Close to Spring we began to see an influx of people moving to Florida from all over the country. Many homes going up for sale and buyers bidding for a chance to contract a home. Why we may ask?
Sellers had noticed they could gain top dollar amounts for their home, for many, it’s time to cash-out. Moving to dream homes, a larger family home, or selling their investment before the hype ends. Also sellers who bought during the boom are now able to sell for amounts they purchased for, keeping all equity gained.
Homestead & Second Home Financed buyers are able to purchase at all time low rates, often well under 4% interest rates. Also with as little as 0-5% down payment.
Investment Properties such as condominiums are still gaining top return for the investment. Often staying rented out with little to no vacancy.
Many people moving to the Panhandle of Florida have began to grow tired of their home states restrictions and rules. Both mask mandates and local shut downs, as well are parents that were trying to figure out work and home school. For investors renting out, monthly income is still being paid in, and they like the fact that evictions on their investments can still take place quickly here compared to other states. Rentals often have no vacancy and Florida is completely open for people to work and have recreation. Who wouldn’t love to enjoy the World’s Most Beautiful Beaches or a near by Bay, Lake, or Spring during their time off?
All factors make the Panama City area a great location to buy or sell. Purchasing now vs later could impact a buyers monthly mortgage amount greatly. When the price of homes comes down, the rates will likely go up. Therefore making a financed buyers monthly payment more than purchasing now with low rates.
Moving into Fall we are still selling strong with homes, land, and condominiums coming available for sale and closing, daily.
For more information about buying or selling in the Panama City Beach, Panama City, or nearby area please reach out. Coralee (850) 252-5744