A Guide to Purchasing Luxury Real Estate in Park City
#1: Understand "The Real Estate Search."
Technology and the internet have changed how luxury home buyers find properties for sale. The current statistics show that nearly everyone starts their search online. Potential buyers research the real estate market, home buying tips, analyze the housing market, and comparable properties. I will tell you I have not had a client in the past three years that have not used the internet to search for their future home. However, you should know that not all search sites are the same. This site updates every five minutes, but other real estate websites may take 24 to 72 hours (or more) for properties to populate.
#2: Photos May Be Worth 1,000 words – or Leave You Saying Huh?
Listing brokers should make the property shine online to get as many showings as possible. Many brokerages have a professional photographer who shoots home photos and manipulates the images by boosting colors and using lenses that make the rooms look more significant than in real life. In contrast, other brokers take pictures while holding their cell phones which may be crooked and provide poor-quality pictures. Nevertheless, cell phone photos could be an opportunity for you to find a hidden gem. Another option for out-of-town buyers is to preview properties via a live video application to help get a better feeling for spacing and views.
#3: Work with Local Experts and Hire Reliable Advisers.
It would be best if you worked with local appraisers, attorneys, title companies, real estate brokers, and possibly lenders that understand the local nuances of Real Estate. In Park City, there are as many as 25 micro-markets that all have their history, which plays into pricing. Recently, an agent was "helping" their buyer find investment properties in Park City and put several homes and condos under contract. Because the agent wasn't familiar with the area, the buyer didn't have a listing history or relevant properties, and the negotiation process went poorly. Several of these homes never closed because the agent didn't understand the local market. As a Park City Realtor, I like to say, "I've got a person for that" - whether you need an entire remodel or something as small as a countertop repaired, I always have someone who will care about the issue.
#4. Do Not Post About The Home You Love on Social Media.
Social media is not new anymore, but sometimes buyers get too excited about buying the home they love on their social media. Once negotiations open, the buyers and sellers often look up the other side on Facebook, LinkedIn, Instagram, and many other social media platforms. If you post too soon, you could hurt your negotiating power.
Another quick tip is if you get separated from your loved one during the property showing (you are looking at a bedroom while your loved one is still in the living room). If the listing agent asks you about what you do for a living, what other homes you're considering purchasing, etc. Do not answer them directly, but it is acceptable to say you need to get back to your Realtor.
#5: What's Going To Happen By The Year 2024?
Look at the view and possible access to your property. Some time back, a real estate developer didn't realize that an easement was going down the middle of his property; this added to lengthy and costly negations with the adjacent landowner.
Ask your broker or title company for plat maps of what types of properties can be built in your neighborhood that could steal your views. Around the time I originally wrote this article in 2014, I had some clients who purchased a home next to about 15 acres of open land. I told them that that area could be developed in two or fifty years - no one knew. We listed their home for sale three years later because a developer had started building homes right behind their property.
#6: Park City Luxury Properties – Is NOW a Good Time to Buy?
Sure - I had a great friend who once told me there's never the "right time" for life-altering events, and if you don't do it now, you may never do it. However, life is short, and there's no better mountain town than Park City and the surrounding area. Most of the people that live here visited a few times, purchased a vacation property, then moved here full time. So it's okay for you to do that too!
There's one thing we know for certain ~ if you wait to buy until next year, you'll be one year older.
#7: Be Ready to Show You Have the Ability to Purchase.
While this isn't usually the case, there are times that sellers or their agents will want to ensure you can purchase when making an offer on their property. Do not be offended by this request, as it will allow you to negotiate from a position of power. On the same note, do not provide a dollar amount you have available or how much you are pre-approved – have your banker or mortgage broker say you can purchase a property in the price range you are searching.
#8: Cash is King, but Not All Sellers are Desperate.
Fifty percent of Park City home buyers purchase their property with cash when buying a luxury home - nine out of my last ten transactions have been cash buyers. Cash purchases are often more straightforward, but it does not mean the seller will give the property away. Many luxury home sellers like you are financially savvy, so we need to find a starting place for the offer that won't be considered a low-ball offer. Low-ball offers frequently start negotiations on the wrong foot and kill the deal before it even starts. If you are not paying cash when looking for luxury homes for sale, some lenders have bank statement programs, and the lender will be able to provide a pre-approval letter.
#9: Every Deal is Different ~ Bonus.
Every real estate transaction I've ever done is different from the other. For example, a seller in Park City held up a multi-million dollar transaction for two months will be held up for the seller to retrieve a few hundred dollars worth of personal items. I sometimes use a great inspector that can throw some kinks into the deal, which takes a few extra days to figure out, and often the seller may be traveling out of the country and hard for the listing agent to contact. But, cool, calm, and a level head always prevail to get past the uniqueness of every real estate deal in Park City.
Related Searches to Park City Luxury Real Estate:
- Golf Course Properties
- Park City Ski-In-Ski-Out Real Estate
- Action Plan for Buying Your Home or Condo in Park City
I also have some great tips for selling properties if you need to sell before you buy a Park City luxury home or condo.
If you are buying Luxury Condo Park City, these are definitely the best things to consider. They will surely be a great help in buying.Posted by Vince M. on Tuesday, January 27th, 2015 at 4:41pm
I suppose I should search for a luxury home for sale that fits my needs. If I can find some homes with good photos, I'll contact a real estate company to help me look at the home for sale. Thanks for mentioning that I should work with local experts so that I can find a suitable home to live in.Posted by Angela Waterford on Thursday, July 11th, 2019 at 7:57am
I think I'll look for some Park City luxury home listings online that are run by real estate companies. I'll make sure that the photos that they use are true to what I will see. Thanks for the advice that I should work with local experts so that I can make sure that I'm buying the right home.Posted by Angela Waterford on Friday, July 19th, 2019 at 10:25am
It's good to know that cash transactions are usually simpler and more enticing to the seller. I am planning to buy my own home this summer, and I can afford to buy in cash due to the large legal settlement I received late last year. I will be sure to mention this when making an offer to the seller.Posted by Lyla P. on Wednesday, March 4th, 2020 at 10:59am
Amazing!Posted by Roger P. on Thursday, March 5th, 2020 at 10:19pm
Thanks to sharing this article with us. These 8 important really worth it. Keep us update.
Thank you for sharing these tips on purchasing a luxury home. My mom has been interested in investing in luxury homes but is clueless about where to start. What you said about how my mom should work with real estate brokers and other professionals to check the house if it's great is interesting to learn. I should share this with her so that she'll be aware of what to expect if you invest in luxury properties.Posted by Cheryl W. on Tuesday, March 10th, 2020 at 9:19pm
My uncle told me that he's interested in investing in a luxury property and I wanted to help him get one. What you said about how we shouldn't be fooled by just looking at pictures is indeed true. We should ask the seller to use Facetime so he could give us a tour. I'll share this with him so he'd have a guide on how luxury properties work.Posted by Zachary T. on Thursday, May 14th, 2020 at 2:22am
It's good to know that you should be able to prove that you are pre-approved for a loan or have the available funds. My husband and I both got significant promotions last year, so we have been thinking about moving to a more luxurious home. We will be sure to have our documentation in order before putting an offer on a property.Posted by Liz Hudson on Tuesday, July 7th, 2020 at 9:15am
I liked that you pointed out that cash offers can help your case. I want to get my first house this October. It might be best for me to get a professional real estate agent to help me make offers on a house. That way, I can get the house I want.Posted by penelope smith on Thursday, July 9th, 2020 at 9:22pm
My wife and I are wanting to upgrade to a nicer luxury home later this year and we're clueless about the market right now. I agree that cash transactions are more convincing to the seller when it comes to buying. We will have to keep looking at properties that we like and what is in our price range.Posted by Taylor Hansen on Monday, August 3rd, 2020 at 8:41am
Derrik, I like your advice about asking to have the luxury property shown to me via live video so I can see its features and size properly, which can be altered or manipulated through photographs. My husband and I are planning to buy a luxury home in a northern state so we can use for it holidays and ski vacations. Since we won't be able to fly to the state to look at properties ourselves because of our busy work schedule, I'll follow your advice and have the real estate agent we'll hire do live videos for us. Thanks!Posted by Levi Armstrong on Wednesday, August 5th, 2020 at 11:50pm
It's good to know that you should come prepared with proof of what you can afford to pay. My career has really taken off in the past two years, so my husband and I are talking about buying a luxury home. Your tips will be helpful as we navigate the home-buying process.Posted by Anna Davis on Monday, September 14th, 2020 at 11:18pm
I like that you said that I should not be offended when I'm asked to prove my ability to purchase a luxury property when talking to a seller or their agent. I'll keep this in mind since I'm planning to buy a luxury beachside property soon. With that in mind, I'll contact a real estate agent to arrange everything for me so I wouldn't have to worry about it myself. Thanks!Posted by Levi Armstrong on Friday, September 18th, 2020 at 8:48am
Thank you for providing such information. This is very generous of you providing such vital information which is very informative.Posted by N Chevre on Wednesday, March 17th, 2021 at 11:46am
It was interesting to know that not all sellers would want their buyers in cash, but instead would opt for financing options, since I'm planning on buying a beachfront property through a home loan. I'm grateful for your tips on luxury property purchases, and I think this will be of great help especially for first-time homeowners like myself. I'm going to start looking for banks with good financing plans for my dream house soon.Posted by A Waterford on Tuesday, March 23rd, 2021 at 11:31pm
The spaces you've worked on are incredible but very out of touch with the average viewer. It would be much more helpful to see a high-end example and another more simple based on what the average home looks like.Posted by S. Thomas on Tuesday, March 30th, 2021 at 4:41am
Hello S. Thomas,Posted by Derrik Carlson on Tuesday, March 30th, 2021 at 10:18am
Feel free to search our Park City Homes for sale page & sort by price.
Amazing! Thanks for sharing these amazing 8 important tips for buying a new luxury home. Keep posting such useful articles.Posted by Ashton on Tuesday, August 3rd, 2021 at 6:50am
I liked that you said that we should analyze the housing market and compare comparable properties when buying a house. We plan to invest in a property for sale in St. Louis, MO, for our children. We have been renting for more than five years, and we thought it was high time to have our own house.Posted by Georgina on Tuesday, December 13th, 2022 at 6:06am
I appreciated your statement that we should research the housing market and evaluate similar houses before buying a home. For our kids, we intend to purchase a luxury home for sale. After more than five years of vacationing, we decided it was time to buy our own home.Posted by Tammy Abram on Thursday, January 12th, 2023 at 2:37am
Because I want to use a house loan to purchase a ski property, I found it intriguing to learn that not all sellers would prefer cash payments from their purchasers and would instead choose financing choices. I appreciate your advice on buying a luxury house, and I believe it will be especially useful for homebuyers like myself. Soon, I'll begin looking for my dream home.Posted by Elle Jones on Wednesday, February 8th, 2023 at 5:58am
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