Nick points out the following few favorable factors that can contribute to making this, for many consumers, a most opportune time to invest in Park City real estate:
Inventory is up - When the market is hot, new listings can’t replenish the supply of homes fast enough, and that works in the sellers’ favor. In today’s market, the opposite is true, providing more choices for buyers. Park City is actually seeing home sales approaching the 2007 levels as buyers snap up bargain price real estate. But, while home and condominium prices seem to have stabilized and sales volume is up, there is still a huge inventory of Park City homes for sale.
Sellers are motivated - Real Estate that in a hot market would have been snapped up in days are now lingering unsold for weeks, even months. Factor in bank-owned properties and buyers find themselves in an advantageous negotiating position they haven’t enjoyed for years. In fact, Park City homes and condos are sometimes selling for prices similar to what we saw in 2005 and 2006.
Interest rates are down - Recent cuts in the prime rate by the Federal Reserve have sparked drops in interest rates, which at the end of October 2011 were around 4 percent for a 30-year fixed-rate mortgage. While banks have tightened lending requirements in the wake of increased loan defaults, homebuyers with few credit problems qualifying to purchase a Park City home they can afford should still have little trouble securing favorable financing terms.
“What’s more, a market climate like this especially favors buyers who don’t need to sell an existing property before their purchase. This also supports buyers those looking for a resort location as their second home option. This tilts the scale even more towards many buyers looking towards an investment option in Park City real estate.” – says Nick Coleman, the expert Realtor with the Equity Luxury Real Estate Group.
Regardless of the situation, for every buyer, the key factor is to work with a real estate professional who understands the local market well and specializes in buyer representation – more like an agent who has been awarded the Accredited Buyer’s Representative (ABR®) distinction. And, Nick qualifies in all the above with special distinctions and honors.
About Nick Coleman:
Nick Coleman is one of a small, select group of members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS® who have attained the Accredited Buyer Representative (ABR®) designation. The ABR® designation is a significant achievement because it means Nick has professionally trained on meeting buyers’ needs and on how to negotiate from the buyers’ perspective. Nick also focuses the majority of his Park City Real Estate business on helping buyers purchase Park City homes and condominiums. That brings a unique and valuable perspective to purchasing Park City Real Estate that you won’t find when working with other Park City real estate agents.
In additions to help buyers purchase their homes, Nick also helps buyers with up to $10,000 towards closing costs when you use him to purchase Park City real estate. Call or email Nick or visit his website at http://www.parkcitysold.com/
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