[vc_row][vc_column][vc_column_text]The PCB real estate market outlook has surpassed all expectations and continues to drive the local economic recovery. In addition, the 2020 national housing market has surpassed all expectations.[/vc_column_text][vc_column_text][/vc_column_text][vc_column_text]
PCB Real Estate Market Outlook Continues to Show Unprecedented Strength This Year.
The biggest challenge for buyers in the Panama City Beach real estate market is the lack of inventory. That challenge is good news for sellers.
It is not just the Panama City Beach real estate market that is booming; the 2020 housing market has surpassed all expectations and continues to drive the nation’s economic recovery. The question is, will this positive trend continue throughout the rest of the year? Especially given the uncertainty around the current health crisis, the upcoming election, and more?
Here’s a look at what several industry-leading experts have to say.
Lawrence Yun, Chief Economist, National Association of Realtors
“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market…Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
Frank Martell, President, and CEO, CoreLogic
“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures…Although the exact contours of the economic recovery remain uncertain, we expect current equity gains, fueled by strong demand for available homes, will continue to support homeowners in the near term.”
“Zillow’s predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand.
Back to the PCB real estate market outlook, in the past twenty-four months, the Panama City Beach Real Estate market has dealt with Hurricane Michael and COVID 19. While both were obstacles that caused a brief slowdown in the selling market, the market took off and not looked back. Hurricane Michael caused a lot of displacement that continues to be resolved, especially with the Hurricane Michael Recovery Loan Program. Panama City Beach continues to grow with more people moving to the area, partly due to how COVID 19 has changed the work-home life balance. Also, Panama City Beach rated one of the top five vacation destinations. With that, we can expect investors seeking investment property along the Emerald Coast to again on the rise.
Many economists agree, indicating the housing market will continue to fuel the economy through the end of the year. Local Panama City Beach real estate market trends underscore that assessment. If you would like to learn more about the state of the PCB real estate market oulook, reach out to the Life’s A Beach real estate team, we would be happy to help!