Sarasota remains an attractive location for foreign investors, a fact backed up by the 2013 International Clients Survey, by the California Association of REALTORS®’, whose findings indicate that foreign buyers view the U.S. as a safe place to buy property. Their research found that the highest number of international buyers in the U.S. came from Canada and in second was the United Kingdom–a national trend that is reflected in the Sarasota market as well. Here, according to Florida REALTORS®, 48% of international buyers coming from Canada and the U.K. and Germany are tied for second place, each with 12% of the international market.
Sun Is A Serious Factor For International Investors In Sarasota Real Estate
Many internationals are attract by the investment opportunities in the U.S. as they gain tax advantages and can rent out the properties to collect extra revenue throughout the year. Other factors for international buyers include change of employment, education or a desire to be closer to family. And of course, weather is another serious factor and especially in the Sarasota real estate market. In sunny locations around the states, and particularly Florida and California, you see a great number of international buyers who want to vacation in the warmer climates!
So how does working with international buyers differ from working with domestic buyers? Well, it’s important to keep in mind that sixty-nine percent of international buyers pay all cash for their properties, compared with just 27 percent of traditional buyers. They also typically spend only five weeks looking for properties, compared to 10 weeks for traditional buyers. Those facts might make things easier, but it’s important to keep cultural differences in mind as well, particularly where English is not the first language. In many countries discussion of money is off limits.
Different Services For International Clients
A mistake many agents will make is directly asking foreign buyers what their pricing range is. To avoid this, agents should ask what their preference is in terms of location or style of home they are looking for. It is also suggested that you offer to have a staff member translate on the clients’ behalf when discussing contracts and disclosures with an attorney.
Foreign clients should be informed that down payments must be in a U.S. account for 60 to 90 days prior to the deal closing, as they may not be aware of this caveat. It is also important to emphasize privacy and confidentiality, to understand how the buying and selling process differs in other countries, and show a curiosity and respect for the client’s culture.
Sarasota Is A Top Choice For Foreign Investors In Florida Real Estate
This is particularly important to Realtor in Sarasota, as the Sarasota-Manatee County region ranks sixth in the state in terms of percentage of International buyers. This a real reflection of the confidence around the world in America’s real estate economy.
If you have any questions, or would like to get more information about energy saving features to watch for when buying a Sarasota home, please don’t hesitate to Contact us at 941.284.4474 or Toll free 941.404.4737. One of our qualified agents will gladly get back to you.