MIAMI – Real estate agents are bracing for a wave of international buyers to flood the South Florida housing market as a result of the Biden administration easing pandemic-related travel restrictions. Foreign buyers make up about 5% of the dollar volume of sales in the state, and observers expect that with travel restrictions lifted, many will be making their way to South Florida to buy a home or condo.
“An enlarged buyer pool looking to purchase when the inventory is at all-time lows will likely ignite the competitive bidding processes,” says Bonnie Heatzig, executive director of luxury sales with Douglas Elliman in Boca Raton.
Most foreign buyers looking to purchase properties in Florida come from five countries: Canada, Argentina, Brazil, Colombia and Venezuela, according to a report from Florida Realtors®. South Florida is the most popular, with the tri-county area getting about 52% of buyers, the report noted.
Real estate agents and brokers have already begun to get calls from these international buyers. Heatzig recently received inquiries from buyers in India, England and Finland.
Ignacio Diaz, co-owner of Group P6, a firm of luxury residential developers, said they have gotten several calls from buyers in Canada and are starting to see some interest from Latin America.
“It’s hard to generalize, but mainly the foreign buyer tends to go towards condos because of the convenience,” said Edgardo Defortuna, President & CEO of Fortune International Group.
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We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds. Previously we had Snowbirds; interesting how terminology keeps changing.
Lower interest rates (even with recent small increases) are probably contributing to the increased sales; oftentimes over asking price. Low inventory is still the greatest chalenge for buyers who are not prepared; but if prepared you are ahead of the game; ask how we can help with all of that.
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