Cultural Awareness

Whether or not you consider yourself an international practitioner, your web site is globally accessible. To make sure you are not losing a potential sale because of a cultural blunder, educate yourself on appropriate global marketing practices. Think about the pictures and colors you are using - in some cultures, photos of women or animals are discouraged. Likewise, green can symbolize hope and growth in some parts of the world while in others, it is associated with death, sickness, envy, or the devil. Similarly, in western cultures white is the color for the bride's gown, while in India widows wear white.

Another tip: translating is not as simple as getting the words right - for example Arabic is read from right to left, so a left justified Web page might not be visually appealing. Even the rules of bolding, underlining, capitalizing, and font selection vary between languages. For example, a font size of nine is less legible in some Asian languages. As always – do your research before you interact with a global audience and you will avoid some of these cultural faux pas.

Resort and Second-Home Real Estate

If last month’s issue has you wondering where and how second-home and international investments fit into a smaller market, we’ll turn you into believers in this issue. While it’s true that oceans and mountains draw the largest crowds of vacation-home owners, other individuals might follow their recreational interests or job relocation. For example, Hyundai recently moved 50 Korean executives to its new plant in Mobile, Alabama, resulting in second-home purchases for those whose families stayed in Korea. If your properties are near a military base, look to career military retirees, who find the proximity to a base makes it easier to access benefits like health care and PX shopping.

If your listings are centered in middle America, but near a college or university, think about the retirees who value the intellectual stimulations of an academic community. College sports attract alumni who rent vacation homes for big football weekends – think South Bend, Indiana, for Notre Dame football games. For properties in a small town without any major tourist attractions, think about the refuge they provide for city slickers. Or the surprising possibilities - the town of Marfa (population 2,000) in West Texas is increasingly a hub for the New York artistic community since noted artist Donald Judd settled there in 1971. The annual Open House festival sponsored by the Chinati Foundation and Judd Foundation draws thousands. UFO enthusiasts are also drawn to the famous and mysterious Marfa Lights phenomenon.

Get creative in your thinking! If you are looking for more ideas and/or a network to help you get started, look to the NAR Resort and Second-Home Property Specialist certification.

CAR is now Ambassador Association to the Real Estate Institute of Australia

The California Association of REALTORS® is now NAR's Ambassador Association to REIA, the Real Estate Institute of Australia. CAR President Steve Goddard will be traveling to Australia March 18 - 31 to attend REIA's National Conference and Awards event in Adelaide on Thursday, March 25th.
http://www.reia.com.au/real-estate-australia-national-awards-2010.php

REALTORS: Travel with Steve (or join him there) and help represent CAR at the Australian conference. While travel funding is not available, this Ambassadorial trip could be the perfect opportunity to increase your knowledge of the Australian real estate market and build your international business.

Qantas, V Australia, United, and American Airlines offer nonstop flights to Australia. Qantas and V Australia are offering flight specials to Australia which expire very soon. If your travel agent doesn't do it for you, you must to apply online for an Australian visa or an ETA (Electronic Travel Authority): http://www.eta.immi.gov.au/

Looking forward to having some fun Realtors join us on this trip.

Steve Goddard
President California Association of REALTORS® 2010
Steve@SteveGoddard.com

Tashia Hinchliffe
TashHD@aol.com
2009 & 2010 International Committee Chairwoman - South Bay Association of REALTORS®
2010 CAR Director - California Association of REALTORS®

Are you a commercial practitioner?

NAR is conducting a survey of commercial members to find out how changes in the economy and the markets impacted your business in 2009. Analysis of these survey results will allow NAR to more effectively serve you, as well as provide valuable information that you can use to enhance your business. In addition, the results of the survey will serve as a valuable foundation for NAR’s policy and regulatory efforts in support of commercial real estate. We encourage all international commercial practitioners to provide feedback. Take the survey

World on the Mend

While housing markets in the world’s leading economies remain distressed, hope is on the horizon. According to globalpropertyguide.com of the 27 countries which have already published their Q3 data, 16 countries have experienced rising prices and falls in only 11 countries. Economies such as the UK, Canada, Germany, Singapore, and South Africa are finally noting positive price changes quarter-on-quarter after being negatively affected during the economic slump. Of this group, the rising prices in the UK, Canada, Germany, and South Africa are the first after suffering declines every quarter since 2008. While some markets’ increases are more modest than others, the over-arching trend is toward recovery. More information on specific housing markets is available at globalpropertyguide.com.

A New No. 1?

The long-standing real estate top performer is on the brink of losing its status. As one of the first countries to raise interest rates since the global recession began, Israel has the market concerned that the higher rates will discourage borrowers and lead to a drop in property purchases. The rate currently stands at 0.75%, and will likely increase in an effort to fight inflation. According to propertywire.com some economists are predicting that interest rates will go up to 2.5%. This could mean a decline in property prices, but are more likely to stabilize than plummet.

Foreign Buyers Taking Advantage of Slashed Prices

If you haven't been looking outside the U.S. for potential buyers, it might be time to start. International investors bought 154,000 homes and condos in the 12-month period ending in May, and are continuing to take advantage of the weak dollar. The U.S. dollar has dropped 9 to 11 percent since June against foreign currencies like the Japanese yen, the European euro and the Canadian dollar. Another attractive feature is that, while the U.S. dollar has weakened significantly, the economy is showing signs of stabilizing along with the housing market. A plus for REALTORS®? Nearly 46% of international home buyers paid cash for homes purchased, and the median price foreign buyers paid for a home was nearly $80,000 greater than the U.S. national median price. According to msnbc.com buyers from Brazil, Canada, France, and the Netherlands have paid mostly cash for second homes ranging from $6 million to $15 million in condo buildings.