Presidents Week

Today is the start of the Presidents Week holiday. Here in Park City this means the town is full of skiers and visitors. Fortunately, we have been receiving snow about every other day and ski conditions are about a good as they get. Everyone is going to have a fabulous weekend.
In real estate news, we are definitely in a “buyer” market”. This translates to some exceptional opportunities for buyers to obtain a ski property at prices that we may not see again. I read a very interesting article on a buyers market and wanted to share with you some of the thoughts.
“A buyer’s market should be just that--a buyer’s market. It’s not a fence sitting, waiting, loitering, delaying, dawdling, postponing, vacillating, hesitating, wavering, faltering, pausing, foot shuffling market. It’s a buyers market. By its very name it means buyers should be doing one thing and one thing only--buying. So where are the buyers and why aren’t they buying?”
“The great irony of a buyer’s market is that even though the opportunity to buy is high, buyer urgency tends to hit an all-time low. The media becomes the excited purveyor of negative news and uninformed advice, and buyers buy it all. Actually it feels like the only thing they are buying.”
“Their reluctance is ironic since not so long ago buyers were incredibly excited about buying--and it was a seller’s market. Prices were escalating and it was perhaps one of the most difficult times to buy value and yet people were buying like there was no tomorrow. Buyers were afraid of losing out by not buying, even though the advantage was all to the seller.”
While there is no ringing bells or flashing lights to signal when we have reached the bottom of the market, what we can say with a high degree of confidence, is that in the not to distant future buyers will be looking back to this year and asking themselves why didn’t they buy in ‘09?
While we are having what, for Utah, is an average snow year, the skiing is terrific. Most resorts would classify the snowfall that we have received this year, and our conditions, as exceptional. Come out and visit and find out what skiing Utah is all about. And let me take you on a ski tour of our local resorts.