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Quote of the Week: Chinese investors fueling housing recovery
"They wire the money overnight, and they close the deal within five days."
Julie Tsai Law, Alain Pinel Realtors
Chinese buyers are bolstering housing recovery in the US, with Silicon Valley leading the way – and most of them are all-cash buyers who swoop in and close deals within a week.
According to real estate agents, Anina Van Alstine and Sharon Witte, who co-listed a home located a stone's throw away from Stanford University, over 30% of the offers received were for all-cash purchase. The successful buyer closed the deal within 1 week.
For Julie Tsai Law of Alain Pinel Realtors, the main reason behind Palo Alto's strong appeal for her buyers is the educational opportunities offered, which ranges from elementary to high school and university.
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