Is Now a Good Time to Buy or Sell Real Estate in Park City?
I have several clients, friends and family members asking me if it a good time to buy or sell real estate. Excellent questions. First, let me express that I am your trusted advisor and navigator. I will provide information based on facts and not fear. My real estate practice will adapt and be refined by in the marketplace by providing the technology, support and services to meet the needs of my clients using factual content, during these changing times.
So let me ask you, do you need to purchase a home now? How has the current economic and health situation impacted you financially? Are you planning on holding on to the home for the next 8-12 years? If you are in a good position to purchase property and want to take advantage of the low interest rates, and plan on holding on to the property to enjoy with your family, then now is a good time to buy. Sellers who have chosen to stay on the market have done so because they need to sell at a fair price. Most sellers are not deeply discounting property and yet still successfully closing. My personal experience is that sellers are more amenable with deadlines, and safety items that come up in inspections. We are not seeing deep home price discounts, except for isolated incidences.
For potential sellers, do you feel comfortable with the new normal of virtual listing appointments and showings, and no traditional open houses? Virtual showings, 3D floor plan videos and open houses have become the norm. We save personal showings for only those who are very serious about the property. Buyers wear gloves and masks, along with other practices to keep everyone safe. I have started to give all disclosures up front to potential buyers. I provide a pre-listing inspection and Seller’s Property Condition Disclosures to seriously interested parties. This weeds out the tire kickers. Only real buyers proceed, increasing the chance of an offer from a very small pool of buyers. Inventory is extremely low and there are buyers actively searching for a home. I would take advantage of the low inventory but you must properly price your home. Now is not the time to “test the market”. As a trusted real estate advisor, I can provide you with a price range and show you how to achieve the high end of the range by getting your property in peak condition. If this scenario works for you, now is a good time to sell.
The bottom line is if you are in need of housing or need to sell, do not be afraid to move forward. We have the protocol in place to keep you safe. We have the technology and tools in place to properly market your property.
Park City Weekly Real Estate Review
Below is a graph that shows real estate activity for the past week in Summit and Wasatch County combined. As you can see, volume of business is down but there are still closed sales.
Call me for information on your specific neighborhood.
If you missed the post from last week, see the image below which shows the activity compared to last year at this time. Notice that the Percent of Price Received is 97.7%. I will track this monthly and keep you informed.
I am happy to help you navigate the Park City real estate market and keep you informed about current events in Park City. We are still looking at a soft opening of the area on May 1. More details to follow on the specifics in the next few days.
Stay safe and healthy!