subject: Impact of the First Time Homebuyer Credit in Park City [print this page] The creation, then expiration, then extension and expansion of the first time homebuyer credit has had a significant impact on home sales across the country. How has this affected the market in Park City, Utah?
In short, Park City's market differs from the nations as a whole in ways that mean the impact here has been much smaller than in other areas. Investors in Park City homes and real estate are disproportionately second-home buyers. This doesn't mean that the area has not seen a slow downeven though sales are up dramatically over last year, a lot of shoppers have been waiting to buy.
There is good news as a result: this market today is the product of a period in which these buyers have been biding their time waiting for a good deal. As a result, there are now plentiful deals to be found on the market, and these homes are starting to sell. Foreclosures and short sales are predictably moving more healthily, sellers are finding that they can get their asking prices, and an environment of multiple bids on a home or property in the Park City area is once again not uncommon.
And the market shows other signs of improvement: the rate of defaults has markedly declined, and we are now seeing much less distressed inventory on the market. This could be a time of opportunity for investors in Park City.
To learn more about the Park City real estate market, please contact the experts at http://www.parkcityhomes.com
Impact of the First Time Homebuyer Credit in Park City
