Today's topic is international buyers, which have been exponentially increasing in activity in Florida real estate. In fact, international buyers spent $22.9 billion in Florida last year alone. This number is actually a little lower than last years because of decreasing inventory and higher competition between buyers. Additionally, the exchange rate for South America isn't as advantageous as it used to be, making it more expensive to buy a home in the US.
When you are selling your home, it's very beneficial to know information about international buyers in order to make your home more appealing. In the state of Florida, the aforementioned number represented about 52,000 sales in this state alone. 54% of these sales were made in South Florida, but Orlando is at #2 with 9%.
So what are they buying? On average, international buyers are leaning toward townhomes and condos, which represent 54% of what they tend to buy. An additional 42% are single-family homes. The average price they're spending in Florida $286,500. About 63% use this as a second home.
It also might be useful to know where these international buyers are from. 36% of them come from Latin America and the Caribbean, 22% come from Canada, and 19% come from Europe. It's important to know this information when you're selling your home so your REALTOR can market it effectively.
As always, we are here to help you! Please feel free to Contact Us, and I hope that I have helped you get real estate smart.