With the average 30-year fixed mortgage interest rate now over 7 percent and a shockingly low inventory of homes available, Americans are looking for second or vacation residences out of the country more than ever.
With the average 30-year fixed mortgage interest rate now over 7 percent and a shockingly low inventory of homes available, Americans are looking for second or vacation residences out of the country more than ever. According to a report from Coldwell Banker, 92 percent of high-net-worth Americans actively looked at real estate overseas last year and two-thirds (67 percent) of those surveyed said they already own residential property outside the United States, according to Mansion Global. So, what country is experiencing the highest rate of American home buyers? Mexico.
“Buying a home is not as cheap in Mexico as it once was, but you get a lot for the money,” Certified International Property Specialist for Worth Clark Realty Daniel Seidel told The Epoch Times. A Mexican native, Mr. Seidel says there’s a lot to like about buying a second home in Mexico. “When you experience the culture, the food, the people and the fact it’s just a short plane ride away from the States, it’s a popular choice for my clients. If you live there half-time, it’s ideal. My advice is to work here, make money, go there and spend it.”
According to a new study from online Real Estate marketplace Point2, based on 136,530 monthly searches on Google, Mexico is the most popular home-buying location, especially for men in the 35- to 44-year-old age group. But what are these buyers looking for?
“First off, it should be a better version of the home they already live in and boast all the amenities they love or would love to have; and second, the location should be exceptional. That’s why beach and waterfront properties in countries like Mexico, Puerto Rico and Costa Rica immediately come to mind,” Andra Hopulele of Point2 said in a statement to The Epoch Times. She also mirrored Mr. Seidel’s belief that countries like Mexico are high up the wish list because of its proximity to the United States. “These locations also make sense to the American buyer because they’re closer than, say, European countries like Italy or Spain, which might be lovely to visit but are harder to access as a homebuyer.”
By Mark Gilman
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