Century 21 seeks overseas buyers of U.S. homes

By Lynn Adler

NEW YORK (Reuters) - Century 21, the large U.S.-based real estate company, is looking to entice people from as far away as China into buying homes in the United States.

At a recent global franchise meeting in the Morrocan city of Marrakech, a push was made to boost U.S. home sales to foreigners with buying power swelled by a sinking dollar.

"Bring the money in," said Thomas Kunz, chief executive officer of Century 21 Real Estate in Parsippany, New Jersey, noting that many Europeans have a 45 percent discount on U.S. goods due to the strength of the euro against the dollar. "This is a marketplace that we need to really investigate," he told Reuters.

Century 21 is focused abroad and on broad education campaigns to draw domestic and international buyers to a record stockpile of unsold U.S. homes that has slammed prices.

"We've decided we're not going to participate in this pity party," Kunz said. "We're going to go out and educate our agents and managers, we're going to go out and help them educate the consumers that this is a buyable market."

An Orange County, California office had a recent referral from China.

A San Antonio, Texas-area agent is working with two different clients from the United Kingdom who want primary residences in New Braunfels, Texas. "The strength of their home currency against the U.S. dollar is most likely making their decision a little easier," a Century 21 spokesman said.

Canada is "an easy one," said Kunz, as big exchange rate premiums that Canadians long paid just across the border were mostly wiped out this year.

Century 21, a unit of Realogy Corp Hw.N, is well-placed to appeal to buyers overseas.

"Throw a dart at the world," Kunz said of the company's location in 58 countries, with more than 8,400 offices and 142,000 agents. "The sun never sets on our sign."

Like most industry veterans, Kunz sees housing as a long-term investment rather than a commodity.

And as an industry veteran of more than 35 years who is a sales chief, he also thinks there are plenty of reasons for shellshocked buyers to get off the fence and enter the market.

"Are mortgage companies and real estate companies having some problems? Yes. And it's based on decisions they made two or three years ago," he said. "But from the consumers' standpoint, it's the old adage: whatever you are buying, buy low and sell high. The marketplace right now is saying that prices are low, so why would you not be buying?"

In most cases, people have jobs if they want them, income is up and financing is available, Kunz maintains.

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