Is Now the Time to Pay Cash for Park City Real Estate?

Wait, people are buying property in Park City right now? Do we even need to have this conversation? Yes, and Yes!  While our overall volume of activity is down year over year, we are still selling real estate in Park City. I am currently under contract on two properties and have several buyers actively looking for vacation homes and primary residences. 

There is a lot of demand for Park City area real estate, mostly from families living in large metropolitan areas that need to get away to a rural setting. Or from folks who went a bit too far downsizing and now realize they need more bedrooms for private offices. Park City real estate checks the boxes for those who love the outdoors, a tranquil setting, and the proximity to the airport for a quick trip back to where they came from to take care of necessary business that can’t be handled from afar.

But should you pay cash? If you are able, yes. Here’s why. We have extremely low inventory. When a great property comes on the market we are experiencing multiple offers. Cash is KING in a multiple offer situation. So, if the property of your dreams hits the market and you are in the position to pay cash, do it! Also make the cleanest offer possible. I can explain what that means over the phone. Also consider paying cash and financing after the sale. There are some risks, so don’t delay the process. I can put you in touch with excellent lenders to walk you through the process.

If you want to make an offer on a Park City home or condo that has been sitting on the market for a bit, like a fixer upper or a property that was originally over-priced and got stale, then finance the sale and take advantage of the historically low interest rates. 

The graph below is displays closed sales last week over the previous week for all areas of the Park City MLS, which spans from Park City Old Town to Heber City and Kamas and beyond. All property types, homes, condos, land. Sellers are still closing transactions for over 95% of list price.  If you would like more statistics for a particular neighborhood please reach out to me. I am happy to help you navigate our fluid Park City real estate market.

The bottom line: Hot listing- pay cash if you are fortunate enough to do so. Warm listing- finance it and take advantage of great rates. Give me a call for more specific information on a particular Park City, Deer Valley or Summit and Wasatch County neighborhood. My pledge to you remains the same. I will give facts and not predict the future. Stay safe and well.