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I have equated international real estate markets with the times of the day, this came to me as we turned the phones on to the 9am caller. These were the best calls to receive they tend to be motivated buyers so keen they are waiting for your office to open! They have been up all night doing research and have woken with one thing on their minds buying an overseas property
The 9am market for me today is without a doubt Egypt. A housing market presenting low enough prices that investors don’t even need finance. A great place to buy in a credit squeeze, investors are also not exposing themselves to too much risk.
US Housing market
It surprised me that with low prices and favourable currency exchange rates that the US housing market was not indeed another 9am housing market. In fact the last few months I would say its been a sleepy 3am real estate market
All the figures point towards 9am for US property but the feelings of uncertainty of this region seemed to keep the US market firmly in the dark hours of morning.
Today I have seen movements towards the US market from international buyers and their are changes in the types, places and people who now see the US market as great place to buy. Two years ago all the action from international buyers was taking place in Florida, today’s buyers are finding other US states as attractive places to buy.
A great example of how the credit squeeze has changed international investor buying habits in the US is seen with property in Rochester City in Western New York State, USA. Rochester is the 3rd largest city in Western New York after New York City. It is an area that is coming out of recession and where the cheap property market is investor driven. Investors from all over the world have already invested into this low cost investment market and have been reaping the benefits from the high yield rental income it has to offer. This is a city where there are large employers such as Kodak, Xerox, Wegmans Foods and the Optical Science University. Properties with tenants start from only £15,000. Over the last two months this region has been a firm 9am market.
Florida lifestyle buyers are ringing at 11am
When you have a dream about retiring to the sun and have planned a lifetime to buy a property abroad a credit crunch will not put you off. I have seen this with Florida lifestyle buyers increasingly this market is heading towards 9am, today it is at 11am. Buyers are very motivated and very interested in what the sunshine state has to offer. The strange thing is once they find out what they then can buy with their money they turn into 9am buyers. Some of these buyers are getting double for their money.
I had a couple from the UK ring with their budget of £200,000 they had planned a nice modern 2 bed home or condo. Now they can easily achieve a 4 bed house with pool and lots of incentives thrown in. What is more they are in charge they are calling the shots and can walk away from a house if they don’t get the price they want.
These are all early indications that the US market is turning the corner after all who can resist a bargain. Buy low sell high is the cry from the market floors its seems that this is certainly the case for the US property market
Property in Florida has always been an attractive proposition for investors and home buyers alike. The recent downturn in the Florida Real Estate Market has lead to a huge amount of foreclosure homes for sale at knock down prices. See Property Florida .
Florida Real Estate Agents Arrange Bus Tours
The Orlando Sentinel newspaper reports of the new method in real estate marketing. It followed a tour that took 30 people, including real-estate agents, a home inspector and bank representatives, to nine houses. Such tours are among the techniques real-estate agents are using to generate sales amid Florida’s declining housing market and rising foreclosure rates, which are among the highest in the nation.
Many companies marketing Florida real-estate in non US markets have affiliated themselves with builders and developers who have found themselves with inventory that they are having trouble moving on, because the in the current market conditions developers have courted agencies with higher commissions to help them move their inventory.
What you have to look out for is that the company that you choose to support you has only one thing in mind and that is getting you the best deal. It is a conflict of interest when all brokers in Florida have access to sell every listed property for sale in the State, to guide you towards any property for any other reason than it’s the best deal for you, regardless of whether its a private or bank sale, off plan or custom built.
The only reason to consider this option in today’s market if you wish to have a home built to your specification. If you are not concerned about the property built to spec there is no advantage what so ever in dealing with off plan builds, because there are so many new and nearly new properties on the resale market that are much better value.
As you probably already know the current market is very soft and prices are very reasonable for UK buyers, but within that soft market there is a core of properties mostly in the bank owned and private sale sector that are at unbelievable prices, even by Floridian standards and it is these types of properties that IHL Florida specialises in sourcing.
The second thing to look out for in the company you choose is that they have an understanding of the purchase systems that you are used to, as a UK buyer. Whilst the Florida purchase system is much easier than the UK, it is very important that the company you choose to support you understands the UK market, as well as the Florida one, so they can explain the areas that you are not familiar with, and in turn give you a smoother customer experience.
IHL Florida prides its self on letting you enquire at your own pace, when you are ready to take the next step we are there to support you, our main aim is to give you the information help you make the decisions. So if you wish to contact a company who will help you find your perfect Florida home no matter what the reason, please take a look at our website and contact us.
Low prices and a buyers market so where is the stampede?
The time to buy US property is now, low prices and great exchange rates the US offers the international investor great value for money. This home for example has 6 beds 3 baths and is going for a song. So why don't we have a rush for this type of property. Sure international property buyers are buying in the US but at these prices and with such a buyers market why not the stampeded?
