Is now a good time tp purchase investment property in Panama City

[Robin Cornacchio]

I've been looking to buy an investment beach condo in Panama City Beach, is now still a good time to buy? The interest rates are the lowest I've ever seen, but I'm concerned about Covid-19......

[Avery Carl]

The answer is both yes and no. Yes because as buyers become more concerned about the unknown of COVID 19, they are pulling out of contracts, and there is more inventory on the market (we have had quite a few clients pull out of contracts out of fear this month). On the flip side of that, sellers are more willing to negotiate because they don't know when the next buyer will come along. In terms of getting better deals, it IS a good time.

However, the beaches are currently closed and STR's shut down for two weeks (I have one in Destin). So if you do choose to get something now, be sure you have the cash reserves to float it for a couple months. If you don't, then now is not a good time.