Let me just cut to the chase…If you are a foreign owner of US Real Estate, now may be an amazing time to sell! The US Dollar is currently incredibly strong against other currencies (CDN, GBP, EUR, etc) and if you bought an investment home between mid-2009 and 2013, you probably got a great deal on a Las Vegas home. Not only were our prices depressed, but your currency was likely worth 10-25% more than it is today. Since the end of 2013, the median home price in Las Vegas has increased from $177,500 to $236,000 today. That’s a gain of almost 33%! Add an additional 10-25% in currency exchange and you now can see why it’s a great time to sell!
Keep in mind, a non-US Citizen or Resident is subject to FIRPTA and the IRS may require a withhold of proceeds until you file tax return for the following year. There are some exemptions so you should definitely speak with your accountant first. If you don’t have a US tax specialist, I can refer a couple to you.
As Certified International Property Specialists, we pay extra attention to economic conditions globally that affect our market and have additional training and expertise in working with international and cross cultural buyer and sellers. In our personal and business travels, we network with other CIPS and internationally minded agents often. Let us know if you’re ready to sell your investment in Las Vegas, the USA, or anywhere in the world. We will help you find the right REALTOR.