While the Real Estate Market is struggling nationally and in Florida specifically, one significant countervailing force has been the growing importance of foreign home buyers. According to the National Association of Realtors "Profile of International Home Buying in Florida" Survey, especially buyers from Canada and Western Europe are attracted to the area by the weak dollar.
The most interesting part of this survey for us is that the Bradenton/Sarasota area makes the third place for the most frequently reported location of a home purchase after the Miami-Fort Lauderdale and the Orlando-Kissimmee areas. If you take in consideration that our area is much smaller than the Miami or Orlando area, this news is even more significant.
The buyers who bought property in Bradenton and Sarasota were mostly from Western Europe (44 %) and Canada (44 %). This survey shows how important international buyers are for our local market. "For home sellers it is extremely important that their property gets enough exposure on the international market. International Marketing can be the difference between selling or not selling their homes", according to Weiss.
According to the survey foreign-born Realtors are more likely to work with international clients than U.S.-born Realtors. Foreign buyers often feel more confident when working with Realtors from their home country.
The reason for the increasing interest of foreign buyers in Florida properties can be seen in the falling value of the U.S. dollar relative to major world currencies during the past several years. As a result the cost of Florda property, priced in dollars, is much lower when converted to the buyer´s home country currency. From the percpective of foreign buyers Florida real estate is effectively on sale.