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Foreign buyers eye Florida for real estate deals

As our Florida readers may have noticed, recent news coverage about the immigration crisis at our country's border with Mexico is leaving some people with an unfavorable view of potential immigrants to America, sometimes regardless of whether they are legal or not. This is unfortunate, but, for foreigners interested in purchasing homes in America, many as second home as they remain citizens of their home countries, it appears that Florida is creating the right type of environment for these real estate transactions.

A recent report has noted that yet again Florida is the top state in the country for real estate purchases by international buyers. This marked the fifth time in a row that Florida has topped the annual report released by the National Association of Realtors. And not only was Florida the top state, but it nearly doubled the rate of real estate sales to foreigners seen in the next two closest states, California and Texas.

It is probably no coincidence that foreign buyers are flocking to three of the biggest states in the country in order to purchase homes. Florida and Texas, in particular, entice homebuyers both foreign and domestic with low taxes and job markets that are often far better than those in many other states.

For foreign buyers looking into homeownership in America, however, there is one important point to note: a majority of these purchases are being made in all-cash deals. Our readers have probably seen previous posts here regarding the propensity of foreign buyers making all-cash deals in South Florida, but the trend, it seems, is national. According to the recent report, approximately 60 percent of all home purchases by foreigners in America are all-cash deals.

Source: Sun Sentinel, "Realtor report: Foreign homebuyers favor Florida," Paul Owers, July 8, 2014

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