Post COVID-19, many people are thinking about buying a vacation rental home. Isolation and lockdown have influenced the need for purchasing a vacation rental home. There are myriads of tourist-friendly destinations ranging from majestic mountains to vineyards to big cities to beaches. Beach is the most attractive tourist destination without any doubt. It is a nice offset between personal leisureliness and rental revenue maker.
Owners can spend their holidays with friends and family during slow months and rent when the demand is high in peak seasons.
As your priorities are to attain solid ROI and enjoy the property in the off-season then beach vacation homes are your best alternative. If you plan Florida then consider the Destin area. Destin real estate 2021 is hot with condos and homes staying on the list for an average of 2 months. This is 62% less than the time taken to sell in 2020.
The average sales price of the Destin area has escalated by 43% [depending on property type]. The listings have increased by 40% and active properties down by 21%. It means sellers are still skeptical while buyers are approaching. So, inventory is low…..supply is not matching the demand! Check Destin Florida Real Estate listings on DestingFlorida.com.
For vacation rental homes, there are Destin and South Walton areas. Destin is a hotspot and ranks 18th among the best touristy towns. Families attracted to spending time outdoors are attracted to this destination. The setting is scenic with a blend of sand, salty air, sea, and sunshine.
Destin and 30A beachfront homes are selling rapidly. As work from home is the new norm, out-of-state investors are grabbing this chance. The volume of beachfront homes sales rose by 134%. Its sales volume increased by 41% and sellers got 96% average on their asking price.
Destin and 30A beachfront condo also revealed huge gain. The sales rose by 116% and sales volume by 86%. The sellers got 97% off the list price
Destin is documented as the luckiest fishing village in the world. It has the largest charter and commercial fishing fleet. The Destin harbor, white-sandy beaches, state parks & trails, water sports, and many other sights are attracting thousands of tourists from around the world every year.
Benefits of owning a vacation rental property in Destin
- Extra income – Destin is an appropriate location and every listed beachfront condo and home are equipped with necessary amenities. It can transform into a fantastic money generator.
- Equity appreciation – Destin vacation rental home investment is a smart futuristic alternative. Real estate value appreciates down the road including a vacation home. Even after the COVID-19 situation, Destin real estate market is inflating. Investing in beachfront condos and properties including amenities can attract guests and increase equity appreciation. Whenever you need cash in the profits from home sales.
- Private getaway – You and your partner can enjoy a weekend along the beach. Take kids to the seafront or plan a family reunion. Investing in a beachfront home or condo in Destin is an awesome plan. You can expect more than just earning extra income. Plenty of new memories can be built as precious time is spent with loved ones….it is priceless!
- Retirement planning – Buying property now and leasing it can prepare you for a ready-made retirement residence. You can build equity and be prepared to retire.
- Tax deductions – Treating vacation rental homes as a business will help to deduct several costs including management, repairs, management, insurance, housekeeping, and more from income earned.
How can property buyers succeed in the sellers’ market?
Every property gets many offers. The seller’s market in Destin is active, so how can a buyer succeed to close a good deal.
Do your research
Finding a great deal is not pure luck but involves a lot of things like expert advice, timing, etc. When an appealing property becomes available then you will not have time to perform research or ask questions. You will need the capability to identify and grab the opportunity. The truth is that there are 10 potential buyers interested in the property and taking action to acquire it.
Get familiar with the price trends in different Emerald coast markets. It will help to make a quick decision about where to buy a property or if the timing is right to sell. Currently, the interest rates are amazingly low in Florida’s Emerald coast market. Investors are grabbing the chance to own a little paradise in Destin Florida.
Even in 30A and Miramar Beach, there is plenty of activity associated with the real estate domain. Developers are developing new condos and homes as well as owners are renovating their properties. According to a survey, the volume of properties sold is recorded high in the Destin area, especially 30A and Miramar Beach.
Search actively for new listings
Look for listings in the right places because of the chances that you will miss some good ones completely. Check out the –
- Price reduced listings
- Coming soon listings [gain a sneak peek of properties that will hit the MLS soon]
- New listings or latest listings [Sign up for free updates and save time]
- New construction [Prices are low in pre-construction stage]
Enlist the pros
An experienced real estate agent is essential in existing market conditions. Their experience and skills can help in many ways.
- Learn about the trendy areas and the ones cooled off to decide where best deals exist.
- Local agents get to know the availability of relevant properties earlier because of their networking. Buyers can leverage this timing factor!
- An experienced agent offers a realistic estimation of the condo or home and prepares for a solid offer. Timing is crucial because there is no place for guess works in bidding.
- Real estate agents are great negotiators and increase your chances to win a bid.
The Emerald Coast is bewitching with sparkling green water and lush white beaches. Remember, high property demand indicates great investment opportunities but with a reliable local brokerage firm, you can enjoy a flawless purchase process.