White sugar sand and beautiful blue-green water pairs with warm weather, cool breezes and southern hospitality to make up the beachside town of Panama City. This area has 27 miles of breathtaking shoreline, world class restaurants and shopping, and easy access to the rest of the world thanks to the new Northwest Florida Beaches International Airport, but has a lower cost of living and higher dose of country charm than similarly sized communities in the more southern parts of Florida.
Right now, the real estate market in Florida has turned a corner, as the effects of the recession wane across the state, and Panama City in particular stands to really benefit from the rebound. Sales and prices are steadily rising, but at a fully sustainable and reasonable pace, which makes it a great time to invest. Homes are appreciating at a rate of 6.7%, more than twice the national average, but the prices are still affordable. What’s more, homeowners have seen an average increase in equity of $25,449 over the last year, where nationwide the average rise in equity has been just $15,753. Wonderful news for investment seekers.
Further encouragement comes from a healthy economy, a growing job sector, with employment rates growing almost 2.5% this year and a boom in new home construction. The fact that single family housing permits are increasing is a good sign that the inventory has stabilized.
The cost of living in Panama City is 10.6% less than the state average, which, combined with the affordability of real estate, makes it an ideal market for first time homebuyers and investors who want to see greater returns than they would in more expensive and larger Florida cities. People from across the world are responding to Panama City’s economic growth and healthy housing market, but it is always best to work with someone local for your closing, escrow and title needs.
SETCO’s Panama City office will custom tailor your closing plans to meet your specific needs and provide dedicated professionals as an essential part of your team. Please click below to learn more about what SETCO can do to make your Panama City real estate transactions as easy as beach living!