No doubt you have heard a Realtor say the time to buy is NOW.
No doubt you have heard a Realtor say the time to buy is NOW.
Well what are you waiting for?
Oct. 10, 2012- Property prices are currently low in Florida, making it
the best time to buy in years, but could soon be on the rise.
“Now is the time to buy in Florida. We’re starting to see the beginning
of the shift from a buyer’s to a seller’s market,” says Dr. John
Tuccillo, chief economist for Florida Realtors®. “Sales numbers and home
prices have both been rising, and we expect the trend to continue as
more international buyers take note of the opportunities here, and the
market’s recovery gains traction. There are some real residential
bargains to be found for British buyers.”
For United Kingdom buyers, bargain prices look even better thanks to the best dollar-pound exchange rate in six months.
Florida appeals to international buyers for its subtropical weather,
beaches and attractions, but many of these buyers also see investment
potential, particularly within the rental market. Some would-be
landlords enter the market even when they don’t plan to vacation in
their house, seeking out Florida property that already has tenants.
Florida sales to international buyers accounted for over a quarter of
all U.S. international property market sales last year, according to the
National Association of Realtors®, and Florida’s popularity is still
rising among international investors. Florida Realtors recent research
revealed buyers from Canada, Brazil and Venezuela are now joining
British buyers in taking advantage of Florida’s property bargains.
Florida Realtors research finds that the median price for a
single-family Florida home is £91,000, with Orlando the most popular
destination for Brits. In Orlando a four-bedroom home with private pool
and garden can be snapped up for around £125,000 – 75 percent of a
similar-sized home in the U.K.
“Buyers who have been waiting on
the sidelines should see this as a sign to jump in before the market
escapes them again,” says Florida Realtors® President Summer Greene,
regional manager of Better Homes and Gardens Real Estate Florida 1st in
Fort Lauderdale. “We understand this is a big step, so to help
international buyers understand Florida’s potential, we’ve put together a
few tips and tricks for Brits looking to buy.”
Tips and facts on buying Florida property
• Visit fl.living.net to contact a Realtor in Florida and get more information.
• Florida’s property purchase system is different than the U.K.’s and
can be confusing. Appropriate professional guidance is essential.
• There are no restrictions on foreign purchases of U.S. real estate,
and international buyers can apply for conventional mortgage financing.
• When calculating how to buy a Florida home, include escrow fees and
closing costs – part of the purchase costs – in calculations.
•
Do your homework and consult several currency exchange companies in the
U.S. for the best exchange rate, which can save thousands.
• If you choose to rent the property, note that Florida is one of the few U.S. states with no state income tax.
• Understand the homeowner taxes and U.S. tax process, which can be
complex and may involve payments to at least four different levels of
government: local, regional, state and federal. A Realtor can help
explain this.
• U.K./U.S. visa regulations allow international
visitors to stay up to three months at one time without getting an
alternative visa. Arrange passports, visa and residency status before
travelling to the U.S.
Representatives from Florida Realtors,
including Chief Economist Dr. John Tuccillo, will be speaking at the
Property Investor Show in London on Oct. 11-12, 2012, at the ExCeL
London Exhibition and Convention Centre.
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