Are you considering buying or selling your home in Panama City Beach? Are you wondering if you should buy or sell your home now or if you should wait until 2023? This guide will take the guesswork out by analyzing the Panama City Beach real estate market. Read on to find out how the Panama City Beach real estate market is doing — and what the climate will be like in 2023!
1. Panama City Beach real estate market
Panama City Beach is experiencing a buyer’s market characterized by lower home prices, smaller demand, and homes staying on the market longer. Many homes sell for less than the asking price, indicating that buyers have strong negotiation power in this real estate market. As a buyer’s market, homes often stay on the market longer though many homes still manage to sell within 30 days. Many buyers and investors are interested in buying or investing in Panama City Beach real estate due to the highly desirable beachfront location.
2. A highly desirable location for buyers and investors
Recently recognized as one of the world’s top emerging destinations, Panama City Beach has become a highly desirable location for buyers and investors. Many buyers are drawn to the gorgeous year-round, sunny weather and picturesque beaches. Many people are even choosing to retire here for the soft sand, tranquil waters, and oceanfront townhomes in Panama City Beach.
As for families, there are many amusement parks, arcades, and single-family luxury homes with private access to the beach. With lower housing costs, many buyers can get a better deal than other highly-desired coastal cities such as Miami or Destin, Fla. The thriving economy, low cost of living, and excellent infrastructure appeal to many buyers. In addition, with no personal income tax, investors can earn a considerable amount of rental income. With all of the ideal ingredients in place, many are choosing to invest in Panama City Beach real estate today — however, how will it continue to fare over the next decade?
3. Rising appreciation rates
Thanks to the volatile nature of real estate markets, it can often be difficult to predict how it will fare over the next five or 20 years. However, there are specific attributes you can look at to determine if investing in Panama City Beach real estate is ultimately a good decision.
Historically, Panama City Beach real estate has done well, with a price appreciation increase of 232% over the past 20 years. Furthermore, at an average annual appreciation rate of nearly 6%, it is likely that it will continue this steady trajectory over the next few years. With a strong economy, thriving job market, and good infrastructure, luxury homes in Panama City Beach will continue to appreciate in value.
4. What’s next for buyers?
The real estate market in Panama Beach is optimal for buyers and investors. As a highly desirable market, many people are choosing to buy or invest in Panama City Beach real estate. However, many buyers face increasing competition from out-of-state buyers, deciding to relocate or invest in Panama City Beach real estate for the lower prices and overall excellent investment. In 2023, luxury home prices will likely keep increasing as the area keeps attracting people from out-of-state. Specifically, it is likely that the median home price will reach its peak sometime in 2023 before dropping somewhat in subsequent years. This means that if you need to relocate to Panama City Beach within the next year, you would be well advised to start the home-buying process today before home prices rise once again.
5. What’s next for sellers?
With home prices expected to rise even more in Panama City Beach, homeowners might want to consider waiting to sell their homes. Since homes are usually selling for less than the listed price, it is possible that you might not sell your home for market value. To ensure that you will sell your home for top dollar, consider waiting until sometime in 2023 when home values are expected to peak. In the meantime, sellers could consider getting a pre-inspection to find out the condition of their home.
You could also do a few home improvement projects to increase your home’s ROI. For example, projects such as replacing the garage door, adding manufactured stone veneer, and painting the interior and exterior can all go a long way toward improving your home’s value, as well as appealing to many home buyers. Since it is a buyer’s market with more negotiation power, you must tread cautiously and perfect your luxury home in Panama City Beach. By doing so, you will most likely sell your home quickly and for top dollar!
6. Consult your Panama City Beach real estate agent
Every luxury home in Panama City Beach requires a unique strategic plan. Whether you are hoping to sell your home or invest in luxury townhomes in Panama City Beach, you need to work with an expert who can advise you on the best course of action. Your experienced real estate team in Panama City Beach can give you localized insights into the neighborhoods, which is particularly useful if you are an out-of-state home buyer. Your REALTOR® can also leverage innovative technology and an extensive network of connections to help you find your dream home. As for sellers, your real estate team can offer advice on high-return home improvement projects and negotiate effectively so that you can sell your home for top dollar in a challenging buyer’s market. The real estate market might be volatile, so it can pay to work with a real estate team of experts to guide you from preliminary talks to the negotiation stage.
Interested in buying or selling a home in Panama City Beach? Schedule a consultation with the top-rated real estate professionals at Bay Real Experts, who can provide guidance on everything from buying or selling a home from out-of-state to investing in a vacation property. With a combined 40 years of experience, the Bay Real Experts offer tremendous real estate expertise to help you buy or sell a home quickly at the most optimal time! Whether you're a first-time buyer, seasoned investor, or looking to sell your property, their dedicated Panama City Beach real estate agents are here to assist you every step of the way.
