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If you’re considering Selling real estate in Miami, we’ve got more exciting news to add to the record prices we’ve all seen in the past few years.
In addition to continuing to be one of the hottest real estate markets in the country, South Florida — particularly Miami — is also the largest market for International Buyers.
Who Are My Potential International Buyers?
According to a 2023 survey conducted by the Miami Association of Realtors, Foreign Buyers accounted for 18% of the association members’ total sales volume, to the tune of $5.1 billion. The majority were from Colombia — accounting for $542 million — followed by Argentina, Brazil, Venezuela, and Canada. Additionally, 71% of International Buyers purchased a property for vacation or rental, and 66% of purchases were made with all-cash. More than half purchased a condominium.
Is Selling to an International Buyer Hard?
Over 82% of Realtors surveyed by the Miami Association of Realtors reported no problems working with international clients.
That being said, for a Realtor to draw in and retain those foreign Buyers through to a happy Closing for all, a high level of comfort and proficiency in working with people of varying cultural and linguistic backgrounds is vital.
At The Monica Betancourt Group (MBG), we are a multi-cultural team with a prolific international network and deep personal connections in Colombia — key for attracting and retaining those prime Buyers.
We have honed effective strategies and skills to overcome any potential barriers to these complex international transactions, and we specialize in catering to the cultural preferences and expectations of Miami’s International Buyers.
And since more than 75% of Miami real estate’s international sales were network generated, it’s also good to know that MBG is backed by Berkshire Hathaway, ranked 4th among the World’s Most Admired Companies in 2024.
Who Are My Prospective Domestic Buyers?
Looking a little closer to home, New Yorkers remain Miami’s biggest group of out-of-stateBuyers, at a whopping 27%, with California and New Jersey at 16% and 8%, respectively.
Migration from these states has resulted in a massive income and wealth transfer into South Florida.
Are you ready to Sell your Miami property, or perhaps start exploring your options?
Get in touch with us for proven, caring, trusted advice and service from the #1 Small Team in the Berkshire Hathaway EWM Realty South Florida network.