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
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!
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
The Stars Have Aligned! Now, more than ever, is a compelling time to buy real estate in Park City. We are in the midst of a very favorable real estate market for buyers, so why wait further? We currently enjoy extremely low mortgage rates, the distressed properties are going away, sales activity is up, property inventory is declining, and pricing has remained low, although has started to bump up in some areas of Park City.
We are entering a turning point... The market is about to change.
Mortgage Interest Rates Remain Crazy Low Today's rates for borrowers are simply put, "crazy low!". Not just low, but yes, crazy low. When can you ever remember mortgage loan rates under 4%. Never, except this last year. And how much longer do you think that will last?
