Are you looking to purchase real estate in one of the most desired and promising real estate markets in the United States? We hope so! Destin, Florida is an excellent place to invest in rental property or residential homes. Beautiful year-round weather, stunning beaches, coastal charm, endless outdoor activities keep property values strong.
We talked to one of our very own experienced local Destin real estate agents, Mark DeSalvo, about his top tips for buyers looking to purchase real estate in the Destin area.
An important first step when preparing to buy real estate in Destin, FL is to consult with a local expert. If a buyer has reached out, then they have taken the important first step in consulting someone who knows the real estate world, and not their wife's cousin’s friend from church who just got a license a month ago. The Destin real estate market is hot year-round and you’ll want to know the in’s and out’s to ensure your interests are protected.
Once you have an understanding of the local market conditions after consulting with a qualified Destin real estate agent, it’s time to get some real-life figures.
If you plan on purchasing with a loan, then contact a lender to get pre-approved and/or pre-qualified. This process will reveal how much you can actually afford and set the range for which Destin real estate listings to consider. With interest rates still historically low, you may be able to afford more than you expected. But even better, you will know where your purchasing limits lie.
Now that you are pre-approved and have your budget, it’s time to make your list. What are your must-haves? This is another great opportunity to consult with your agent. Oftentimes, buyers will have things on their must-have list that can be flexible. Think you need a 4-bedroom so that you can have a home office? What about a 3-bedroom with an office?
Once you have this nailed down, your agent can speed up the process by narrowing down the listings and show you only what fits your list and budget.
In a Seller’s market, you should be prepared to make an “As Is with Right to Inspect” offer. This is becoming more of the norm and might give you a leg up on a competing offer, but this type of offer does not mean you should forgo the inspection. Always have an inspection performed as it can reveal problems that would classify the home as uninhabitable.
If you are open to making an “As Is with Right to Inspect” offer, make sure you keep your budget in mind as you may be responsible for repairs after closing.
If you plan to pay cash, you should have a proof of funds ready to roll. A proof of cash document can be something like a letter from a CPA or Financial Planner.
Make sure you know your limits before entering the homebuying process. Can you afford two mortgages if your home sells after purchasing a new one? Would you qualify for a second mortgage? Your lender will be able to determine your financial capacity.
If you need to sell your property in order to buy a new one, try to sell before you start making offers. Offers contingent on your home selling can delay the process and become an issue with the Seller. Selling your home prior to making an offer on your new home will help expedite the homebuying process and will make your offer more appealing to the Seller.
The cleaner the offer, the more likely it will be considered by the Seller.
Due to the backlog of loan items such as appraisals and surveys, closing periods are taking much longer than normal. What was normal—30-40 days from contract to closing—is now taking between 45-60 days.
Keep this in mind for the transition period between your current home and new home.
NEVER skip the inspection. The house may be staged beautifully, but an inspection can reveal major problems that lie beneath the surface. Inspections will also give you an idea of what you will be getting into and potential deal-killers that nobody knew about.
Are you ready to consult with one of our local, licensed, and experienced Destin real estate agents? Whether you are looking to buy and/or sell, we invite you to call us at (800) 225-7652 to schedule a no-strings-attached consultation.
Just browsing? Check out what’s on the market here!
Want updates from our team? Click here to sign-up for our newsletter!
Not ready to buy? Come for a visit! View our collection of South Walton and Destin vacation rentals online or call us at 1-800-225-7652.
See you @ the beach!
Mark A. DeSalvo
CRS, ABR, e-PRO, GRI, REALTOR®
Whew... Lots of properties! Please, give us a sec.