Due to the decline of home prices in the U.S. and the lower value of the dollar there has been a recent increase in the amount of foreigners interested in purchasing property throughout the U.S., especially in the State of Florida. International buyers are particularly interested in southeast Florida. With attractions such as Miami Beach, Palm Beach and Orlando Florida is a popular vacation destination around the world. Many foreigners are familiar with various cities in Florida from having previously vacationed here and therefore feel comfortable investing in our State.
A recent study conducted by the National Association of Realtors determined that almost 25% of all home sales in the U.S. to foreign buyers were homes sold in Florida. Most of the foreign purchasers are Canadian, Latin American and European. In my opinion, Palm Beach County and Lake Worth are ideal places for foreigners to invest in real estate. Palm Beach County has a diverse population/culture which makes people from all over the world feel at home.
Many foreign real estate purchasers are looking for homes for their personal use, however, most are looking for investment property. They are interested in single family homes which can be rented and will give them a reasonable return on their investment. Many Lake Worth homes are perfect for the foreigner purchaser. Lake Worth has many communities of single family homes with little to no rental restrictions. Many Lake Worth homes are single family residences with pools, garages and other amenities making them very attractive to renters. Many homes in Lake Worth also offer recreational activities such as tennis, boating and beach access.
Foreign buyers have been an important component of real estate in Lake Worth. It is estimated that the median price paid for a single family home by foreign buyers in the U.S. is approximately $219,000. In Florida more than 80% of international buyers paid cash for the properties they purchased. Cash buyers are preferred by sellers because the closing process is generally faster and smoother than a closing with a buyer obtaining financing. Foreign property buyers also help local property taxes.
Now is a great time to sell your home! If you or anyone you know is interested in selling please contact me at: jtricoli@hotmail.com or visit my website www.lakeworthomes.com
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