Thanks to what some are calling "the credit crunch", the Florida real estate market may be flat but it could be just the right time for investors to step in and seize the opportunity.  The Orlando real estate market has only one place to go – up!  The UK buyer is in an especially unique position right now with such a weak dollar.  While the news is often negative, gas prices are sky high and the dollar is at an all time low, there are Florida real estate deals to be had for the savvy UK buyer.  Although the overall picture is portrayed as dismal, Orlando continues to gain popularity as a retirement destination and all indicators suggest the market will bounce back.

Considering the more restricted US mortgage industry, What do you need to do to obtain your Florida dream home?  Get smart.  Talk to your Realtor or Mortgage Lender about your options.  Often times you’ll find there are new requirements that are not insurmountable, but require thought and preparation.  Lee Weaver, Director of Operations for the British Homes Group suggests:

"Stated income mortgages – which don’t need proof of your declared income – are still available but at higher deposit levels.  US dollar fixed or adjustable products are common but by far the most popular is the multi-currency product because of its flexibility to switch to dollars at a later date." 

Cash buyers are in the strongest position with increased bargaining power, but cash buying also comes with a loss in tax advantages so you really need to weigh the options.  Lee suggests getting a "Good Faith Estimate" from your lender so that you have the information needed to make the right decision. 

There are also a few things to check for if you’re considering Florida Property:

  • Research "developer incentives" – make sure they are legitimate and be wary of those asking for large sums of cash upfront.
  • If you’re counting on rental income make sure you buy a property in a county with no letting restrictions.

For those of you waiting for devalued properties to return to health - weather the storm, baby boomers are retiring in droves and the Florida market will bounce back.

Read this great article, A Time to Buy, from the Show Issue of the recent London Exhibition, A Place in the Sun.  Please also feel free to use our complimentary online Florida MLS Search.