Get The Facts Straight!
Fact: Buyers have more negotiating power in today's marketplace.
Fact: With a larger inventory of properties, buyers have more choices.
Fact: Buyers have more buying power with today's mortgage rates. The increased loan limits are only temporary. Read the Article
Fact: Park City continues to represent a great value when compared to other world-class ski resort towns - and Park City is one of the most accessible ski resort towns. Read the Article
Fact: The Salt Lake International Airport makes for an easy commute to Park City, whether traveling for business or the world-class skiing. Find out more
Fact: Park City's summer season offers an abundance of recreation and activities - hiking, biking fishing golf outdoor concerts, Park City Arts Festival and much more. See the summer calendar
Fact: Park City is home to 2 of SKI Magazine's Top 10 Resorts in North America for 2007, with Deer Valley® Resort as the #1 resort for third time. Read the Article
Fact: The Park City area has 10 world-class ski resorts within an hour drive. Check them all out
Fact: Local Park City REALTORS® are knowledgeable on the local market and great supporters of the community. Read the Article
Recent News...
Park City Median Home Prices Remain Stable In The First Quarter
PRESS RELEASE
25 April 2008 (Park City) - The most exclusive real estate in Utah continued to hold its value as the median price of a single-family home sold in the greater Park City area, which includes Summit and Wasatch counties, in the first quarter remained at $649,140, nearly unchanged compared to a median price of $650,000 in the first quarter of 2007, according to a report today by the Park City Board of REALTORS.® Read More...
Why Now Is a Smart Time to Buy
RISMEDIA - http://rismedia.com
Posted By Paige On March 18, 2008 @ 3:32 pm
RISMEDIA, March 19, 2008-Considering all of the negative press the housing market received in late 2007, it's more important than ever for buyers to separate fact from fiction when deciding on a time to buy a home. This report is intended to help home buyers assess the facts of the real estate market objectively.
About Inventory
FACT: The housing market is undergoing a natural cyclical correction.
It's impossible to ignore the ongoing news surrounding the downturn of the housing cycle. The recent "housing boom," which lasted from 2001 to 2005, was caused by low interest rates and a rapid increase in property valuations, resulting in high numbers of renters opting to buy. Three factors caused this decade's housing boom to spiral upward:
1) A run-up in home-price valuations that spurred a high sense of urgency in home buying and selling.
2) Poor lending practices, which caused many home buyers to secure loans that they ultimately couldn't afford over the long term.
3) Speculative purchases of homes also increased, with buyers investing in real estate with the hope of a quick return on investment.
Like the dot-com bust, the housing market has begun to correct itself after a number of years of unwise purchasing, but unlike what the media would have us believe, a correction in the housing market doesn't equate to a crash. Read More...
Utah 9th for 'pro-business, ' 2nd in 'most livable' ranking
Utah has been named in a pair of top 10 rankings this month.
From the Deseret News Saturday April 12, 2008 Deseret News Article
The state was second in the "Most Livable State" rankings compiled by CQ Press, a division of Congressional Quarterly. Last year, Utah was fourth.
The rankings are based on 44 factors that reflect a state's basic quality of life. Each category is averaged to yield a final score to determine a state's "livability rating."
Utah also finished ninth in a list of "pro-business states" in a report published by Chicago-based Pollina Corporate Real Estate. The study examines 29 factors that focus on job creation and retention efforts of the federal government and all 50 state governments.
North Carolina led the Pollina rankings, while California was 50th
Second Home Buyers Accounted for One-Third of Transactions in 2007
REALTOR.org Report
For more information, contact: Walter Molony, 202-383-1177, wmolony@realtors.org
WASHINGTON, March 28, 2008 - The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of Realtors®.
The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006. NAR's annual Investment and Vacation Home Buyers Survey shows vacation-home sales dropped 30.6 percent to 740,000 in 2007 from a record 1.07 million in 2006, while investment-home sales fell 18.1 percent to 1.35 million last year from 1.65 million in 2006. At the same time, primary residence sales declined 10.0 percent to 4.34 million in 2007 from 4.82 million in 2006.
Lawrence Yun, NAR chief economist, said the findings suggest different cycles for each of the sectors over the past two years. "Investment-home sales declined sharply in 2006 as speculators disappeared, leaving the market to serious buyers, with the pattern continuing in 2007," he said. "Vacation-home sales rose to a new record in 2006 because there was a pent-up demand from buyers who couldn't find a property as a result of tight supplies in preceding years." Read More...
Foreign buyers fuel second-home sales, while U.S. buyers hold back
Report finds 30.6% drop in overall sales of vacation homes in 2007
BY GLENN ROBERTS JR., MONDAY, MARCH 31, 2008.
Sales of vacation properties fell 30.6 percent in 2007 compared to the prior year, with investment-property purchases down 18.1 percent, according to an Investment and Vacation Home Buyers Survey report released by the National Association of Realtors.
Total sales of new and resale homes used as primary residences, by comparison, dropped 10 percent from 2006 to 2007, survey results revealed.
Based on responses from 1,965 second-home buyers, the survey concludes that investment-property purchases accounted for 21 percent of total home sales in 2007, down from 22 percent in 2006; while purchases of vacation properties accounted for 12 percent of all home sales in 2007, down from 14 percent in 2006. The survey was conducted this month and controlled for age and income.
Real estate professionals tell Inman News that foreign buyers are taking advantage of lopsided currency values against the U.S. dollar in some market areas and are propping up second-home sales while many U.S. buyers are taking a wait-and-see approach. Markets with luxury properties can be more immune to the slowdown in second-home sales, real estate professionals also report. Read More...
Luxury Homes, Recession-Proof So Far
Reprinted from MoneyNews.com
Thursday, Jan. 31, 2008 3:21 p.m. EST
The luxury home market is an economic anomaly. High-end homes are selling quickly and at prices that are breaking previous records.
Amazingly, there are not enough luxury homes on the market to satisfy millionaires who want to buy Read More...
Nobody Knows Real Estate Like a Local Park City REALTOR®
14 February 2008 (Park City) – Old Town, Deer Valley, Park Meadows, Promontory, Snyderville Basin, Kamas and Heber Valley – to a home buyer the possibilities can be overwhelming. To a Park City REALTOR®, Read More...
Deer Valley Resort Ranked #1 Ski Area in North America For The Third Time!
DEER VALLEY, PARK CITY, UTAH (Winter, 2007/2008) - Deer Valley Resort has been honored with being named the #1 ski resort in North America by the readers of SKI magazine for the third time. Remarkably, in the past ten years, Deer Valley's rating hasn't dipped Read More...
© Park City Board of REALTORS® 435-200-6900