Presidents' Week in Park City

It is Presidents' Week in Deer Valley; the town is full and the skiing is terrific. After what seems like months of snowfall every day, we had five days of sunshine which brought smiles to everyone. The sunny days definitely make us feel like spring is coming. The Beach at Deer Valley was full of visitors basking in the sun, with perfectly groomed runs to delight the skiers.

The big news in real estate is the drop in interest rates by the federal government and even more importantly, the Fed is looking at increasing the conforming loan amount, possibly up to over $700,000. If this does occur, it could have a tremendous effect on real estate as many of the lower Deer Valley condos are and most condos near the Park City resort would now qualify for conforming loans rather than jumbo loans. This could mean up to a one percent decrease in interest rate that borrowers would be paying for condos here which would have two effects: it would allow buyers to qualify for a higher priced and nicer condo as well as reducing their monthly payments Stay tuned for further posts on this as I will keep you updated as more information comes out. For now, come out and visit us, as this is the best ski year that I can remember since the 80’s.