Park City Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 20, 2021

Report on Park City's Fire & Real Estate Update (webinar)

Park City Real Estate Market Talk Webinar
In this month's Park City Real Estate Market Talk webinar, your Park City expert will catch you up on the area's real estate statistics. Ron Wilstein, at Park City Keller Williams, will also give a recap of the Parley's Canyon fire, talk about local condominium appreciation, and remind you to take advantage of The Wilstein Team's offer of a free Property Value Assessment. Leave your questions and comments for us in the comments section, or contact us directly at Info@TheWilsteinTeam.com or 435-487-0151. Visit our website at BuyParkCity.com.
Aug. 12, 2021

How to Save on Taxes While Park City Real Estate Climbed by 46% (webinar)

Park City Real Estate Market Talk Webinar
Get your Park City real estate fix this month with your real estate expert, Ron Wilstein, Broker/Leader of The Wilstein Team at KW Park City Keller Williams, in Park City, Utah. This month you can learn how to appeal your property tax bill and find out the latest market statistics and appreciation data. Leave your questions and comments for us in the comments section, or contact us directly at Info@TheWilsteinTeam.com or 435-487-0151. Visit our website at BuyParkCity.com
July 29, 2021

What Every Buyer Needs to Know to Buy a Park City Property

by Jeremy Wilstein and Dean DeLeone

Over the past few years, Park City consistently has had historically low inventory. Being a small resort town, lower inventory comes with the territory, but these days there are typically not even a handful of options for most buyers. When representing buyers, we always make sure that they are ready to submit an offer when the right property becomes available because there are likely other buyers with similar criteria waiting for the same property. In years past, clients with flexible schedules could hop on a flight when the right property became available, to come out to tour it in person to ensure it was a property worth pursuing. However, even back then, they risked the chance of losing the property to another buyer.

Once the COVID Pandemic hit, there was a short period of uncertainty about how it would affect the real estate market. It did not take long to realize that many prospective buyers desired a mountain home to escape to, enjoying the fresh air and outdoor activities -- all part of the Park City dream! In the summer of 2020, many buyers interested in the area decided to expedite their search, and they made their purchases sooner than originally planned. Newly interested buyers started flowing in, and it has been a hot market since. Overall inventory is at about a third of what it typically is, creating a very high demand for all properties when they hit the market. It is common for new inventory to immediately generate multiple offers upon coming on the market, and to sell at prices higher than list prices. The standard procedure for acquiring property has drastically changed.

While it is a very competitive market, our team of experienced agents is having great success assisting our clients in acquiring excellent properties. The local rumor mill may have you believe that it is impossible to purchase a property in the current market, but we have found that that is not true. We employ unique strategies that give our clients the upper hand in this competitive environment:

1 OFF-MARKET TRANSACTION

Rather than sitting around and waiting for properties to hit the market, we are constantly communicating with local agents identifying properties that they have coming on the market. When the property meets a particular buyer's needs, we immediately contact our clients to inform them that a great property is becoming available. We encourage them to submit an offer before it goes on the market, to tie up the property before competition is widespread. 

2 WINNING IN A MULTIPLE OFFER SITUATION

Many sellers are not willing to accept offers prior to marketing their property to the masses. We do not shy away from these situations. We have unique negotiation techniques that give our clients a competitive edge, enabling them to win when competing against multiple offers.

3 COMMUNICATION IS KEY

As a buyer in today's market, it is crucial to maintain thorough communication with your agent. We need to know what you are looking for, how you plan to buy it, and when you are ready to make a purchase. The more details we know, the better we will perform our search for you and inform you as soon as we identify a prospective property. We will both be prepared to acquire the right property as soon as it is identified.

Communication is part of our unique negotiation strategies as well. Many agents submit offers without ever talking to the listing agent. We are in constant communication with the agent to ensure they know that we have a serious buyer. They can relay to their seller all the advantages of choosing your offer over others.

You are probably wondering what these particular strategies are that we have alluded to. We have intentionally not gone into detail about the specific steps our team takes in the current real estate market, intending to keep them as competitive advantages for our clients. We would be more than happy to go into more detail on an individual basis with those who are interested. Please give us a call or send us an email, and we look forward to creating an individualized plan of attack that best helps you attain your Park City real estate goals! 

July 19, 2021

52% Appreciation Reported in Park City

Park City Real Estate Market Talk Webinar
Join Ron Wilstein and The Wilstein Team for your Park City Real Estate Market Place webinar, coming to you from KW Park City Keller Williams Real Estate. In this July 2021 episode, your real estate expert will be sharing the details and answering your questions about Park City's newest resort - Mayflower Mountain Resort. He'll also make sure you are well-informed about Park City's summer calendar, how COVID-19 has affected real estate statistics, and appreciation rates. Leave your questions an comments in the Comments section, or send an email to us at Info@TheWilsteinTeam.com. Call our office at 435-487-0151. Visit our website at BuyParkCity.com
June 16, 2021

How to Negotiate a Real Estate Sale or Purchase in Today's Market

Park City Real Estate Market Talk Webinar

Meet with your Park City area's real estate experts, Ron Wilstein, Dean DeLeone, and Jeremy Wilstein, for this month's Park City Real Estate Market Talk Webinar. This episode will bring you up to date on the our calendar of summer activities and current listing and sales statistics. We have a roundtable portion that is all about how to negotiate a purchase OR a sale in this record-breaking market. Please leave your comments and questions in the comments section below, send an email to us at Info@TheWilsteinTeam.com, or call our office at 435-487-0151.

April 9, 2021

Park City Area's RED HOT Real Estate Market

Park City Real Estate Market Talk Webinar

Meet with your Park City area's real estate expert, Ron Wilstein for this month's Park City Real Estate Market Talk Webinar. This episode will bring you up to date on Summit County's vaccination efforts, current listing and sales statistics, and details on our red hot market. The spotlight this month goes to three things you need to know about selling your property in this current market. Please leave your comments and questions in the comments section below, send an email to us at Info@TheWilsteinTeam.com, or call our office at 435-487-0151.

March 15, 2021

The State of Park City, Utah's Real Estate Market One Year after COVID-19's Arrival

Park City Real Estate Market Talk Webinar

Join your Park City real estate experts at The Wilstein Team for March 2021's Park City Market Talk Webinar. We'll inform you about current statistics for listings, sales, and prices. Get your local Park City area updates, too.

Call our team at 435-487-0151 with your questions, or send an email to us at Info@TheWilsteinTeam.com.

Feb. 12, 2021

Buy Park City real estate now, before it is GONE! (Round Table Webinar)

Park City Real Estate Market Talk Webinar

Join your Park City real estate experts at The Wilstein Team for February 2021's Park City Market Talk Webinar round table. We'll inform you about current statistics for listings, sales, and prices. Get your local Park City area updates, too.

Call our team at 435-487-0151 with your questions, or send an email to us at Info@TheWilsteinTeam.com.

March 9, 2020

How To Clean Your Dryer Vent: 9 Mistakes to Avoid

Visit houselogic.com for more articles like this.

Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

Posted in Homes, Sellers
March 3, 2020

Park City's Real Estate Market is Changing Again

For almost two years the Park City real estate market has been acting peculiarly. We’ve been reporting in our monthly webinars, podcasts, websites, and newsletters, two consistent market patterns related to homes, condos and vacant land sales in Park City. (1) The number of sales has been dropping, year-over-year, as buyers have been resisting the high asking prices by sellers. (2) The prices of closed homes, condos, and vacant land sales have continued to rise, year-over-year.Park City Days on Market Chart

In our monthly summaries, we have stated the obvious. Price your property fairly, and it will sell (in 113 days on average, for homes), and usually at a record high price compared to a year ago. Over-price it, and it will remain on the market for 243 days on average (for homes) without selling.

Real estate markets typically don’t behave this way; sooner or later something has to give. Well, we’re finally seeing the anticipated change.

PRICES ARE STARTING TO DROP

Prices are starting to drop, particularly within the Park City limits. Sellers are finally adjusting their asking prices to attract more buyers and it’s working. The number of sales of both homes and condos is climbing from a year ago.

The number of lot sales within the city limits is so small, due to the lack of available inventory, we do not see the change there yet. With only 17 lot sales during the past 12 months, three or four fewer sales compared to a year ago will look like a large percentage decline and may be misleading if viewed in isolation. 

When home and condo prices are high, buyers turn to purchasing land as an affordable alternative. Once asking prices adjust downward, resulting in more home and condominium sales, a decline in land sales will follow.

The Sweet Spot Pricing DiagramTHE NUMBER OF SALES IS REBOUNDING

With list price reductions becoming more common, the number of sales is increasing. The fair market price range (“sweet spot”) brings buyers and sellers together, resulting in sales.

STILL PLENTY OF OVER-PRICED LISTINGS

Don’t get me wrong; this doesn’t mean that we no longer have over-priced properties listed for sale. The ratio has been 2 to 1 (two over-priced listings fore every one correctly priced property), but there appears to be a heightened awareness in more sellers that buyers are simply saying “no” to over-priced properties. Motivated sellers are correcting their asking prices and selling their properties.

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This is an article written by Ron Wilstein in our December 2019 newsletter, the Park City LINK. Click here to learn more about the Park City real estate market and how The Wilstein Team can help you with your Park City real estate buying and selling needs.

Articles in this Park City LINK issue:

A Critical Transition for Park City Real Estate

Baby Boomers Impact Park City’s Market

What is Mayflower Mountain Resort?

Real Estate Stats and What They Mean

Woodward Park City Sports Park

Five Ways to Successfully View Real Estate During the Ski Season

 

Webinar Alert for Park City Market Talk

 

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