Chinese Home Buyers Still Impacting U.S. Market

MAY 28, 2014  – Source: Coldwell Banker Real Estate LLC

Bingsen “Vincent” Ruan, with Coldwell Banker George Realty in Alhambra, CA, was recently interviewed by a local NBC news channel about affluent Chinese home buyers in LA. The news clip, titled “Affluent Chinese Home Buyers Boost LA Housing Markets” sheds light on a rapidly growing market.

Accounting for only 2.5 percent of buyers throughout California, it may not sound like foreign Chinese buyers have much influence in real estate. Recent demand is proving this false. Desiring to be where Chinese culture is readily available and among highly-rated schools, these buyers are heating up local real estate demand.

Setting them apart from buyers who must finance a home, many Chinese are purchasing homes in cash. This has real estate professionals scrambling to accommodate them.

Benefits of cash only deals means no appraisal is necessary and escrow takes half the time, making these buyers very attractive to sellers.

 

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