With borders being opened up and more international people traveling again, we are seeing an increase in more foreign buyers. Although most of these international travelers are tourists looking to vacation in the U.S., many are also looking to buy properties. Not surprisingly, The Sunshine State is leading the country in the number of foreign home buyers. In fact, according to a National Association of Realtors® report, Florida accounts for more than 22% of all foreign real estate investments in the U.S.
More than just Miami…
As expected, Miami and the South Florida market accounts for approximately 52% of foreign buyers for the state of Florida. However, Orlando accounts for 10% of the international investment and this figure is growing. Following these two cities, we are also beginning to see an increase in foreign buyers in Tampa and Jacksonville as well. From August 2020 to July 2021, foreign buyers spent $12.3 billion on Florida real estate, 5% of the total market. This figure translates to 22,500 homes, or 4% of existing home sales.
In an already competitive South Florida home buying market, the increase in foreign buyers is certainly adding to the competition. In particular, more than 65% of foreign buyers buy with cash. Needless to say, this makes it particularly challenging for buyers that may be obtaining financing to compete. With this said, South Floridians continue to see more competition from American buyers relocating here from other parts of the country. As always, it is critical that you have a local, responsive, and knowledgeable real estate agent representing you in your home search.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!