Park City Real Estate Blog

Housing Market Positioned to Bring Back the Economy

Housing Market Positioned to Bring Back the Economy | Kathryn Vallee

In Park City, it has been since March 9, 2020 since the stay-at-home orders and social distancing measures began. As for the United States, it has been 8-12 weeks since the first stay-at-home orders were announced for many states amid the coronavirus pandemic. For several weeks now,  I have had many conversations about the Park City and the real estate market in general. There is apprehension about the future and  "The American economy" and "The world economy".

All eyes look toward the future.

 

Many states are beginning to reopen, the question becomes "Is The Housing Market Positioned To Bring Back The

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What The Experts Have To Say About "The Coming Housing Market"

May 14, 2020

Lawrence Yun, NAR’s chief economist, said. “Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”

The National Association of Realtor conducted a survey between May 3 - 4, 2020, asking members in the latest Economic Pulse Flash Survey; how the coronavirus outbreak has impacted the residential and commercial real estate markets. Here are the highlights of the survey:

  • Five percent of Realtors said their clients are shifting neighborhood preferences from urban areas to suburban areas due to COVID-19.
  • About one in eight Realtors – 13% – said buyers
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Park City April 2020 Real Estate Market Report: 

Weekly Trends Report Ending May 2, 2020 to May 9, 2020

We started to see the impact of COVID19 on the real estate market for both Summit and Wasatch counties as the first quarter of 2020 drew to a close, President Trump declared the Covid-19 pandemic a national emergency on Friday, February 29, 2020; the first time such a declaration has been issued over an infectious disease outbreak since the H1N1 influenza pandemic of 2009.

Is the Park City Housing Market In Trouble?

For those who remember 2008, it’s logical to ask that question. Today, we face a very different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the

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BREAKING NEWS:

Summit County, Utah 

The following requirements have just been issued by Summit County effective May 1, 2020.

Real Estate Activities

Summit County continues to ban open houses and therefore no property showings should take place in Summit County without an appointment.

• Realtors, clients, or other related real estate services are to travel in separate vehicles to any real estate related service or transaction.

• Real estate offices will be managed so that it can only be open to the agents/employees or clientele of an agent that are a part of that office. Office occupancy will be limited and managed so that no more than (ten) 10 individuals will be in the office at any one time. Any client meetings in offices and

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Park City Home Prices In A Post-COVID Market

Where is the real estate market headed when comparing pre-COVID19 market to post COVID19 market?

Before COVID19 Park City was in a strong real estate market facing a serious inventory shortage. The Park City Multiple listing statistics illustrate how quickly new inventory was absorbed.  When we look at the number of under contract properties for April through the week of April 20th we see that the number has decreased. 

Here’s what he found for the entire Multiple listing service to include Park City and Wasatch County residential real estate. For April 20, 2020 there were 1483 properties for sale, this is the lowest number going back to November 2019. 

  • February: 284 new listings, 209 under
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Park City March 2020 Housing Market Update

What Impact Has The Covid19 Pandemic Had On The Park City Real Estate Market?

In Summit and Wasatch Counties, Covid19 hit our real estate March of 2020 with the "Stay At Home Orders" deeming summit County real estate as a non-essential business for a few weeks. The town shut down. For the months of January and February, we were on track for a stellar year. Probably one of the best years since 2009.

BAM! Covid19 HIT 

The big challenge that Wasatch and Summit County faces is the housing industry and determining what impact the current pandemic may have on the real estate values. I know that many home-buyers are hoping for are major price reductions. 

First Q1 2020 in Review

Looking

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Three Key Tips to Sell Your House Virtually | Summit Sotheby's - Kathryn Vallee

The COVID pandemic has put many home sellers on "pause" until recently. I just read a survey that was released by realtor.com, it showed that people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under the right conditions. Home sellers are less comfortable, however, hosting an open house. This is completely understandable, given the health concerns associated with physical distancing these days. The question is, if you need to sell your house now, what virtual practices should you use to make sure you, your family, and potential buyers stay safe in the process?

In today’s rapidly

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April 2020: Real Estate Market Update Pre-Pandemic

Summit County, Utah

Park City Board of REALTORS® Multiple Listing Service, reported a strong end to our last quarter in 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties continued to show strong appreciation with increases in both average and median sale price as well as dollar volume. Pre COVID19, the greater Park City market in general continues to show great stability in single family homes. The number of homes sold increased 4% with the median sale price rising 12% year over year.

During the same period in 2018, the median sale price gained 7% indicating a sustained period of steady, consistent growth. The strongest single-family price gains appeared in

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BREAKING NEWS

APRIL 2020

The Internal Revenue Service just released the new guidelines and extension date of July 15, 2020, for 1031 Exchange like-kind property as any held for investment, trade, or business purposes under Section 1031. In a 1031 Exchange, under the Internal Revenue Code Section 1031, if you make a like-kind exchange, you are not required to recognize a gain or loss. In the event, you receive other (not like-kind) property or money, you must recognize a gain to the extent of the other property and money received. The rule stipulates that you cannot recognize the loss.

A popular process used by many investors to defer paying a tax gain. We may see more 1031 Exchanges in 2020 due to the increased equity gains that we have seen

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Looking to the Future: What the Experts Are Saying

Everyday our global world is changing. We’re all left wondering how long this Coronavirus last?  How deep will the impact go? The 2020 theme for now is "This To Shall Pass". The human toll may forever change families, but the economic impact will rebound with a cycle of downturn followed by economic expansion like we’ve seen play out in the U.S. economy many times over.

Take a look at the current research conducted from the leading economists on the economic impact that we will likely see as a result of the coronavirus. It starts with a forecast of U.S.Gross Domestic Product (GDP).

According to Investopedia:

“Gross Domestic Product (GDP) is the total monetary or market value of all the

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