Posted by Heather Feldman on Sunday, December 3, 2017 at 2:49 PMBy Heather Feldman / December 3, 2017Comment
Does the Realtor you found on the internet really sell in the areas they say? How to find out and save yourself huge disappointment.
You are like many internet searchers out there. You do a reasonable amount of searching - you research the area, the activities available, the schools, parks, property taxes, maybe even the restaurants. You even research to find the Realtor that looks to be the best for your needs. Their website says they serve your area...but do they?
There are no internet police determining whether Realtors actually have sold real estate in the areas they claim to service.
When Realtors create their websites they choose certain cities they clain to service. There are no internet police determining whether they actually know the areas , have made any sales in the areas or for that matter have ever even visited the areas they claim to service.
I've seen it time and time again. Especially here in Park City Ut with America's Largest Ski Resort, Park City Mountain Resort. Realtors all over Utah have Park City on their list of areas they service. They want to sell that expensive home here just like the local Park City agents do. There's one problem - not only do some of these agents live 30-70+ miles away, they do not know the areas nor the neighborhood nuances. Most have never sold a home in Park City or Deer Valley and many of these Realtors do not even have access to the Park City MLS.
I wish there was a little more truth and integrity in this industry. But until there is, the onus is on you, the buyer or seller to ask the right questions.
Asking questions can help ferret out the real local Park City Ut ( or any area) Realtors from the posers.
Here are a few questions you can ask to help determine whether the Realtor you see online that looks so great is for real or just hoping you won't know the difference.
Posted by Heather Feldman on Friday, April 1, 2016 at 10:49 AMBy Heather Feldman / April 1, 2016Comment
Greedy Sellers make costly mistakes
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...
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!
Posted by Heather Feldman on Wednesday, January 27, 2016 at 3:54 PMBy Heather Feldman / January 27, 2016Comment
PARK CITY UTAH 2015 YEAR END REAL ESTATE STATISTICS
Park City, Utah – January 26th, 2016
Summit and Wasatch County property prices rise at a steady market pace in 2015
At the end of the fourth quarter of 2015, the year-end statistics reported by the Park City Board of REALTORS® indicated a slow but consistent annual increase in both the number of closed sales and the median sales price for single family homes, condominiums and vacant lots in Summit and Wasatch Counties.The total dollar volume for 2015 was up 10% over 2014, reaching $1.85 billion, with single family homes sales accounting for the highest dollar volume by property type.
Single Family Home Sales
Within the City Limits (84060), the median sales price of a single family home was 17% higher than the year before, reaching almost $1.52 million, but the number of closed sales decreased by 12%.
By neighborhood, Old Town had the highest number of closed sales with a total of 52 with a 6% increase in median sales price to $1.31 million. Thaynes Canyon had the highest jump in median sales price – up 46% from 2014 to $1.82 million with a total of 11 closed sales for the year. Park Meadows had seven fewer sales than last year but the median sales price was up 11% to $1.44 million. In Prospector, the median sales price increased 6% to $740,000, but there were only 11 closed sales for the year (down 39%), which demonstrates how low inventory of active listings can affect the number of sales in certain neighborhoods.
“Higher median prices of homes within Park City Limits and lower number of unit sales is reflective of demand outpacing inventory."
Posted by Heather Feldman on Monday, July 13, 2015 at 8:24 AMBy Heather Feldman / July 13, 2015Comment
Sellers - Do you want to sell your home or not?
I haven't written in a while but this subject has been driving me crazy for quite a while. OK - here we go!
Sellers, do you know what it takes for the Buyer's agent to set up a weekend of showings for a client ?
We agents search through sometimes hundreds of listings to dial down the best choices for our client based on their desires, compile that list set up a showing schedule geographically and design it to not overwhelm the client, and try to figure out how much time the client will want to spend in each home to make sure the day flows properly.
Not so tough right? Wrong. One of the most challenging aspects of setting up our clients to see YOUR home is the fact that the agent must be present for showings. Ugh! Really?
One of the most challenging aspects of setting up showings is when the seller's agent must be present for showings.
Let's look at some of the possible reasons...
Is it because you don't think the buyer's agent knows enough about your house/neighborhood/area?
Is it because you feel that your possesions will be at risk if your agent is not there?
Is it because you want your agent to "sell" the house while the client is in your home?
Is it because your agent has convinced you it is best if they are there during showings?
Let's talk about how this decision to require that the agent be present can effect your ability to sell your home.
1. When setting up first time showings for a client, buyer's agents show not only homes that fit the buyer's wish list, but homes that are easy to show. Don't tell me I have to totally rearrange the schedule I have spent hours creating because your agent can't be there when I am in your area.Often times your home gets...
Posted by Heather Feldman on Monday, January 26, 2015 at 5:41 PMBy Heather Feldman / January 26, 2015Comment
January 23, 2015 For further information, contact Park City Board of REALTORS®
Park City, Utah – January 23, 2015 – Highest 4th Quarter sales since Q4 of 2005 with inventory at a new low
Though the total number of closed sales, including single family homes, condominiums and vacant land, within the Greater Park City Area at year-end was slightly lower than 2013, total dollar volume was 8.7% higher and the median sales price was 5.5% higher, according to the Park City Board of REALTORS®. Led by a spike in condominiums sales, the number of closed transactions across the Park City MLS in the fourth quarter of 2014, marked the highest number of fourth quarter sales since 2005.
Condominium SalesThe big news of Q4 was the huge jump in number of pended sales in October creating a rush of closed sales in the last quarter of 2014, culminating in a 49% increase over 2013. The number of condominium sales for the entire market area at quarter end was 808, which is 10% higher than last year’s number. Condominium sales in Park City Proper bounded ahead of last year’s number, as well in Q2 and Q3 of this year, to end 2014 with 376 sales – up 6%. The median price of $542,450 was 5% higher than last year’s number.
By area, Old Town had the highest number of condominium sales at 166 – a 6% increase – with a median sales price reaching $390,000. Board President, Nancy Tallman shares, “There was a definite uptick of 4th quarter condominium sales near the base of PCMR. We can't be sure whether this is the so-called ‘Vail Effect’ or just the settlement of the lawsuit and the certainty that the resort would be open this season. Whatever the reason, the sales speak for themselves.” Two other areas of interest include Empire Pass with 37 condominium sales, up 68% from last year, with a median price of $2.8 million, and Park Meadows which dipped 13% in the number of sales but...
Posted by Heather Feldman on Saturday, November 22, 2014 at 9:58 AMBy Heather Feldman / November 22, 2014Comment
6030 Mountain Ranch Dr, Park City Utah 84098
Upper Mountain Ranch with breathtaking, unobstructed views of Canyons ski resort. Beautiful architecture with a family friendly floorplan while offering rustic but luxurious finishes. Wonderful entertaining home with large great room, front deck and rear patio. Theatre room in the expansive lower level with billiard room, wine cellar and wet bar. 5 bedroom, 4.5 baths , with two office/flex spaces. Designer features include Wolf appliances, hardwood floors, massive great room stone fireplace. Granite and a generous use of stone throughout with bronze and glass tile accents. Trails right outside your door. Minutes from all 3 ski resorts. Buyer to verify all information to their satisfaction.Call me for more information
Posted by Heather Feldman on Thursday, November 6, 2014 at 3:33 PMBy Heather Feldman / November 6, 2014Comment
Buying a Home to Renovate Can be a True Bargain…or Not!
For many decades, Hollywood has made box office gold creating comic films about the hilarious possibilities that nightmarish house remodels present: from Mr. Blandings Builds his Dream House to The Money Pit (and even Under the Tuscan Sun), audiences delight in the shifty tradesmen and rotting timbers that define the genre.
If you’re an energetic Do-it-Yourselfer without much remodeling experience, Job One is to gather professional opinions to minimize the likelihood of costly discoveries. But before you even get that far, there are some general concepts that veteran turnaround investors know. These are disqualifiers that make it much more likely that buying a home in Park City Utah will be a shrewd investment instead of dollar demolisher.
Bad house, bad neighborhood
Is it worth buying a fixer-upper in a rundown or otherwise somewhat undesirable neighborhood? It can be tempting—especially when the asking price makes buying such a home a seemingly unbelievable value. But ignoring the ‘location, location, location’ truism is risky business. In many cases, such an investment may yield a diamond in the mud—a renewed structure that will never rise in value until the whole neighborhood rises in value (which could be never). Safer choices will be found in neighborhoods that don’t need remodeling themselves.
Bad house, good intentions
Buying a home in Park City Ut—especially when the neighborhood is fine and the price is more than right—can give rise to overly emotional decision-making. It can be tempting, when a property is almost okay, to make an instantaneous decision…but if you find yourself making excuses for this or that drawback, or finding yourself indulging in a bit of wishful thinking here and there, take a breath! Hopeful eyes may easily transform to fixer-uppers...
Posted by Heather Feldman on Monday, September 8, 2014 at 8:12 PMBy Heather Feldman / September 8, 20141 Comment
Busy Park CityHouseholds and Home Showings Can Mix!
Selling your home quickly and for the highest price possible demands that the Park City showings be proactively appealing: that is, more than just a passive display of the residential “merchandise.” To make the most of the advantageous situation that any showing or open house should be, both you and your Realtor® must adopt the approach of any successful salesperson—namely, being certain every potential customer is shown the best aspects of the product. When it comes to Park City Ut home showings, that means staging and making your home available to view.
Most of the advice you’ll read about staging follows the same general formula: organizing rooms; maintaining exterior landscaping; updating aged features; eliminating clutter. What’s sometimes missing from those guides is a practical problem: a prescription for showings when the home in question is currently housing a family busy with schoolwork, after-school extracurriculars and full time professional obligations—in other words, modern life!
Say Yes to your Park City Ut Realtor's showing requests! You can't sell your home if buyers can't see it.
No matter how unlikely it might seem, for families whose schedules are already overloaded (and then some), proactive showings are indeed possible! Here are some of the proven ways busy families keep their Park City Ut homes in peak shape:
Neutralize Décor: To maintain a home livable for a busy family at the same time it’s ready to display requires muting some of the practical as well as decorative elements. It’s a delicate balance that means first removing idiosyncratic design elements, then also keeping as many personal items as possible out of sight but readily accessible when needed. It’s...
Posted by Heather Feldman on Monday, August 4, 2014 at 10:12 PMBy Heather Feldman / August 4, 2014Comment
What impression is your Park City Ut House for Sale Sending?
“You never get a second chance to make a first impression.”
It’s a saying that job applicants (at least the successful ones) take to heart. It’s why a lot of serious primping goes on before a blind date. It’s why movie directors spend as much time as it takes to light and prepare the first shot that will introduce their lead actress. And if you’re going to have a house for sale in Park City this summer, it’s why it’s worth it to take pains to make its first impression as strong as possible.
Making any Park City house for sale’s debut a success doesn’t have to break your back or your bank account. Here are some simple, affordable projects that can be done in a single weekend:
Update Exterior Lighting
For prospective buyers whose first look at your house for sale comes in an evening drive-by, exterior lighting plays a leading role. If your lighting setup is more than ten years old, you may be able to do a quick transformation by replacing outdated fixtures with stylish new ones. If twilight showings are likely, consider adding a lighted path from driveway to door.
You've got to get them in the door to sell them on the features of your Park City Ut home.
Warm Up the Front Porch
There’s an emotional component that goes into making a house for sale—one that’s truly “inviting.” Often, the key factor is whether prospective buyers can easily picture themselves and their family enjoying an afternoon or evening in the place. Think about whether investing in a few pieces of attractive, comfortable-looking outdoor furniture you could place on the front porch (or other outdoor space) could help buyers picture themselves enjoying a leisurely after-dinner conversation…and...
Posted by Heather Feldman on Sunday, July 27, 2014 at 6:41 PMBy Heather Feldman / July 27, 2014Comment
P R E S S R E L E A S E FOR IMMEDIATE RELEASE: July 23, 2014 For further information, contact Park City Board of REALTORS®
Park City, Utah – July 23, 2014 –
Though real estate prices in the Greater Park City Area are trending upward, the number of sales is down 9%.
The number of closed sales in the Greater Park City Area dropped 9% in the second quarter of 2014 compared to the same time period last year, according to the Park City Board of REALTORS®. Though there were 39 fewer sales this year (single family, condominiums and vacant land), median prices continue to trend slowly upward in 2014.
Park City Ut Single Family Home Sales
By property type, single family homes had the least activity in Q2. The number of single family home sales within Park City Proper was down 29% compared to the second quarter in 2013. Both Snyderville Basin and Heber Valley were down 9%, and Kamas fell 6%. Yet pricing in most areas is climbing at a gradual pace. The median price for a single family home within Park City Proper is $1,675,000 (up 36% over Q2 of 2013). The median sales price for a single family home in the Snyderville Basin area is rising at a slower pace, but is still up 8% over 2013 to a median sales price of $755,500. The Jordanelle area saw the highest price increase, reaching $885,000 (up 48%). “We are seeing buyers at different ends of the spectrum. Some have expendable income or cash and don’t mind paying for a new product they like. Others are more cautious and resistant to price increases,” says President of the Park City Board of REALTORS®, Marcie Davis. Single family home prices remain relatively flat in both the Heber Valley with a median price of $359,150 and the Kamas Valley with a median price of $268,460.
Posted by Heather Feldman on Wednesday, July 16, 2014 at 10:59 AMBy Heather Feldman / July 16, 2014Comment
‘Empty Nest’ Doesn’t Make the Downsizing Choice Inevitable
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!).
Posted by Heather Feldman on Friday, July 4, 2014 at 9:43 AMBy Heather Feldman / July 4, 2014Comment
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 – particularly California....
Posted by Heather Feldman on Tuesday, July 1, 2014 at 9:34 AMBy Heather Feldman / July 1, 2014Comment
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 really be properly inspected—like...
Posted by Heather Feldman on Sunday, June 29, 2014 at 9:15 PMBy Heather Feldman / June 29, 2014Comment
Park City Ut. Rental Property Investments
They’re Out There and They're in High Demand!
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.
Right now long term rentals are in high demand in Park City.
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.
And with the best Park City rental property scenario, when rental income exceeds mortgage and other expenses, it will even throw off an extra income stream.
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:
Neighborhood: Consider how the overall desirability of the neighborhood is likely to affect its appeal to tenants. Are there attractive amenities like parks, shopping and entertainment venues? What do the local classified ads reveal -- is the area’s vacancy rate high or low? How do rental prices compare with adjacent neighborhoods?
Project Ancillary Expenses: Determine the historical property tax rates, and what future rate changes...
Posted by Heather Feldman on Wednesday, June 11, 2014 at 4:15 PMBy Heather Feldman / June 11, 2014Comment
Moving to Park City Utah? 5 Tips for Avoiding Moving Scams
Moving to Park City (or moving to anywhere) is adventure enough without including one of the moving company scams that are all too common.
It seems hard to believe that unscrupulous carriers can continue to operate, but the fact is, there are a lot of them out there. If you will be moving to Park City anytime soon, you don’t have to worry about any of the rip-off artists if you follow some straightforward guidelines:
1. Check the FMCSA
The Federal Motor Carrier Safety Administration runs a household goods program designed to aid consumers. Their website includes a search feature that records past complaints for known companies…but be aware that only interstate movers are listed. Along with complaint information, it lists company contact details so you will know you’re dealing with the people they say they are.
Check Online Reviews
A search engine search of the company can be helpful: just enter the company name plus ‘reviews’ or ‘ratings.’ You’ll often find Yelp entries, and with luck, recent experiences by customers moving to Park City.
Get A Written Estimate
You should be skeptical of any moving company that is willing to provide a quote over the phone or internet. This may not be evidence of a scam, but often means that you are dealing with a broker rather than the company itself. In fact, the U.S. Department of Transportation red flags any over who doesn’t offer or agree to an on-site inspection of our household goods “or gives an estimate over the phone or internet”…the too-good-to-be-true estimates, demands for large upfront deposits, or failure to hand you the “Rights and Responsibilities When You Move” pamphlet (Federal regulations require Interstate movers do...
Posted by Heather Feldman on Friday, June 6, 2014 at 8:04 AMBy Heather Feldman / June 6, 2014Comment
How Listing Your House in Park City Utah
Can Work…the 2nd Time!
Listing your house in Park City Ut anew after it’s lingered on the market for a while can bring surprisingly quick success…with the right tactics.
The truth is, if a home hasn’t sold in today’s market, there is usually an identifiable reason. Here are some tips that can reverse what happened when listing your house the first time failed to strike pay dirt:
Compare prices of comparable homes that have sold in your neighborhood, and use those as the benchmarks. If your area listing was priced to allow 10-20% for negotiating room, that’s the likely culprit. Consider listing your Park City Utah house at 1% to 5% below your competitors—it’s a proven way to get more feet through your entryway.
A well thought-out marketing strategy with multiple advertising channels can be a necessity in a competitive area. Discuss taking advantage of social media platforms like Facebook and YouTube with your Park City real estate agent. Is there a way you as a homeowner can help? Consider holding mid-week open houses in the evening hours so visitors can drop by on their way home from work. Being extra flexible and accommodating can make the difference in getting qualified buyers through the door.
If you are listing your house in Park City Ut for a second time, you will want to make any deferred repair and cosmetic décor change you may have put off the first time ‘round.
The vast majority of today’s Park City Utah buyers are looking for a home that’s 100% “move-in ready.”
Patience is never more critical than when negotiating a price for your home. Refuse to be put off by offers that are lower then what you were expecting. You don’t need to accept such offers—but rather than just rejecting them, consider offering...
Posted by Heather Feldman on Thursday, May 29, 2014 at 4:12 PMBy Heather Feldman / May 29, 2014Comment
Park City Ut Open House Checklist
Estimates so far indicate that summer 2014 is likely to be a better than usual season for Park City Ut home sales. The past winter threw a wet blanket over all kinds of business activity, creating a perfect scenario for a sales bounce back—and that’s exactly what is beginning to show up in the stats. As Bloomberg News reported last week, sales of homes “climbed in April for the first time in three months…the biggest in six months…”
The Park City Ut local market cycle varies a bit from the national numbers, but Summer is one of our strongest seasons.
If you will be taking advantage of the uptick by listing your property for this summer’s market, having an open house in Park City is a prime way to attract prospective buyers. With a little focus and energy, getting your home in shape can be easier than you might imagine.
The checklist is short:
The place to begin is with the landscaping—it frames the picture that’s the first thing buyers see when they pull up during the warm months. If you don’t have summer flowers planted, that’s okay—improvise! Purchase a few hanging baskets and potted plants. Place them along pathways, the entrance, and other places that could use a little bit of color. Hose the exterior, but if the years have been too tough, you may need a refresher coat of paint or trim. Perk up the lawn with an easy-to-apply lawn food spray; edge where needed; then mow and admire!
Get a Fresh Outlook
Give your windows a good cleaning (outside first)—it’s surprising the amount of sparkle that simple job can add to your Park City or Deer Valley open house. Air the house thoroughly as you do a deep clean where it’s needed: usually a shampoo of carpets and rugs will accomplish the lion’s share of the work. Add some summer color to your rooms...