mondoboston.com

Posted by Pam on February 11th, 2008 in real estate market

Yes,  YOU may be a foreign buyer interested in buying a home in Boston. But perhaps you don’t know much about others like you. Here are the facts, according to a recent article in The Boston Globe: 

• The typical international buyer purchased a single-family home or townhouse as a vacation venue for family and friends.
• The median sales price paid by the typical foreign buyer was $299,500, and the purchase was financed through a mortgage loan.
• The typical foreign buyer in the U.S. spends 4.2 months in his or her U.S. property. U.S. visa rules allow nonresidents (unless under a student or work visa) to remain in the country for only six months. Because foreign buyers are nonresidents of the U.S., most of them plan to spend less than six months in their U.S. home. A small percentage — 6 percent — spend less than two weeks. Forty-four percent intend on using their U.S. property for one to six months.

Read the entire article.