Per the Certified International Property Specialist (CIPS) course ‚ÄúLocal Markets‚ÄĚ, glocally means:
- Awareness of the opportunity in your marketplace
- Knowledge of the market dynamics
- Outreach to potential clients, customers and other real estate professionals
Despite the present market conditions, the process of globalization continues to persevere as reported in The National Association of Realtors¬ģ report ‚Äú2010 NAR Profile of International Home Buying Activity‚ÄĚ released earlier this year.
At the 2010 REALTORS¬ģ Conference & Expo in New Orleans they recently awarded the largest number of CIPS designations with 460 NAR members receiving the Certified International Property Specialist designation.
The numbers are big; $66 billion of U.S. residential property was sold to International buyers since March 2009. The median purchase price of these properties was $219,400, 26% higher than the overall median sale price of existing homes. 55% of International buyers used cash to cover the full purchase price.