Loan rates to remain low

Click the link below to see the Huffington Post's article on the Fed keeping rates low until unemployment reaches 6.5%.

Good news for home buyers. You still have time to take advantage of the low mortgage rates offered today.


http://www.huffingtonpost.com/2012/12/12/fed-rates-unemployment_n_2286328.html?icid=maing-grid10|htmlws-main-bb|dl2|sec1_lnk3%26pLid%3D244642

Thinking of Buying or Selling in Park City Utah? Call me today
Heather Feldman
435-731-0803

SEARCH THE PARK CITY MLS

Forbes Magazine says Utah best for business

Check out the article touting Utah as best for business
http://www.forbes.com/sites/kurtbadenhausen/2012/12/12/utah-tops-list-of-the-best-states-for-business/

The article sites such benefits as a young workforce, Utah is less likely to award for frivolous lawsuits and energy costs are low. Read more by clicking the link above.

Canyons Resort picture of the day

Click below to see the Canyons Resort shot of the day 10" of powder!!!

Grab your skis ( or your board) and get to Park City!
http://www.canyonsresort.com/cam_shoot.html 

Promontory Ranch Club Park City Utah

Promontory is one of Park City's outstanding communities here in Park City. It is actually the reason why I ended up living  here -but that is another story.

This blog is about the re-boom ( is that a word?) of Promontory in Park City.

Promontory has had an interesting history. It goes sort of like this:
Launch - Wow! great new community
Success - tourists and locals alike took to this community with lots of amenities
Bankruptcy - Ouch. Many homeowners were hurt by this and lost their homes and fortunes
Rebound - slowly but surely
Hot property - Promontory Ranch Club is one of the fastest selling communities in Park City.

The beginning of the Rebound was spurred on by the fabulous priced bank owned homes and lots. The club was still doing well and they built the Shed. One of the best amenities in my opinion. The bank owned deals are pretty much gone, but the popularity remains.

Click here to see a sampling of Promontory Homes for Sale

Promontory has beautiful views of all 3 resorts and is only minutes from Deer Valley, Park City and Canyons ski resorts. The shuttle is waiting to take you to the resorts. Don't feel like skiing? The tennis courts are converted into a skating rink in the winter  - or how about visiting the outfitter's cabin and grabbing some snowshoes?

It's a community that caters to people that love a fulfilling lifestyle. Check out Promontory's video telling a bit about their resort.

Contact me for Promontory Real Estate
Heather Feldman
435-731-0803
heather@parkcityhousehunters.com

Home Prices increase finally!

Great News!
Home prices are increasing - finally!
Even though many areas have seen increased sales volume, most have not experienced price increases. Park City Utah has super low inventory - less than 400 single family homes and less than 400 condos on the market right now. However, the typical reaction to low inventory of price increases have been slower than what we saw in the boom time.

The article below discusses the beginning of price increases in major cities.


Click to see article

Call me for all of your Park City, Utah Real Estate needs.
Heather Feldman
435-731-0803
heather@parkcityhousehunters.com

Park City Real Estate 3rd Quarter

Statistics released by the Park City Board of Realtors is showing a steady improvement in the local
Real Estate Market.
Might just be the right time to get in to the 

Park City market before we see another boom!

A few highlights:
Active listings are at the lowest since 2007...
Distressed Sales continue to drop...
Sales are up 3% from 2011...
Median price is up 11%....


Click here for more detailed information about Park City's Real Estate Statistics 

Contact me for more information:

Heather Feldman

Equity Real Estate Luxury Group

435-731-0803

heather@parkcityhousehunters.com

  

Best State to Retire? Utah in top 3

Utah 3rd best State to Retire!

I knew it! It just took everyone else a while to realize it. 
Utah is one of the best states to retire according to Daily Finance.com. Utah came in number 3 in the Nation. 

Click the link below to see the top 10:
Top 10 States to Retire

Call me for any of your Utah Real Estate needs
Heather Feldman
Equity Real Estate Luxury Group
Park City Utah
435-731-0803
heather@parkcityhousehunters.com
SEARCH THE PARK CITY MLS

Comps and Appraisals only measure the past

Real Estate comps and appraisals only measure what has happened in the past. 

Well, that's the point right? Yes, they are a great tool to help determine the value of a property, but they are not the only source to consider in today's changing market.

Important to know what homes have been selling for recently to measure what a home may be worth, but that does not tell us what is happening right now.

Example: Have a client with an inherited property to sell in an area they do not know well.  The agent pulled the comps to show them what has been happening in that market. Good Job. Because this agent really knows and lives this market, they know what has been hanging out not selling, what is in demand and how to price this property. It's possible  only 1 property has sold that would be comparable, but what if there is a pent up demand (not measurable by comps or appraisals) for this type of property and nothing similar has been for sale for a long while? Only your agent would know this and be able to price it right.

Consulting with your agent about more than just what the comps say is essential. 

Example 2: Buyer has been watching the market for a while and notices there are several bank owned or short sale properties in the area they wish to buy. They watch and watch and watch. When they finally decide to buy the market has changed, yet there are not comps as of yet. The Agent will know what is really happening in that market - how many homes are pending and how fast they are selling. This conversation with your agent can help with what the home(s) may really sell for and in turn, make the offer process more productive instead of offering low, below market prices.

So, use that appraisal and the comps as one of the tools available to help you as a Buyer or Seller make the right choice when pricing or buying your home.

Vacant land is desirable again???

Seems to go against what we have seen in the last few years, doesn't it?

With available homes in Park City at a low - only 418 last I checked, buyers are turning to building again to get the home they want in the area they like.

Land is not selling at a rapid pace or a high price as only those that can brave the year or more of the stress and time commitment to build are buying.  With 125 parcels of land closed already this year and another 40 pending, land is looking up.

Call me with questions about where you can build your dream home.
Heather Feldman
435-731-0803
heather@parkcityhousehunters.com
SEARCH THE PARK CITY MLS

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