Year End Park City Real Estate Market Pulse
I see it every day. Our Park City Market is looking good. Really good. Homeowners decide it's time to take their equity out of their property and move up ..or down. Awesome idea, Right?
Here is where the problem comes in - they see the home down the street sold for $xxxx. Wow. That's a great price. Mine must be worth $xxxx plus another $100,000. Maybe, but probably not.
I am all for pushing the limits so sellers leave no money on the table, but there are limits to what the buyers will swallow. Say a home on your street of similar size, similar lot size was recently upgraded and sold for $500 per sq ft. about a month ago. The market continues to increase, and your seller thinks that even though their home is not quite as nice and maybe their location is not quite as good, they want to list theirs at $600 per sq ft. Really?
Most buyers have been watching the market via the internet or in person and know exactly what the house down the street looked like. They will have a hard time paying much more for your home even if it is of the exact same quality let alone if it is lesser quality.
Don't make this costly mistake. Remember the old "Bird in the hand" adage? In theory this buyer is already excited about your neighborhood or they wouldn't be watching it. Buyers will wait until a better value comes along and grab that one. Don't get greedy and they will realize yours is a great opportunity and not an overpriced mistake.
Want to know what your home is worth in Park City Utah? Call me today!...
Many people assume that when the kids leave home, their newly empty nest automatically signals that downsizing into a smaller house or condo is the next step. In truth, for such families living in Park City Utah, downsizing is a common option—one that could very well be the best choice.
But, as the old Gershwin tune says, “it ain’t necessarily so...”
For many of us, once we establish a firm direction in life, a lot of decisions are more or less made without much hesitation. Career, family, and even community needs head us in certain directions, so a lot of choices are obvious. But every once in a while the paths open up, and it’s time to take a breath, clear the head, and realize that there may be a lot more freedom to change course than we are used to. When the downsizing idea bobs to the surface, it’s likely to signal such a turning point. That’s when it’s your true interests and passions should govern your next step—especially with respect to your residential options, which will shape much of what happens next. If this summer you find yourself musing about downsizing, it might be fun to also consider-
Upsize: It sounds backwards: moving into a larger home with your smaller family. Yet if you have special interests or hobbies that have always called for a lot of elbow room, this could be the chance to add a workshop, rehearsal space, or studio that you’ve never quite been able to wangle. A larger home can also provide extra space you may need to accommodate the rest of the family when they come for a visit (especially if that family is going to be growing!).
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!
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...
When any investor first begins to mull over the idea of acquiring a rental property in Park City Utah it’s usually in competition with an array of other investment types—each with its inherent plusses and minuses. Some of them are new ideas (new technology company stocks; new forms of commercial exchange)—but real estate is definitely not one of those. It may not be innovative, but being a landlord has always been one of the leading sources of passive income.
What is exciting about rental property is why it has always been recognized as a sound investment. When the income from a Park City rental property is able to pay for its own underlying mortgage, it self-propels its growing equity. The rental property’s investment value grows as the loan is paid down month by month, year after year. Added to that is any appreciation in its market value.
Needless to say, choosing the right rental property in Park City is worth the effort! Much of that effort involves making a serious effort to map out and project values, income and expense:
“U.S. Backs Off Tight Mortgage Rules” screamed the top headline on the front page of The Wall Street Journal last week. For Park City Utah mortgage shoppers, it could scarcely have been better news. Probably.
‘Probably’ because any change is not yet a done deal, but it’s hard to see what will derail the likely full reverse of the federal establishment’s years-long tight home loan policy. Why is this suddenly in the cards? The full answer is complicated, but here is a quick (admittedly over-simplified) summary of what’s been happening to Park City Utah mortgage applicants—and what probably lies ahead.
The ongoing real estate recovery has been less of a boon to banks (including Park City's` mortgage originators) than to other participants because of tightened lending guidelines. Since the economic meltdown had been triggered by the crash of too many ‘easy money’ mortgages that had been repackaged and sold to Wall Street investors, regulators created mortgage guidelines that were much stricter.
Although borrowers found it harder to qualify for mortgages, at the same time, the Federal Reserve held interest rates at such bargain-basement levels real estate sales hummed. But first-time borrowers found it hard to qualify.
But lately, observers of the national scene have been worrying. Over the past months, the gradual cooling of real estate activity may have been welcome in the sense that the torrid rate of activity had slowed from an unsustainable pace—but some economists began to fret. Even though there was still some growth, now there wasn’t enough—and that could stall the recovery for the whole economy.
Washington has decided to listen to the worrywarts: hence last week’s ...
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:
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.
She says it perfectly. In Utah, homes are sold AS-IS. The Buyer can make reasonable requests of the seller to fix...
Contact me to invest in Park City Utah Real Estate
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.
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.