"If you don't buy a home now, you're either stupid or broke"

Have you read this article by Marc Roth in Business Week???? And I thought I was blunt! Check it out - http://www.businessweek.com/lifestyle/content/dec2009/bw2009127_753974.htm

Should I Buy a Home in Park City Now?

The answer to the question, "Should I buy a home in Park City now?" is pretty simple. Prices are lower than they have been in years. From Parkcityhousingfacts.com - The median sales price for single-family homes sold in the Park City limits during the first nine months of 2009 was $1.4 million, down 13.3 percent compared to $1.6 million a year ago. The number of single-family homes sold in the first nine months of 2009 was nearly the same as the same period a year earlier (65 sales vs. 67 in 2008), suggesting that price declines have again motivated buyers.

So, you get more for your money today.

Secondly, loan rates are lower than they have been in the past and who knows how long they will stay this low. Let's see, as far as Park City Real Estate goes, prices are lower than in the most recent past and rates are low. What do you think the answer is? Wait until prices rise and rates along with them? No!!! Buy your dream home or second home now and enjoy it while you are still young.

If you are an investor, you very well may already know that while prices and rates are low today, that will all change. As you figure your return on investment based on today's rental returns, don't forget that we very well may see the rise of nightly rental rates sooner than anticipated. In a typical market, when fewer can buy, the demand for rentals goes up, and the rates climb along with the demand.

Why is my house not selling?

Why is my house not selling? As a real estate professional I hear this all day long. Have you looked at all the factors? Here in the Park City, Utah real estate market we deal with some of the same issues the rest of the country does, but with a twist.

So, you have an agent, they have put it on the MLS. You have a sign, they put flyers in the box, maybe even an ad or two. You get showings, yet no offers and no sale. What is wrong? After all, your home is wonderful. Really, is it?

Here are a few issues that are overlooked here in Park City as well as other areas of the country:

1. You want your home sold, but you don't want to stop living your life while it is on the market. Get over it. Buyer's don't care what you want. If you want to sell it, get it ready. Put the toys away, pack away stuff you don't need this season, clean the carpets, put your interests on hold or out of sight .


2. Your home isn't in showing perfect condition, so you don't want to show it. Sure, you want to put your best foot forward, but things happen. Every Park City Realtor will tell you "We would rather show it dirty than not at all". Resort Realtors have a short window to show a prospective client a property. They are usually in town for a limited time and once they go, they may not come back with the same focus. How can they fall in love with your home if they can't get into see it?


3. If you have taken the price down so much from where you started, you can't justify putting money into fixing the little stuff. Wrong. You must. In today's market, Buyers have so many homes to choose from, why would they buy yours when there is deferred maintenance? Especially here in the Park City real estate market, most of the second home buyers are not looking for a long distance project.

Well, now we come to the last and most delicate of today's reasons your home is not selling.
Smell. Yes, smell. I cannot tell you how many homes I have shown in the most recent past that smell. Sometimes it is a general pet smell, sometimes a strong cooking smell, other times it is just a closed up musty smell. The worst is an overwhelming pet urine smell. Ask a friend or neighbor your trust to tell you what they smell in your home. Four times in the last 3 months I have walked a buyer in the door and right out because they did not want to even consider a home based on a strong odor.

Thanks for joining me today for a little bit of Park City Real Estate 101. Please don't hesitate to contact me with any questions or comments.