Local Area And Real Estate News

The Park City housing market has seen change recently.  The rocketing upward of prices has slowed and Park City is returning to a more normal real estate market.  The effect of the changing market varies greatly depending on the price, neighborhood and subdivision.  The entry level market appears to have been affected the least by the downward pricing pressure here in Park City, Utah.  Finding a single family home in Park City that is under $400,000 is still very hard to do; the same goes for a truly affordable condominium.  There are a number of factors keeping the entry level home pricing up while other Park City marketplaces flatten or fall. The economy of Park City and most of Utah is still strong.  Job losses and cutbacks have not been a problem here, and the resorts are still enjoying strong tourism.  The fact that the job market hasn't changed much means that people living in Park City aren't falling behind on mortgage payments and aren't being forced to sell their homes.  The entry level tier of the housing market has the most resistance to falling prices.  While no-one ever wants to take a loss on an investment, the people who scraped everything together to buy the home they live in truly can't afford and refuse to take a loss and start over.  If these people aren't forced into selling their homes due to job-loss or some family tragedy, chances are they will just stay where they are until such time that the market changes or they have accumulated enough wealth to move upward within the area.  People still want to live in and raise their families in Park City.  Demand for housing, especially entry level housing has not changed much.  There is a very strong service industry in Park City and the wages that coincide with these jobs dictates that entry level housing in Park City is what these workers can afford.   The recent changes affecting credit and financing have made it harder to get loans, but in truth these were not the people that needed sub-prime loans anyway.  Things do happen and people are forced into selling their homes at "rock bottom" prices at times in order to move them quickly, but there are few indicators that "the bottom is falling out" and that entry level pricing will fall dramatically in the near future.  For more information regarding pricing in specific Park City real estate neighborhoods and/or subdivisions, visit http://www.youinparkcity.com/