Florida Sellers Should Consider Rising Foreign Buyer Interest
With Brexit still fresh on minds here and abroad—and the sometimes hot/sometimes slow summer selling season well underway—some Florida sellers might well be questioning whether foreign buyer influence will remain strong throughout the nation this season.
June’s numbers provide an answer that’s less ambiguous than usual. The answer is definitely “yes”! The latest national data shows a growing international appetite for U.S. real estate, adding to the momentum exhibited by our now fully-recovered housing market.
A closer analysis also reveals a shift in foreign buyers’ real estate target properties from luxury to more mid-level acquisitions. Several factors serve to explain the phenomenon. Overall higher home prices could be one reason; the strength of the U.S. dollar, another. Taken together, those cost elements were seen as the most likely causes for the shift in price range targeted by foreign buyers—especially when their goal is to secure an investment property here in Stuart, Port St. Lucie, Jensen Beach or Palm City or elsewhere.
Even so, sellers were the beneficiaries of a total increase in activity. According to the National Association of Realtors’® annual report on international activity, overseas buyers purchased upward of $102 billion worth of residential property in the U.S. between April 2015 and March 2016. The slight decrease in the prices of purchased acquisitions meant that the actual number of properties purchased also rose 2.8%—to 214,885. The bottom line was strong enough that Lawrence Yun, the NAR’s chief economist, was able to report that foreign purchasers’ overall sales dollar volume was the second highest since 2009.
So what does this mean for Stuart, Port St. Lucie, Jensen Beach and Palm City sellers and our current real estate prospects? According to the NAR, five states topped the charts when it came to most properties purchased: Florida, California, Texas, Arizona and New York. But in fact, foreign sales are happening all over the country; the key for Stuart, Port St. Lucie, Jensen Beach and Palm City sellers is to make sure your property is well (and widely) marketed; well-presented—and well-priced.
Whether you are looking to attract foreign buyers–or just the buyer down the street–a key contribution that’s included with my service is a comprehensive marketing approach designed to get your home sold. Call me today to get a running start on your custom marketing plan…and your sale!
About the Author: Millie Gil has been a successful REALTOR® servicing the Florida market for over 25 years. Millie is Broker-Owner of Bold Real Estate Group located in Stuart. A Broker agency committed to concierge personalized service for discerning Buyers and Sellers of Real Estate properties. This commitment level has helped build a remarkable track record of delivering results. Doing Real Estate Relocation is also a passion, by assisting families with every residential Real Estate need. Millie is fluent in English and Spanish with a strong network of Real Estate Professionals Worldwide. Other real estate blog posts by Millie Gil