Park City, Utah is nestled in the Wasatch Mountains, this community offers all the benefits of resort living, with conveniences and opportunities of a metropolitain city. The town sits at 7,000 feet above sea level and is a short 30 minute drive to Salt Lake City International Airport, allowing us to remain one of the only resort destinations worldwide that can provide such advantages.
I have not crafted, baked sourdough or enrolled in an Ivy League University's online class.
What I have done is laughed out loud at legendary memes, overdosed on Netflix & Prime Video, and acquiesced to my almost-14-year-old's request for a new iphone. But what is happening everywhere? Sometimes hourly rollercoasters of emotions, and what I have found most important is meeting people where they are - with respect and zero judgement.
With only 1 cancellation in the last 8 weeks, we had 23 deals make it across the finish line. The past week has brought a shift; 8 new listing, 1 Back On The Market, 76 properties under contract 1 property with multiple offers within 36hrs, 2 closings, and too many buyer inquiries to count. The phone is ringing, photographers are busy shooting, drones are flying, stagers are scheduled and deals are closing. In this unusual down-time, skills have been honed and we are ready to get.after.it.
This time has shaped how we approach the selling of real estate. We have health-conscious protocols for showing property. Our marketing tools are more valuable than ever: proprietary syndication, 3D virtual tours, award-winning video, detailed features lists, and telling the story of the home in the crafting of the comments. Engel & Völkers online engagement up; YouTube views are up 90%, FaceBook engagement is up 200% and website visits from Instagram are up 150%.
My opinion is that we are not in a depression or a recession, but in a suppression. Anyone interested in our real estate climate - from the sidelines, as an existing owner, or as one considering a home in Park City - should take a few minutes and read the data points featured in my most recent Market Update.
The last word this month is about Park City schools. We discuss the loss of Park City's #1 Most Loved Fundraiser, Running with Ed, and how Park City schools are Changing the Equation in their response to the socioeconomic crisis.
Happy Mother's Day to all those moms out there crushing it.
Your Cliff Notes to our Current Real Estate Market Climate
Spring is officially is in the air in Park City. The snow is melting, birds are chirping, the bees are buzzing, and real estate is selling. Or is it? Questions – and opinions – about the Park City real estate market seem to be uttered nearly as frequently as the latest news on the pandemic, the two of which are admittedly intertwined. Uncertainty has been the word of the day for roughly two months now, and everyone has a different take on what they think will happen next. But as any experienced forecaster of economics or weather knows, nobody can be certain.
What we can be certain about are verified statistics, hard numbers that give an honest, unbiased look at how well the Park City real estate market, and the surrounding Utah real estate market, is performing. Take a look at our in-depth market update and what it could mean if you are looking to buy or sell in the near future.
Great reasons to buy real estate in Park City, Home Buying in Park City, Home Selling in Park City, Park City Real Estate Updates
It’s official, springtime is in the air in Park City. The snow is melting, birds are chirping, bees are buzzing, and real estate is selling. Or is it? Questions and opinions about the Park City real estate market seem to be uttered nearly as frequently as the latest news on the pandemic, the two of which are admittedly intertwined. Uncertainty has been the word of the day for roughly two months now, and everyone has a different take on what they think will happen next. But as any experienced forecaster of economics or weather knows , nobody can be certain.
What we can be certain about are verified statistics and hard numbers that give an honest, unbiased look at how well the Park City real estate market, and the surrounding Utah real estate market, is performing. Now more than ever, people crave tangible information. Sure, we all have our opinions of what may occur in the next 6-12 months, myself included, but speculation is an exercise in futility, and business decisions – like buying or selling property – are best made when using current numbers, not just gut feelings.
The goal of this market update is to paint a picture of how the Park City real estate market has reacted to the Coronavirus pandemic. In addition to throwing around a bunch of numbers, I’m going to do my best to translate what some of these metrics may mean to you, the consumer. Us realtors have a tendency to get all caught up in the minutiae of these metrics, and if we’re not explaining how these numbers can be useful to our clients – the buyers and sellers that drive the Park City real estate market – then we are doing a disservice. If you have any specific questions on these statistics, or other segments of the market, please call, text, or email me, and we can talk about your specific needs and wants, as every client and every transaction is unique.
Park City Single Family Homes
Overall for the month of April, the numbers for single family home sales in the Park City area do not paint a doom and gloom picture that many may have been expecting. The median sales price is actually up 21% compared to March, and up 11% as compared to April 2019. Prices remaining on the rise is great news for sellers. Homes are selling at an average of 94.3% of the asking price, down slightly by 2.7% in March, and down 1.6% from last April. This is a reminder that while sellers should price their homes realistically to sell, that they may also want to leave a little room in the list price for negotiations.
The number of homes sold in April is down substantially, nearly 49% as compared April 2019, but only down 4% compared to this March, a relatively minor correction despite the pandemic. Also, a substantial portion of the reduced number of sales can be attributed to less homes being on the market. The number of homes available for sale is down 23.5% year-over-year for April, and down 12.7% as compared to March. Less inventory means a greater demand for the homes that are available for sale (especially the really exceptional properties that are well priced) and less properties to compete against for sellers.
While the average days on market is up substantially from April 2019, the time on market has actually decreased from March 2020 to April by 19.3%. A decrease in days on market, combined with increasing sales prices, and a decrease in inventory, all bodes well for those interested in selling their Park City home.
Single family home sales for April 2020 in the Park City area as compared to March 2020 and April 2019; courtesy PCBOR
Single Family Homes Below $1,000,000
Median sold price decreased 2.5% from March and 9.1% from April 2019 to a current price of $795,000
Average number of days on the market for April are 29, the same as March, and down from 30 days on market in April 2019
Inventory decreased 8.7% from March, and is down 41.7% from 2019
Single Family Homes Between $1,000,000 and $2,500,000
Median sold price increased 16.7% from March and is up 8.9% from April 2019 to a current price of $1,750,000
Average number of days on the market for April are 118, up from 82 days on market in March, and 65 days on market in April 2019
Inventory is down 20% from March, and is down 35.9% from April 2019, likely contributing to the increased median sold price
Single Family Homes Above $2,500,000
Median sold price decreased 2% from March and is down 29.2% from April 2019 to a current price of $3,000,000
Average number of days on market for April are 255, down from 446 days on market in March, and up from 54 days in April 2019
Inventory is down 8.8% from March, and has decreased 11.9% from April 2019
Park City Condos and Townhomes
Shifting gears to another substantial segment of the Park City real estate market, the numbers for condo and townhome sales also do not signify a massive drop off or correction in the market. The median sales price has increased 3.7% compared to March, and is up 7.3% as compared to April 2019. The annual and monthly increase in prices bodes well for owners, investors, and those looking to sell. Condos and townhomes are selling at an average of 95.3% of the asking price, down 2.5% from March, and down 1.5% from last April, but overall remaining fairly stable.
The number of condos sold in April is down 25% compared to March, and down 47.8% compared to April 2019. Again, a sizable portion of the reduced number of sales is due to less condos and townhomes being on the market. The number of condos available for sale is down 30.8% year over year for April, and down 11.6% as compared to March. The decreases in inventory means a greater demand for the condos available for sale and less properties to compete against for sellers. More on this later in the blog, where I share some personal experiences on the market as of late.
The average days on market has dropped 14.5% from March, and is nearly even compared to April 2019, down just 1.8%. A decrease in days on market, combined with increasing sales prices, and a decreased inventory, are all generally positive trends for those interested in selling their Park City condo or townhome.
Condos and Townhomes Below $750,000
Median sold price increased 8% from March and went up 4.1% from April 2019 to a current price of $475,000
Average number of days on the market for April are 97, down from 103 days in March, and up from 70 days on market in April 2019
Inventory decreased 8.6% from March, and is down 20.1% from 2019
Condos and Townhomes Between $750,000and $1,500,000
Median sold price increased a very impressive 61.8% from March and is up 59.1% from April 2019 to a current price of $1,375,000 April 2019 to a current price of $475,000
Average number of days on the market for April are 187, up from 129 days in March, and down from 266 days on market in April 2019
Inventory decreased 7.1% from March, and is down 42.8% from 2019
Condos and Townhomes Above $1,500,000
Median sold price is down 9.4% from March and is up 1.5% from April 2019 to a current price of $2,132,500
Average number of days on the market for April are 192, down substantially from 306 days in March, and down from 285 days on market in April 2019
Inventory decreased 18.6% from March, and is down 33.5% from 2019
Heber Valley Real Estate Overview
Single family home sales in the Heber Valley area show a decrease in the median sales price compared to March 2020 and April 2019. The inventory has increased this month, although it is down compared to this time last year. New listings and the number of days on market are on the rise as of late, however the percent of asking price received on homes that have sold, is up slightly to 99% of asking. The influx of available inventory is helping to drive down the median sold price and increase the days on market. That said, 45 days on market still very much represents a sellers market.
Salt Lake City Real Estate Overview
The Salt Lake City real estate market has been, and continues to be, HOT. For single family homes in Salt Lake County, we have seen a decrease in inventory of 30% from April 2019 to April 2020, and a decrease of 11% from March to April of this year. The decrease in inventory combined with a still very strong demand for housing in Salt Lake has led to the median days on market decreasing from 16 days in April 2019 and 13 days in March 2020, to only 8 days on market in April 2020.
A sellers market is generally defined as any time frame between 0 and 90 days on market, so 8 days on market is a very strong number for sellers and indicates a shortage in available homes for sale. Further supporting a strong sellers market, is that the median percentage of the asking price received by sellers is 101%. On average, homes are selling for above their asking price, up from 98% in April 2019, and 100% of asking price in March 2020.
My Observations
There has been a lot of talk recently in real estate circles about bargain hunting, and buyers seeking out 15-25% discounts on properties for sale. While some metrics have decreased, overall the market and its sales prices are holding steady, or even increasing in some instances. While demand has decreased for some properties, a decreased inventory has helped many segments of the market to remain steady. As of now, there aren’t any market statistics supporting massive discounts or property fire sales. Multiple offers are being seen in Park City, and regularly in Salt Lake City, where buyers would be wise to write strong, clean offers when purchasing.
As of late, I have seen a particular interest in 2-4 bedroom condos and townhomes under $750,000 that live similar to a single family home. Recently listed Hidden Creek unit had 6 showings in its first day on market. If anything, the out of area demand for this type of property may have increased during the pandemic, as buyers in large cities and on the coasts are looking to have a place to get away to in times of uncertainty.
As always, premium properties that are well presented, well marketed, and priced in line with the market, will sell. This is where our marketing team is a cut above the rest. The ability to present a property in its best light, while broadcasting it to the largest qualified audience possible, will help beat out the competition and get the property sold faster for more money. With in-person property showings on a definite decrease, we include a 3D tour of every property we list, no matter the value. Luxury and exemplary service are an experience, not a price point.
Top notch service, a powerful network, superior marketing, and in-depth market knowledge are as important as ever when buying or selling property. The sky is not falling, homes are still selling, and Park City is still an incredible place to live, retire, or raise a family. If you are interested in looking at numbers specific to your neighborhood, or are thinking of buying or selling real estate in the near future, please, call, text, or email me, and I will help in any way I can.
Each brokerage independently owned and operated. This e-mail and any attachments are confidential. If you are not the intended recipient of this e-mail please immediately delete its contents and notify us. This email was checked for virus contamination before being sent - nevertheless, it is advisable to check for any contamination occurring during transmission. We cannot accept any liability for virus contamination.
Each brokerage independently owned and operated. This e-mail and any attachments are confidential. If you are not the intended recipient of this e-mail please immediately delete its contents and notify us. This email was checked for virus contamination before being sent - nevertheless, it is advisable to check for any contamination occurring during transmission. We cannot accept any liability for virus contamination.
Whether it be a new home, new office, down the block, or across the country, moving is not always fun.
One of the biggest questions that I seem to consistently hear from clients moving to Park City, UT is the high cost to move across the Country, or darn, even a couple hundred miles away!
Moving is stressful and tiring, but the costs that come along with moving can quickly add up.
Luckily for you, I have a few ideas whether it be a new home, new office, down the block, or across the country, moving is not always fun.
One of the biggest questions that I seem to consistently hear from clients moving to Park City, UT is the high cost to move across the Country, or darn, even a couple hundred miles away!
Moving is stressful and tiring, but the costs that come along with moving can quickly add up.
Luckily for you, I have a few ideas on money-saving moving tips to avoid stress and help you save some dollars.
The first tip for you to save some dollars on your moving cost is to pack the little stuff yourself.
Packing your kitchenware, shoes or books yourself will take time and therefore money off your final moving bill. You could also drive the little stuff to the new place yourself and only have the movers take care of the heavy items.
Most of us have many items we don’t seem to want to get rid of even though we never plan on using them again. To help you save the money now is the
perfect time to get rid of them.
It will also save you space and you won’t have to worry about packing them up and moving them (or paying to have them moved) when the big day comes.
An easy and effective way to get rid of your unwanted items is to have a garage sale which will definitely put extra money in your pocket. You could also take some of your unwanted items to a local donation center and have a tax deduction at the end of the year.
A garage sale will also save you space and you won’t have to worry about packing them up and moving them (or paying to have them moved) when the big day comes.
You should be measuring your new place and see if your old furniture will fit through the doors and corners. If it doesn’t, consider adding them to your garage sale.
Some people even USPS, their shipping rates are affordable and may even end up costing you less than using a rented truck. However, if you end up shipping your items, make sure to use brand new boxes as they are sturdier.
Hopefully, you are lucky enough to have friends with trucks or bigger cars, hiring a low-cost moving company is very helpful and time-efficient. Make sure you research different moving companies carefully to find as much information possible before choosing.
Moving companies charge more during the busy seasons or weekends. If you are able to plan your move date during the slow season like early winter, fall, or during the week, you can save a lot of money. to avoid the stress and help you save some dollars.
The first tip for you to save some dollars on your moving cost is to pack the little stuff yourself.
Packing your kitchenware, shoes or books yourself will take time and therefore money off your final moving bill. You could also drive the little stuff to the new place yourself and only have the movers take care of the heavy items.
Most of us have many items we don’t seem to want to get rid of even though we never plan on using them again. To help you save the money now is the
perfect time to get rid of them.
It will also save you space and you won’t have to worry about packing them up and moving them (or paying to have them moved) when the big day comes.
An easy and effective way to get rid of your unwanted items is to have a garage sale which will definitely put extra money in your pocket. You could also take some of your unwanted items to a local donation center and have a tax deduction at the end of the year.
A garage sale will also save you space and you won’t have to worry about packing them up and moving them (or paying to have them moved) when the big day comes.
You should be measuring your new place and see if your old furniture will fit through the doors and corners. If it doesn’t, consider adding them to your garage sale.
Some people even USPS, their shipping rates are affordable and may even end up costing you less than using a rented truck. However, if you end up shipping your items, make sure to use brand new boxes as they are sturdier.
Hopefully, you are lucky enough to have friends with trucks or bigger cars, hiring a low-cost moving company is very helpful and time-efficient. Make sure you research different moving companies carefully to find as much information possible before choosing.
Moving companies charge more during the busy seasons or weekends. If you are able to plan your move date during the slow season like early winter, fall, or during the week, you can save a lot of money.
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.
Each brokerage independently owned and operated. This e-mail and any attachments are confidential. If you are not the intended recipient of this e-mail please immediately delete its contents and notify us. This email was checked for virus contamination before being sent - nevertheless, it is advisable to check for any contamination occurring during transmission. We cannot accept any liability for virus contamination.
Each brokerage independently owned and operated. This e-mail and any attachments are confidential. If you are not the intended recipient of this e-mail please immediately delete its contents and notify us. This email was checked for virus contamination before being sent - nevertheless, it is advisable to check for any contamination occurring during transmission. We cannot accept any liability for virus contamination.
Each brokerage independently owned and operated. This e-mail and any attachments are confidential. If you are not the intended recipient of this e-mail please immediately delete its contents and notify us. This email was checked for virus contamination before being sent - nevertheless, it is advisable to check for any contamination occurring during transmission. We cannot accept any liability for virus contamination.
Each brokerage independently owned and operated. This e-mail and any attachments are confidential. If you are not the intended recipient of this e-mail please immediately delete its contents and notify us. This email was checked for virus contamination before being sent - nevertheless, it is advisable to check for any contamination occurring during transmission. We cannot accept any liability for virus contamination..
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.
With all the textiles in your home, keep two sets: one for the colder months of the year and another to beat the heat. When summer comes around, swap out your winter bedding for something lighter.
2. SWAP OUT YOUR CURTAINS
Like throw rugs and bedding, swap out your curtains seasonally. And during the summer, we prefer a pair of white sheer curtains. They’ll give you just enough protection from the blazing sun without heating up your home
3. KEEP YOUR CURTAINS CLOSED DURING THE DAY
And once you’ve got your new curtains, keep ’em closed during the day, so that the air in your apartment won’t heat up. That way, you can return to a cool, refreshing home.
4. OPEN UP THE WINDOWS ON COOL NIGHTS
On cool summer nights, open up the windows and let the breeze in. It doesn’t hurt to have an exquisite patio.
5. CEILING FAN
Next to sliced bread, we consider indoor air conditioning to be one of the great innovations of the 20th century. But running the air conditioning all day can be expensive. So if you’re looking for ways to keep the air circulating while you’re out of the house, dust off your ceiling fan and give it a spin.
6. DITCH THE INCANDESCENTS
Incandescent bulbs aren’t just harmful for the environment. They also generate 90% more heat than their fluorescent counterparts
7. START GRILLING
Anyone who has tried to bake during the summer knows how much it heats up the home. If you’re looking for ways to keep up your culinary habits without getting hot, consider getting a grill.
Selling a home can be one of the most stressful ordeals of your life, but not if you do it right.
It doesn’t have to be the time-consuming, back-and-forth nightmare people proclaim it to be.
The key is knowing what you’re doing and how to do it!
Depending on the housing market, it could take anywhere from 3 to 12 months to sell a home.
However, by following these 7 amazing tips for selling your house fast, you could sell your home significantly faster!
1. Don’t Get Greedy, Price Your House to Sell
It’s easy to feel biased toward our own houses. We have a lot of feelings wrapped up in them and can see their value and potential.
However, you must remove yourself from your personal feelings and be realistic about your house and how to price it. Just because you think the rotting tree in back adds character, it doesn’t mean potential buyers will.
Do some market research and find out what homes in your neighborhood are selling for. Objectively compare your home to the homes that are selling.
Ask yourself these vital questions when comparing houses:
What is the square footage?
What is the square footage of the lot?
How updated is the house?
What year was the house built?
What condition is the house in?
What perks come with the house?
Most importantly, when looking at all of those questions, make sure you’re being honest with yourself.
If you price it too high, potential buyers won’t think twice about buying your house. If you price it too low, you’ll get the raw end of the deal.
Find a reasonable price that will attract buyers without giving the farm away. Leave some wiggle room in there for yourself for any counter-offers they have, as most people will try to get a deal. Learn when to fight back and when to accept an offer.
Finally, if you really want things done fast, at Uk Property Cash Buyers, their motto is “We buy any house.” They offer a no-obligation cash offer and free property valuation. They essentially take the problem out of your hands.
2. Keep It Clean
Think about how you feel when walking into a loo. You probably don’t think twice about it if it’s clean, but if it’s filthy, it’s all you’ll think about.
The same can be said for buyers walking into your house. If it’s clean and sharp looking, it’s appealing. If not, it’s a huge turn-off for buyers.
If someone walks into your house and is distracted by how dirty it is, you’ll likely never see them again.
Be neurotic about keeping your house clean while it’s on the market, it will sell faster.
3. Capitalize on Curb Appeal
Speaking of first impressions, what do you think is the first thing people notice about your house?
Curb appeal!
To them, though, it’s not curb appeal, it’s potential. They envision driving home after a long day of work or playing out in the yard with the kids.
Make the outside of your home as appealing as possible. This includes the yard, the exterior of the house, the roof, the driveway, etc. Curb appeal is designed to tempt people to want to look inside your home.
4. Depersonalize It, It’s Not Your House Anymore
While leaving a house and all of the attached memories can be emotionally taxing, understand that if you want to sell your house fast, you can’t look at it as yours anymore.
The first step is to start depersonalizing it. If you’ve moved out already, it will be much simpler. If not, however, you need to start taking down anything that makes it feel like someone still lives there.
Take down any pictures, personal artwork, or decorations that aren’t generic. Make sure all the rooms are painted in a neutral way, so you don’t turn anyone off with lime greens or vibrant oranges. Finally, get rid of any old, ratty furniture.
Make sure your house feels more like a blank canvas, where potential buyers can come in and paint a picture in their mind of what the house would be like if they lived there.
5. Let in the Sun
Our bodies need sunlight to synthesize vitamin D. Sunlight also helps moderate our moods by increasing serotonin production, preventing depression and anxiety.
It’s no wonder then, that we humans are naturally drawn toward houses with big open windows letting in plenty of sunlight!
Capitalize on this innate human desire to be in a house with the sun pouring in from all angles. Keep your curtains open and your blinds up when showing your home. It gives it a happier, brighter, homier feel!
6. Stage It
People who stage their houses can see a 73% increase in how fast it sells.
While it’s important to clean your home and declutter, including all personal items, an empty home can sometimes send the wrong message.
It’s definitely easier to sell a house you’re not living in, but people want to feel what it would be like living somewhere. They can’t do that very well if the home is echoey, empty, and cold.
Home staging gives your house the warm, inviting feel, yet is impersonal enough to allow potential buyers to daydream about living there.
7. Time It Right
Lastly, know your selling market. Time your house right for the best selling season.
In the UK, studies show that selling in the spring, between February and July, is your best window of opportunity. Yes, the competition will be tougher during this time, but so will the buying rate!
If you miss that window, however, autumn is also a decent selling season, though, your window is much shorter.
It’s not impossible to sell in other months, and if you need to sell your house fast during winter, you have to work with the cards you’re dealt.
7. Do What’s Right for You
Remember, at the end of the day, you have to sell your house in the way that’s best for you.
If time is of the essence, you can always refer to companies like UK Property Cash Buyers. If not, you can take a little more time, fix some things up, and try to get a little more out of the sale.
Ultimately, though, the choice is in your hands and the last thing you should do is settle with something you can’t live with!
Whether you are buying or selling, I understand the process which can often be challenging and complicated. I focus on taking the pressure off you, so you can make clear and concise decisions throughout the process. Ultimately, a “successful sale” is my main goal and I utilize our expertise to make that happen for you.
