Sparked by the high value of the British Pound vs the Dollar and our recessed housing market, investors from the UK are buying up properties across the country at very good values. Here in Central Florida, we have seen a surge in international buyers snapping up properties at what amounts to a half off sale on homes. Vacation homes in the Disney/Kissimmee area have seen a big drop in price as the market continues its shake out. This along with the 2-1 conversion in currency (1 Pound = 2 US Dollars) make buying here in Central Florida a bargain.
Most of these international Buyers have cash in hand but those who must finance, they will find the same challenges we are all experiencing with the credit crunch. As a general rule, most lender’s who finance foreign nationals will require a minimum of 25% down. Always consult with a lender first to see what type of loan program will suit your needs. Even with some of the financing challenges, most U.K. clients are pushing forward. This may well be one of the best investment opportunities for international buyers at this time. We need only look to the past to see that the ups and downs of the Real Estate market.
We can expect this trend to continue well into the new year and beyond as our housing market will remain soft as more properties hit the market throughout 2008. With more home on the market, this may seem like a bad scenario but it is good news for everyone. Sellers will be able to sell there homes even in a slow market, the international buyer will be able to purchase a home at a very good price, and our housing market will recover faster as the international buyers will help reduce the amount of homes on inventory.
Buy Buy for now.