- People who look for a home during the Holidays are more serious buyers!
- Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!
- Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!
- Houses show better when decorated for the Holidays!
- Buyers are more emotional during the Holidays, so they are more likely to pay your price!
- Buyers have more time to look for a home during the Holidays than they do during a working week!
- Some people must buy before the end of the year for tax reasons!
- January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market!
- You can still be on the market, but you have to option to restrict showings during the six or seven days during the Holidays!
- You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
- By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!
About a week ago, the Park City Board of Realtors invited all three Park City resorts, along with Mountain Trails Foundation and Ski Utah to provide updates on the latest news with each resort.
Here are some highlights:
They have improved their snow making capabilities and based on my experience skiing there opening weekend, it really shows! Passes are now automatically scanned from the lifts which speeds along the lift lines.
As everyone knows, Vail Resorts is now running Canyons. A season pass, known as the Epic Pass, is good at Vail’s other resorts, including Heavenly, Northstar, Kirkwood, Breckenridge, Keystone, Arapahoe Basin, Vail and Beaver Creek (with some holiday restrictions).
Another fun addition is the “Epic Mix”. On mountain photographers scan your season pass and immediately post your photos on the Epic Mix website. From the website, you can share photos for free or purchase them. The Epic Mix website also keeps track of where you have been on the mountain, vertical feet, etc..
Park City Mountain is celebrating their 50th anniversary this year. They have a host of parties and events planned throughout the year.
Park City Mountain updated their app, available on itunes and google play. The update focuses on easier user interface. The app has real-time mountain information, including snow conditions, lift, run and bowl statuses. There is also a “MyMountainPlanner” component which helps you decide where to ski and ride depending on your skill level and type of desired terrain. The Run tracker keeps track of your runs and you can post and hare photos via Facebook and soon Twitter.
Deer Valley opened a new green run on the Jordanelle side of Little Baldy Mountain, making this side of the mountain more “family friendly”. They have also increased their snow making capabilities.
Did you know that Deer Valley Resort has started making their own artisan cheeses out of Silver Lake Lodge? There are five to choose from: Blue Bell, Moon Shadow, Meadowlark, The Provence Kid, and Triple Truffle. All are available for purchase from the Deer Valley Grocery Cafe.
Mountain Trails Foundation grooms approximately 25 km of trails at Round Valley for Nordic skiing. As of right now, they suggest hitting the trails prior to 10am for best conditions.
Reservations are up 21% so far this season. The Utah Department of Tourism has allocated $15 million to promote Utah’s ski industry. The Ski Utah website has information about all of Utah’s resorts in one place.
Considering the purchase of a resort home in a ski town? These charts show that Park City is a great place to invest. We have an active real estate market with prices trending up.
The Western Mountain Resort Alliance just released its third quarter comparison numbers.
Park City was one of four resorts that showed an increase in median sales price.
Park City showed the highest dollar volume of sold property. Our market has been extremely active compared to Steamboat, Sun Valley, Teton and Whistler.
Park City sold the most number of units.
Active listings declined in every resort town.
Whether you are seeking a full time residence, second home or investment property in Park City, now is a great time to buy. Prices are on their way up and sales are strong.
“I can’t make this stuff up! We need to find a seller and not a dreamer.”
These were the words I wrote to my client after her offer was not accepted. Not only was her offer not accepted, but the seller decided to raise the price of the listing, which was already 5% higher than the comparable unit which had just sold. No amount of negotiation is going to make that owner sell his unit for market value. Why? Because this is a second home; the seller does not have to make any accommodations to show the unit; and the seller does not need to sell for financial reasons. He will sell that condo if a buyer falls in love with it and pays his magical number-a number he dreamed up, which is not based on market value.
Buyers have 3 choices. (1)They can pay the magical price and hope the real estate market will appreciate enough to support that price in the future. (2)They can wait and write another offer in a few months with the hope the seller will come to his senses. (3)They can move on and find a seller, not a dreamer.
When representing a buyer, it is difficult for me to recommend options 1 and 2. I’ve seen the condos that people purchased for $700,000 listed for $499,000 and do not feel comfortable encouraging my clients to pay a premium price. I do not think waiting is a good idea either, because of the risks involved. The seller could find a buyer willing to overpay or the seller may change his mind and decide not to sell the property after all. By waiting, the buyer could be faced with higher prices and higher interest rates. From a buyer’s perspective, the best course of action is to move on and find a seller, not a dreamer.
Even with listing inventories continuing to decline and very little competition from other properties, sellers can still price themselves out of the market.
Have you been involved in a negotiation with someone who was completely unrealistic about the value of his or her property?
These graphs illustrate what those of us who are buying or selling homes already know…
Each month saw more closed sales than the same month the year before.
Inventory is at historic lows.
Which leads us to….
Multiple offer situations
Prices creeping higher
Buyers must be pre-approved and ready to close
Cash is still king
You can downsize or move up and feel confident your current home will sell
Overpriced homes and those in poor condition are still not selling
Thanks to Kyle Jenkins for the photo and Rick Klein, Wells Fargo Private Mortgage, for the graphs.
What do these brands have in common?
They are all luxury brands that have been used to sell real estate.
According to experts, developers can boost profits as much as 30% by attaching a prestigious name to a property. Brand enthusiasts also benefit from the perceived prestige and financial security of a luxury brand. There may also be a financial benefit to buying a designer property. A design firm can complete the total remodel for less than a retail buyer.
In Park City, the Montage Deer Valley has unveiled several residences designed and decorated by nationally recognized design firms. Since Montage Deer Valley began this program in February of 2012, they have sold 6 such properties. They recently unveiled 4 additional designer models:
#1041, designed by Adam Hunter Inc, is a 3 bedroom/3 bathroom residence offered at $3,350,000. It has views of the aspens & ski slopes.
#950, designed by Dressed Design Inc, is 2 bedroom/3 bathroom residence offered at $3,095,000. It has huge down valley and ski slope views.
#984, designed by Barclay Butera Interiors, is a 2 bedroom/3 bathroom plus Den residence, offered at $3,325,000. The views are southwest looking up towards Empire ski lift.
#1083, designed by McBrien Interiors, is a 3 bedroom/4 bathroom, residence offered at $3,425,000. The views are east towards Flagstaff mountain.
As you can see from the photos, each of these residences offers a unique vision and distinctive personality. What do you think of designer labels for real estate?
Can you guess which neighborhoods have the lowest inventory of homes?
Here is your hint—All of these neighborhoods are comprised of mostly full time residents and with 3 months or less of inventory in each, they are all seller’s markets.
6. Prospector: With an average sale price of $678,895 through the 3rd quarter, Prospector is considered an affordable neighborhood inside Park City limits. With its proximity to the Rail Trail, McPolin Elementary, Treasure Mountain Junior High School, Park City High School, and North 40 fields, Prospector is an attractive neighborhood for families.
5. Pinebrook: Pinebrook’s average sale price is $727,833 through the third quarter. Pinebrook is an easy commute to Salt Lake City and many homes are walking distance to the amenities at Quarry Village. Most homes are also within easy hiking distance of the Mid-Mountain Trail system, linking Pinebrook to the entire Park City trail system. The average size of sold Pinebrook homes is over 4200 square feet, making Pinebrook homes a great value. With 40 closed sales through the third quarter, Pinebrook is a popular choice.
4. Jeremy Ranch: The average sale price in Jeremy Ranch through the third quarter was $763,000 due to several homes in the area closing for over $1 million. Jeremy’s easy commute to Salt Lake City, Quarry Village and proximity to Jeremy Ranch Elementary School and Ecker Hill Middle School make it a family favorite neighborhood. The average size home sold was over 4500 square feet, making Jeremy a good buy. Jeremy Ranch is bordered by the 24-7 Trail and near East Canyon, two great places for hiking and mountain biking. Forty-nine homes have sold in Jeremy Ranch this year.
3. Trailside: The average sale price in Trailside of $831,371 is deceiving. That is because there are some very affordable neighborhoods such as Silver Summit, Sagebrook and Sun Meadow, along with exclusive Mountain Ranch Estates, where several homes closed for over $2 million. Families love the proximity to Trailside Elementary School, Trailside Park and the trails at Round Valley. Highland Estates and Park Ridge Estates are sleeper subdivisions and gaining in popularity due to their large lots and big views.
2. Silver Springs: This neighborhood is so hot that many of its homes are sold their first week on the market with multiple offers. The Silver Springs area includes the neighborhoods of Ranch Place, Northshore, Southshore, and Snyder’s Mill. The average sale price in the area is $715,132, but the average size is 2890 square feet, making Silver Springs a more expensive neighborhood in terms of price/square foot than both Jeremy Ranch and Pinebrook. Families love the flat, tree lined streets and proximity to Park City’s trails. It’s true that kids in these neighborhoods learn to ride their two-wheelers faster than those in the hills.
1. Kimball Junction: This neighborhood is home to subdivisions Blackhawk Station and Spring Creek. With an average sale price of $432,632, these neighborhoods are considered great neighborhoods with “starter homes”. There are many young families who live in the Kimball Junction area and appreciate its proximity to the Glenwild Trail system as well as the fieldhouse, shopping and restaurants at Kimball Junction. There is less than one month’s inventory at Kimball Junction, so if you are looking to buy there, you need to be ready to pounce quickly.
Do you know that almost 200 new students were admitted to Park City’s public schools this year? The genie is out of the bottle. Park City’s incredible quality of life is highly sought after and people are relocating here by choice. Between the Salt Lake Valley’s booming economy and the ability of many people to work remotely from any city close to an airport, the Park City lifestyle is more accessible than ever. What are your thoughts on why these neighborhoods are so hot?
FHA 203(k) loans are a great tool for buyers who are looking to buy distressed, old or run down properties that require improvements. They can also be used to finish a basement, add a room or remodel a kitchen. These loans are perfect for buyers with more vision than cash and who want to live in the home for at least one year after taking ownership.
The financing is based on the purchase price negotiated for the home plus the cost of improvements. FHA will finance up to 110% of the after-improved value of the home. The buyer must come up with a 3.5% down payment. The improvement funds are held in an escrow account and dispersed in 2-5 increments, depending on the complexity and cost of improvements.
I can see this type of financing as being perfect for first time buyers considering homes in Summit Park or Old Town. Imagine transforming an ugly duckling in desirable neighborhoods such as Park Meadows, Thaynes Canyon, Jeremy Ranch, Pinebrook and Silver Creek into a swan. The best part is that only 3.5% down payment is required.
If you would like more information about how these loans can benefit you, please contact me. Thanks to Amy Sharpless and the Academy Mortgage Team for educating me on this great resource.
1. Looking for a new home or trying to sell yours? Realtors network with one another and in today’s fast real estate market can often match buyers and sellers before a home even hits the market. Realtors are familiar with the local inventory and know about homes that recently left the market. This saves time and money for both buyer and seller. Example: A local real estate agent just showed and sold a home I recently took off the market. This was a win-win for both the buyer and seller.
2. Realtors know the sales process. They understand the terms they can negotiate on behalf of the buyer; they know what is unreasonable for a seller to pay. Example: I negotiated a $4000 credit towards a new roof for one of my recent buyers.
3. Realtors understand property values. Location and floor plan are not evident when viewing comparable sales. Realtors can help sellers establish a sale price in accordance with current market values and can help buyers negotiate the best deal possible. Example: In a recent multiple offer situation, my buyer paid less than the highest offer because of how I positioned her in the negotiation.
4. Realtors act as a buffer between the parties and take the emotions out of the negotiation. Negotiations can get heated and parties can take things personally and become offended. The realtors help smooth the process and focus on the bigger picture, which is to get to the finish line. Example: One of my buyers told me “I don’t negotiate with skunks”, a reference to the seller, who she decided she didn’t like. I kept her focused on the purchase of the home and not the personality of the seller, and she is now enjoying her dream home.