You may never see a better time to buy a home in Park City, UT! If you’re considering an investment property for enjoyment, vacation rental investment or retirement, it could be time to “throw your hat in the ring.”
As I’ve mentioned, vacation and investment homes rose over 64% in 2011, according to the National Association of Realtors (NAR).
As part of the 2012 NAR Investment and Vacation Home Buyers Survey, one of the world’s leading online vacation rental marketplaces, Homeaway.com, was commissioned to determine what makes it such a great time for investors or vacationers to purchase that second home.
Homeaway.com found the top three reasons are:
1. Rock bottom pricing
2. Record low interest rates
3. Tremendous growth in the United States Travel Market
We all know that Park City Real Estate pricing has been at its most reasonable point in years. According to the Park City Board of REALTORS, although Park City Real Estate pricing percentages did increase in the second and third quarters of 2011, overall pricing of real estate in town was still down 13% from the prior year.
Will these numbers pick up? The signs are suggesting they will. Single-Family Home pricing in Park City was up by 1% in 2011. It did decline in a few neighborhoods including Old Town and Park Meadows, however in the Sun Peak and Pinebrook areas, home prices have been on the rise.
As Homeaway.com suggested, in addition to pricing you just can’t beat, another key reason you should buy right now instead of holding off for a year or two are those record-low interest rates.
Just this past week, the average national interest rates dropped again, with a 15-year fixed rate mortgage hitting its all-time low of 3.11%. 30-year fixed mortgages also dropped this past week to 3.88 percent on average nationally.
While interest rates can be an important motivator for investors to buy, yet another sign the time is right are travel trends across the United States.
According to the U.S. Travel Association’s recent report, total travel expenditures in the U.S. have been on the rise since 2009 and are projected to increase by 3.2% over last year nationally. Expenditures by international visitors are expected to increase this year as well, with a projected 4.7% rise over last year.
If you are planning to invest in Park City Real Estate allow me to use years of community knowledge and expertise to find an exceptional property. I’ll look forward to hearing from you at 435-901-4309.
Have a Nice Day!
Accredited Buyer Representative