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Common Issues Facing The Destin Florida Real Estate Market

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Real Estate Agent with RE/MAX Coastal Properties BROK.995683208

Common Issues Facing The Destin Florida Real Estate Market

Thanks to abundant natural beauty and several key military bases, the greater Destin Fl real estate market remains popular. Even so, without proper guidance Emerald Coast buyers and sellers may experience some turbulence. Here are a few issues we are dealing with Summer 2024. 

1) Property Insurance- Due to recent storms (and the potential for more), insurance companies began raising rates and in some cases leaving Florida all together. This left buyers scrambling to find affordable protection during escrow. As of 2024 this has improved, in fact several new insurance companies have ENTERED the market. But gone are the days buyers would ring up their local insurance provider a week before closing. This is now moved to THE BEGINNING of the process. 

2) Interest Rates-- The cost to borrow money has had an impact on the second home market. This quarter we have seen an uptick in online traffic and sign calls. It seems buyers are accepting the fact that ultra low rates are likely in the rear view mirror. 

3) Aggressive Pricing--Even in the face of rising rates home prices continued to climb. Simply put, real estate priced right moves the rest lingers. Gone are the days of adding 15% to last year's highest comp. 

4) Out Of Area Lenders-- If only I had a nickel for every out of state lender that promised an "EZ 30 day closing" on the non- warrantable condo (more in the video below). Local lenders are more aware  of Destin area lending challenges. The loan process can be as tough on the property as it is on the borrower. Why not use a lender that has done multiple loans on the building THIS YEAR? 

Why Financing Destin Florida Condos Can Be A Challenge 

Ready to purchase your piece of paradise? Or perhaps it is time to sell your Emerald Coast area home. Either way, call Doug Rogers (318) 613-1994 today. Want to explore Destin area housing inventory? Go To Destin Homes For Sale to view all the properties currently listed on the local MLS. 

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Searching for a Top real estate agent in Destin Florida ? Need help selling your Emerald Cost home? Either way call Doug today!

Doug Rogers

Real Estate Agent 

RE/MAX Coastal Properties 

Destin Florida 32541

 

 

(318) 613-1994

 Equal opportunity housing. Doug Rogers is a licensed real estate professional in Florida and Louisiana. Each office independently owned and operated

 

 

 

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Doug and great information to pass on to us here in the Rain.  Make it a great day!

Jun 25, 2024 09:20 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good afternoon Doug,

I like you are calling out issues Sellers and Buyers are facing in the Destin, Florida real estate market in 2024. Property Insurance hikes are affecting all homeowners but you demonstrate how you can provide the guidance needed to overcome some probable hurdles.

Jun 25, 2024 04:30 PM