Sarasota/Manatee County, Florida | April 16th, 2019 – Focus on the tastes and preferences of foreign buyers too if you’re planning to sell a Sarasota/Manatee County residence and sprucing it up for a showing. This is so because foreign buyers now appear increasing their presence in our market, a recent industry study suggests.
Conducted by the National Association of REALTORS® (NAR) Research Group for the Florida REALTORS®, this research showed that the Sarasota‒Manatee region has improved its ranking among the top destinations of for foreign buyers of residences in the U.S. From its place as No. 5 in the 2017 NAR research, our region rose to the No. 4 spot on the preferred Florida residential buying destinations of foreign buyers, results from the trade group’s 2018 study showed.
In improving its ranking to fourth place, our two-county region bagged 5 percent of Florida real estate’s international trade. Notably, this share is an improvement from the 4.7 percent slice that Sarasota and Manatee counties showed in NAR’s 2017 research.
Outperforming the State
Although just an incremental increase, our region’s gain could still be considered as significant, with more foreign buyers appearing to be shifting toward Sarasota and Manatee. This is considering that international trade on Florida real estate, in contrast, indicated a decline in NAR’s 2018 reading. During the 12-month period ending July 2018, foreigners bought Florida real estate worth $22.9 billion. According to the NAR survey, this represented a 5 percent decline from the $24.2 billion posted in the year-ago period.
Despite this drop, Florida remained as the country’s No. 1 destination for foreign buyers of U.S. real estate. Foreign buying notably took a 19 percent slice of the Sunshine State’s sales volume, which compared to the 8 percent take of foreigners’ real estate purchases on the national level.
Overall, a tight inventory appears as the main challenge for foreigners to further step up real estate purchases in Florida and the whole of the U.S. This scenario notably works for the prospect of more foreign buying coming the way of Sarasota and Manatee where the real estate inventories have increased substantially as of February 2019.
Prospective sellers in our market territory may be pleased to note too that foreigners typically would pay more for market listings of single family residences, townhouses, and condos in Florida. The recent NAR research showed that the median sale price foreign buyers pay for these residential types in Florida rose to $286,500 from $259,400 during the comparative 2017‒2018 period.
The 2018 level represents a 20 percent markup over the $236,500 median sale price that domestic buyers pay for market listings of Florida residences. As appreciable to sellers, foreign buyers would typically pay cash on their deals, the NAR research likewise indicated.
The Canadians and their residential preferences come as one primary consideration for local real estate sellers with an eye on foreign buyers. The NAR research showed parties from Canada dominate foreign buying in Sarasota‒Manatee, with a 41 percent share in the region. Taking the rest are buyers from the U.K. (12 percent), China (4 percent), Brazil, France, and Germany (3 percent share each).
Our Judy Kepecz-Hays team can help fine-tune your real estate marketing program to draw the attention of this wide variety of foreign buyers. Let our lengthy international experience in real estate help you wrap up the best possible deal. Just a call or an e-mail to us can jumpstart a sale.