Destin, Florida, is a stunning coastal city in Florida’s Panhandle. With crystal-blue waters from the Gulf of Mexico beckoning all who call Destin home, it’s no wonder homes are in high demand throughout the community. Investing in a new home takes time, effort, and energy, with many steps involved along the way. Partnering with a local agent can make each part of the journey much smoother, but it can be helpful to get an overview of what to expect before you start, too. If you’re hoping to purchase a property in Destin this year, this home buying guide from the professionals at Justin Myers Team will cover everything you need to know about investing in this relaxing Florida town.
Gain insight into the Destin market
The first step in purchasing Destin real estate is to learn more about the current market. When a buyer is aware of how the local inventory and demand are changing month to month, they can set their expectations accordingly. For instance, if there are plenty of homes available and not as many investors, buyers might have an easier time getting their offers accepted.
Ultimately, experts in Destin real estate like Justin Myers Team should be a buyer’s go-to on all things market behavior. Currently, Destin and Okaloosa County as a whole are seeing consistent demand, with an 11.1% increase in the median sale price over last year. Homes are typically staying on the market for 10 days before contract. This kind of information, alongside the in-depth insights provided by your real estate team, can help you come up with the right buying strategies to ensure you’re closing on your perfect property.
Consider what you want to accomplish
It’s so important, as buyers learn more about the Destin market, to think about what they hope to accomplish through their purchase. Some are looking for their next forever home, whether it’s the place they’ll raise a family or retire. Those buyers are in it for the long run and want to make sure they’re investing in a location where they can earn strong returns in the years to come.
Other buyers may look to Destin for a secondary home to rent out or use for vacations. Those buyers might prefer properties close to all the top attractions in the area, whether they’re on the beach or close to the best seafood restaurants.
Finally, other buyers may be wanting to relocate for a time to remodel an existing property and sell it again in a few years. Those sellers might search for older properties with renovation needs in the most highly sought-after areas.
As a buyer, it’s essential that you know what your own hopes are for your investment, as it will play a significant role in the neighborhoods and types of properties you pursue.
Brainstorm must-have features and amenities
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Hand-in-hand with buyers figuring out their investment goals is determining which features and amenities will be on their list of must-haves. It’s important not to get too caught up in smaller details, like multiple fireplaces or a spiral staircase. It’s better to keep the list “big-picture.” Buyers should think about the number of bedrooms and bathrooms they’ll need first. Do they want a larger house with plenty of entertainment space or a smaller condominium close to the water?
Destin has everything from quaint ranch-style homes with yard space to beachside condos that overlook the ocean waves. It’s helpful to consider whether certain architectural styles are more appealing than others, too, as Destin has properties in Mediterranean, Modern, Coastal, and other designs. As you investigate the homes for sale in Destin, work closely with your agent to determine which features are most common in the area and then decide on the ones you like most.
Create a detailed budget
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Once a buyer has a sense of the local market, their investment goals, and their desired amenities, it’s much easier to create a detailed budget. One way buyers can start is by considering the median home price in Destin and taking an objective look at their finances. What are they able to afford, and what are they willing to invest?
Though a buyer may be able to purchase a home that’s in the $2.5 million range, they may not feel comfortable putting that much into a new property. It all depends on their goals. Buyers should also keep in mind mortgage interest rates, the costs of hiring an inspector, and any closing fees they may have to cover. Currently, interest for 30-year, fixed-rate mortgages are around 6% and higher. Considering how much you’ll pay for your down payment and what you can take on in terms of a monthly mortgage payment are key factors to consider as well.
Apply for mortgage pre-approval
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One of the most important steps in the home buying process is earning pre-approval. Pre-approval shows lenders and sellers that their buyer is trustworthy and capable of investing in a new property. By applying for pre-approval through the lender they’ve chosen, buyers go through a rigorous process of financial investigation. Lenders will evaluate a buyer’s income streams, previous loan repayments, and any current debt. From there, they’ll determine whether a buyer will be able to take out a loan sufficient to cover the costs of the properties they’re looking into.
Once pre-approval goes through, it’s easier for buyers to secure a loan for their new home. If you’re curious about where to start with pre-approval, speak with your real estate team to determine which lenders would be the right fit.
Hire a trustworthy Destin real estate team
Investing in Destin real estate is an exciting venture, and it’s one you shouldn’t embark on alone. Partner with Justin Myers Team for an experience that’s smooth and stress-free. Specializing in Florida’s Emerald Coast, the team brings more than a decade of experience to each client and has earned top ratings for their work with both buyers and sellers. So, when you’re ready to find homes for sale in Destin, contact Justin Myers Team to begin your journey.
*Header photo courtesy of Shutterstock
