Gains in Park City Utah Home Prices
Nowhere Near ‘Bubble’ Territory
For the past two years national home prices have risen sharply, which might lead to the conclusion that they are overpriced. In fact, if we’re to believe the most recent report by real estate website Trulia, they are still 5% undervalued when measured against long-term fundamentals. So will this summer’s home prices in Park City be broaching unsustainable levels—or will they be reasonable?
The Problem of Measuring Only Home Price Increases
Real estate price increases by themselves are poor indicators of over- or undervalued real estate. Because of the headlong drop in real estate prices in 2007, throughout most of the country, prices have increased significantly without approaching the previous highs. A well-publicized example is in Las Vegas, where prices have increased by almost 60% over the last couple of years, yet by many yardsticks remain affordable. Park City neighborhoods are hovering in the pre-bubble prices with a few exceptions.
How Home Affordability Is Measured
There are a number of different ways of measuring whether home prices in Park City Ut could be considered to be over- or undervalued. They include looking at how current prices compare with long-term trends; how prices measure up against average incomes; the comparable cost of renting, etc. The Trulia report used a wide range of these indicators to emerge with a complete picture of the affordability of real estate across the country. Not all research confirms Trulia’s assertion. According to the Fitch Sustainable Home Price Model, national prices are overvalued by something like 15%. Critics note, however, that the Fitch model is distorted by prices in some of the markets selected –...
Energetic Due Diligence for a Bank Owned Property Vacant in Park City Utah
Suppose that in the course of buying a home in Park City, your eye is drawn to a bank-owned home,a home held in a trust, or a second home. There are many reasons why you could find yourself buying a Park City or Deer Valley home that’s currently vacant—which can also mean that the usual owner disclosures are not to be had. There are perfectly innocent reasons why this situation develops. Suppose the sellers of the property have just inherited it. How would they know that water tends to pool under the house during a strong rainstorm? Or that unpermitted repairs were made to the electric wiring in the kitchen?
If thoughts like these cause beads of sweat to pop out all over your forehead, don’t fret. This summer we can find you plenty of alternatives in Park City’s traditional housing market. But before you automatically pass on a vacant home because of unknowns in its history, you should know that, with due diligence, you can still end up with a home that is worth your money and a safe place to live!
When you consider a vacant home, the most reliable information will come after you’ve arranged an inspection.
The inspector’s report will let you learn what you’re getting into before you buy—and whether it’s in safe and livable condition. Most homes that fall vacant due to circumstances like divorce or a move are well cared-for and in decent shape; others, long abandoned, are more likely to have fallen into disrepair. Without any owner disclosures, you’ll be on your own to discover potentially major issues like leaking pool equipment or pest problems.
Even after you’ve had a thorough inspection, there is still a good chance you will encounter at least some surprises. There are some elements of a home that can’t...
One big negotiating mistake that can kill a home buying deal.
You found a home to purchase - Excellent! You and your agent submit your offer and negotiate terms and price. Finally, you are under contract.
Next, the inspection takes place and you do everything you can during your due diligence to discover if this home is for you. Here is one BIG mistake many buyer and Rookie agents make as quoted from Amanda Thomas, Broker Plano Tx on Active Rain:
Attempting to Negotiate Past The Deal
Sometimes it is the buyer, and sometimes it is the buyer's agent. Either way, over-requesting concessions, repairs, or other accommodations can quickly erode into hostility between parties and cause agreements to unwind. One school of thought suggests that one doesn't get if one doesn't ask. While true, a professional knows the difference between asking and negotiating.
All a seller EVER has to do once they agree to sell -- is to sell… They do not have to contribute to closing costs or do repairs or agree to any changes to the initial sales contract. A buyer's expectations should be managed up front so that the responsibility for discovery and acceptance lies squarely on the buyer's shoulders. By all means, if you want to see a reasonable seller blow up, get nit-picky. Send the seller a copy of your buyer's inspection report and demand that they fix everything that isn't perfect. Get trivial and try to split hairs. Or criticize repairs that the seller has kindly had done. And then stand back and prepare to see the fur fly. The art of negotiation dictates that something must be given in return for getting.
In Utah, Homes are Sold AS-IS
She says it perfectly. In Utah, homes are sold AS-IS. The Buyer can make reasonable requests of the seller to...
Silverado Lodge at Canyons Resort Park City Utah
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When is a short sale a good deal?
Short sales are not as plentiful as they once were, so be sure you are willing to undertake this lengthy process.
Short sales can snag a great property for a buyer at a screaming deal…sometimes.
Short sales can take months and months before the bank accepts an offer, it can be one of the most aggrivating purchases you can make, and it isn’t always your best deal. If you would like more detailed information about Short Sales, read on…
Buyers make the mistake of assuming because it is a short sale
it is automatically their best deal.
Sometimes they’re right. Many times the seller owes such large amounts to the bank and the bank(s) price the home based on what they are willing to take, not what the current market dictates.
So, in a nutshell here is how the typical short sale works:
Seller decides/needs to sell, they owe more on the home than they can sell it for. Maybe they bought at the top, maybe they borrowed against the home – either way their loan is too high.
The seller goes through a difficult process to get the bank to agree to allow a short sale
Bank agrees to a short sale, home is placed on the market.
Some sellers continue to maintain the home, others do not
Short sale homes are sometimes not available to show very easily, or are not listed with the local brokerage ( have to wonder about their motives – to sell it or squat until they are booted out?)
Most banks won’t tell the Seller or the Agent what they feel an acceptable price is, and it is left up to the agent to list and price...
Park City's Best Local's Neighborhoods
Silver Springs is a diverse area comprised of several different neighborhoods all within minutes to the I-80 and the three ski resorts here in Park City.
Ranch Place is a always hot area to buy or sell. Ranch Place consists of single family homes in a community backing to the Swaner Nature Preserve. The homes are typically from about 2500 sq ft up to over 4500 sq ft and most will feature a Mountain rustic look with some open beam work and log accents. The age of the homes varies, most built in the mid 1990’s, and many have undergone a remodel. The homes sit on lots between ¼ and ½ acre. This type of proximity lends itself to a cozy neighborhood feel.
Southshore/Northshore neighborhoods are both situated around lakes available for the residents use along with a lake-side park with playgrounds and picnic areas along with a covered pavilion for gatherings.
South Shore is the smallest single family home community within the Silver Springs area of Park City; containing 82 single family homes. South Shore has a small recreational lake accessible to all residents. South Shore homes tend to be...
14 Things to consider before buying a home
Things to consider before buying a home in Park City Utah
Check out the link to an article from Realtor.com about what to think about before buying a home. Of course, it has all the regular considerations... get an inspection, check the utility bill history, check the taxes, etc. All good things. However, this article does not specifially address things to consider when buying a Mountain home in a ski town like Park City or Deer Valley.
Driveways in a ski town are often overlooked as something to pay careful attentention to, especially if you are buying in the summer. An extremely steep driveway can be treacherous in a heavy snow year and can also be a factor for the next buyer of that home.
Most of Park City sits at about 6500 to 7000 ft elevation...
Amount of snowfall. Most of Park City sits at about 6500 to 7000 ft elevation and even that 500 ft differential can mean several inches of snow during a storm. Consider your tolerance for shoveling and dealing with snowfall. Most will hire a snow service to come plow the driveway and clear sidewalks, but the higher in elevation you get the more snow you will have and the longer it will stick around.
4 Wheel drive needed! In Park City our snow plows clear our roads beautifully and quickly. That doesn't mean they are always clear and dry. In a heavy storm ( the kind we pray for) snow can fall so quickly that the plows can't keep up and you would be smart to take your 4 wheel drive car out. One or all of the family cars should be all or 4 wheel drive preferrably with all terrain or snow tires for the winter.