Monday, August 27, 2018

Are Discount Brokerages A Good Idea?

It's the hot seller's market and a lot of real estate agents, buyers and sellers are taking great advantage of it. Another group that seems to be all the rage are what I call "discount brokerages".
What are discount brokerages?
These are companies that promise to give you leads in exchange of only a small percentage rather than the actual standard commission; i.e., Purplebricks, etc. They operate with flat fees or very small commission percentages paid to the real estate agent.
My question is: Is it worth it?
My thoughts on this is there's a value question about real estate agents and what their value is in ANY current market.
Right now with the hot seller's market these start up companies can afford to pay extremely smaller percentages BUT when the market cools down, I don't see them being able to afford this model anymore due to the lack of volume.

It's important to always think about LONGEVITY in this business.
I would say that it's worth taking the time to get into a good brokerage with a reputation of having their agent's back. These are brokerages that don't nickle-and-dime you for cost of signs, marketing, extra training, etc.
You have to think about your longevity as an agent and not necessarily riding up this insanely good market cycle and thinking it's gonna last forever - it's not.
So please keep this in mind when you're being courted or if you're thinking about changing brokerages or going with one of these discount brokerages.

    Here are some options rather than taking the direction of going into the discount brokerages:
    • You can speak to a lot of agents that work in a brokerage that you admire and that you want to get in to
    • You can co-list with top producers if you have something in value and try to get into a team of a larger brokerage
    • You can negotiate. Remember that commissions are always negotiable and you can frame negotiation talks more to your advantage

    Making the Right Decision

    I'm not totally against these discount brokerages, I understand their point of view (that doesn't mean I agree with it) but I'd ask that you think it through before signing up to one of them.

    Tuesday, August 21, 2018

    FREE HOME EVALUATION….$495 VALUE


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    From: Paula Higman
    890 Main Street 5-101
    Park City, UT 84060
    435.602.8228  Call or Text today...



    Monday, August 20, 2018

    Protect Your Art, Antiques and Collectibles

    Moving can be a hectic time. Packing up your home requires careful planning. If you own fine art, antiques or collectibles, you need to take additional measures to ensure your belongings get to your new home safely. Here are four things to keep in mind.

    Take Inventory 
    Know the condition of your belongings before movers handle them. Take detailed photos of your collection so that individual pieces can be clearly identified. If anything is missing after the move, the pictures will help you identify the specific pieces that must be found. For fine art and antiques, take photographs in bright lighting and from multiple angles. Don't leave any room for guesswork should damage occur during transportation. 

    Insure Your Move 
    Moving companies are legally required to give basic coverage during transportation, but paying for full-value protection through your insurance agent is wise, especially for items that cannot be easily replaced. Insurance is another reason to take photos of your belongings -- before and after images of mishandled valuables are powerful corroboration for reimbursement. 

    Ensure Packing Best Practices 
    Experienced fine art movers will wear fresh, white gloves when touching paintings, sculptures or antiques. They should provide clean moving blankets and special packaging for custom or delicate items and have a system for labeling and identifying fragile boxes.

    Mind the Elements 
    Certain antiques and art may deteriorate if exposed to extreme heat or cold for too long. Your movers should have climate-controlled moving trucks for your most sensitive belongings. Even if temperate conditions are not necessary, ensure that fragile belongings are the final pieces loaded into the moving vehicle, and the first pieces unloaded. 
    Whether you're ready to find your next home or need recommendations for local moving companies, get in touch today for help and resources to guide you through the process.

    Thank you for reading my BLOG. Be sure to follow me on Facebook to stay in the loop with the latest. I look forward to connecting with you soon!



    Wednesday, August 15, 2018

    2018-QUARTERLY REPORT Statistics - Park City, Utah




    _________________________________________________________________________________

    2018-QUARTERLY REPORT

    Statistics - Park City, Utah



    ENGEL & VÖLKERS PARK CITY 

    PARK CITY, UTAH (August 8th, 2018) -- Recent housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed continued demand and increase in median sales price.

    At the close of the second quarter of 2018, the number of single-family home sales in the Greater Park City Area increased by 6%, vacant land by 5%, while the condominium sector was slightly down compared to last year’s sales. Demand continued to rise on a gradual level, with single-family homes accounting for 49% of the total dollar volume, condominium sales for 40%, and vacant land for 11% of the market share.


    Single Family Homes


    Year-over-year, the number of single-family home sales within the City Limits was up 9%, while the median price of $1.93 M remained flat to last year. By neighborhood, Old Town had the highest number of sales – up 36%, while there were 20% fewer sales in Park Meadows.

    Snyderville Basin reported more than twice the number of home sales as the City Limits – a 4% increase over last year – with the median price climbing to $1.13 M – up 17%. In Silver Creek sales were up 40% and 37% in median sales price reaching $1.16 M. By neighborhood, Promontory had the highest number of sales in the Basin with 77 sold homes in the last 12 months. Activity in the Jordanelle area had a sizable increase in sales with a 14% median price increase reaching $1.73 M.

    Sales in the Heber Valley continued at a strong pace, with nearly one sale a day, and a 28% median price increase to $506,000. There were 20 more homes sold in RedLedges compared to last year, with a median sales price of $1.16 M – up 8%. Midwaycontinued to thrive with 96 closed sales and 17% median price increase reaching $544,000.

    “There are many factors contributing to the numbers we are seeing in the Heber Valley. Despite the sharp increase in construction costs, single-family homes are still well below Park City prices. With new amenities in the Heber Valley and excellent schools, buyers are weighing their options,” said Park City Board of REALTORS® President, Todd Anderson.

    In the Kamas Valley, the number of sales decreased 15%, though the median price climbed 10% to $412,000. Sales numbers in the WanshipHoytsvilleCoalvilleEcho, & Henefer areas remained the same with a median price of $359,000. 

    Condominium & Townhome Sales

    Year after year, the number of condo sales within the City Limits was up 8% and up 15% in median price to $787,000. The Snyderville Basin reported essentially the same number of sales as last year with 308 units and the median price of $503,000.

    Anderson explained, “The difference between these two areas may be attributed to the completion of developments in Empire Pass versus the reserved or pending status of the to-be-built product in Canyons Resort Village.” The Kimball Junction area, which can offer primary residence condominiums, saw flat sales but a 15% median price increase to $385,500.

    The number of closed sales dropped 20% in the Jordanelle area possibly due to lack of inventory as new construction projects have been absorbed, but there was a 12% increase in median price reaching $528,000.
    Vacant Land Sales


    Park City Limits saw 14 more lot sales than last year and a 15% median price increase reaching $820,000. By neighborhood, Promontory had the highest number of land sales in the Basin with 72, and the median price continued its upward tick reaching $405,000. Canyons Village saw increased sales activity and a 22% median price increase to $2.28 M.

    CONCLUSIONS  


    Historically, July and August are the months with the highest level of inventory for homes and condos in the Wasatch Back – and Q2 of 2018 was just below Q2 of 2017. In some of the most desirable neighborhoods, a shortfall of for-sale properties has placed an upward pressure on the median prices. With the demand for all that the Wasatch Back lifestyle has to offer, listed properties have been selling at a faster pace. In the last 12 months, the average length for a home to sell was less than 6 months in the Basin and less than 11 months in the City Limits.

    If you have any questions do not hesitate to call or text me at 435.602.8228.


    Information deemed reliable, but not guaranteed. All information provided by the Park City Board of REALTORS®. 





     

    Monday, August 6, 2018

    FREE HOME EVALUATION….$495 VALUE


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    From: Paula Higman
    890 Main Street 5-101
    Park City, UT 84060
    435.602.8228. Call or Text today...














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