Jonelle Simons - Park City Utah Real Estate

After swimming along with mortgage interest rates at ALL TIME LOWS for a couple of months we were shocked back into reality about 10 days ago when they started climbing rapidly. In a period of 5 business days our best conventional loan rates went from 4.5% up to 5.25% and FHA loans rose from 4.875% up to 5.5%. WHEW.  Of course these were still fabulous rates compared to historical trends, but we were all shocked anyway!!

Well, in the next 5 days the dramatic rise sopped and rates have again slipped back down a little – and today our best conventional rates are at 4.875% and FHA loans can be priced at 5.375%.  No one expects these low rates to stick around forever and every forecast we see has rates rising significantly over the next 12 months. Buyers should take this into consideration and get their bargains now – a difference of just 1.0% increases the cost of ownership of a $300,000 property by $15,000 in the first 5 years. And anyone with a fixed rate of  5.5% or more should consider refinancing to lock in a lower rate NOW.

With the weather warming up, and ski season over, everyone is thinking about summer activities.  One of the great things about Park City in the summer is the wide variety of things to do, and one of my favorites is the summer concerts at Deer Valley!  They are on Wednesday afternoons, and are completely FREE!  You can stop by the farmer’s market at the Canyon’s resort on the way up, and pick up some fresh fruits, maybe a pizza from Volkers bakery,  bring a 6-pack of beer or a bottle of wine, and enjoy a nice afternoon in the great mountain outdoors!  Please see below for the free concert series schedule. They begin on Wednesday, June 24th!

2009 Summer Concert Schedule

Wednesday, June 24, 2009
6:00PM – 8:00PM
Rich Wyman

Wednesday, July 1, 2009
6:00PM – 8:00PM
The No Name Jazz Band

Wednesday, July 8, 2009
6:00PM – 8:00PM
Fat Paw

Wednesday, July 15, 2009
6:00PM – 8:00PM
Soul Survivors

Wednesday, July 22, 2009
6:00PM – 8:00PM
Swagger

Wednesday, July 29, 2009
6:00PM – 8:00PM
Mary Beth

Wednesday, August 5, 2009
6:00PM – 8:00PM
Dr. Bob

Wednesday, August 12, 2009
6:00PM – 8:00PM
Sin City Soul

Wednesday, August 19, 2009
6:00PM – 8:00PM
Coverdogs Featuring Tony Oros

Wednesday, August 26, 2009
6:00PM – 8:00PM
The Detonators

Please check back to future posts - I’ll be featuring Deer Valley’s “Big stars, bright nights” series, as well as the free concerts at The Canyons Resort!

If you missed the previous post about the $8000 tax credit - check it out!

In addition to that -there is a $6000 grant available from the state of Utah - The “home run grant”. In a nutshell - The Home Run Grant is a mortgage assistance program that grants $6,000 to home buyers who purchase a newly-constructed, never-occupied, primary, single-family residence in Utah.  Buyers do NOT need to be first time buyers under this program!  CLICK HERE for full details on the program, including how to apply, income restrictions, and limitations.  There are only 1600 of these $6000 grants available - when they’re gone - they’re GONE, so if you’re considering new construction, now’s the time.

What does this mean to you?  If you’re a first time buyer, AND are considering new construction, there’s $14,000 in ‘free money’ out there for you!  With sellers and developers ready to negotiate, and mortgage rates still at historic lows - There has never been a better time to buy!

With the ski season coming to an end, some sellers are more anxious than ever to get their properties SOLD, and they are making some INCREDIBLE deals!  Some are seller financing as well, and for people who are first time buyers, or who haven’t owned in 3 years, there is the extra incentive of an $8000 federal tax credit!  Now is the perfect time to invest in Real Estate!  There are many income-producing properties available in Park City, and throughout the Salt Lake Valley!  It used to be that you had to pay out of pocket every month to own an investment property in Park City - But there are a lot of properties available now, and they are priced RIGHT to cash flow.  Please contact me if you want any more information on properties for sale in Park City and Summit County, Salt Lake City, and the Heber Valley!

In today’s challenging market, more and more sellers are offering seller financing for buyers in order to help sell their home! There are a lot of benefits for both buyers and sellers!

Buyers: Maybe you’re self-employed, and can’t prove all of your income. Maybe you have some dings on your credit due to the challenging economy. Maybe you had a previous foreclosure, and you’re looking to downsize into a more affordable home. Even if you’re just lacking a down payment - Seller financing might be a great option! AND - for first time home buyers (or people who haven’t owned a home for 3 years) the $8000 federal tax credit is STILL AVILABLE TO YOU!  If you buy a brand new home (never lived in) you may also be able to apply for an additional $6000 grant from the state of Utah!!    The bottom line is - with seller financing, you COULD, NOT ONLY BUY A HOME, BUT POCKET UP TO $14000 if you qualify for both programs!!!  Call me for more details!  I’m happy to help you buy a home with seller financing!

Sellers:  Can’t sell your home?  Consider offering seller financing.  There may be significant tax benefits to doing so, AND, you can make a great return on your money!  There is a way around most obstacles, please feel free to contact me if you have questions about this process!

Everyone can take advantage of the current market.

If you’ve ever wanted to own a ski in/ski out home or condo, now could be your best chance! Prices have come down in Park City over the past few months, and with incredible financing rates now available, there’s never been a better time. Some sellers are starting to get more desperate to sell with the season coming to an end, and are more and more willing to negotiate.

Visit my new Ski In/Ski Out Real Estate Page to check out listings that are currently available for sale! CLICK HERE.  You will find listings for homes and condos at all 3 resorts, so whether you’re looking for a luxury second home residence, or an income producing condo, you should definitely check it out.