Even though sales are down 20% or more, Park Cities prices are holding.
In fact median price is up 3%! That’s a good thing.
The inventory is high so that needs to keep in check, 7.2% for June and up
3% year to date. Now look at the percent to list price – in a normal market
that would be 97 to 98%, it’s gone to 91% which means seller’s are being
reasonable and doing what it takes to get it sold.
The problem in the Park Cities is lenders for jumbo loans – they aren’t
giving. So if you’re a seller that can entertain seller financing, go for it.
You will be able to ask for more on your list price plus make good interest
on the loan, buyers will make a better deal with you than lenders right now.
I have done this before and it can be quite lucrative with the right buyer.
That could be a win- win and in this market and that’s what will close the deal!
Just make sure your buyer is credit worthy – that goes without saying…
About Terry W. Smith
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