2021 December Newsletter

 Our December 2021 Update

A Look at Wealth 2021 Report

According to 2021 National Association of Realtors data, there was a 244.5% year-over-year increase in the number of home sales in the United States priced above $1 million in May.

For more trends and stats, view our 2021 "A Look At Wealth” luxury real estate market report!

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Ready to Hit the Slopes?

Here are the announced opening dates so far!

View Activities

Explore Outdoor Recreation

Explore Things to Do

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10 Ways to Spend a Winter Day Off the Slopes

While Park City is most often thought of as a ski destination, its off-slope activities are plentiful. For when you want to give your ski legs a break, or just try something new, consider the following:

Link to Additional Resources

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How's the Park City Market?

November 2021 Statistics for Single Family Homes in Park City Proper (84060)

November 2021 Statistics for Condos/Townhomes in Park City Limits (84060)

“All real estate is local” has never been truer than now. Pricing, availability, and demand vary widely from neighborhood to neighborhood, reinforcing the need for a local REALTOR to buyers through the jungle of competing bids and rising prices. We offer a full-service real estate brokerage to help you buy and sell in the Park City and Deer Valley luxury communities.

Call or text me today for more information: +1 (435) 602-8228

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Did You Know?

According to Coldwell Banker’s recent survey, 45% of Gen Z & Millennials are likely to say owning a home is an important financial goal for them. Check out our other survey findings!

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View Magazine

The latest edition of the View Magazine is online and in print!

Check out the hottest homes on the market throughout Utah today!

        

 

Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction.

Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.

 

Ensure that you have the best representation when buying and/or selling Contact Paula Higman Real Estate Park City at 435-602-8228 

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Housing Market Settling into New Normal (YEAR IN REVIEW)

 

Housing Market Settling into New Normal (YEAR IN REVIEW)

Monthly home value growth slowed further in October, on the heels of monthly slowdowns in September and August, continuing to bring the astronomical pace of growth down from its record highs earlier in the summer. 

The Home Value rose 1.3% from September, to now $312,728, up 19.2% from October 2020 level. The annual growth represents an all-time high in data dating back more than 20 years, and the monthly pace is higher than at any point recorded prior to the pandemic — but is still down notably from the recent high of 2% set in July. The average October monthly appreciation in the U.S. from 2015 through 2019 was 0.4%. In other words, even as the market cools, it is cooling off from an exceptionally hot starting temperature.

Home values didn’t drop in any of the 50 largest U.S. metros, but monthly home value growth decelerated in 42 of them. The slowest monthly growth was seen in Milwaukee (0.1%), San Francisco (0.3%), Buffalo (0.3%), and St. Louis (0.4%), while the fastest was in Raleigh (2.7%), Nashville (2.4%), and Atlanta (2.3%). Still, even as the overall slowdown in the market continued, October also provided early indications that the slowdown in home value growth is itself slowing down: the decline in monthly growth was slightly smaller than the decline recorded in September from August.

Housing Market Settling into New Normal 
(October 2021 Market Update)

I am currently working on an update for the third quarter of 2021 real estate in Park City.  At first glance, I am seeing many neighborhoods of Park City increasing in the number of transactions and total volume sold.  There are areas that have dropped significantly as well because we are at record lows for inventory.  

The areas of Empire Pass, Silver Creek, and the golf course communities just don't have many options available on the market which naturally slows sales.  But we'll see the overall volume climb as prices have increased.  Park City currently has 72 single-family homes on the market that are built and we had 797 sales in the past year.  797 sales divided by 12 months give us 66 sales per month, which is 1.09 months of inventory.  The lack of homes and condos for sale in Park City is choking out the market which will lead to real estate stats that don't tell the full story.

As far as I see the market is still hot and if a property hits the market you need to be able to act fast. This means knowing where you want to be, having all your lending lined up, and if a specific property will work for you.

Give me a call to discuss the different neighborhoods in the Park City area so I can narrow down your search and help get your up to speed on the areas that will work best for you.

Need More Information? Call or Text Me Today (435) 602-8228

Here's a monthly local update based on homes in 84098

 

Paula Higman Real Estate - Coldwell Banker Park City

paula@paulahigman.com

(435) 602-8228

FOLLOW YOUR DREAM, HOME.

Playing Catch-up: Putting the Recent Home Building "Boom" in Context

 Playing Catch-up: Putting the Recent Home Building "Boom" in Context

The number of homes listed for sale in America ticked down in October, marking the end of 2021’s modest inventory rebound that began in May and leaving current levels down by more than a third from pre-pandemic norms. But how did we get here? Why are there so few homes available to buy, even as homebuilders seem to currently be firing on all cylinders to develop and sell more homes?

More than 1.5 million residential building permits were issued between February 2020 and February 2021 — a benchmark level of housing construction surpassed in every building boom since the 1970s. The problem is that after permit activity bottomed out in 2009 at the depths of the housing crisis, it took more than 11 years to get back to that threshold. The new home construction market today very much remains in catch-up mode, recovering from a decline that was both much steeper and took longer to come out of than in any previous construction cycle.

Total residential permit activity has continued to grow dramatically throughout the past 18 months —  hitting a new post-Great Recession peak of 1,687,300 permits issued in the 12 months from August 2020 through August 2021 — leading some to wonder if builders are actually creating a new glut of housing. But this year’s pace of homebuilding represents only the first full year of above-trend construction in 11-plus years, and in truth, builders are only just beginning to meet the housing deficit and feed housing demand that has only been growing since the end of the Great Recession.

Give me a call to discuss the different neighborhoods in the Park City area so we can narrow down your search and help get you up to speed on the areas that will work best for you to live in or have a second home.

Call or Text Today: (435) 602-8228

SMART HOME APLIANCES

5 Reasons to Use Smart Home Appliances

Take a look at some of the latest tools designed to streamline your home life:

Smart Security: As technology improves, home safety does too. Affordable security technology is making houses safer, whether you’re at home or away. This includes motion sensors, automatic lighting, doorbells with cameras and smart locks that connect to your phone.

Voice and Motion Activation: Touchless faucets aren't just for commercial buildings. Having them in your home can make things cleaner and easier. And you can have your smart assistant turn on the ceiling fan or play your favorite podcast with just a few words. 

Green Technology: One of the most notable benefits of smart home technology is its energy efficiency. LED lights help you save on power usage and smart blinds block the summer sun with little effort on your part. This technology is better for the planet and your wallet.

Practical Efficiency: Even refrigerators and laundry appliances have gotten smart upgrades. You can get alerts to your phone when your laundry is done. Or view the inside of your fridge while you’re at the store to know what ingredients you’re missing.

Centralized Control: Smart tech often allows for remote, centralized control of multiple appliances. You can power on your lights, music, alarm, thermostat, and much more through your smartphone or home assistant.

Smart technology is available for so many purposes. You can choose a smart home with advanced fixtures, or just have a few smart appliances around the house.

Paula Higman Real Estate - Coldwell Banker Park City

paula@paulahigman.com

(435) 602-8228

FOLLOW YOUR DREAM, HOME

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Create a Home Maintenance Checklist

 

Your vehicle requires routine maintenance to run smoothly, and the same goes for your house. Without service reminders, however, it can be easy to forget to tend to all the systems that keep your house fully functioning. Fortunately, you can create a simple annual maintenance checklist to properly care for your home and prevent potential issues from becoming major problems. Start by making a list of each task you'll need to complete over the coming year. Make sure your yearly home inspection includes all major systems (HVAC, electrical, and plumbing), the interior and exterior of your home, water and septic tanks, doors and windows, and the attic or basement if applicable. When that's done, organize the list according to how often each item needs to be checked or maintained and set reminders accordingly. Your home maintenance checklist might start to look similar to this: Monthly Test smoke and carbon monoxide detectors. Change air filters in the heating and air conditioning system. Clean range hood filters to avoid possible grease fires. Trim back any shrubbery or plant growth around the outdoor HVAC unit by at least 18 inches. Quarterly Check and wipe down sliding doors and window tracks. Replace batteries in smoke detectors. Test garage door and grease tracks as needed. Semiannually Clear gutters of spring and fall foliage. Power wash windows and siding. Schedule seasonal service of the HVAC system before summer and winter. Annually Inspect and insulate pipes to protect them from freezing. Trim trees and shrubs away from the home's exterior. Touch up exterior paint and check for wood rot or water damage. Check grouting in the kitchen and bathroom and repair if necessary. A home maintenance checklist will make it easier for you to manage the upkeep of your house. It can also help you catch minor issues before they become costly home repairs.

I hope you are having a great day!

Demo Day the Responsible Way

Thanks to HGTV, "Demo Day" is often thought of as the fun part of renovation and construction. Owners and celebrity reno stars wield sledgehammers and power tools while kicking down drywall, tearing out cabinets, and throwing building material from second-story windows. The carefree assault on a dated home makes demolition look easy and fun, but there is more skill and expertise involved than you might think.

If you're considering a DIY demo to save money before a renovation, make sure you know what you're getting into, and you are prepared for any problems that may arise.

 

 Safety First: Ensure you have enough safety equipment — steel-toed work boots, safety glasses, hard hats, masks, and work gloves for everyone in your crew. Full coverage, snug-fitting shirts, and pants provide protection from splinters, itchy fiberglass, and rusty nail scratches. Keep a first aid kit handy, and make sure your phone is fully charged in the event of an emergency.

Hidden Hazards: Is there asbestos in your carpet padding or lead in the wall paint? If your home was built before 1978, there’s a good chance some paint in the home will contain lead. Asbestos is trickier – it’s been banned in some common building materials, but is still used in others. When in doubt, test flooring, walls, ceilings, and pipe wrappings before beginning work. The risks from asbestos arise when it is damaged or disturbed and the asbestos fibers become airborne, so wearing a proper respirator and following the correct procedures is crucial.

Work Smart: Does everyone involved know how to use power equipment and heavy tools like crowbars and sledgehammers? Each helper should be cognizant of what is happening around them when the swinging and smashing start.

Secure The Site: Is the worksite safe? Shut off power when working on or close to electrical systems. Turn off the water main when plumbing is involved. Sites should be secured to keep kids, pets, thieves, and curious passers-by out. Make sure to display "No Trespassing" signs as well.

Plan For Success: Take a close look at the structure and materials to be demolished before you start anything physical. Which way do the joists run? Which walls are structural? Which walls have water lines, electrical wires, or gas lines behind them? Is there anything you want to protect and preserve? If you can't identify structural components, then you certainly shouldn't remove them. Consult a building professional (architect, engineer, contractor) before smashing into your walls, and check with your insurance broker to confirm you are covered for all liabilities before you begin.

Welcome to September Real Estate and Lifestyle Update

Welcome to September

YOUR REAL ESTATE AND LIFESTYLE UPDATE

THE TOP TEN STATES 
SENDING PEOPLE TO UTAH