We are all using more technology: Seesaw, Zoom, Hangouts, Slack, Teams, more Amazon, more Netflix, more online classes, etc. We had to learn to support our children during online classes and create areas in our home for conference calls.
What is interesting about this is that we have seen a very significant shift in how people think about their living space. The old model was “Office was for Work” and “Home was for Family.” This is clearly not the case anymore, and the lines between where we work are no longer visible – even the more senior professionals work at Starbucks, WeWork, and now finally at home.
We have seen a clear shift up in consumption patterns for renters and buyers. In Singapore, where we are based, it’s very difficult to find larger units to rent for professional families. Google, Microsoft, Morgan Stanley, JPMorgan, Capital One, Zillow, Slack, Amazon, PayPal, Salesforce, and other significant companies require staff to work from home.
The requirements are more bedrooms, bigger spaces, quiet areas, etc. Another interesting outcome is that since families are spending more time at home (not traveling), they can invest more, rent or buy larger homes, better vacation homes, etc.
This is being echoed at GMG, where our mortgage demand sees very clear patterns of increased demand and pricing:
|Aspen, Colorado||Total sales were $3bn in 2020.|
There are only 7,400 living in Aspen!
|Tampa, Florida||Average home value $270,000 +11% you|
|Big Sky, Montana||Average home value $1.81mn +3%|
|Austin, Texas||Average home value $437,000 +13% you|
Austin is definitely the hottest city we are seeing in the U.S. for mortgage demand!
Over the past 12 months, we have funded: 5 loans in Aspen, 1 loan in Montana, 23 loans in Florida, and 9 in Austin alone!
Let our team of U.S. mortgage specialists discuss how you can secure a mortgage while living overseas, without any U.S. income, U.S. credit. We only work with Overseas Expat and Foreign Nationals, so we know precisely the solutions required to meet your mortgage needs.
Who we are
Global Mortgage Group, through its wholly-owned subsidiary, America Mortgages Inc. is a mortgage broker focusing only on U.S. Expats and Foreign Nationals living overseas. We offer over 150 U.S. bank and lender programs direct to our international clients.
Global Mortgage Group Pte. Ltd. is a leading international mortgage specialist. Based in Singapore with offices and partnerships across the globe, we connect our international clients to our network of lenders around the world. GMG offers financing solutions in the U.S., U.K., France, Canada, Australia, Thailand, Hong Kong, and Singapore.