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
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?
5. What’s next for sellers?
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
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.