I was watching the finance news this morning on US currencies. They were discussing the rise of the dollar and how the dollar is not done going up yet. I think we all know the US dollar is very high right now compared to the rest of the global currencies.
This is great if you want to travel to Europe. It’s probably why we’ve been seeing so many US tourists in Europe this summer.
Not so great if you are a SELLER.
Why is this an issue?
Well, Miami has long been an International mecca. It’s been a safe haven for everybody around the world especially if there’s an issue like what happened in Columbia last month.
But when you have such unfavorable exchange rates, this is a problem for foreign buyers. People from other countries may park their money in the United States however will they invest in real estate right now?
I had a deal years ago that fell apart because of conversion rates. They were Brazilian buyers and their currency took a dive and basically, the deal fell apart. Lesson learned many years ago. Money needs to be stateside in US currency if you’re a foreign buyer, at least in my transactions.
This is one of the many lessons I have learned after a million years in the industry. I’ve been a realtor since 1993, I really should write a book at some point.
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Maji Pace Ramos,
Maji Ramos Real Estate Advisor, P.A
• Miami Realtor since 1993
• 2nd Generation Realtor
• Negotiation Specialist
• Market Trends Specialist
• Miami native