Park City -- a great time to buy
At our staff meeting this morning, we were discussing the current market trends.
Overall sales volume is down 41% over May 07 (this is close to the national averages). And, we have about 1,000 more properties on the market. This might sound bad, but not if you are a buyer. Donald Trump said it best last night on Larry King Live ... it is a great time to be a buyer. Sellers are more willing to negotiate, mortgage rates are still down (don't expect this to last), and there is more selection. Donald Trump also thought we were at the bottom of the national market.
I tell my buyers that it is OK to make offers they fell comfortable with ... in other words, an offer that they feel takes a downward risk out of the purchase. And, sellers are likely to seriously consider those offers.
So, the take away is:
Buyers: Now is the time to find dream home and get a great mortgage rate, now is the time to strike. If you wait, you get hit with a double wammy -- less flexible sellers and higher interest rates.
Sellers: price your home competitively and make sure it shows well. There is lots of competition for buyers and you need to make your home attractive to them.