Park City Mortgage News

Looking for information to gauge upcoming mortgage interest rates in Park City, Utah? Many national and global economic factors figure in to determine what rates we have for purchasing Park City ski homes and condos, whether as primary residences or second homes, vacation homes or investment properties.

Found 15 blog entries about Park City Mortgage News.

bald eagle deer valley luxury ski home

Sotheby's International Realty has released its Luxury Outlook Report for 2023. A few notable thoughts on trends in the article reflect what we have seen here locally in Park City and Deer Valley.

See the link below for the Sotheby's 2023 Luxury Outlook Report

In particular, we see a divide growing between buyers and sellers. Sellers expect a pace of sales activity consistent with the last two years, while buyers are seeing a decline in the stock market and expect those results to translate into reductions in real estate prices. Neither is quite the right outlook.

We recently heard a quote calling our current market a "Nobody's Market," meaning we're not in a Buyer's Market or a Seller's Market. Neither side has favorable terms, and

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conforming loan limits map 2023 high cost areas

For the first time ever, conventional loan limits have risen past $1 million. As home prices rise year-over-year, it forces buyers into larger mortgages. Therefore, the loan limits also need to increase to match inflation in the housing market.

For most of the U.S., the new conforming loan limits will increase to $726,200 - up from $647,200 in 2022. In Utah, Summit County and Wasatch County qualify as high-cost areas. The loan limits for high-cost areas is moving from $970,800 to just over $1 million at $1,089,300. For a buyer placing the standard 20% down on a purchase, they could now afford a home priced at $1,360,000 ($272,000 down and mortgage for $1,088,000).

Curious about loan limits in your area, view the interactive map at the Federal

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park city real estate market trends september 2022

Nationally, mortgage applications have hit a 25-year low as higher rates and Hurricane Ian reduce demand. A weekly survey by the Mortgage Bankers Association showed requests for purchase loans were down a seasonally adjusted 13 percent last week compared to the week before, and 37 percent from a year ago. Demand for refinancing was hit even harder, falling 18 percent from the previous week and 86 percent from a year ago.

In Park City, Utah, we saw six consecutive months where the average for days on market (DOM) was under 40. September 2022 saw the DOM jump back up to 67. Although quite an increase from the busy spring and summer, it was below last September at 76 DOM. The increase is likely due to typical seasonality and current market conditions,

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park city townhome kitchen

The Federal Housing Finance Agency (FHFA) has recently announced increased conforming loan limits for 2022. For most Utah counties, the 2022 CLL for one-unit properties will be $647,200, increasing $98,950 from $548,250 in 2021. Both Summit and Wasatch County classify as High-Cost Areas in Utah. The high balance conforming loan limit for these counties is $970,800, compared to 2021 of $817,650. The updated loan limits offer more opportunities for buyers to obtain higher loan amounts, easier guidelines, and better rates without moving to a jumbo loan.

The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. The Housing and Economic

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Prospector neighborhood in Park City Utah

What effect will COVID-19 have on the Park City real estate market?

Things have dramatically changed over the last few weeks as locally, nationally, and globally we settle into our new (temporary) lifestyle with limited face-to-face social interaction. On March 13th, 2020, the President invoked, for only the second time in history, a National Emergency through the usage of the Stafford Act in response to the global COVID-19 pandemic virus. On March 14th, both Deer Valley and Park City Resorts announced their early closures, starting on the 15th, thereby eliminating four valuable weeks of the ski season. March 15th, the Summit County Health Department issued a Public Health Order prohibiting all dine-in food service, and followed up with a

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The Federal Housing Finance Agency (FHFA) announced this week the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018, will be increased from $424,100 to $453,100. In most of the U.S. this will be the maximum conforming loan limit for one-unit properties. 

The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year to reflect the change in the average U.S. home prices. And earlier this week, FHFA published its third quarter 2017 House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters.  And according to FHFA's seasonally adjusted, expanded-data HPI, house prices increased 6.8

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The real estate market in Park City, Utah continues its recovery with an increase in sales, upward movement in median price, and historic low levels of inventory. More good news is that distressed properties are back to pre-recession levels.

PRESS RELEASE - FOR IMMEDIATE RELEASE:
Provided by the Park City Board of REALTORS®

Park City, Utah – Highest number of first quarter sales since 2007 —Statistics compiled by the Park City Board of REALTORS® Multiple Listing Service show the number of closed sales for the first quarter of 2014 (including single family homes, condominiums and vacant land) is higher than it has been for a first quarter since 2007. Surprisingly, with Park City real estate in strong demand, with total dollar volume just shy of $327

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Summary of Condo-Hotel Financing Options

After the real estate meltdown, we had been experiencing a lot of difficulty with financing for our ski town condo properties. We were often unable to find financing for our clients looking to purchase condo-hotel properties. The problem with that was that so many condominium developments here in Park City and Deer Valley fell into the condo-hotel classification. This has been a problem found in many resort markets. Additionally, when clients insisted on using a lender outside of our Park City resort market, they were ill-equipped to handle the condo-hotel difficulties, and often totally unaware of the pitfalls associated with them. It was common to get all the way to the end of underwriting to finally be told

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Utah Homes for Sale are More Affordable than Ever!

Did you know buying a home for sale in Utah today is more affordable than any time in the last two decades? Homes are actually at a record level of affordability thanks to lower sale prices and historically low mortgage rates. If you’ve been putting off buying a home of your own, now is the time to do it!

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2013 is the Year of Home Affordability for Park City

According to the NAHB/Wells Fargo Housing Opportunity Index, nearly 76% of homes sold during the end of 2011 could have been comfortably affordable for households making the national median income of $64,200. This is the highest recorded home affordability in 20 years. What does this mean for you? Chances are good that you can easily

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Real Estate Market Updates, Upcoming Events, Mortgage Market Report, Featured Top Pick and Best Buy.

brinkley_summer_may22_600_600

You'll hear this phrase often; "We came for the winters, but stayed for the Summers!" That is true for just about every resident of Park City. Summer here is truly amazing. If you have not spent much time here in Summer yet, you have got to give it a try, especially if you live somewhere hot, this is a great escape from the heat.

We are so excited to be back into Summer. Most of the snow has melted away, aside from a few random patches still remaining. The mountains are getting very green, the trails are in great condition, and the temperature is in its ideal range of upper 60's and 70's. The above photo of our dog, Brinkley, was taken only a couple

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