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, and 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 photos of the home 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.
You must 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 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 questions 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 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 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 years 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 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. 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 old.
#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 looking for.
#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 off 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 level heads 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.