The big Brexit could be great news if you are buying or selling Florida property this year…
The British vote to exit the EU has wreaked havoc on global money markets. For some it has been a huge blow. Especially for those with money in the stock market, London property, or UK funds. But there are several reasons it could be a great thing for people in Florida.
Bankrate.com reveals that interest rates plunged in the wake of the Brexit vote and ensuing stock market plunge. According to RIS Media that puts mortgage rates at almost the record lows of 2012. As of July 12th, 2016 that put 30 year fixed rates in the low 3% range, and other loan rates in the 2% range. That’s great news if you have been thinking about buying a home in Florida or refinancing one.
Fewer British Buyers in the Market
We love the Brits, but they have long been a big buying force with lots of cash. They have often bid prices up high due to the strength of their currency and the amazingly cheap bargains Florida property offers in comparison to the U.K. That could give other buyers a break in the zones which are most popular with the British.
More Offers for Sellers
While the Brits may be on the retreat other buyers may be desperate to buy, and do it fast. Banks are preparing for British markets to implode, and so are the wealthy global investors who have been putting their money in London property. The stock market is in a mess, oil and gold investments are scary, and CDs and savings accounts are essentially costing people money to have. So both American and Asian investors in particular should be making some pretty eager plays to get their money in to real estate, and few places are as attractive as Florida right now.
Whether you are a buyer or seller this could be the moment you’ve been waiting for. Take advantage of it!