2013 SILVAR CIPS Institute graduates

2013 SILVAR CIPS Institute graduates

Twenty-four REALTORS® attended this year’s Certified International Property Specialist (CIPS) Institute at the Silicon Valley Association of REALTORS® (SILVAR) June 24-28. The REALTORS® included members from SILVAR and other REALTOR® associations from around the Bay Area, Texas, Atlanta, including the country of Nigeria.

The week-long courses were taught by certified National Association of REALTORS® (NAR) 2012 and 2009 International Instructor of the Year David Wyant CIPS, ABR, AHWD, ePRO, GRI, TRC, SFR. Wyant, who is based in Florida, taught the CIPS Institute at SILVAR last November and received excellent reviews from the class.

The CIPS curriculum focuses on ownership and transaction principles of international real estate, and provides training in international business issues, including currency conversion, cultural awareness, and legal and tax requirements. The courses also provide an analysis of the real estate markets in Europe, the Americas, and Asia. Upon completing the education and other requirements, REALTORS® will receive their CIPS designation and be recognized at a special ceremony during the NAR Conference and Expo, which will be held in November 8-11 in San Francisco.

Rising home prices and other factors have caused international home sales in the U.S. to decline in the past year, but they are still at their second highest level in recent years and account for over 6 percent of total existing-home sales in value, according to NAR. NAR’s 2013 Profile of International Home Buying Activity indicates interest in U.S. properties continues to grow, showing the U.S. continues to be regarded by international buyers as a great place to own property. NAR reports over a five-year time frame, more than 70 percent of REALTORS® reported a constant or increasing level in the number of international clients contacting them; 27 percent of reported having worked with international clients this year.

“We live in a global real estate market. More REALTORS® are earning NAR’s CIPS designation because they realize the specialized training the CIPS courses offer can prepare them to serve the international market,” said Wyant.

The five states that made up 61 percent of reported purchases the past year were Florida (23 percent), California (17 percent), Arizona (9 percent), Texas (9 percent) and New York (3 percent). Wyant said it is not surprising that Florida and California remain popular places to buy property.

“Foreign buyers like the weather in these states. They are close to their home country and it’s likely they have relatives already living there. Here, in Silicon Valley, the job opportunities are fantastic and the education institutions are excellent,” exclaimed Wyant.

This year’s CIPS Institute sponsors included Janet Case of Proxio, Richard Miller of ParSquare.com, Kenneth Chan of HSBC, and Evelyn Figueira and Kathy Liu of Citibank.

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