Is Now The Best Time to Buy Real Estate in Destin FL?
Q: I’m thinking about buying an investment property in Destin Florida – Is now a good time to buy or should I wait?
A: Well, if you are buying as an investment property in Destin Florida I would say that right now is probably the best time to do so that you will ever see for twenty plus years. So if you are planning on buying investment real estate in Destin (or any kind of real estate in Destin) within the next 25 years, you should do so now.
Inventory: It is dropping like a rock. The number of Destin Homes For Sale, Destin Condos For Sale and Destin Land For Sale is at levels we haven’t seen since 2004. Its way down. And economics tells us that when supply is low and demand is high prices go up.
Short Sales and Foreclosures: They are going away. As of today there are 1,398 condos for sale in the Destin Area, of those only 18 are foreclosures and 81 are short sales. So out of almost 1,400 Destin Area condos for sale less than 100 of them are foreclosures or short sales. We are seeing similar numbers with Destin Area houses as well. If you thought you could just swoop in and pick up a cheap foreclosure or short sale be careful because there are a lot of people thinking the same thing and they go fast.
Property Prices: It’s true that in some pockets prices are still going down but they are few and getting less. For the most part prices have leveled off and in many cases we are seeing some appreciation come back into the market.
Is Now a Good Time To Buy Destin Area Real Estate? Yes!
There are still enough Foreclosures and Short sales that you can find good deals. Just keep in mind that there are a lot of people fighting for them so you have to be prepared to act quickly and decisively when you find a property you like. I can assure you that other people are looking for these deals as well and if you hesitate they will jump in and you will have a bidding war. And that is not a good way to buy real estate.