Park City Real Estate Markets

If you are thinking of buying a Park City home, the approach you take should differ depending upon the type of real estate market. There are three types of market that will impact your real estate purchase or sale.

Buyers Market

Here the advantage is with the buyer. Home prices are falling and the market is flooded with homes for sale. Homes are staying on the market a long time before they sell. The seller must make sure that they do everything possible to make their home more attractive to buyers. When a buyer makes an offer for a house then the chances are it will be below list price. New home builders also struggle and offer large incentives to tempt people into buying their homes.

Sellers Market

Here the advantage is with the seller. Home prices are rising and there are very few homes on the market. When homes do come on the market they don't last long, and often result in multiple offers within days of being listed. As a buyer you have to move fast and if you make an offer it should be a strong offer.

Balanced Market

This is the normal type of market. While prices are increasing they are at a lower rate than those seen in a sellers market (usually somewhere between 1 and 10 percent). If you are selling your home, in order to make sure it sells as fast as possible you should take care that it is well presented and not overpriced. If you are a buyer then while you can take more time than in a sellers market, you may still face competition from other buyers.