Top Tips on Buying & Selling in Park City Today

From our bottom in mid-April we have seen the market continuously improve to now, where it is largely on par or better than last year's performance. This past week was no exception, with 81 new listings, 2 more than the same week in 2019. Closings this past week (57) well surpassed 2019 (47) by almost 20%. As with New Listings, Closings are following last year’s upward trajectory. We expect that trend to continue and to increase in velocity.
 

"The global pandemic has sparked many people
who have been considering moving to Park City for years,
to finally take the step and to make their dreams come true."
 

With local real estate on target to match or exceed last year's activity, and new buyers coming in from all over, creating a new operating system with buyers making quick sight-unseen offers, that lends the question:
 

How can buyers compete in the tough market?
How can sellers maximize their potential?

Read on to get the top tips from our local KW team of experts in the field - we have more combined experience than any other brokerage in the area. 

Now it’s absolutely crucial to get pre-approved to show sellers you’re serious when making an offer, particularly because you are likely to have competition. Multiple offers are part of our new normal. A pre-approval from a local lender shows the seller that you’re financially capable of buying a home. If you're a cash buyer, have your bank or financial advisor ready to provide a proof of funds letter to sellers to submit with your offer. 

With the market as heated as it is, we anticipate continued need for buyers to be prepared for competitive, multiple-offer situations. Buyers should be ready with their strategy, pricing, and terms mapped out so they can be responsive when these situations arise. This is essential to success, as timelines are typically very short.

The ins and outs of multiple offer situations can be challenging; however, we are here to advise you on tactics in these situations. We will explain what to expect and share our recommendations for how to succeed based on your situation. 

Real estate moves fast, and with multiple offer situations becoming more common, buyers must be ready to sign documents and respond quickly to changes in terms. During these negotiations, it's critical that you make all parties to the transaction available and make sure you're able to receive email and text alerts. Time is of the essence!

This is probably not the time to be looking for a "deal." Coming into this pandemic, many investors anticipated price drops. While this may have occurred in other parts of the country, it is not our reality along the Wasatch Back. Due to the high level of competition for inventory, low offers will likely not even receive a counteroffer in many instances. 

Be sure you're really ready to buy. If you are, you'll want to hit the points above and enter this market in a highly engaged manner. Delays and uncertainty will not serve you well and could keep your foot out of the door of your dream home. 

Choose an agent that can provide buyers with the things they're looking for most in today's market. Here are some features that buyers find most helpful in a home search that we can provide for you:

• The ability to take a virtual tour or walk through of the home
• Listing and neighborhood information that is accurate and detailed
• Plentiful, high-quality listing photos that show the property's interior and exterior
• Access to all the digital tools to ensure a smooth, electronic transaction

This is where a licensed agent is highly important. We have the ability to produce a highly customized report on what similar homes in your area are selling for, how many days they are on the market, and what their list price vs their sales price is. All of this information will help you sell your home according to your own personal wants and needs. 

To make sure your home is at the top of potential buyers' lists, we recommend keeping your house spotless. Live like you're in a model home, with no surface clutter, and keep personal decor to a minimum. If advised, consider investing in professional staging which can be a worthwhile investment. Many buyers will be utilizing zoom walkthroughs with their agents - a spotless appearance will make for a more inviting virtual experience. Make sure that the exterior curb appeal is on point as well - a tidy exterior and fresh flowers work wonders!

If you are relocating within any of the towns that comprise the Wasatch Back, it's best to identify and even secure your replacement property if you have the means.  Some of today's buyers are armed with cash and are looking to relocate quickly. Your ability to move quickly, if needed, can be a real advantage. 

How do you buy that new dream home without being saddled with your existing home’s mortgage? We can help you put your home on the market and navigate the tricky waters of how to buy a house contingent on selling yours. Proper competitive pricing and staging of your existing home will be essential to succeed with a contingent sale. 

List your home now. There are buyers waiting in the wings. Don't delay!