Over the past two years, we’ve seen the Destin real estate market enjoy exponential growth. With record-breaking low interest rates along with high demand, limited supply, virtual showings, cash offers, offers above asking price, and closings without even having an inspection, it’s been eye opening to watch Emerald Coast real estate market evolve during these unprecedented times.
So, what does 2022 hold for real estate on the Emerald Coast? Based on past performance, the 2022 Destin real estate forecast for Destin, Miramar Beach and 30-A appears promising. Here’s what we’re seeing:
With interest rates expected to rise, there is no better time than now to sell and purchase real estate in Destin, Miramar Beach, and 30A. We have seen interest rates rise about one-half of a point just since November, and we expect them to continue to rise.
On the sunnier side, these current historically low interest rates have helped offset the rapid inflation of home prices the market has seen since 2020. Taking advantage of these current interest rates opens up opportunities for homebuyers to afford more.
We expect the market to remain a Seller’s market in 2022, because the demand for property in Florida will remain high. Between the continuing COVID-19 variants outbreaks and increase in remote working, Florida has become the ideal place to relocate due to our relaxed restrictions and favorable weather. People simply want to live where they want to play these days—especially if remote working allows it.
And though this is great news for Sellers, don’t let this discourage Buyers. Buying a home in Okaloosa or Walton County may still be advantageous depending on your wants, needs, and circumstances. If you are a Buyer worried about buying in a Seller’s market, we invite you contact us for a complimentary consultation with one of our experienced local real estate agents who will help you weigh the pros and cons of buying property in Destin, Miramar Beach, or 30A this year.
Homeowner’s all over the Emerald Coast saw a massive increase in equity gain due to home prices rising. You may be wondering: are these equity growth and home price increases sustainable? Well, we don’t see home prices returning to pre-pandemic levels any time soon. We expect home prices to remain roughly the same—perhaps going down slightly—but this new price level looks like it’s here to stay. How does that affect home equity gains? Equity gains are forecasted to slow down to a healthy 7-8%.
If you want to capitalize on this market—whether you are looking to sell or buy Destin or 30A real estate—we invite you to meet with one of our expert local real estate agents to discuss your unique opportunities. Newman-Dailey is proud to be regarded as one of the best real estate companies in Destin and 30A and ranks in the top 10% of real estate companies for real estate sales according to the Emerald Coast Association of Realtors. Click here to learn more about our incredible team of agents, or call 1-(800) 225-7652 to speak with our Sales Manager.
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