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.