In my April article I talked about some of the differences in selling resort real estate vs residential real estate. Another significant difference is in the approach the resort REALTORS take with their clients. It is quite common for a potential buyer to walk into my office during their vacation and inquire about owning a vacation home. Typically, they do not have a clear idea of what they are looking for, but need education of what we have to offer, prices, location and type of property, (condo or home). Unlike the approach often taken by residential agents, who will ask the buyer to first meet with a lender, get prequalified, then meet to discuss properties that fit their budget and needs, before ever going out to actually look at properties. As resort REALTORS, we are as much tour guides as anything else. Our job, in addition to just finding the right property, is educating our buyers on the resort, the various types of properties and the advantages and dis advantages of locations. It is not uncommon for us to work with a buyer for several years before they find the right property and the right time to purchase. Remember from my last article, vacation home buyers have no urgency.

 

The first quarter of 2011 was very strong here in Park City. In 2011 we sold 41 homes compared to 26 homes sold in first quarter 2010. For condo sales, we were quite even with 89 sold in 2011 and 92 in 2010. (this number is slightly scewed as in 2010 we had two large condo projects be completed and close sales). What is very interesting is the while number of sales was up, dollar volume was not. I saw that buyers were more often purchasing in the lower price range for an area, ie; if in lower Deer Valley, homes range in price from $1.5 mil to $3 mil, more homes sold closer to $1.5 mil than $3 mil.

 

What I am continuing to see is that buyers are here and are purchasing as they feel that the combination of low prices, low interest rates, and strong inventory may not happen again for quite some time. So, is this the right time for you to purchase? That is a question each individual buyer has to answer based on their circumstances. If you financial position is comfortable, your family is reay for avacation home and you have found the right property at the right price, then YES, this is the time.