Posted by: realtormarkpalace | November 18, 2010

NAR’s Realtor.com is Going Global

The National Association of REALTORS® announced today that Realtor.com, NAR’s official website, will be going global, extending its lead as the world’s largest online source of residential property listings.

Realtor.com, the nation’s No. 1 homes-for-sale website, will add translation services and increase its presence in international markets to attract even more international visitors to U.S. listings. More than 575,000 consumers from non-U.S. destinations currently visit Realtor.com each month.

“Realtor.com will expand the exposure of U.S. real estate listings to global markets and add international listings,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.

“While all real estate in the U.S. is local, the same is not true for property owners. The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on REALTORS® to help guide them through the process of buying property in the U.S. With expertise, knowledge and experience, Realtors® have a global perspective, reflecting the increasing importance of foreign buyers to U.S. home sellers,” Phipps said.

NAR will work with Move Inc., (NASDAQ: MOVE), the leader in online real estate and operator of Realtor.com, to add features to Realtor.com, making it easier for international consumers to search for listings in their language and through personalized views.

“This expansion of the strategic collaboration between Move and NAR benefits REALTORS® , provides home sellers with access to an even broader audience beyond our domestic borders, and delivers greater choice to home buyers interested in property in the U.S. and internationally. It is the result of the strong and long-lasting partnership between NAR and Move that continues to evolve with the real estate market,” said Realtor.com President Errol Samuelson. “Realtor.com is committed to delivering the most comprehensive, timely, and accurate real estate information on the Internet to consumers, wherever they may live. We’re very pleased to explore expanding the reach and search power of Realtor.com internationally. For U.S. home sellers, this means they’ll be able to generate even greater international exposure for their properties, while U.S. home buyers will be able to shop for global properties and connect with real estate professionals who can help them with international transactions,” Samuelson said.

NAR’s 2010 Profile of International Home Buying Activity cites the strength of the dollar, value and desirability of U.S. real estate as the chief factors making U.S properties increasingly attractive to international buyers. Between April 2009 and March 31, 2010, $66 billion of residential property, amounting to 7 percent of the total U.S. residential market, was sold to foreign nationals, recent immigrants and temporary visa holders. More than a quarter of Realtors® – 28 percent – reported working with at least one international client in the past year, up from 23 percent in 2008. The median price paid by foreign buyers ($219,400) is higher than the national median price. Fifty-five percent of foreign buyers paid cash compared to about 8 percent of domestic buyers, according to NAR’s study.

Buyers from 53 different countries around the world bought residential property in the U.S last year. The leading sources of buyers were Canada, Mexico, the U.K. China, Germany and France. The top sources of international visitors to Realtor.com are Canada, the U.K., Germany, Australia, Japan and Mexico.

Source: NAR

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