The Florida real estate market is truly an international real estate market. This has created diverse neighborhoods and a rich cultural fabric. During the past 20 months, however, international travel has been limited to reduce the spread of COVID, resulting in fewer international real estate buyers looking for homes in Tampa and other Florida cities. With borders slowly opening back up, could the return of International buyers lead to a new real estate bidding war?
The 2021 real estate market was marked by low housing inventory, low mortgage interest rates, bidding wars, fast sales, and higher sale prices. In 2022, we are expecting to see more homes hit the market and increased mortgage interest rates, which may ease some bidding wars among Florida homebuyers. When you add the return of international home buyers, though, the relative increase in available real estate may be negated—meaning that with additional buyers, the home inventory may still feel low since more people are looking to buy.
If international buyers are interested in the same properties as current Florida residents, then yes, we may be looking at more bidding wars.
So what are international buyers looking for? Some anecdotes suggest that International buyers from Latin America and Europe are primarily interested in condos thanks to their ease of upkeep. If you have your eye on a similar property, you may want to consider purchasing sooner rather than later to avoid a potential bidding war as more International buyers return to the market. Whether you are looking to buy or sell, let me help you make your real estate dream come true. Contact me today to get started.