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?
We all have been in this very tough real estate market for many years now, too many years if you ask me! Here in Park City, Utah, we are in a unique market, in that most of our buyers are cash buyers, and most are purchasing a second, third, or even a fourth home - primarily for vacation use, and maybe some nightly rental use. So obviously we are dealing with a very high-end, very sophisticated, intelligent clientele. But I am continually amazed, at how blinded these potential buyers are when they see what they think is a great opportunity in a Short Sale, Foreclosure, Bank Owned and REO Property.
The reality is that these distressed properties are not always the best deals out there. At least, not from what we see in our little ski town real estate
Did you know banks can come after you for Deficiency Judgements after foreclosure?! If you are in the unfortunate position of considering a short sale, or near foreclosure, YOU NEED TO READ THS ARTICLE. We are surprised by how many people still think a short sale, or a foreclosure is the end of the mess and headache. It's not. In fact, it is often just a "time-out", and the lenders could come after you for the deficiency debt years down the road, maybe when you have finally become financially healthy again. This article form the Wall Street Journal is very informative, and eye-opening. If you are in this position, you really need to contact a lawyer who can analyze your individual situation. We can help with recommendations of lawyers if you need
