International buyers flock to Florida for our warm winters and appealing home prices! According to the National Association of Realtors, the Sarasota-Manatee region has been ranked fourth statewide in the percentage of foreign buyers purchasing homes, accounting for 8 percent of all single-family home and condominium sales. “Florida is one of the major U.S. destinations of international residential real estate buyers,” said study author Lawrence Yun, the NAR’s chief economist.
Weather And Housing Prices Are Major Factors
“Approximately 25 percent of foreign buyers in the U.S. purchase property in Florida.” The largest group of international buyers we are seeing are the Canadians, and it’s because they are sick of the cold! Already a popular winter destination for those who live up in the northern states, it’s no wonder Canadians are following suit and buying in Florida. Just this past week an early freeze passed over Canada.
U.K. Home Buyers Invest More
The second greatest number of international buyers are coming from the U.K. The pound is very strong right now which gives buyers more confidence to spend. Many of these buyers are excited about new construction and would be willing to put down a deposit for something that has not been built. Foreign buyers also tend to spend more than domestic purchasers. They paid a mean of $300,600 for a Florida home in the past year, compared with $245,493 for all home sales in the state. The number of international buyers in Florida shows that the state has worldwide recognition for being an affordable, safe and enjoyable place to live which is really promising for Florida’s housing market.
Brandy is a Certified International Property Specialist and a member of Keller Williams Global Property Specialist Team. If you’re an international buyer interested in buying a home in Sarasota, Contact Brandy on 877.308.66311 and put her expertise to work.