This is an exciting time to buy a home, whether in Park City or another village down the road. On the one hand, you can find good value in a lot of areas as people are falling into foreclosure and interest rates hit rock bottom. But you can also find some really raw deals. Many home sellers still overinflate their prices or don’t really understand how to adjust their asking price for the market. Some are just plain dreaming, pardon my being blunt.
If you do find a good deal on a home then there’s probably another one just down the road, making it really difficult to choose which home you want. That’s a good problem to have.
As a home buyer, it’s good to have options and to know what they are. There’s no rule that says you have to buy retail. If you find a homeowner who is struggling, heading toward foreclosure, you may be able to help that homeowner avoid foreclosure by offering a takeover of his loan. You walk away with the equity and the home and the home owner walks away with his credit still intact. Good trade, wouldn’t you say?
The key to buying great value in a home is to watch the market and know how to spot a good opportunity. Right now, they’re everywhere.