For British owners of Florida Real Estate looking to cash out there has never been a better time to sell
Own Florida Real Estate? With demand outstripping supply now could be perfect time to sell!
Fellow Brit, AIPP member and Florida Real Estate specialist Mike Davies tells us why he is so excited about a market that hasn’t seen such high demand since the lead up to the Global Financial Crisis of 2008/09.
“The State is seeing unprecedented growth in the Real Estate market, builders cannot build quickly enough to meet the current demand, and with very little resale inventory available demand is outstripping supply for the first time since the mid 2000’s. Fuelled predominantly as a result of the COVID-19 Pandemic, with more and more Americans working from home and deciding why not work from home in the Sunshine State with zero income tax and year-round sunshine.
More than a 1,000 people a day are arriving here, 30% of all home sales are coming from out of State buyers, this is creating a multiple offer scenario on properties new and resale, unlike the mid 2000’s this growth is sustainable with many North Americans preferring to work from home in a tropical State with zero income tax, rather than cooler seasonal States like New York, and California with high rates of income tax.
The Pandemic has definitely driven Florida’s appeal to those buyers, which has pushed property prices up by between 10 and 20% over the past year alone, and some counties by as much as 40%.
Now is a perfect time for those mid 2000’s British buyers who still own, but may have been caught up in the negative equity trap, that may be thinking of selling their properties to be able to sell their homes and because of the current exchange rate actually get more money back even if they sold for less than they originally paid between 2004 – 2008. However, at the current rate of growth it may be possible to sell for even more than they originally paid in the mid 2000’s.
Either way it’s a win, win, now for British owners. For those owners wishing to continue with their properties, they can continue to offer their properties for vacation rentals at much higher rates than previously offered. Or indeed long-term rentals which are also much higher than previously recorded. There has never been a better time to buy sell or rent a home here in the Sunshine State.
There has never been a better time to sell for those wishing to cash out
A home purchased for $350,000 in 2006 at an exchange rate of $1.85 to the £1 would have cost £189,000 if the home was sold for $350,000 now it would yield £255,000 at an exchange rate of $1.37 to £1 a gross profit of £66,000 before costs.
As a real estate professional, I was actually selling homes here in Florida from the UK in the mid 2000’s, and moved here full time in 2013 so I have seen the rapid change and phenomenal growth in the State, the highest concentration of British buyers was along HWY 27 and HWY 192 I know this area and market extremely well, I would love to assist buyers looking for a holiday/rental home in this beautiful State, and sellers wishing to cash out with the favourable exchange rate, knowing they are in the safe professional and experienced hands of a fellow Brit.
As your Real Estate Agent and a Specialist, I have been both a buyer and seller so understand how important it is to ensure clients receive the very best service together with the right information. My focus is ensuring that all you need and require in your next home purchase or sale is met, I will to be your trusted real estate agent to answer any questions you may have about the process of buying or selling.”
Our thanks to Mike for this article.
Mike can be contacted on 001 407 625 7881
Or visit his website here www.mcdrealtor.com