November 2014 -- Home sales surged forward with the first gain in four years. Home sales in Destin and surrounding areas were up 14% over the previous year. While some of the gain can be attributed to the government's first time homebuyer tax credit program, gains were also noticeable within the second home and vacation home markets.
Home Inventory. There are currently 3,035 homes for sale in the greater Destin Florida sales area. Our property summary table below shows the distribution of the home inventory across the geographic markets of our area. Inventory is on the decline with the overall home inventory declining 21% in 2009 (from 3,735 homes to 3,035 homes) . This is an unusually fast decline. Inventory returning to near normal levels spells good news for sellers but often leaves buyers competing with other buyers in multiple-offer scenarios. Multiple-offer scenarios are great for sellers who, when faced with multiple opportunities, are not pressured to offer deep discounts from list.
Destin home Sales. If you find that perfect home - go for it. Don't count on it being available later. Don't confuse "slow sales" with "no sales" and remember that there are likely to be other bargain shoppers looking at the same property you are for all the same reasons.
Looking for a Short Sale, Foreclosure, or REO Property? In November, financially distressed property sales accounted for 33% of all home sales in our local area. Bargains can can be found in distressed property, but there are perils involved and experience is required. For example, all banks and lending institutions require "as Is" contracts which take away specific buyer friendly clauses. Also, as banks and other lending institutions have become inundated with short sale requests, the time it takes for bank review and acceptance of buyer offers has become longer and longer. Many banks now take 120 days and even 180 days to accept, respond, and close the deal. That means a long time in "limbo" for buyers who seek financially distressed property. A "normal" deal between buyer and seller with no bank or lender involved can be completed in 30 days. Professional help with this difficult process is important - and available. Just call us!
Overall Home Value Trends. Statistics show home values along the coast adjusted downward 14% nationally over the past year. Although a slight downward trend exists, the rate of decline has slowed as recent decreases in interest rates, property taxes, and hazard insurance are beginning to lessen the cost of ownership and assert a positive effect in our local market tempo. While difficult for sellers, buyers have never had it so good. Home buyers looking for a bargain can expect to be rewarded. This is especially true in the next few months as improving interest rates and lower cost of ownership replenish the number of buyers seeking bargains in the market.
Remember .. true bargains are scarce. Just because there is a lot of inventory doesn't mean there are a lot of genuine bargains. Buyers searching for bargains must do their homework. Although true bargains are scarce, smart buyers teamed a smart Realtor team can find them. We're here to help if you need us!
Please let us know if I may assist you in obtaining detailed information for properties located in any of the following cities or regions below.
Homes for sale - sorted by City and Complex -- we now provide a way for you to search for all Homes for sale at over 1,200 neighborhoods within 25 miles of Destin. Use the links below to find your favorite condo for sale, bookmark the page, and return often to keep track of local condo inventory and prices.
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