Do you know that if interest rates go up 1 percent, your monthly payment will go up 10 percent? What is more likely, home values in Park City dropping 10 percent or interest rates going up 1%?
With home prices in Park City at record affordability levels (see chart below) and interest rates at record lows, today is a great time to move up to that house you have wanted or buy a rental property that can actually cash flow.
At this point, there is only one direction mortgage rates can go–and that is up. Higher rates give buyers less buying power which in turn hurts home sellers. Today is a great time to be in the real estate market, whether you are a buyer or a seller.