Park City's Real Estate market today

A question we are all asking constantly - what is the market like in Park City today? 

Should I sell now? Should I buy now? 

Well, as I have said before, my crystal ball isn't working! However, we can look at some really interesting indicators to make some educated choices.

Today we have the lowest inventory since 2007, approx 820 single family and condo listings in Park City including Park City Proper and Park City Extended. These areas include Deer Valley, Park City, Snyderville Basin ( Silver Springs, Canyons etc) Trailside, Jeremy Ranch, Pinebrook, Summit Park, Glenwild and Promontory and everything in between.

In 2010 there were approx 2600 properties on the market in those same areas.  This change has created a shift from a Buyer's market to a Balanced market.  We are not in a Seller's market where homes are flying off the market at highly increased prices, but we definitely have seen a shift.

Stats courtesy of Rick Klein, Wells Fargo Mortgage. For full stats package, email me at heather@parkcityhousehunters.com

Foreclosures have slowed, short sales are much fewer which is causing the regular inventory to sell. We are just not seeing the screaming deals like we have in the past few years. What does this all mean to you?

In my opinion if you are looking to buy, it doesn't pay to gamble. Rates are lower than we will probably ever see again, home prices have not jumped - it is a win-win.
Call me for more information about any home or condo in Park City.
Heather Feldman
435-731-0803
heather@parkcityhousehunters.com
SEARCH THE PARK CITY MLS

Real Estate Predictions for 2012

Courtesy of Active Rain. Click the link below to view this as a web page. 

Salt Lake City is one of the top 10 real estate markets.

2012 predictions

Email me for information about Park City or Salt Lake City properties. heather@parkcityhousehunters.com

Park City Mountain Opening Day

It was awesome! We got about 6-12 inches last night, so we knew it would be ok. We didn't expect to have so much fun. Yes, I should have been holding an open house or 2, but I couldn't resist. Only 2 runs open, but plenty of fun.

If you had a residence here in Park City, you could have been here today too! Contact me for some excellent property deals!

Heather Feldman
Equity Real Estate Luxury Group
435-731-0803
heather@parkcityhousehunters.com

Rental demand on the rise

I love being right!
I have been preaching this for years. I  watched it happen in the last down cycle and here it comes again. In light of the recent recession and unprecedented number of foreclosures, rentals are in high demand. I think we all know what happens to prices once something is in demand...prices rise. It only makes sense...people have to live somewhere. If they can't buy, they rent.

Here in Park City, rentals are tough to find and not cheap. Especially if you are looking mid-ski season. Good Luck!
Check out this article from Inman News about just that - rental demand on the rise.

Inman News Rentals on the Rise

Are you ready to be a landord in Park City? Make some money on your investment and wait for the equity? Contact me at 435-731-0803 or heather@parkcityhousehunters.com

Mortgage Mess - Who owns your mortgage?

60 Minutes is reporting on the latest mess in the Mortgage industry.
Click on the link below to see the reports regarding the paperwork mess the banks have created by losing documents to show who actually owns your mortgage. Many mortgages were sold in bundles on Wall street back in the day and  - imagine this - the paperwork transferring these mortgages has disappeared. Some banks chose to forge the documents.

How does this effect you? When you go to sell your home, you may have a difficult time if your loan was sold and there is no paper trail. Watch and learn.
http://www.cbsnews.com/stories/2011/04/01/60minutes/main20049646.shtml