U.S. Brokers to Earn Over $1.28 Billion in Commissions from Chinese Buyers in 2014: JinList.com
As of March 30, 2014, total Chinese purchase of U.S. real estate increased 72% from the previous year, reaching $22 billion, according to the National Association of Realtors. The Chinese international real estate site JinList.com forecasts that Chinese will purchase $32 billion U.S. real estate during the 12-month period ending March 31, 2015 (https://www.jinlist.com/trends/1259821.htm).
Based on this analysis, using an estimated average commission rate of 4.0%, JinList™ forecasts that U.S. brokers and agents will earn approximately $1.28 billion in commissions. Karen Yan, JinList™’s Executive Vice President states that JinList™ used a conservative commission rate in the analysis. In areas such as Manhattan, commissions are typically 6%.
Brokers benefiting from the Chinese purchases are in popular cities such as San Francisco, Los Angeles, followed by Seattle, Las Vegas and cities in New Jersey and New York.
Karen Yan says that the factors that attract Chinese to purchase U.S. real estate include asset appreciation potential, education, cultural diversity, and free trade, among other considerations. Recent U.S. policy changes in favor of multiple entry visas also make it easier for students and businessmen to travel to the U.S.
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