A Guide to Purchasing Luxury Real Estate in Park City, Utah
1. Understand “The Real Estate Search”.
Technology and the internet have changed how homes are found and the current statistics show that nearly everyone starts their search online. Potential buyers research the real estate market, home buying tips, and research 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. The important thing you should know is that not all search sites are the same. This site updates every five minutes but other real estate websites may take from 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 are paid to make the property shine online to get as many showings as possible. Many brokerages have a professional photographer that shoots photos of the home and manipulates the images by boosting colors and using lenses that make the rooms look larger than they actually are in real life. While other brokers take pictures while holding their cell phones which may be crooked and provide poor quality pictures. Cell phone photos could be an opportunity for you to find a hidden gem. Another option that I often do for out of town buyers is show 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’s important you work 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 own history which plays into pricing. Recently, there was an agent that 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 have they often had no listing history, comparables, 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 always like to say "I've got a person for that" - whether you're in need of a full remodel or something as small as a countertop being repaired I always have someone who will take care of the issue.
4. What’s Going To Happen By The Year 2024?
Look at the view and possible access to your property. Some time back there was a real estate developer that didn't realize that there was an easement going right 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 can be built in your neighborhood that could steal your views. Right around the time I originally wrote this article in 2014 I had some clients that purchased a home that sat right next to about 15 acres of open land. I told them that that area could be developed in two years or in fifty years - no one really knew. Three years later we listed their home for sale because a developer had started building homes right behind their property.
5. Park City Luxury Properties – Is NOW a Good Time to Buy?
Sure - I had a great friend once tell me that there's never the "right time" for life-altering events and if you don't do it now you may never do it at all. This could be said for getting married, having children, buying a Park City Property or many other things. What we do know that 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. It's okay for you to do that too!
6. 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 have the ability to purchase when making an offer on their property. Do not be offended by this request as it will give you the ability to negotiate from a position of power. On the same not do not provide a dollar amount you have available or for how much you are pre-approved – simply have your banker or mortgage broker say you have the ability to purchase a property in the price range of which you are looking.
7. 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 simpler but it does not mean the seller will give the property away. Many luxury home sellers are just like you and 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 off on the wrong foot and kill the deal before it really even started. If you are not paying cash when looking for luxury homes for sale there are some lenders that have bank statement programs and the lender will be able to provide a pre-approval letter.
8. Every Deal is Different.
Every real estate transaction I've ever done is different from the other. You would think someone paying cash and willing to close quickly is what every seller would want but that's not always the case -sometimes when selling a home the owner will need additional time to return to the property and retrieve photographs of their family. Yes, a multi-million dollar transaction will be held up in order for the seller to retrieve a few hundred dollars worth of personal items. I use a great inspector that can throw some kinks into the deal sometime that 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 reach. Cool, calm, and level heads always prevail to get past the uniqueness of every real estate deal in Park City.
2019 Bonus #9. 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 the contract is being negotiated 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 possibly hurt your negotiating power and cost yourself hundreds of thousands of dollars. One last quick tip is if you get separated from your loved one during the showing of a property (you are looking at a bedroom while your loved one still in the living room) and the listing agent asks you questions about what you do for a living, what other homes you're considering to purchase, etc do not answer them with a direct reply but it is acceptable to say you need to get back to your Realtor.
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.