Increase Your Home’s Value Up to 28% with These 5 Tips

Great curb appeal not only makes your home the star of the neighborhood, it can also increase your home’s value and help you sell it for more. Whether you’re thinking of listing your home or just want to make your home the envy of your neighbors, here are several ways to increase your home’s curb appeal.

  1. Make your home’s exterior look like new.

  2. For many potential buyers, the condition of the exterior of a home can offer clues to the condition of the interior. The first place to start when boosting curb appeal is the exterior of your house.

    Paint. Paint is the best way to make your home appear newer. While you can paint your home yourself, if it’s large or more than one story, consider hiring a professional. Painting is a fairly inexpensive improvement with between 60 to 100 percent return on investment.1

    Maintain your siding. Over time, weather and the elements can make your home’s siding appear dull and dirty. Use a pressure washer to clean stains, spider webs and accumulated dirt and grime, or use a soft cloth and a household cleaner to get into those small nooks and spaces. Although the average life expectancy of siding ranges from 60 to 100 years, depending on the material, extreme weather may reduce this number. If you need to replace the siding, you’ll enjoy a 77 percent return on investment.2

    Paint or replace garage doors. If your garage doors are in good condition, give them a new coat of paint. If they’re beginning to show their age, consider replacing them. Not only are new garage doors more energy efficient and better insulated than older models, they also have a 91.5 percent return on investment.3

    Maintain your fence.Replace rotted or worn posts and panels and freshen it up with a coat of paint. If you have a hedge that serves as your property’s border, keep it trimmed and in good shape.

  3. Pay attention to the small details.

  4. The small details tie your home’s exterior together and help it stand out from others in the neighborhood.

    Paint front door, trim, and shutters. This inexpensive improvement adds brightness to a home, whether you choose a bold color, a neutral tone or classic white.

    Install new door fixtures and be sure they match in style and finish and complement the style of your home.

    Update your house numbers. Make sure potential buyers and guests can find your home. If the numbers have faded or need an update, replace them. If choosing a metallic finish, make sure it matches the finish of your exterior light fixtures.

  5. Tend to your driveway and lawn.

  6. Well-landscaped homes may sell for between 5.5% and 12.7% more than other similar homes and studies show it may also add up to 28 percent to your home’s overall value.4

    Place a border along your driveway or walkway made of brick, stone, pavers or another hardscape element to add visual interest to a plain driveway.

    Maintain your green space. If you have grass, a well-maintained, green lawn makes your home look inviting and picturesque. However, in many parts of the country, water conservation is becoming more important. Xeriscaped landscapes incorporate drought-tolerant vegetation that thrives in warm, dry climates, such as lavender, sage, wisteria, and agave, with water-saving drip irrigation and mulch. Xeriscaping has a cost savings of 36 cents per square foot annually through reduced irrigation and maintenance costs.5 Additionally, these landscapes are virtually maintenance free, which makes it an attractive option for busy buyers.

    Include trees and shrubs to create texture and add interest to your landscape. Planting a few types of trees and shrubs of varying heights, widths and flowering times boosts your home’s curb appeal year-round.

  7. Make it feel inviting.

  8. It’s no secret that emotions play a role in a person’s decision to purchase a home. Stage the outside of your home to evoke warm feelings.

    Stage your porch. If you have a front porch, make it feel more inviting by including seating, such as a chair or loveseat, an outdoor rug, and a small table. If space is an issue, incorporate small decorative touches, such as a festive wreath or potted plant.

    Hang flower boxes on your front porch railings and/or below your windows. If you don’t want to affix flower boxes to your home, purchase nice planters and containers and place them on your porch or on your front steps.

    Choose flowers and plants that bloom at different times of the year for year-round appeal. For example, bulbs not only bloom all spring, they also multiply and come up every year. Perennials often flower for most of the year and will prevent you from having to replant them every year.

    If you don’t have a green thumb, choose low-maintenance plants and flowers. Flowers such as lavender, rosemary, and zinnias are a few low-maintenance and drought-tolerant options.
     

  9. Boost Your Online “Curb Appeal.”

  10. For those interested in selling, it’s important to know the effect online curb appeal has on a home. The better impression your home gives online, the more likely buyers will want to see it in person. Here’s how to get your home ready for its listing debut.

    Stage your home. Staging shows your home in its best light and helps potential buyers picture themselves living there.

    Hire a professional to take photos. A photographer has the skills and equipment to shoot your home in the best light and make it look its best.

    Include a short video tour of the home. Videos are becoming a popular way to give buyers a glimpse of the home before they step foot in it.

Before you start a home project, keep these four things in mind:

  1. Why are you renovating? In other words, is your intention to update your home and get it show-ready or do you want to sell it for more money? Don’t fall into the trap of undertaking major renovations that may not pay off when you sell. If your home is in good shape, a few inexpensive updates may be enough to make your home attractive to buyers.
  2. The style of the neighborhood. Whenever you renovate your home, make sure the project fits with the style of the neighborhood and rules of the homeowner association. For example, an HOA may limit the choice and number of trees you can plant on your property. Similarly, a tall hedge border may not fit in in a neighborhood of low, picket fences.
  3. Permits. If you’re planning an extensive exterior renovation, you may need a permit from your municipality or other authority.
  4. Budget. A budget keeps your project’s costs and scope in check. Make a list of the improvements you’d like to make, set a realistic budget and stick to it. If you’d like advice on improvements you can make to boost your home’s curb appeal, give us a call.

Are you thinking of boosting your home’s curb appeal or renovating your home before you list? Do you want help making your home more appealing to potential buyers online and in-person? Give us a call and we’ll help you present your home in its best light.

Sources:

  1. Remodeling, 2016 Cost vs Value Report
  2. Realtor Mag, September 22, 2016
  3. REALTOR.com
  4. Houzz, Houzz & Home-U.S., June 2016
  5. Houselogic.com

How to Buy a Home: 7 Tips and Tricks from Real Estate Insiders

How to Buy a HomeNo matter if you’re in a buyer’s or seller’s market, there are a few critical steps you can take to make a smarter purchase. Since buying a home is likely the biggest single investment you will ever make, being prepared will help you make a better purchase. Here are our best tips on how to buy a home.

Know your buying power

What is your buying power? It is the combination of your credit-worthiness and how much you can realistically pay for a home.

First, you need to understand the hidden costs of buying a home. You will need to save not only for the down payment of your home — which is typically between 10% – 20% of the offer price — but also for any additional transaction fees, such as transfer tax, PMI, title insurance, and legal fees.

Then you need to know what you can realistically afford each month to understand how much house you can buy. Your mortgage rate will depend on your creditworthiness — if you have a high credit score, your lender will likely approve you for a lower mortgage rate, which can save you thousands of dollars per year in interest.

How much of your budget should go to your monthly home costs? According to SmartAssets, you can use the 36% rule as a rough guideline. This means that your monthly obligation shouldn’t be more than 36% of your monthly gross income.

A loan professional can help you figure out how much house you can afford.

Fix your credit with the help of a loan professional

According to CreditKarma, a good credit score is usually 720 or above. You want to clean up your credit as soon as you can, and definitely before you go to a lender for a loan preapproval.

When you apply for your loan pre-approval, you don’t want to have anything to hide on your application. So don’t lower your credit score by doing anything that will originate more inquiries into your credit. For example, don’t open any new credit cards. Also, don’t omit any debts or loans when you apply. If the loan officer discovers them in the application process, they may deny you a pre-approval.

Get a loan professional to check your credit score for you. A professional can give you a clearer idea if your score is in the ‘good’ range, or if you need to do some credit cleanup before getting a mortgage preapproval.

Work with a knowledgeable buyer’s agent

Do you understand what kind of market you are buying into? Even within a city’s limits, there can be micro markets that are increasing or decreasing in value.

That’s why it’s important to hire a highly competent real estate agent who knows the specific market. You want to make sure that the professional who you’re working with really understands what the market is like and will help you find the home that you desire.

How can you tell if your agent knows the market? See if they can provide you with a buyer’s market analysis.

A buyer’s market analysis report outlines which neighborhoods are still up and coming — with potential for increased property value — versus those that have peaked with inflated home prices. Having this analysis at your fingertips will help you know if a home’s list price is above comparable properties so you don’t overpay for a home.

Don’t try to time the market…

Even in a hot market, there’s never a perfect time to buy a home. It can take a while to know exactly what you like, and you may have to look at 10 or more homes before you can recognize what suits your lifestyle best. While you’re shopping, take photos of your favorite properties and the details that you liked the best so that you can remember what you liked.

Another good reason to slow down the buying process: you might find a better deal if you do. Investigate expired listings. Expired listings may have gone off the market because they didn’t get any offers at the listed price, so you may be able to underbid the original listing price. It’s not likely worth your time to look at FSBO (for sale by owner) listings, though. Since they are not represented by a professional, they are often overpriced.

When you start shopping, have a one-hour initial consultation with your realtor. Give them every single detail that you know about your lifestyle, buying power, needs, wants and desires for your home. The more detail you can provide, the easier it will be for them to help you find your future home. Your agent may also know of exclusive listings not available to the general public.

… But make the offer as soon as you find the right home

If you love it, make the offer. Otherwise, that dream home may disappear faster than you think, especially if you’re buying in a hot market.

Your buying agent should contact the listing agent before you submit an offer so that they can decide what’s important to include in the offer. If you’re serious about it, you want to increase the chances that your offer is accepted.

Show that you’re serious about the purchase by creating a buyer’s offer packet. It should include your lender’s preapproval letter, a screenshot of your down payment money in your bank account, and comps that support the rationalization of the offer you are presenting.

Get a home inspection

Once you’re in the negotiation process, it’s essential that you get a third-party inspector to run a thorough home inspection. The inspector will be looking for major structural issues, including problems with the foundation, plumbing, and electrical systems. Your inspector should be extra picky, pointing out any minor faults.

Make sure to have the inspection conducted before it is too late to back out of a deal. If there are any major structural issues, you may be able to make the seller repair them as a contingency to solidifying your offer. Minor issues that you can repair on your own may be points for negotiating a lower offer.

Protect your credit before you close

Don’t raise any red flags with your credit worthiness in the weeks before closing. Any one of these moves could mean that you’re denied the loan and the deal falls through — even if you’ve already been preapproved!

  • Keep your spending to a minimum and don’t make any major purchases before closing — that includes buying furniture, or a car, truck, or van, or any excessive charges on your credit card.
  • Keep your bank accounts stable. Don’t change banks, spend any of the money you have set aside for closing, or make any large deposits to your accounts without checking with your loan officer first.
  • Keep your employment situation stable — do not change jobs, quit your job, or become self-employed. Any sudden change in your income can have that preapproval offer rescinded.
  • Do not cosign a loan for anyone. It will open an inquiry into your credit and add to your debt, which could raise your mortgage rate and cost you thousands of dollars over the life of the loan.

Looking for a home in our area? Let us help you find the home of your dreams. We’re well versed in our local real estate market, and we can provide you with a buyer’s market analysis to help you find the right neighborhood for you. Contact one of our trusted agents today.

Is the Market Hot or Not?

There are various news stories on any given day about the health of the real estate market. They are so varied in facts that it can be very difficult to ascertain exactly how healthy the market is.

Is it too late, can you still afford to buy? Should you wait to sell until prices rise even further? Is now the time to hold off on making any real estate decisions?

The reality is, real estate is a very local business and because of that, it is difficult to gauge an entire industry’s overall success using anecdotes from any particular area of the country that isn’t your own.

Would you be surprised to know that your market can change depending on price point or even what street you live on? What is happening to the entry level market is vastly different than what is happening to the move-up market. Even the luxury market has its own price points that determine time on market and overall sale price. It really is that varied.

In its most recent quarterly report, the National Association of REALTORS® (NAR) revealed that sales prices in over half of the markets measured since 2005 are now at or above their previous peak level. The median price for an existing single-family home during the last three months of 2016 increased in 89 percent of the markets tracked, with 158 out of 178 metropolitan statistical areas showing sales price increases in the fourth quarter of 2016 compared with the fourth quarter of 2015.

In all of 2016, an average of 87 percent of the markets NAR studied saw increasing home prices which are up from the averages in 2015 and 2014.

“Buyer interest stayed elevated in most areas thanks to mortgage rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,” explained NAR Chief Economist Lawrence Yun. “At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.”

Yun also noted that depressed inventory of new and existing homes led to “several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets.”

Conclusion

If you are considering purchasing or selling a home, here are few points you may want to keep in mind throughout the process:

  1. Don’t assume that daily news reports about real estate will determine your level of success with your own real estate goals. National data can provide an overall temperature of the market; however, your success will be based on your particular marketplace and other more subjective factors relating specifically to the property could impact the result. How many homes are on the market in your price point? How many days were they on the market? There is a significant amount of information to collect and analyze.
  2. Don’t speculate or attempt to try to time the market. By the time you think you should make a move, the market may have already changed.
  3. You have access to experts that can help you. There are so many variables that can determine your success, and I can provide you with advice to help guide you through the process. There is data readily available at any given moment, and I can help you evaluate the data so you can determine what actions to take.
  4. Trust your real estate experts. As your real estate expert, I can provide information about current inventory, days on market, and sales activity.

To learn more about how local and national statistics can impact your overall goals, give us a call at 435.640.5660.

Park City Real Estate Market Update February 2017

Park City Real Estate Market Update February 2017

Welcome to the Park City Real Estate Market Update February 2017.

Park City Area Overview

In the Park City real estate market, conditions continue to favor sellers over buyers, even as fewer houses become available compared to this time last year. February 2017 found an decrease in the number of active listings for single-family homes, according to information from PCMLS.

The 41 new listings in February 2017 represented a 16 percent decrease over February 2016. Active listings decreased 3 percent to 419 over the same period. Actual sales of single-family homes also increased over the same period. The PCMLS reports that in February 2017, a total of 37 single homes were sold in the Park City area. This represents a 12 percent increase over sales in February 2016.

Prices in the Park City real estate market continue to climb during that year-long period. The median price of a single-family home in the Park City area increased 17 percent between February 2016 and February 2017, to $1,287,374. Average home prices rose 3 percent during that period to $1,834,880. The dollar volume of sales during the year increased 15 percent. In total, $67,890,549 worth of homes were sold in February 2017.

Homes spend an average of 128 days on the market in Park City, which is a decrease from February 2016. Generally, high prices, limited availability, and quick sales of those homes that come up for sale make the Park City real estate market a favorable environment for sellers.

Average days on the market are going down so buyers are buying. Buyers, if you have waited to buy, the price are not going to stop rising. Get out and find your dream home before it is too late.

Team Schlopy provides expert real estate services to residential buyers and sellers in Park City and surrounding communities. Contact us today for more information on Park City real estate and for professional assistance navigating this sometimes complex home market.

We have provided Infographics for ease to view what is happening in the Park City Market.

PARK CITY LIMITS MARKET UPDATE Single Family 1701
PARK CITY LIMITS MARKET UPDATE Condominiums 1702

SNYDERVILLE BASIN MARKET UPDATE Single Family 1702
SNYDERVILLE BASIN MARKET UPDATE Condo 1702

Heber Valley Overview

In the Heber City real estate market, conditions continue to favor sellers over buyers, even as fewer houses become available compared to this time last year. February 2017 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.

The 23 new listings in February 2017 represented a 55 percent decrease over February 2016. Active listings decreased 17 percent to 160 over the same period. Actual sales of single-family homes also decreased over the same period. The Park City MLS reports that in February 2017, a total of 15 single homes were sold in the Heber Valley area. This represents a 6 percent decrease over sales in February 2016.

Prices in the Heber Valley real estate market continued to climb during that year-long period. The median price of a single-family home in the Heber Valley area increased 7 percent between February 2016 and February 2017, to $400,000. Average home prices rose 33 percent during that period to $570,720. The dollar volume of sales during the year increased 25% percent. In total, $8,560,800 worth of homes were sold in February 2017.

Homes spend an average of 176 days on the market in Heber Valley, which is an increase from February 2016. Generally, high prices, limited availability, and slow sales of those homes that come up for sale make the Heber Valley real estate market a favorable environment for buyers and sellers.

It is still very much a seller’s market in the Heber Valley. However, buyers are starting to notice the increase prices, and are starting to take longer to wait for those perfectly priced homes. So, Sellers make sure that you price your home correctly or it will not sell quickly and will most likely be reduced in price.

Team Schlopy Real Estate provides expert real estate services to residential buyers and sellers in Heber Valley and surrounding communities. Contact us today for more information on Heber Valley real estate and for professional assistance navigating this sometimes complex home market.

We have provided Infographics for ease to view what is happening in the Heber Valley Market.

Heber MARKET UPDATE Single Family 1702
Heber MARKET UPDATE Condo 1702

We have provided Infographics for ease to view what is happening in the Kamas Valley Market.

KAMAS VALLEY MARKET UPDATE Single Family 1702

If you have any questions please contact us at 435.640.5660. We will be happy to help.

Download the Infographs

The Compound Effect: Building Your Household’s Wealth

Wealth is within reach for many people; however, according to a recent study, 63 percent of Americans said it’s not likely they’ll become rich.1 While younger people are more likely to say they’ll achieve wealth one day, only 34 percent of people aged 30 to 49 and 21 percent of people aged 50 or older say the same. There is no secret to becoming rich: it takes time, sacrifice and good financial sense. Here are a few ways to build your household’s wealth.

Let Compound Interest Work for You
Compound interest is your interest earning interest. While the concept may work against you when you take out a loan to buy a car or use your credit card, it works in your favor when you’re saving money. For example, if your savings is growing at a rate of four percent, your investment will double in eight years and quadruple in 16 years. Your money will grow exponentially the longer you save: the more money you’ve saved, the more your money will grow.

Tap into Your Home Appreciation
Experts expect home prices to appreciate 3.24 percent and grow by 21.4 percent cumulatively.2 If a homeowner purchases a home this year for $250,000, they could earn more than $40,000 in equity over the next five years. Although the home value of the average American family’s home is $165,000, home values vary by market.3 If you’re curious about the value of your home, give us a call!

Build Equity in Your Home
One of the most compelling reasons to own a home is it allows you to build wealth over time. According to one study, the average homeowner has a net worth of $200,000, which is 31 to 46 times the net worth of the average renter.4 Saving for a down payment, especially if you plan to put down more than 20 percent, helps you adopt good financial habits. The more you put down when you buy, the higher your share of equity when you close. Although for the first five to seven years, the majority of your payment will go toward interest, over time more money will be applied to the principal. There are many tools online that calculate your current and future equity in your home, including this one here.

Build equity sooner by choosing a shorter amortization term. While your payment may be higher, you’ll likely qualify for a lower interest rate and will pay less interest over the life of the loan.

Build Equity Faster in Your Home

Mortgage Term 30 Years 15 Years
Loan amount $118,000 $118,00
Months to pay 360 180
Annual percentage rate 4.0% 3.0%
Monthly payment $563 $815
Total interest $84,806 $28,680
Interest savings $56,126

Source: Federal Reserve Bank of Dallas, Building Wealth: A Beginner’s Guide to Securing Your Financial Future

Pay Down Your Mortgage…or Not
Many homeowners grapple with whether or not to pay down their mortgage. On one hand, if you pay it down, or pay it off early, you’ll save money on interest, which you can use to make other investments. On the other hand, if your goal is to be debt-free, it’s better to pay off your higher-interest debt, such as credit card debt, first before paying down your mortgage debt. Additionally, if you’re saving for retirement, putting extra cash toward your retirement accounts will help you build a nice nest egg to enjoy later on.

If you decide to pay off your mortgage sooner, here are a few ways to do so:

  1. Pay more money at the beginning of your amortization period and apply it to your principal.
  2. If you receive a tax refund or other windfall, apply it toward your principal.
  3. Make one extra payment each year. You’ll save money on interest and pay your loan off sooner.
  4. Add an extra $50, or another amount you can afford, to the principal of your payment each month.
  5. If you locked into a 30-year fixed loan, refinance to a shorter, 15-year fixed loan. Your payment may be higher, but you’ll pay it off sooner.

Your financial advisor can help you decide if paying off or paying down your mortgage is right for your goals.

Purchase Investment Property
Investment properties provide passive income to your growing financial portfolio. More than 25 percent of Americans say real estate is the best way to invest money you may not need for the next 10 years.5 While many people flip houses to make money—that is, they buy a home at a low price, fix it up and sell it quickly—others purchase multifamily properties to create monthly cash flow to save or to reinvest in other properties.

The longer you own a property, the better investment it becomes as you’ll continue to build equity. While rental costs rise with inflation, your mortgage will remain the same. The best part? Once you pay off the mortgage, your cash flow will increase. Remember to create a budget for maintenance each month, between 10 to 20 percent of the rent you receive, or more if the home is older. This will help you save more money in the long run and allow you to prepare for unexpected repairs.

There are tax benefits to owning investment property as well. You may be able to claim deductions for depreciation, as long as it fits within the guidelines; repairs, travel expenses, interest and more. If you’re thinking of purchasing an investment property, talk to your tax professional to get the details.

Achieve More Wealth by Creating Financial Goals
Setting a goal will help you achieve your desired level of wealth. Once you achieve one goal, reassess and set the bar higher.

  1. What is your idea of wealth? Your idea of wealth will change as you earn more money. That’s why it’s vital to set goals along the way. What do you want your net worth to be in 5 years, in 10 years and in 20 years?
  1. Write down your short-term and long-term goals. Once you have determined your goals, write them down. This is the first step towards getting your desires out of your mind and into motion and it will be easier to refer to them later on.
  1. Develop a budget to help you reach these goals. A budget not only helps you understand where your money goes each month, it may also prevent you from overspending. That way you can have more money to save and invest.

Your Budget

Income  
Earned $
Investments + $
Total Income = $
Daily Expenses – $
Monthly Bills – $
Total Available for Investment =

To increase the amount you can invest, make adjustments to your daily spending and monthly bills, if possible. Look for opportunities to save money and transfer that savings into your accounts.

It’s never too late to begin building your family’s wealth. Whether you’re interested in buying a first home, upgrading to a larger home or are thinking of renovating, we have you covered. Give us a call and we’ll answer all of your real estate questions and offer suggestions to help you increase the value of your home.

Sources:

  1. BankRate.com
  2. Pulsenomics, Home Price Expectation Survey Q4 2016
  3. Statistic Brain, August 1, 2016
  4. National Association of REALTORS, Economists’ Outlook, September 8, 2014
  5. The Motley Fool, July 30, 2016

Low Home Inventory: What does that mean for you as a seller?

Being in a Seller’s market (Low Home Inventory) CAN be the best thing for the Seller if we do it right. We still have to think strategical to get your property sold. Just because things look in favor of the seller, does not mean to be reckless.

A Warning: Price Right

I came from a small town. We had a local grocery store that could feed our whole town. However, their prices were high and few people went to the market. So, every 3 months they would have their produce on sale at a massive discount to get out the old to bring in the new.

Well, it barely worked for the store back home and this method does not work for Park City Real Estate. Think about it. “I am going to price my home X amount of dollars above market value. In three months, when it is shop worn, I am going to lower it way below market value.” Obviously, we don’t think THAT way. But if we look at the facts of price reductions, we will see a trend of unintentionally thinking THAT way.

Price Reduction Study, Low Home Inventory: What does that mean for you as a seller?

There you have it. On average you will sell your property 20% lower than your intended sales price. Your days on the market will triple with a higher price.

If you price it right, it less likely you will have to reduce the price and even get a lot less then what you wanted.

Negotiating Power: I have the Power.

You have the power but your home is only worth what people are willing to pay for it. So when a low ball offer comes in, Negotiate. If you can’t meet eye to eye on the offer, Decline it.

When an offer comes in that is a little lower than the listing price, Negotiate. If you can’t see eye to eye, you might not want to decline it if the difference is $20,000 or lower. We have had clients decline those offers and their property was on the market for a lot longer. They eventually had to lower the listing price even lower than what the difference was.

Less time on the Market: Prepare to Move

This is a good problem. Sometimes, the closing date comes faster than expected. Once the offer is accepted, start preparing. Once the earnest money has gone hard, start moving. Sounds simple enough.

If you have motived buyers they can ask for the deal to close in 30 days. 30 DAYS! Things can move very fast but you were able to sell your home. Celebrate by… Packing.

Conclusion: He/She with the right price will have the power to Move.

Here is your action plan to sell your home.

  1. Price right. At the right price, you will have multiple offers.
  2. Negotiate with your offers. If it isn’t an offer you want, you have the power.
  3. Celebrate by Packing.

Team Schlopy Real Estate provides expert real estate services to residential sellers and buyers in Park City and surrounding communities. Contact us today for more information on Park City real estate and for professional assistance navigating this sometimes complex home market.

Park City Real Estate Market Update for January 2017

Park City Real Estate Market Update for January 2017

Welcome to the Park City Real Estate Market Update for January 2017.

Park City Area Overview

In the Park City real estate market, conditions continue to favor sellers over buyers, even as more houses become available compared to this time last year. January 2017 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.

The 72 new listings in January 2017 represented a 12.5 percent increase over January 2016. Active listings increased 5.5 percent to 442 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in January 2017 a total of 32 single homes were sold in the Park City area. This represents a 33.3 percent increase over sales in January 2016.

Prices in the Park City real estate market began to fall during that year-long period. The median price of a single-family home in the Park City area decreased 13.2 percent between January 2016 and January 2017, to $1,002,000. Average home prices fell 24.2 percent during that period to $1,878,314. The dollar volume of sales during the year increased 1.1 percent. In total, $60,106,032 worth of homes were sold in January 2017.

Homes spend an average of 163 days on the market in Park City, which is the same as in January 2016. Generally high prices, limited availability, and quick sales of those homes that come up for sale make the Park City real estate market a favorable environment for sellers.

163 days on the Market may seem to be a lot but compared to the last ten years, this is the lowest Average Days on the Market we have seen. Park City increases to be a very hot market. However the Sellers need to understand that if you price high, your place will sit there for a long time. When there was a decrease in median price of home that tells us Buyers will offer what they think it is worth and not the asking price.

Team Schlopy Real Estate provides expert real estate services to residential buyers and sellers in Park City and surrounding communities. Contact us today for more information on Park City real estate and for professional assistance navigating this sometimes complex home market.

We have provided Infographics for ease to view what is happening in the Park City Market.

Park City Real Estate Market Update for Park City inside the White Barn
Park City Real Estate Update for January 2017 inside the white Barn Condos

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5 Reasons to Sell Before the Selling Season Picks Up

5 Reasons to Sell Before the Selling Season Picks Up

A common thought in real estate is never list your home in the winter offseason. Perpetuated by industry experts, agents and repeat sellers alike, this saying encourages many would-be sellers to wait until the spring peak to list their homes. However, studies show that homes listed in the winter offseason not only sell faster than those in the spring, but sellers also net more above their asking price at this time.1 Don’t wait until spring to sell. If you’ve been thinking of selling your home, here are five compelling reasons to list now.

  1. Take advantage of low inventory. Since most sellers are waiting until spring to list, local inventory falls during the offseason. However, there are still motivated buyers who are ready to move now and don’t want to wait that long to purchase a home. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time.”2 These eager buyers may flock to your home. You may not need to try as hard to make your home stand out in the sea of other similar homes. With less competition, more buyers, some of whom may have otherwise overlooked your home if you listed during the peak, will express an interest to buy. While you’ll likely have fewer showings in the offseason, buyers who do visit will be more serious about writing an offer. Your home will likely sell faster than it would have during the peak season.
  2. Set a higher listing price. Homes sold during the offseason sell at a higher price, on average than those sold during the spring and summer peak. There are many reasons for this. First, motivated buyers are willing to pay closer to the asking price for a home. Second, homes are more likely to be priced right and reflect the economics of not only the local market but the neighborhood as well. Often, homes listed during the peak may be priced to compete with other homes in the area and neighborhood. Sellers may be pressured to sell for less than the list price in order to encourage buyers to choose their home out of the others on the market.
  3. You’ll receive more attention. While our team always strives to give you the personal attention you deserve, when you list during the offseason, we’re able to work more closely with you to ensure your home is prepared for its debut on the market. We can also take more time to answer your questions, address your concerns and prepare you and your home for the sale.Additionally, if you’d like to hire a tradesperson to handle routine maintenance or undertake a minor home renovation before you list, you may be able to take advantage of flexible scheduling and cheaper rates. Many of these professionals experience a winter offseason as well and will be able to focus their time and attention on you and your project.
  4. Easier to maintain curb appeal. Curb appeal is intended to attract the buyers who are just driving by as well as those who saw your home online and wanted to see it in-person. It sets the stage for what interested buyers can expect when they step foot in the home during a showing or open house. If you list your home during the peak of the selling season, you may exhaust your time your energy maintaining curb appeal. You’ll likely spend most of your free time mowing the lawn, weeding, trimming shrubs and hedges, planting flowers in pots and in flower beds, pulling spent blooms and watering it all to ensure it looks lush and healthy on a daily basis. After all, a lush landscape will attract potential buyers and set your home apart from other similar homes in the area.The offseason eliminates the pressure to maintain a picture-perfect front landscape. Since most grass, shrubs, and plants go dormant at this time of year, you’ll have less to maintain. If you live in an area that experiences a traditional winter, your landscape will be covered with snow. Even if you live in a milder climate, you may not have to mow as often, if at all. It’s still important to ensure your exterior appears well-tended, so make sure your walkway and front porch remains free of snow, ice and debris.
  5. Tap into the life changes of buyers. Many buyers receive employee raises and bonuses at the end of the year. If they’ve been saving to buy a home, this extra money may allow them to reach their goal for a down payment and put them on the path to becoming a homeowner. Additionally, companies often hire new employees and relocate current ones during the first quarter of the year, creating a strong demand for housing. If you live in an area that’s home to a large company or has a strong corporate presence, this may be the perfect time to list.

Thinking of Listing in the Offseason? 3 Things to Do Before You List

Get your home ready to list by following these tips.

  1. Schedule maintenance. Buyers, especially first-time buyers, want a home they can move into right away; they don’t want to repair the roof or the furnace or replace windows with blown thermal seals before they move in. Do the scheduled maintenance and make repairs before you list your home for sale.In some cases, it may help to have an inspector do a pre-inspection of your home. A pre-inspection will make you aware of any major, potentially deal-killing, issues that will have to be addressed before you list. It also gives you an idea of minor issues that a potential seller may want repaired. Overall, it helps you to accurately price your home and may protect you from claims a buyer might make later.3
  2. Create light. Balance out the lack of natural light outdoors by turning the lights on inside. Since people naturally tend to buy emotionally, turning on the lights helps create a sense of warmth and coziness. Light a fire in the fireplace, if you have one, fill your home with the scents of the season, such as vanilla or fresh baked cookies, and put a throw blanket on your sofa.If you plan to paint the interior of your home before you list, consider an off-white shade to create consistency throughout your home and make the space feel larger and brighter. If you have photos of your garden or the home’s exterior in the spring or summer, display them so interested buyers can get a glimpse of what the home looks like in other seasons..
  3. Give your home a thorough cleaning. Cleaning puts your home in its best light. Clean and polish all the horizontal surfaces of your home, including countertops, window sills, and baseboards; have the curtains dry cleaned or otherwise laundered; wash windows, glass doors, and their tracks; vacuum carpeting and polish all wood surfaces, including the floor.Additionally, this is a great time to pack any personal items and family photos as well as sort through your belongings and donate items you no longer use. This not only eliminates any clutter, but it also gives you less to pack and move when you sell.

If you’re thinking of selling, give us a call! We’d love to help you position your home to sell in our market.
 
Sources:

  1. Time, October 30, 2015
  2. National Association of REALTORS, 2016 Profile of Home Buyers and Sellers
  3. Forbes, August, 27, 2013

Ski with an Athletic stance

Every dynamic sport, whether it’s basketball, tennis, hockey or skiing has one thing in common with regard to technique: Athletic Stance is paramount!

Imagine a tennis player receiving a serve with their feet together. There’s no way they can get to the ball in time not to mention how ridiculous it would look! Same thing with a hockey player bent at the waist so much they couldn’t see the puck.

Skiing is no different, but because our ski boots are rigid, it often times forces us to depend on our equipment to get down the hill. Even expert skiers are guilty of sitting back, bending at the waist or having a goofy stance. A proper “Athletic” stance will make your day of skiing both more enjoyable and also less taxing on your muscles and joints.

So here’s the “skinny” on skiing with an athletic stance… start with your feet a little less than shoulder width apart – ankles flexed so your knees are in front of your toes – a slight bend in your knees and a slight tilt in your pelvis so your sternum is in front of your knees. Lastly, your hands should be in front of you about as wide as if you are reading a newspaper.

Now, once you’ve assembled your stance it should look like you are a linebacker in football or a tennis player receiving a serve. If you can explode, side to side on the hill, you’ve got it right! Superior technique begins with a proper Athletic stance, so get lined up and go tackle the slopes!

Park City Real Estate Market Update for December 2016

Welcome to the Park City Real Estate Market Update for December 2016.

Park City Area Overview

In the Park City real estate market, conditions continue to favor sellers over buyers, even as fewer houses become available compared to this time last year. December 2016 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.

The 125 new listings in December 2016 represented a 7.8 percent increase over December 2015. Active listings increased 3 percent to 880 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in December 2016, a total of 82 single family homes were sold in the Park City area. This represents a 1 percent increase over sales in December 2015.

Prices in the Park City real estate market continued to climb during that year-long period. The median price of a single-family home in the Park City area increased 9 percent between December 2015 and December 2016, to $678,500. Average home prices rose 10 percent during that period to $1,218,728. The dollar volume of sales during the year increased 11 percent. In total, $99,935,657 worth of homes were sold in December 2016.

Homes spend an average of 154 days on the market in Park City, which is a decrease from December 2015. Generally, high prices, limited availability, and quick sales of those homes that come up for sale make the Park City real estate market a favorable environment for sellers.

It is still a strong seller’s market. Properties are selling, but buyers are still looking for a good price. If you list too high, buyers will pass you by so seller beware. Buyers, you can take advantage of those properties that have been on the market longer. Find out if there have been any offers, and see why they fell through. The more information you know the better choices you can make.

Team Schlopy Real Estate provides expert real estate services to residential buyers and sellers in Park City and surrounding communities. Contact us today for more information on Park City real estate and for professional assistance navigating this sometimes complex home market.

We have provided Infographics for ease to view what is happening in the Park City Market.

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Park City Real Estate 2017: What to Expect

One of the most common questions we get at this time of year is, “What’s going on in the market?” It’s not just potential buyers and sellers who are curious; homeowners always want reassurance their home’s value is going up. The good news is the American real estate market is strong and healthy: home values are up, prices and sales are strong, and millennial first-time buyers are eager to become homeowners.

We often use national real estate numbers to give us a clearer view of our local market. However, real estate is local, and while statistics and predictions help us understand the overall real estate market, our local market may be different. If you’re thinking of buying or selling, or just want to know how much your home is worth, give us a call!

What to Expect in the Real Estate Market in 2017
The American housing market is stronger than ever! Home values, prices, and sales had their strongest numbers in 2016, a sure sign the market is healthy and strong. According to the Home Price Index from the Federal Housing Finance Agency (FHFA), property values have increased in 58 of the last 62 months and have increased more than 35 percent nationally. Homeowners continue to build equity in their largest investment—their homes.

First-time buyers are back.
Housing forecasts from the National Association of REALTORS (NAR), the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae all predict existing-home sales will surpass 6 million in 2017, higher than anticipated sales for 2016. Who’s driving the surge? According to NAR, millennials who have put off buying a home are ready to buy. While they may have avoided buying a home due to student debt and limited employment, many are entering their 30s, a time when their attention turns to marriage, family and setting roots with homeownership. They’re predicted to be the driving force behind home and condominium sales from now until into 2020. (Source: MarketWatch)

What does this mean to you? If you’re a millennial who’s been on the fence about buying, now is the time to act. Give us a call to answer your questions about the market and the buying process.

Renters are embracing homeownership
Additionally, many renters who’ve resisted buying are starting home searches due to the economic weight of rising rents. This year’s home buyers seek to take advantage of comparatively low-interest rates and, in most cases, static payments each month—an advantage of home ownership. Rental costs will only continue to rise; if you’re thinking of buying, now is an ideal time to do so.

What does this mean to you? Every month you pay rent, you lose the opportunity to build equity in a home of your own. Break free from the limits of renting and invest in your financial future. Come in the office and we’ll discuss your options.

Home prices are on the rise.
According to NAR, the median existing-home price not only increased 6.0 percent year-over-year in October, it’s also the 56th consecutive month of year-over-year increases. Prices are approaching the pre-recession peak.

What does this mean to you? Home prices, and subsequently home values, are increasing. If you’ve been waiting to list your home until you know you can sell it for what you think it’s worth, now is a great time to do so. We’ll be happy to give you a comparative market assessment of your home and help you get your home in list-ready shape.

If you’re in the market to buy, be prepared to act.
Homes were on the market for the shortest amount of time recorded since 2009: 52 days. The increase of qualified buyers in the market along with the increasing efficiency of the real estate process means homes are selling faster than ever, and in many cases, buyers are engaging in bidding wars and paying over the list price to get the home of their dreams.

What does this mean to you? The home you have your eye on one day may be gone the next. In competitive markets, be prepared to come to the table with a competitive bid.

Looking for a new home?
New-home construction will increase to an average of 1.5 million per year to 2024, according to a report from NAR. However, experts anticipate housing starts will only increase to 1.22 million in 2017, which is less than the 1.5 million new homes required to keep up with growing demand. This inventory shortage of new entry-level homes—typically purchased by first-time buyers—may drive up prices in some areas. Home builders have been focusing on multi-family construction for the last few years, but this type of construction has begun to level off providing hope that builders will once again focus on single-family home construction. However, stricter proposed immigration policies may impact new home construction and tighten inventory.

What does this mean to you? First-time and repeat homebuyers agree—there are plenty of advantages of buying a new home. Whether you want a home customized to your family’s needs or you don’t want to bother with age-related maintenance, a new home has much to offer. Give us a call to discuss your options.

Affordability pressures are increasing in many markets
Housing affordability in many of the nation’s largest cities has declined over the past few years, a trend that is expected to continue in 2017. However, there is hope. NAR created the Affordability Index to measure the affordability of homes across the United States. The Affordability Index assesses whether the typical family earning the median family income can qualify for a mortgage on a typical home based on the prevailing mortgage interest rate on loans closed on existing homes from the Federal Housing Finance Board.

The NAR Affordability Index is 170.2 (composite) and 169.8 (fixed), meaning a family earning the median family income has 170.2 percent of the income necessary to buy a median-priced, single-family home. Nationally, the qualifying income is $41,616, but it varies by region. In the Northeast, the qualifying income is $45,024. In the Midwest, it’s $32,640. In the South, it’s $36,960. In the West, it’s $61,824.

What does this mean to you? If you’ve had your eye on a new home, but weren’t sure if you could afford it, you may be pleasantly surprised. We may have homes in our area that meet your needs and budget. Give us a call today to discuss your home search.

3 Things to Do Now if You Plan to Buy This Year

  1. Get pre-approved for a mortgage. If you’re like most buyers who plan to finance part of the home purchase, getting pre-approved for a mortgage will allow you to put in an offer on a home and may give you an advantage over other buyers. The added bonus: you can see how much home you can afford and budget accordingly.
  2. Start looking. While most buyers start their searches online, be sure to look at homes in neighborhoods you’d like to live in as well. Keep a notebook to write down what you like and dislike about each home you view in person or online. This will help you narrow down where to look and what to look for in your next home.
  3. Come to our office. The buying process can be tricky. We’d love to guide you through it. We can help you find a home that fits your needs and budget. Give us a call to make an appointment today!

3 Things to Do Now if You Plan to Sell This Year

  1. Make repairs. Most buyers want a home they can move into right away, without having to make extensive repairs. While the repairs may or may not add value, making them will give your home a competitive advantage over other similar homes on the market.
  2. Get a Comparative Market Analysis (CMA). A CMA not only gives you the current market value of your home, it’ll also show how your home compares to others in the area. This will help us price your home to sell in our market. Call us for your free CMA!
  3. Start packing. Help your buyers see themselves in your home by packing up items you don’t use regularly and storing them in an attic or a storage space. This will make your home easier to stage as well as make it easier to move later on.

Are you thinking of buying or selling?
Whether you’d like to buy or sell a home this year, want to know how much your home is worth, or have general questions about our local market, give us a call! We’d love to discuss the market with you.

Price Check: What $1.075M Buys You In The Park City Area Right Now

WHAT 1.075M BUYS YOU IN PARK CITY RIGHT NOW

We are going to take a look at homes that are in the price range of 1.075M in the Park City Area.

Exquisite Home in a Private Golf Course Community

3012 E Painted Bear Trail Kamas UT 84036

3012 Painted Bear Trail, Kamas | $1,075,000

Built in 2005, this Christopher Homes Model home is worth your time to see! This stylish residence is located just across the street from the 10th fairway of the Mustang Golf Course at Tuhaye and a short walk to the Tuhaye Park Club Amenities. Enjoy views of the Uintah Mountains, upper Provo River Valley & Deer Valley from the splendid and spacious great room. Incredible finishes include custom wood beams, rod iron stair rails, hand scraped Hickory wood floors & Travertine, surround-sound inside & out. Main level master suite with steam shower, soaker tub, two-sided fireplace and a huge walk-in closet. Gourmet kitchen with granite counter tops, Sub-zero refrigerator, & Viking oven/6 burner stove. There is a walk-in pantry, water softener & purifier along with a full sized wine refrigerator.

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Park City Real Estate Market Update for November 2016

Park City Market Update

Welcome to the Park City Real Estate Market Update for November 2016.

Park City Area Overview

In the Park City real estate market for November 2016, conditions continue to favor sellers over buyers, even as more houses become available compared to this time last year. November 2016 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.

The 116 new listings in November 2016 represented a 14% percent increase over November 2015. Active listings increased 5 percent to 42 over the same period. Actual sales of single-family homes also increased over the same period. The PC MLS reports that in November 2016, a total of 89 single homes were sold in the Park City area. This represents a 40 percent increase over sales in November 2016.

Prices in the Park City real estate market continued to climb during that year-long period. The median price of a single-family home in the Park City area increased 12 percent between November 2015 and November 2016, to $652,500. Average home prices rose 9 percent during that period to $1,201,964. The dollar volume of sales during the year increased 25% percent. In total, $106,974,783 worth of homes were sold in November 2016.

Homes spend an average of 122 days on the market in Park City, which is a decrease from November 2015. Generally, high prices, limited availability, and quick sales of those homes that come up for sale make the Park City real estate market a favorable environment for sellers.

In these conditions, there is a disadvantage for the seller and the buyer. Sellers begin to overprice their homes. When there is an offer and the home is appraised, the appraisal comes by under the offered price. The buyers will say to lower the price to the appraised priced but the Sellers say no. Buyers walk away and then sellers are stuck with an overpriced home. I know that this happens but it is starting to happen more often than usual. So always price your home correctly.

We have provided Infographics for ease to view what is happening in the Park City Market.

Park City Market Update Single Family
Park City Market Update Condos

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8 Scams to Watch Out For This Holiday Season

8 Scams to Watch Out For This Holiday SeasonThe holidays are a happy time for celebrating with family, friends, and co-workers. Unfortunately, this time of year can also be turned sour by a wide variety of clever frauds, unauthorized debit and credit card transactions, and bogus person-to-person scams. By the end of 2015, individuals, retailers, charitable donors, and companies were victimized to the tune of $1.5 billion… and that number is expected to have gone up in 2016.

Just as you protect your home with an alarm system, you should set up defenses for your credit and identity. During the holiday season, fraudulent activity spikes, but here’s how to protect yourself from the eight most common scams.

Big Data Breeds Data Breaches

Big data during the holidays is great for marketers; it’s a bonanza of consumer information to use to lure shoppers to Black Friday deals and the like. However, while companies wrangle in the chaos of holiday orders, scammers search for weaknesses in a company’s cyber-security. According to a top executive at one of the leading credit bureaus, “Data breaches are inevitable and most consumers are vulnerable to identity theft… especially during the holidays.” In fact, 25% more consumers were affected by identity theft during the holidays in 2015 than in 2014! read more…

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