited supply. Major metropolitan regions like New York, Los Angeles, and Chicago have experienced notable price hikes, while smaller cities and rural areas have seen more moderate increases.

Interest Rates

The Federal Reserve's recent decision to maintain relatively low interest rates has sustained the affordability of mortgages, encouraging buyer activity. However, whispers of potential rate hikes later in the year have caused some buyers to expedite their purchasing decisions, adding a layer of urgency to the market.

Influences on the Market

Economic Conditions

The national economy has shown signs of steady growth, with low unemployment rates and rising wages contributing to consumer confidence. This economic stability has bolstered the real estate market, as more individuals and families feel financially secure enough to invest in property.

Demographic Shifts

Millennials, now entering their peak home-buying years, continue to drive demand for residential properties. This generational shift is particularly evident in suburban areas, where younger buyers are seeking affordable housing options with access to good schools and amenities. Additionally, the increasing trend of remote work has allowed more people to consider relocating away from expensive urban centers to more affordable regions.

Regional Insights

West Coast

California remains a hotspot for real estate activity, with cities like San Francisco and Los Angeles experiencing significant price surges. The tech industry's ongoing expansion in the Bay Area continues to attract high-income professionals, driving demand for luxury homes and high-end apartments. Meanwhile, more affordable areas in the Central Valley and Inland Empire are witnessing increased interest from buyers looking for cost-effective alternatives.

East Coast

New York City's real estate market has rebounded strongly from the pandemic-induced slump, with both residential and commercial properties showing robust performance. The city's appeal as a cultural and financial hub continues to draw investors and homebuyers alike. In contrast, smaller cities along the Eastern Seaboard, such as Raleigh and Charleston, offer attractive opportunities for those seeking a slower-paced lifestyle without sacrificing urban conveniences.

Midwest

The Midwest's real estate market remains stable, with cities like Chicago, Minneapolis, and Detroit witnessing steady growth. Affordable housing prices and strong job markets in these areas make them appealing destinations for both young professionals and families. Additionally, the region's focus on revitalizing urban centers has spurred interest in downtown properties and historic neighborhoods.

South

The Southern real estate market continues to thrive, driven by population growth and economic development. Cities such as Austin, Nashville, and Atlanta are experiencing rapid expansion, with new residential and commercial projects springing up to meet demand. The region's warm climate, lower cost of living, and business-friendly environment make it a magnet for both domestic and international buyers.

Challenges and Opportunities

Supply Constraints

One of the significant challenges facing the real estate market in January 2025 is the persistent supply constraints. The construction industry is grappling with labor shortages and rising material costs, which hinder the ability to meet the growing demand for new homes. This imbalance between supply and demand contributes to the upward pressure on housing prices.

Technological Advancements

On the flip side, technological advancements are presenting new opportunities in the real estate sector. The adoption of virtual reality (VR) and augmented reality (AR) technologies allows potential buyers to take virtual tours of properties from the comfort of their homes. Additionally, blockchain technology is streamlining the transaction process, making it more transparent and efficient.

Sustainability

Sustainability continues to be a crucial consideration for both developers and buyers. The demand for eco-friendly homes with energy-efficient features is on the rise, driven by increasing environmental awareness and the desire to reduce utility costs. Builders are incorporating sustainable practices and materials into new projects, catering to this growing market segment.

Looking Ahead

As we move further into 2025, several factors will shape the real estate market's trajectory. Potential changes in interest rates, evolving economic conditions, and demographic trends will all play a crucial role in determining market dynamics. For buyers, sellers, and investors, staying informed and adaptable will be key to navigating the ever-changing landscape of the real estate market.

In summary, January 2025 sets a promising yet complex stage for the real estate market. With rising prices, robust demand, and technological innovations, the sector is poised for continued growth. However, challenges such as supply constraints and economic uncertainties necessitate careful consideration and strategic planning. As always, those who can anticipate and adapt to these shifts will find the most success in the vibrant world of real estate.

By Bebuzee Team Read More
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6 reasons to use a real estate agent when buying a home anywhere

  • 07, October 2023

Buying overseas real estate often comes with increased responsibilities. Hence you need an efficient local real estate agent

 

While you might be a real estate guru in your home country, buying real estate in a foreign country can get messy without a knowledgeable local real estate agents

 

Here are just three ways things could go wrong when buying overseas property:

 

Over-the-top valuations: A foreign buyer probably doesn't have the stats on comps and recent sales that would help him make the best decisions on pricing. Locals might see this as a chance to price the property above market value. Without an agent on your side and banking on exchange rate advantages, sellers might feel justified to charge you more.

 

Taxes and paperwork omissions: In countries like Spain where there could be local rules and taxes regarding foreign home ownership, it's easy to ignore a few details. Not having the necessary licenses and permissions can be very costly.

 

Lopsided Communication: Sure your developer wants to come to terms quickly, which you find appealing as you don't want to hang around too long. However, you don't want to sign any form or contract without understanding what it entails. It's always important to get expert advice before signing on the dotted line.

 

You should have two people on your side when buying foreign real estate, a lawyer, to help with legal complications, taxes and paperwork and a real estate agent to guide you through the home buying process. You might want to ignore an agent's services as a way to save on agent charges. But here are six reasons why hiring a real estate agent for foreign property purchases is vital:

 

1. Full access to the market: Buyers in North America who work with agents have a full access to the Multiple Listing Service (A service that offers access to information regarding market value, comps and properties on the market). While some countries do not have a property listing service, a good agent will likely have a slew of properties and connections with other agents. This ensures he can secure a property that fits your criteria.

 

2. Detect overpriced properties: Where there is no MLS to set pricing, sellers and their agent often pad the asking price on their properties. Especially when the buyer has no agent on their side. Even in countries with MLS, ignorance can be a justification for an agent to charge you up to 40% above asking price. You can take advantage of an agent's market knowledge in this case. An agent has comps and data coupled with market experience and should be able to tell you instantly when a property is overpriced. However, do not neglect to do your own research about properties that catch your fancy. This will help you keep unethical agents in check.

 

3. Help with securing mortgage: One of the risky aspects of buying property abroad is getting financing. When considering going for a mortgage, your real estate agent can give you the low-down on mortgages for foreigners. He or she might also be able to connect you with bankers. An agent can also facilitate your loan by helping you with the necessary paperwork. This is one major reason why the services of a real estate agent are invaluable when you're buying a house overseas.

 

4. Negotiating and drawing up an offer: Negotiating tactics you have mastered in the US might fail to work when negotiating with sellers in Japan. The reason is that there are culture and language differences which can be difficult to fathom. So instead of trying confrontation or hard sell tactics, it is usually best to hire a professional agent who understands your situation and can persuasively represent this to a seller.

 

5. Help with finding good deals: You're probably trying to scoop up a good deal on a property. However, it's unlikely you'll find great deals by driving around a neighborhood. Agents have connections with other agents and access to a lot of properties. Hence it's much easier to find great deals by working with them.

 

6. Recommend trusted professionals: A trusted real estate agent would probably have a number of reputable service professionals in his network from inspectors, lawyers, handymen, mortgage lenders etc... This would be highly beneficial since you have little experience in the neighborhood and might be susceptible to pseudo professionals.

 

Caveat: When choosing agents to work with, work with vetted professionals. Don't just go with the agent down the street as that might turn out costly. This is why we periodically recommend agents in select communities who are vetted and have significant market experience to make your foreign property dream come true.

By Bebuzee Admin Read More
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Buying a Property Abroad Tips for Investors Entering the Foreign Property Market for the First Time

  • 01, June 2023

It's easy to see why many people dream of buying a property abroad. You can retire on a sea front property or a beach house on one of the popular European costs. Some people have a lifetime dream of living in an alluring resort villa abroad.

As a traveler, it's easy to fall in love with a particular place so much that you develop an ambition to buy a house or an apartment there. If your job requires travelling a lot and you have the means and the courage to buy a property in one of the cities you frequent, why not? This would be a home you can return to on your next business trip.

You can also make a living off renting out foreign property. If you have an investment unit in a tourist location, you'll be getting big returns. This becomes more profitable as currency exchange rates tip in your favor. Exploring foreign housing opportunities is good but here are some things to consider if you're going in for the first time.

Factors You Need To Consider When Buying a Property abroad

1. Purpose of Purchase and exit strategy.

Why are you buying property abroad? Whether you're buying to live in it, for future retirement, for a family member who might be living or working there, perhaps to rent out or to resell at a higher rate, going in with a clear purpose will give you direction and keep things in perspective.

Having an exit strategy is also important. If things don't go as planned, what are the prospects of selling? Knowing your exit strategy before you make a purchase is key. You need to check the attractiveness of the location and the expected demand for housing as well as any renting or selling restriction on foreign property.

2. Growth prospects of the location's economy

You'll want to purchase a house that is situated where there are flourishing businesses or there are forthcoming growth potentials.

3. Land Regulations.

Unlike the purchase of local property, buying a house abroad is not so simple. This is because the laws of foreign ownership differ from country to country. Foreign buyers tend to have more hoops to jump through the purchase of land and face a more complicated buying process.

 

 

4. Potential Property Performance.

Any person buying a property abroad expects to earn from their investment. Before signing any agreement, be sure to ask for evidence to substantiate the projected returns, either through supporting investment reports or external surveys from credible sources.

Tips for New Foreign Property Buyers

1. Thoroughly research the market.

Although global trends in property prices occur, real estate markets in different countries will likely go through separate cycles of rise and falls. If real estate values ??are increasing in London, that doesn’t mean that they are also increasing in Italy or Spain. For those who buy to invest, it is important to pay attention to these trends - the ideal is to buy near the bottom and sell close to the top of a cycle.

2. Use a real estate agent.

Buying directly from an owner can sometimes be a big deal. However, if you are not familiar with the foreign real estate market or struggle with the local language, buying through a real estate agent or a reputable real estate developer can provide a useful guide and help you avoid a number of pitfalls.

3. Have your documents translated.

Before signing any documents related to a potential purchase, make sure that you have translated them professionally. It is essential that you understand any document you will be signing.

By Bebuzee Admin Read More

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