According to Inman News, due to the fact that the United States dollar has plunged, buyers from Canada and other areas around the world now have added buying power to purchase homes in Florida, more so than ever before. This could be why Canadian real estate buyers flock to Florida. It is estimated that last year international buyers purchased over 15% of all homes bought in Florida.
The median prices for homes selling to foreign purchasers in the Florida area is around $299,000, which is over 50% higher than Florida’s overall average sales price. Many foreign buyers are purchasing homes valued at over $500,000.
In the past five years or so, the US Dollar has lost its worth when compared to euros, pounds, and Canadian Dollars. This is part of the draw to buy here in America, especially in Florida, as the weather there is always beautiful. Right now, the Canadian Dollar is worth more than the American Dollar, which creates a better market for Canadians to purchase homes here.
Exchange rates for Latinos have not been as good as they have been for other countries. But this can be contributed to political and financial factors within their home country. This is an area that is worse off than America right now, causing their money to be worth even less than the American Dollar, which makes it virtually impossible for them to purchase homes here in the U.S.
Of the segments making up the largest population of home buyers as of late, baby boomers are buying in Florida, and second to baby boomers are foreign buyers. According to the report by Inman News, many of the market’s foreign buyers are finding their homes via the Internet. Mortgage brokers who can monopolize on this situation will find a whole new way to make money.