How To Buy A Home In A Seller's Market

The Panama City Beach housing market is one of the hottest in the country. In a seller's market, it can be an arduous process to find a home available to purchase. Many young families are looking in other parts of Florida for more affordable homes.

With the latest hurricane damage, there are numerous people selling homes in the coming months. Many homes damaged by the hurricane will require extensive repairs before anyone moves in.

Buyers need to be prepared to look at dozens of properties before purchasing one. It is not uncommon for a single property to have multiple offers after being on the market for just a few days.

Get Financing Approval

The first step to purchasing affordable Panama City Beach real estate is to obtain financing approval from a local bank. Many sellers will not even consider an offer from someone who has not secured financing approval.

Buyers need to have all of their financial documents ready when applying for financing approval. Numerous companies offer approval within a few hours if the documentation is correct.

It is also a good idea to get qualified for slightly more than buyers want to spend. In the competitive real estate market, homes will probably be more expensive a few months from now.

Current Trends in Panama City

June is the busiest month for home sales in Panama City. Buyers should consider looking for homes in the winter. There is less competition for homes during this time, and it could provide an advantage for people wanting to make a significant purchase.

The number of cash sales are also increasing, last year, 20,172 homes were sold for cash. This could be a sign that real estate investors are returning to purchase homes. Although real estate investors are a good sign for any housing market, additional buyers could put even more pressure on housing prices.

The current supply of homes is currently at four months. A home supply of fewer than six months generally correlates with too little inventory. Until more homes are built, it will be a battle for home buyers to find properties to purchase.

Working with Agents

Anyone who wants to buy a home should work with a local real estate agent. These agents have a thorough knowledge of the housing market in Panama City.

Realtors can offer suggestions for people who want to purchase a home. Many agents also know of homes available to buy that are not yet on the market.

Future Prices

The median listing price of a home in Panama City is $327,000. However, there is a considerable variation between home prices.

There are thousands of listings for much more than the median. Buyers should have a financial budget for the type of house they can afford. Some people end up buying way too much house because they did not set a budget.

Although it is a robust housing market for home buyers, it is an excellent time to sell a home. Many homeowners are using this opportunity to sell a house and make money off of the transaction.  

For more information, or for assistance in your next home buying or selling process, contact your local professional Realtor.