Park City, Utah is nestled in the Wasatch Mountains, this community offers all the benefits of resort living, with conveniences and opportunities of a metropolitain city. The town sits at 7,000 feet above sea level and is a short 30 minute drive to Salt Lake City International Airport, allowing us to remain one of the only resort destinations worldwide that can provide such advantages.
February 2022 Statistics for Single Family Homes in Park City Proper (84060)
February 2022 Statistics for Condo/Townhomes in Park City Proper (84060)
“All real estate is local” has never been truer than now. Pricing, availability, and demand vary widely from neighborhood to neighborhood, reinforcing the need for a local REALTOR to guide buyers through the jungle of competing bids and rising prices. We offer a full-service real estate brokerage to help you buy and sell in the Park City and Deer Valley luxury communities.
Wondering What To Do In Park City? While Park City is most often thought of as a ski destination, it's on and off-slope activities are plentiful! For when you want to do something new, consider the following:
If you've followed the news lately, you've probably seen quite a bit about inflation. The consumer price index jumped 0.8% in February, bringing the total increase over the last 12 months to 7.9% – this is the largest annual jump in the last 40 years.
So, how does all of this affect the real estate market?
The Inventory Issue Interest rates have been kept low for so long it's created a bubble for everything and not just the housing market. There's also inflationary pressure on the housing market because of limited inventory. Limited inventory stems from a myriad of problems in the industry.
First, many homeowners aren't putting their houses on the market. This is due to factors like lockdowns, but also the fear they won't be able to find a new home to buy.
There are construction delays due to supply chain bottlenecks as well.
Low inventory means buyers are often having to put in bids well above asking to get properties, creating a frustrating situation, to say the least.
Other Inflationary Effects On Real Estate There are a few other ways inflation can influence how much you pay for a home.
First, inflation is a reference to a rise in the price of everyday goods. Those everyday goods are used to build homes. If the price of things like lumber and appliances go up, then the builder will pass those additional costs onto the buyer in the form of higher prices.
In some cases, however, inflation can have oppositional effects on real estate. If inflation rises, then theoretically, money should become more expensive to borrow. People borrow less of it, so there are fewer home purchases and that can lead to lower prices.
Real Estate Can Protect You Against Inflation While real estate can be negatively affected by inflation in the form of higher prices, it can also protect you from its effects.
As home prices go up over time, you're lowering the loan-to-value of your debt. You're simultaneously increasing your equity, but your fixed-rate mortgage payments will stay the same.
If you’re a real estate investor earning income from rental properties, then you're likely going to be able to charge higher rent when inflation is up. You can adjust the rent while the mortgage stays the same.
The relationship between housing and inflation can go in both directions. If you're a buyer right now, inflation isn't good news, but if you own a home, it can be one of the best ways to protect yourself against rising prices.
Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.
Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.
Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.
Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.
The typical home value of homes in the Park City area is $1,190,000. This value is seasonally adjusted and only includes the middle price tier of homes. United States home values have gone up 19.2% over the past year and I predict they will rise 13.6% in the next year.
Let me help you price your home correctly...Call me or Text me Today at (435) 602-8228.
Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.
Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.
This well-appointed single-level Silver Star is Turn-key ready. Designer touches throughout, open living spaces, dining room, and gourmet kitchen have all of the comforts of home. Two bedrooms all en-suite. Two incredible decks take to advantage of different view corridors - perfect for morning coffee or apres ski. Enjoy the private, eight-person hot tub after a long day on the mountain. There is also an amazing community pool, fitness center, and Silver Star shuttle that take you to Historic Park City, Main Street - home to over 200 unique businesses and the trailhead to your mountain town adventure. Visitors can shop among over 100 independent boutiques, dine at 50 one-of-a-kind restaurants, relax at a restorative spa, ride the town lift to play in the mountains, stay in style within a short walk of everything, revel in our spirited nightlife, discover something to treasure from our lively art community, connect with me I am someone who can help you start a life in Park City, or meet within the heart of a mountain town.
Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.
Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.
Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.
Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.
