Expired Listings - Buy Park City

Selling a property today, in Park City's complex real estate market, is challenging. You've had your property on the market and, for whatever reason, it didn't sell. Watch this webinar to learn what may have happened.

Recent sold prices are up compared to a year ago, while property owners are being forced to lower their list prices if they want to sell their properties. The number of sales in recent months has noticeably decreased as buyers are refusing to purchase overpriced listings. Only in Park City can you have sold prices rising while list prices are falling.

Sellers of Park City properties fall into one of two categories. There are those whose life situation motivates them to sell, and then there are others who do not need to sell at all.

The first group usually has well-defined goals for selling their properties, and they want to get it done. They may be relocating due to a job transfer or to move closer to the family. They may not be using their Deer Valley second home as much as they used to and now have their eye on a different prize. Perhaps they want to pull money out of a property or sell one place to buy another. Whatever the reason, they know why they want to sell, and they make decisions to make it happen.

The second group doesn't need to sell at all. They have no urgency or compelling factors motivating them to sell right now. These folks often say to me, "If I can get the price I want, I'll sell my property; otherwise, I'll keep it," and they mean it.

The first group prices their properties after a thoughtful review of recently sold comparable properties. They're looking for a fair price. They generally list their properties at or slightly above recent sold prices, depending upon the amount of competition in the marketplace. These people sell their homes relatively quickly.

The second group doesn't care about market data. They usually have a figure in their minds as to how much they want to get for their properties, and what others have paid for comparable properties is of little importance to them.

The number of sales has fallen significantly this past year. I've dedicated this section of my website to speak candidly with you to help you learn why your property may not have sold previously, and what you can do now to get it sold. What I'll be sharing here may be painful for some readers, as I will not be pulling any punches. The truth about the Park City real estate market needs to get out. Let's begin with what I call the Park City Real Estate Myth, and see where it takes us.

The Facts . . .

1. Park City has enjoyed many years of record appreciation (sometimes double-digit annual appreciation), which sets the stage for the Park City Real Estate Myth -- the belief this will continue forever.

2. Correctly priced homes are selling within a reasonable period of time (125 days on average) at higher prices than a year ago. We have seen between 3 and 23% annual appreciation), depending upon the area.

3. Overpriced homes (often 10% or more above recent comparable sales) are staying on the market an average of 260 days without selling. Two out of three listed homes are priced too high, illustrated by the fact that:

Days on the market are increasing every month among unsold active listings;
We are seeing remarkable price reductions (5 to 10%, or more) and multiple price reductions when properties fail to sell at their original list prices; and
Many of these listings expire without selling. Buyers are rejecting the property, its price, or both. Once a listing expires, that property has an MLS history of having been overpriced and not sold. Not good!

Sellers

Many property owners who list their properties for sale are disappointed after going through the hassle and inconvenience of preparing their homes for showings, only to get low-ball offers or no offers at all, resulting in no sales.

How do their Realtors feel?

Realtors

Realtors who take overpriced listings are disappointed because they invest a lot of money to list and market properties with no sale to show for all their effort. Realtors get paid exclusively from commissions. So, NO SALE = NO COMMISSION; and yet the agent spent their time and money trying to sell the property.

Each agent decides how much time, effort, and money will be spent on a listing. If an agent takes an overpriced listing, knowing that it will not sell at that price, the agent will often cut back on his or her efforts and in marketing the property. They, of course, don't tell the sellers this or they would be fired. But think about it, why spend money if you're not going to get your out-of-pocket expenses reimbursed through a commission? Why do Realtors take overpriced listings? It appears to be a losing game.

They take overpriced listings, knowing that they won't sell (or even get offers) at high list prices because that's the price the sellers said they wanted for their home. They take overpriced listings knowing it is just a matter of time before they can start hounding their sellers to reduce the price, constantly urging the homeowner to lower the list price (perhaps many times to get to the correct price), to be able to eventually sell the property, and get paid.

It's understandable, but is it honest?

No, it's NOT! Property owners need to be able to rely on real estate professionals. They should be able to count on a Park City Realtor to tell them the truth about the market, even if it's not what they want to hear. They may not like the truth, but misleading a seller or buyer is not an acceptable option.

There will always be some sellers out there who don't need to sell their properties, and they are perfectly happy listing them way above the market, in the hope that some sap will come along and overpay for their home. Frankly, that just doesn't happen.

Buyers, these days, are very well-informed of property values. They are on the Internet all the time, and they see which properties sell and which ones do not, and they know why. And, if a buyer is working with a Realtor worth his or her salt, that agent will not let their client over-pay for a property.

What's the alternative?

Our Team

The Wilstein Team has been helping buyers and sellers buy and sell Park City and Deer Valley properties for over 30 years. Through great markets and lousy markets, we have always sold between 17 and 21 properties each year for every one property sold by the average Park City agent.

WE SELL PROPERTIES THAT PREVIOUSLY EXPIRED WITHOUT SELLING

We would welcome the opportunity to have a candid, non-pushy conversation with you about what's selling in the Park City market and why. Our success in selling expired listings is the result of honest advice about the market with no strings attached. No hype. No empty, disappointing promises. No B.S.

WE SPECIALIZE IN SELLING LISTINGS THAT PREVIOUSLY EXPIRED WITHOUT SELLING

Our sellers get two things from us: #1, a sale (no time wasted on the market without a sale); and #2, more money in their pockets. Check out our track record in the ABOUT US section of our website. We'll tell you the truth, give you good advice, and get your property sold!

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