Foreign buyers still favoring Florida

by Steve Randall14 Nov 2017
Foreign buyers of homes in Florida have spent $22.4 billion in the past year (up from $19.4bn in 2016) and the Sunshine State remains the number one choice for international buyers.

Data from Florida REALTORS shows that 22% of all foreign buyers of US residential real estate chose Florida.

The report also reveals that Canadian ‘snowbirds’ increased their share of the international purchases as the Great White North’s economy improved while the Canadian dollar stabilized against the greenback and Canadian home prices escalated.

Canadians accounted for 22% of foreign purchases of Florida homes, up from 19% but buyers from Latin America and the Caribbean made up the largest share (34% down from 39% in 2016) despite challenges for some economies in the region.

The share of buyers that were Europeans (23%), Asians (10%) and Africans (1%) remained in line with 2016.

Foreign buyers paid a median 18% more for their home purchases than Florida buyers paid. The international buyers mostly paid all-cash (72%).

The majority of the leads came through real estate agents’ contacts and previous clients and their own (or franchise) websites or social media accounted for most online leads followed by aggregators and realtor.com.

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