Condo Shopping in a HOT Seller’s Market
Panama City Beach, Florida has become one of the hottest vacation property markets in the US. If you are condo shopping in a hot seller’s market like this, you’re going to need some help to have a chance to get a property under contract. Properties are selling within hours of going on the market and buyers need to be prepared ahead of time.
Our years of experience have helped us navigate trends like this in the past. We’ve used our expertise to develop a plan to help our buyers through this market and we guide them every step of the way in the buying process! In this article we go through some of the highlights of our step-by-step plan to help you successfully navigate through the buying process if you are ready to jump into the investment market.
Current Market Conditions
Unfortunately, the high number of buyers eager to invest in this great market has created a record low inventory of Gulf Front Condos and Beach Homes for sale. Word has gotten around, and even Tripadvisor recently named Panama City Beach the #2 Emerging Destination in the WORLD! We agree and we love helping buyers realize their dream of owning a beachfront home or condo. Most of our condo sales are concentrated in 12 of the top revenue producing resorts. In the past we would typically see about 100 condos active on the market at any point in time in the top resorts. Today, that number is less than 10! And, most of the ones that are coming on the market are going under contract in 1-3 days with multiple offers and above listing prices.
Even though condo shopping in a hot seller’s market will be tough, it’s still a great place to invest! Maybe you maybe you have been kicking yourself for not jumping in a year ago or even 2 years ago and buying that dream vacation property directly on the Gulf in Panama City Beach. You have watched prices continue to go up about over 10% the past 12 months. And now, you have decided not to let any more time go by. You’ve seen beach vacation rental numbers exploding as a result of “work at home” parents and virtual schools. This phenomenon shows no signs of ending anytime soon. And now for you, the time is right to own your own vacation investment property.
Successful Negotiation Approach
How do you go about vacation property shopping in this super competitive market? First of all, find yourself the most experienced realtor that you can find to walk you through the process. As the market conditions have changed, we have adjusted our sales tactics to the demands of the market and helped our buyers to become “Super Shoppers” by setting expectations right at the start, doing the prep work before writing any offers and knowing how aggressive to be on offers to give our buyers a fighting chance. Although we don’t win every single contract, we have had tremendous success for every single one of our buyers working through the process.
The catch is, in a hot seller’s marketlike we have now, in many cases you only have hours to get a contract to the seller to have a chance to buy. This means you need to have done your homework ahead of time. You very well will be writing a contract sight unseen for a condo, and you will likely not be the only offer the seller is considering.
Step by Step
Below are some of the most important steps that we recommend to our buyers in order to put you in a position where you can move extremely quickly when the time is right:
- Plan a trip down to Panama City Beach if they have not been here recently so you can get familiar with the area and resorts
- Meet with us to review their overall investment objectives, vacation property preferences (for more, see How to Pick THE BEST Condo to Purchase in Panama City Beach, FL), and pricing/financing goals
- Let us give you a tour of your top 6 or 8 resorts and get as much information to you about the resort including amenities, finances, and rental revenue expectations
- View at least 1 condo in each of the resorts so you can get a better feel for floorplans. Since inventory is so very low right now, what you tour may be:
- Pending (or already under contract) but taking Backup Offers
- Pending but the listing agent might still allow showings
- Not for sale but available to show between rentals
- Narrow your choices down to 1 or 2 favorites
- Work with the contacts we provide you who will be your best lender for your favorite properties (unless you are paying cash)
- Look at the last 3 or so comparative sales for each property so you know ahead of time what the market price should be
- Make sure you are set up our MLS automatic notifications for your favorite resorts so that you will see any new activity the very instant that I and every other PCB realtor sees it
- Review the blank Florida “As Is” contract we send you in advance and go over the important terms and options available
- Have you completely prepared to write up an offer within hours of when “The Perfect Property” hits the market
We’ve also had some great luck when we can find a vacation property that was under contract and goes back on the market due to financing issues, etc. This is when sellers are typically the most motivated! They want to get back under contract as quickly as possible with a firm and immediate contract replacement.
We understand it can seem intimidating to navigate through all of this. Condo shopping in a hot seller’s market can be downright scary! But don’t get discouraged and don’t be afraid! If you are ready to purchase your dream investment vacation property or just have some questions about this crazy market or investing in resort condos, we’re here for you. Give “Team Jones” with Premier Property Group a shout and we’ll put our system to work for you to help improve your chances of having the winning offer!