Florida and Foreign Investors

Real Estate Agent with John R. Wood Island Real Estate 3230321

Yes, the real estate market is doing exceptionally well here in SW Florida -so well in fact, inventory is low and prices are rising.

That said, buyers that are on the fence and waiting another year for a deal are finding that they will come back the following year and wish they hadn't waited. I know, its happened to a couple of my buyers -who I must say I warned.  They think I may be "pushy," but then find out (too late) that I was right. And there is another scenario here.

Buyers that choose the route of going to "for sale by owners" should really be careful if not working with a professional, knowledgeable real estate agent. Buyers think they can save money by dealing directly with a for sale by owner -but they should proceed with caution. Without giving up all the details here, I see more foreign sellers (who may be subject to US taxes after a sale) -writing contracts that may end up actually costing the buyers money in the form of taxes owed to the IRS. Now, granted this isn't always the case. But buyer's more often than not feel they can go it alone to save money -and I wish them well. 

Florida has a large number of foreign owners. Buyers may not understand the consequences of writing contracts with them. I highly recommend if you are a buyer, you work with a real estate agent that will protect you from the possibility of ending up paying that sellers tax liability. 

I wish you all a very Happy Easter! 

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