GLOBAL BUSINESS COUNCIL
Will You Be Ready? By: Vicky Huberty, Realtor®, RE/MAX Alliance Group
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n a new survey from the National Association of REALTORS® (NAR), foreign property buyers purchased $74 billion worth of U.S. existing homes from April 2019 through March 2020; a 5 percent decrease from the previous 12-month period. Although this is a decrease and does not encompass the dates and effects of our current pandemic, Florida can remain optimistic about future foreign buyers based on historical geographical trends. According to NAR’s 2020 Profile of International Transactions, for the 12th straight year, Florida remained the top destination for foreign buyers, with 22 percent of all international purchases happening here in our state.
were 231 for the same time frame in 2019. While this is a softening of demand, it is certainly not a halt. The unfortunate economic situations of loan forbearance and eviction moratoriums will lead to many investment opportunities for both foreign and domestic buyers. Given the current difficulty and risks posed by traveling, many foreign buyers are holding off and may want to see properties in person before they purchase. But when they come...Will you be ready?
UPCOMING GBC CLASSES: Be sure to join us for the 2020 CIPS Institute! Take this course as your next step toward earning your Certified International Property Specialist designation. The 5-Day Institute starts on October 22. •
TOP 5 DESTINATIONS Florida (22%) California (15%) Texas (9%) New York (5%) New Jersey (4%)
TOP 5 FOREIGN BUYERS China ($11.5 B) Canada ($9.5 B) Mexico ($5.8 B) India ($5.4 B) Colombia ($1.3 B) “While we’ve seen a recent softening of demand, interest in U.S. real estate from international buyers remains strong overall, especially in the most affordable metropolitan areas,” said NAR President Vince Malta. On a local level, according to tax records in Manatee and Sarasota counties, from April 1, 2020 to August 31, 2020 (post pandemic onset), there were 104 foreign buyer transactions. In comparison, there
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