The Global Business Council of our Realtor Association had a panel discussion about the United Kingdom's (UK) withdrawal from the European Union (EU), referred to as BREXIT. Britain voted to leave the EU, and the Scottish public voted to remain, which could lead to the breakup of Great Britain. The EU has lost one of its largest members, and this could affect the future value of the Euro. The new British PM, Theresa May, has 3 years to negotiate with the EU, and Parliament is urging her to start these talks this summer.
From June 22-July 13, 2016, exchange rates for the pound is 20,046 less for an investment of $250,000 US dollars. For Florida’s UK real estate investors: as soon as you put your Sarasota home on the market, see a tax attorney immediately and try to get a reduction in your foreign tax withholdings, FRPTA, at closing.
How will BREXIT affect real estate in UK? It is estimated that UK property values may drop between 5-10% for 1-3 years. If businesses that are mostly in London leave for Europe, then the value of commercial properties will decline. But if the pound goes down compared to the US dollar, then US and other foreign investments may increase. It may be time for US to invest in the UK!
Our British friends vacation and retire in Sarasota County because of our wonderful Florida beaches and sunshine. Those who are planning to buy homes and retire on the Florida gulf probably will. That may not be the case for tourists who fly “across the pond” because the decrease in the pound may affect their travel plans. They may choose to vacation in Spain or France rather than come back the US for economic reasons.
Visit my home page at www.PalmerRanchLindaHolley.com for helpful information about buying and selling Sarasota real estate.
Good morning! I want to tell you about our award winning website, the Consumer Financial Protection Bureau, and my Siesta Key Open Houses this weekend.MichaelSaunders.com was named “best overall” website in the real estate industry by a panel of technology and marketing experts, plus and our mobile site is also #1! I encourage you to take a look at our website and the features to search for homes by communities and lifestyle.
Michael Saunders and Company beat out many of the largest national real estate brokerages, as determined by REAL Trends real estate analysis publishing company. See http://www.heraldtribune.com/article/20150831/ARTICLE/150839971/0/search
It has been my experience that often there is a "love-hate" relationship between Buyers and Sellers in a real estate transaction. It starts in the negotiation process, through the inspection period, all the way to the closing table--and sometimes afterwards. Legal battles are costly, and you are better off buying a Florida Lottery ticket rather than depending on the civil courts to handle your complaint quickly and to your satisfaction.
Realtors are trained to assist Buyers and Sellers by staying on top of the deadlines specified in the contract. Buyers and Sellers can be in default, and that's why it's important to find an experienced real estate brokerage to assist you. If you think you may buy a home "For Sale by Owner," (FSBO), it may be in your best interest to notify your realtor and let him or her assist; if you do it in the beginning, you can get assistance and the Seller will pay the 3% commission. IKnow when you can terminate your contract and get your deposit back, and missing the mark by a day can cost you thousands of dollars if you need to get out of the deal.
There are many horror stories about Buyers not getting the deed restrictions, not receiving or reading the condo docs, being outside the timeframe of inspection, seller deflecting responsibilities about repairs, rental and pet restrictions, special assessments, and the overall reputation of the builder or community. Also, some real estate brokers--even in this town--don't carry Errors and Omissions insurance to protect their agents. If your realtor drops the ball, do they have a broker who will back them up or shrug their shoulders and walk away?
In Florida, there are 5,000 applications each month for new realtors and brokers. About half don't pass the test, but those who do are depending on their brokers and other realtors to know the laws and help them through their transactions. Don't become a casualty, get the right help in the beginning.
Have a great day!
Linda
It’s no wonder that you are confused about what’s going on in Sarasota’s real estate market with what you hear and read in the media. Since a large percentage of visitors are in Sarasota during the winter, our best months for home sales are in the spring; in Mar-May ’14 the average price of homes sold in Sarasota was $284k. The remainder of the year, total volume sales varied.
In Jan ’15, the average price of homes sold was $277k. Does that mean prices are dropping? No, by comparing Jan ‘15 to Jan last year, we sold six percent fewer homes this year (more foreclosures are now off the market), AND the average price of homes sold increased by $11k. Since the stronger months for home sales are in Mar-May--and if the January increase continues into the spring--then the average price may be as high as $295k ($284+11) in the coming months. Potential homebuyers must realize that 2014 home sales data included many foreclosures, which lowered average home sale prices.
There could not be a better time to buy your home in Sarasota, so call me at 941-914-4914 and let’s get started before prices AND interest rates go up!
Data supplied by Trendgraphix 2/21/2015, * All reports are published February 2015, based on data available at the end of January 2015, except for the today stats. All reports presented are based on data supplied by the Mid-Florida MLS. The Mid-Florida MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the Mid-Florida MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
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