Foreign Nationals Help To Maintain The Miami Real Estate Market

April 29, 2011 - PRLog -- With the slowing down of the real estate market all over the United States, real estate agents in South Florida are finding an old “ally” to hedge the loss of sales from U.S. citizens. Real estate agents in Miami are discovering that the Latin American market is a great target of people interested to buy homes in Miami (casas en Miami)

There are several reasons for the increase in sales of the Latin American market. First, many people from South America find Miami a very desirable place to live in. They love the combination of the lifestyle, safety and cultural mix. As such they have decided to start buying more and more properties in South America.

Another key factor is the political and social turmoil in their home country. By buying a property in Miami and coming to live to South Florida, they are escaping the instability in their home countries. This instability is growing in a few countries and the citizens of these countries search for different ways to escape the uncertainty.

A clear example of this situation is Venezuelans trying to get away from the political and economic unrest produced by the politics of President Hugo Chavez. A particular characteristic of Venezuelans is that they tend to stay in areas with a large population of Venezuelans such as Weston and Doral.

Another strong motivation for Latin Americans is the economic stability in the U.S. financial markets. They see the U.S. market as a very safe place to storage their wealth and they see real estate as a good storage of value in the long term. They rather have their money storage in real estate in the U.S. than having it in a bank at the mercy of politicians.

In addition, they believe that the Miami real estate market ( http://casasdelujoenmiami.com ) has already bottom out and it is on its way up. On the majority of the cases, Latin Americans do not buy the properties to speculate but to hold them for the long haul as a second home or as a long term investment.

On more factor that is helping the growth of real estate sales in Miami on the hands of Latin Americans is that banks in the U.S. have started once again to lend money to foreigners. Although 70% to 80% of foreigners still buy their properties cash, there is a large number of investors looking to finance a portion of the value of the home.

At this time, lenders are starting to offer financing to foreigners with great terms. In general, foreigners can expect to get a mortgage with a down payment of 30% to 40% and as long as they have reserves in an American bank equaling the first six months of real estate expenses (mortgage, maintenance, taxes)

All these different factors have come together to make the real estate market in Miami ( http://casasenmiami.org ) a very good market for Latin Americans. With the current overall economic and political conditions expected to continue in the short term, Miami real estate agents know that a large portion of their business will come from their old “ally”: the Latin American market.

# # #

Dedicated to help buyers with their real estate needs in Miami. We specialize in the Latin American market and Spanish speaking niche in particular.