DALLAS (CBSDFW.COM) — Foreign cash is fueling a new trend in North Texas Real Estate, according to real estate experts. They say unstable global investment options are too risky for investors. Thus, instead many are choosing to pour an excess amount of money into home purchases across Dallas/Fort Worth.
Co-founder of Vivo Reality, David Maez says in almost every sale involving an international investor they pay in cash and well above the listing price.
“These cash offers are coming in 10,20,30 even 40 thousand dollars over, and obviously the seller is going to go with the easiest deal,” said Maez.
The flip side to the trend is that local home buyers are being outbid at a record pace by foreign investors.
Maez’s mother Bernice Maez, who also co-founded Vivo Realty, says the reality is home buyers nowadays have to be aggressive.
She said she offers this advice to her local clients looking to buy, “Number 1 – be prepared to pay over asking price if it’s something you really like and be prepared to have that cash set aside to come up with that difference.”
The demand has become so great for international clients that Vivo Realty has created a smart phone app designed at linking international buyers to local agents. In some cases they say the buyers have blindly bought home in as little as 2 weeks.
“If they want to park their money here it’s a great place to do it here in DFW because you have a great rental market and a great real estate market too,” said Maez.
(©2015 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)