Mother-daughter real estate team weighs in on home sales, clean garages
China’s exodus from the US housing market
Dolly Lenz Real Estate CEO Dolly Lenz and Dolly Lenz Real Estate Managing Director Jenny Lenz on the Chinese leading the trend of foreign buyers leaving the U.S. housing market and the importance of a garage for homes outside of major cities such as New York City.
With China leading the way, sales of U.S. homes to foreign buyers took an historic dip in the last two years, due to the trade impasse with China, a strong dollar and slowing global growth. A New York based mother-daughter real estate powerhouse team said the situation has created an opportunity for the non-Chinese buyer.
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“We’re really seeing more U.S. buyers, more tech, more hedge fund guys especially, bolstered by the mansion tax, so we’ve been crazy in June as a result,” Dolly Lenz, who co-founded Dolly Lenz Real Estate, told Fox Business’ Maria Bartiromo on Friday.
“Chinese buyers are usually less price sensitive, because their main goal is just to take the money out of China.“ she added. “They’re having difficulty themselves, their markets aren’t great,” Lenz, who is also her company's CEO, said. “I guess there’s no excess money to bring out.”
“We do see prices coming down, there’s downward pressure because there’s less buyers,” she said.
So what’s so great about having a garage? The Lenz’s said while having a garage may not be important in metropolitan areas like New York City, it is a huge deal in the rest of the country.
“Outside New York, you cannot market a property without a garage,” said Jenny Lenz, the co-founder's daughter. The mother-daugher team's advice is that if you have a garage, keep it clean. “People tend to really neglect the garage and it’s really not good for would-be buyers,” Dolly Lenz said.
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“If they smell musty garage, they’re like ok this house is musty,” she added. “You’d be surprised, you really have to keep that clean and neat.”
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