Looking at the numbers above, when is the best time to buy property in Park City?
I’ve been writing about how today is a great time to buy property because prices are down and interest rates are at record lows. These numbers tell a great story. I chose Jeremy Ranch (84098) and Park Meadows (84060) because they are both large, popular neighborhoods within their respective zip codes. The story is the same in every Park City neighborhood.
Sales and prices hit their peak in Park City in 2007. Prices and sales started to fall in 2008. The bottom fell out of the market in 2009. It is interesting that there were still 39 sales in Jeremy Ranch. Most Park City neighborhoods saw sales drop by 50-70% in 2009.
Prices are trending down. What does that mean for you? If you are a buyer, your costs of ownership are going to be extremely low, given the combination of low prices and interest rates (30-year fixed rate at under 4%!) Even if prices trend down further, your monthly cost may still be at an all-time low if you can lock in the incredible interest rates now available. If you are a seller, you may be able to yield a higher price today than tomorrow.