Real Estate Blog

30-year mortgage rates continue to stay low spurring home purchases and refinancing, Freddie Mac has reported.  With a rate currently at 3.39% for a 30-year loan and 2.70% for a 15-year loan they are just marginally above record lows.

With home prices rising in almost all Utah real estate markets, call your Realtor to learn how these low rates may impact decisions to buy or sell a home.

Source: The Salt Lake Tribune - "Average U.S. rate on 30-year loan dips to 3.39 percent " November 1, 2012

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Prudential Utah Real Estate is proud to announce that it has remodeled and moved into a new office at 2 South Main Street, Suite 1-C in Heber City, Utah. With the resurgence now underway in the Heber Valley real estate market, this new location will offer a convenient location for agents specializing in the Heber market as well as those Park City agents who devote a share of their efforts to this growing market. Long time resident and expert in Heber Valley real estate, Chuck Zurcher, will be the Branch Broker of the new office. Chuck can be reached at or 435-901-1765
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MINNEAPOLIS, MINN. (Oct. 30, 2012) HomeServices of America, Inc., a Berkshire Hathaway affiliate, and Brookfield Asset Management, announced today that they have partnered to introduce Berkshire Hathaway HomeServices® a new franchise brand that joins the existing brands and affiliate networks of Prudential Real Estate and Real Living Real Estate.

Berkshire Hathaway HomeServices® combines the financial strength of both organizations coupled with the operational excellence of HomeServices and superior real estate franchising experience of Brookfield.

The combined networks of more than 53,000 Prudential Real Estate and Real Living Real Estate agents generated in excess of $72 billion in residential real estate sales volume in 2011, and operate across more

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The Wall Street Journal is reporting that more luxury home buyers are putting more cash down for their home purchases to reduce interest rates.

"As luxury-home sales take off, some home buyers with deep pockets are using cash to dodge large mortgages. Some are making massive down payments in exchange for a smaller loan with a lower rate. Others are sticking to all cash... Why the change of heart? With yields on deposit accounts at record lows and concerns about future returns on equities..."

With luxury home sales increasing in the Park City real estate market, a sound strategy to maximize savings becomes critical.

Source: Wall Street Journal, October 25, 2012

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With a reduction in Utah real estate inventory, and more interested buyers entering the market, Utah and particularly the Salt Lake real estate market is seeing its second quarter of increases in median home prices.  There has been an 11% increase for the third quarter of 2012, as compared to the same period last year.

In addition, Utah's foreclosure activity dropped 60% in the third quarter, as compared to the same time last year.

Source: Salt Lake Tribune, October 25, 2012

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More and more signs seem to indicate that the housing market is continuing to strengthen, both locally in Utah real estate and nationally.  The Associated Press reports that, "Sales of new U.S. homes jumped last month to a seasonally adjusted annual rate of 389,000, the highest level since a homebuyer’s tax credit boosted sales in April 2010... Home prices are rising, builders are more confident and are breaking ground on more homes and sales of previously occupied homes have increased in the past year."

Source: Salt Lake Tribune, October 24th, 2012

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Alpine ski race wins usually come by the hundredths of a second.

Ted Ligety won the opening World Cup race of the 2012-13 season Sunday on the famous Rettenbach Glacier in Sölden, Austria, by a crazy 2.75 seconds.

It was, as he put it afterward, a “once-in-a-career margin.”

It was also a demonstration of, as U.S. head coach Sasha Rearick put it, Ligety’s “complete ability and confidence in himself.”

Even on the best days, there is nothing inherently fair about alpine racing. And conditions Sunday were, in a word, godawful. “It was a tough day for everybody,” Ligety said, adding, “I just fought and maybe took more risk than it was worth – than was maybe smart.”

That’s just modesty talking — the guy from Park City, Utah, who posed for photos after the

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Deer Valley Resort #2

With 21 lifts, 100 ski runs, six bowls and 2,026 acres of terrain, Deer Valley Resort set the standard among luxury ski areas when it opened in 1981, coining the now familiar phrase, “The Deer Valley Difference.” Leading the pack in improvements for the 2012/2013 season, Deer Valley Resort committed to $8 million in upgraded amenities designed to further enhance the skier experience at the resort ranked #2 in North America among SKI Magazine readers.

Park City Mountain Resort #6

Established in 1963 as the mining town’s first ski area, Park City Mountain Resort (PCMR) has gained a much-deserved reputation for being the most family-friendly resort around, and SKI Magazine’s readers have moved the resort from a respectable spot at…
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PRESS RELEASE - October 10, 2012. The release of the statistics for the 3rd Quarter of 2012 real estate numbers have been highly anticipated as we all seem to agree that the overall real estate market in Park City and Deer Valley has been moving along quite well, but wondering if pricing has gone up or down? Has the inventory shrunk as much as we think it has? And where might we be headed? If you are a buyer today, what will you see in the marketplace?

In reviewing the large amount of statistics for the 3rd Quarter of 2012 we have noticed a decline in inventory, largely due to the increase of sales. In fact, when looking at the Greater Park City area, pended sales were slow to start in January but then have been quite high from February on to September. 

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Median home prices for existing single-family homes rose 10.2% in the year ending August. This is one more (and impressive!) indication that the housing market is recovering. The chart above shows the prices in constant dollar terms, and they are up 8.4% in the past year. The chart also suggests that housing prices in real terms have found solid support at levels reached earlier this year. Mark Perry has charts and data for median home prices for new single-family homes: "The median sales price for new homes surged by almost 17% from a year earlier to $256,900 in August, the highest median price since March 2007."

The housing market news is getting to be pretty impressive.

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