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Benefits of living near the mountains

Living near mountains brings a whole new dimension to one’s existence. There’s a lot to look forward to apart from scenic views and higher altitudes. Read on to find out more about the benefits of living here.

Fresh mountain air

The air is clean and fresh, thanks to the crisp mountain air. Smog and other pollutants cannot reach your relatively high altitude. This is exactly what the doctor ordered for those with asthma and other respiratory conditions. Simply breathing in the fresh air can also reduce stress and even lower the possibility of health problems, as well as help you get a good night’s sleep.

A more active lifestyle

It’s easier to become active and physically fit when you live near the mountains. By simply looking at the ones dotting the Park City terrain, you’ll be motivated enough to lace up your sneakers and just go where your feet will take you. In the summer, you can go hiking, biking, or rock climbing. Then when winter comes, your activities can transform into skiing, snowboarding, or snowshoeing.

Living near the mountains is also a great option for retirees who would like to lead a physically active lifestyle.

Journey to health

Scientists have promoted the concept of forest bathing, which entails strolling through a forested area to boost your health and wellness. You can do so in Park City’s surrounding mountains where green spaces like Rockport State Park and Wasatch Mountain State Park will provide you with all the forest trails to explore and the freshest air you can breathe.

Peace and serenity

Mountain living is what you need if you desire to leave the din of city living – even for a moment – to indulge your senses in the wonder of nature up close. This is where you can collect your thoughts and simply recharge in the tranquility of the setting. As soon as you step outside your mountain abode, you can fill your lungs with fresh air. Hiking along the trails will lead you to a body of water or a clearing filled with wildflowers. Far away from the city lights, you can enjoy evenings on your patio looking at the star-filled sky. You might even catch a glimpse of the Milky Way on a cloudless night.

Time grinds down to almost a standstill n the mountains. With a slower lifestyle comes less stress. You might even find the time to start a new hobby.

If your home is part of a community, the local retail shops may be able to provide ample supplies for your daily needs. But if you have a stand-alone home away from these amenities, you’ll learn to plan your meals carefully and cook, grow, and preserve your own food. That way, you don’t need too many trips down to the nearest retail area for daily sustenance.

A welcoming community

The city can be a cold place to live in. You can go around its entirety and not find a familiar face among the thousands of people you encounter. But in a mountainside community, you’ll have enough time to connect with your neighbors. You’ll soon be united in adversity (like when getting snowed in) and in abundance (during local festivals).

For the best advice about finding your own home in the mountains, contact Team Schlopy today and check out Park City’s property listings.

Park City vacation property buying guide for 2022

Park City, Utah is widely known as a resort town, with lovely snow-capped peaks and great slopes for all kinds of snow-based fun. And even when the snow melts and temperatures rise, outdoor recreational activities are still a-plenty for everyone’s enjoyment.

To give you an idea of the real estate climate for vacation homes here, this guide will give you everything you need to know about Park City.

Top locations

There are prime locations in and around Park City. Where you’ll buy will depend on your preferred lifestyle.

Main Street of Old Town Park City. If you want to be close to the modern conveniences of Park City, the historic Old Town won’t disappoint. The restored vintage homes here give it that literal Old-Town feel but this is actually where the hustle and bustle of urban activity is. For cultural and cinema geeks, the Sundance Film Festival happens here every January.

Mountain Resort area. Owning one of the vacation homes here gives you easy access to the ski slopes and lifts of the Park City Mountain Resort. The properties to choose from range from condos to luxury real estate, thus, assuring you of a vacation home to fit your budget and taste.

Canyons Resort area. If you want a place that’s near one of the largest ski and summer resorts in the country, then your best bet for a vacation home location is here. Condos and townhouses are available here plus some luxury homes priced at less than a million dollars for a grand vacation getaway.

Deer Valley area. For the pinnacle of luxury in a winter wonderland, Deer Valley is the place to be. The resort provides a world-class experience from the well-maintained runs to the extra-special amenities. You’ll also find some of the most exquisite luxury homes near the area but townhouses and condos are also available here.

Park City golf clubs. For people who would rather take to the greens for some tee time, then Park City has several golf club communities with great properties to choose from. Here are some Park City golf clubs with available real estate.

Financial considerations

Buying in cold cash can easily conclude your home-buying journey in Park City. But if you want financing that won’t burn your pocket in one go, consider getting a mortgage. Just keep in mind that the Park City housing market is still very much at the top of investors’ minds despite the incremental increase in interest rates. That said, it’s best to consult a local real estate expert for assistance in crafting an offer that’s hard to resist.

Whatever mode of financing you choose, it pays to protect your hard-earned investment by researching the property you’re purchasing. Some may have legal issues that could hinder mortgage approval.

Caring for your vacation home

Living far from your Park City vacation home, you won’t be able to tend to it on a regular basis. Upkeep is still of prime importance whether you’re using it as a second home or as a rental. In hiring a caretaker, they will take over the job of regular maintenance and will prepare the house before you use it. But if you opt to rent out your vacation home, a professional property manager is the better option to help you with collecting deposits, facilitating renters’ entries and exits, and scheduling regular cleaning.

Ready to invest in a Park City vacation home? Contact Team Schlopy today!

Park City Real Estate Update for June 2022

Single Family Homes in Park City Proper (84060)

The median sales price for was $4,063,381 with 12 units sold. The Average Days on Market was 20 days and the Average Sold Price per Sq. Ft. was $1,177. There were 24 new listings with 42 currently active listings on the market.

Condo/Townhomes in Park City Proper (84060)

The median sales price for was $1,650,000 with 9 units sold. The Average Days on Market was 5 days and the Average Sold Price per Sq. Ft. was $943. There were 12 new listings with 14 currently active listings on the market.

Single Family Homes in Park City Extended (84098)

The median sales price for was $2,044,000 with 21 units sold. The Average Days on Market was 4 days and the Average Sold Price per Sq. Ft. was $618. There were 60 new listings with 105 currently active listings on the market.

Condo/Townhomes in Park City Extended (84098)

The median sales price for was $1,330,000 with 20 units sold. The Average Days on Market was 7 days and the Average Sold Price per Sq. Ft. was $677. There were 23 new listings with 32 currently active listings on the market.

Single Family Homes in Heber Valley

The median sales price for was $1,125,000 with 27 units sold. The Average Days on Market was 12 days and the Average Sold Price per Sq. Ft. was $329. There were 63 new listings with 86 currently active listings on the market.

Vacant Land in Heber Valley

The median sales price for was $385,000 with 12 units sold. The Average Days on Market was 96 days. There were 29 new listings with 92 currently active listings on the market.

Does resort-style living fit your lifestyle?

Living a resort lifestyle may seem like a dream come true – but in reality, it has its drawbacks and stringent rules that may not appeal to many. Read on to learn about resort-style living so that you can fully determine if this is the lifestyle you want.

Defining the resort lifestyle

A community may have homes priced at more than a million dollars but pricing isn’t the sole factor that determines what a resort community is. Below are some features that better define the resort lifestyle:

Location. You’ll usually find a resort-like home in master-planned or gated communities with either a stunning view of natural settings or proximity to upscale amenities like a golf course, a hotel, or even an actual resort.

Community of like-minded people. Resort-type communities are not as populated as your standard neighborhood. Home buyers are curated, not just for their ability to make an attractive offer but also for their capacity to imbibe the community culture. You’ll have neighbors with almost identical tastes, household income, educational attainment, and even career successes as you. If you live in a golfing community, expect neighbors who enjoy the sport as much as you do. If you opt for a community of active seniors, your neighbors will most probably share your fondness for songs of The Beatles and Elvis Presley.

Amenities. On top of the standard amenities you’ll find in traditional neighborhoods, these communities have other amenities that bring luxury living to a whole new level. These include:

  • Boutiques
  • Bars
  • Restaurants
  • Gyms
  • Multiple pools
  • Sports facilities (e.g., tennis and basketball courts, golf course, watercraft or boat slips [for waterfront communities])

Types of resort-style communities

  • Waterfront communities
  • Master-planned communities
  • Sports and country club communities
  • Retirement communities
  • Active adult or 55+ communities

An example of a Utah resort community is Deer Crest, one of the best neighborhoods in Park City, with hillside residences that range from simple craftsman single-family homes to enormous mansions by the cliffs. Deer Crest’s proximity to ski slopes and other amenities for winter-based thrills underscores the excitement that the Park City lifestyle offers.

Is the resort lifestyle for you?

Buying property in these resort communities will take more than the usual budget for buying a home in a regular neighborhood. However, such a home can be a wise investment in the long run, especially if turned into a vacation rental.

Other considerations are:

The culture and its rules. Can you keep up with the community’s culture? Once you do become a homeowner, will you be able to abide by a set of rules that could stifle your sense of individuality?

Off-seasons and inclement weather. Will you still enjoy the community and all it has to offer even during off-seasons when there’s not much happening in your area? Will you be prepared enough for times when bad weather hits?

Access. Some resort communities also promote privacy apart from special amenities and features, that’s why their location is remote. But during inclement weather when access points to and from the community could be blocked by occurrences like floods or snow drifts, do you have a way of dealing with the challenge?

To help you in coming up with an informed decision regarding your Park City resort community plans, contact Team Schlopy today.

Top 4 Outdoor Furniture Materials for Your Park City Home

Functionality, practicality, and durability are three aspects you need to keep in mind when shopping for outdoor furniture for your Park City home, especially with the city’s widely varying seasons and weather.

Here are four outdoor furniture materials that you should look for while furnishing your Park City home:

Wood 

Wood is one of the most popular materials for outdoor furniture, and it’s easy to see why. Quality wood furniture is not only durable— it’s also gorgeous and comes in a variety of tones, stains, and grains. If you want to stick to a certain aesthetic for your home, its easy to find a set of wooden furniture to match your outdoor space.

However, it is important to note that wood is affected by moisture. In Park City, you need to take extra precautions to keep your wooden outdoor furniture in shape. You can have them specially treated to withstand the elements or put them in storage during winter. Lastly, consider teak—its high oil and resin content makes it impervious to frost and snow.

Synthetics

Resin wicker – which are woven synthetic materials like polyethylene, PVC, or nylon – is preferred due to its affordability, all-weather durability, and low maintenance upkeep. High quality synthetic wicker can even withstand moisture and rot.

Wicker outdoor furniture can give your Park City home’s outdoor space a timeless, laid-back look. However, take note that this material is not completely water- or cold-resistant. Prolonged exposure to rain or snow can still cause wicker furniture to expand or warp, making it brittle. Cleaning wicker can also be time-consuming given its woven structure.

Recycled plastic or composite furniture

Furniture made of composite and recycled materials like plastic and HDPE lumber are a beautiful and practical way to spruce up your outdoor living spaces in Park City. Unlike wood or metal, recycled or composite furniture do not fade, crack, rot, split, or stain easily. Moreover, they are easily cleaned with a damp cloth.

The material’s lower density makes it lighter than other furniture types, which can be a good or bad thing depending on your preference. On the one hand, it can be easily blown away if the weather is extreme, but the wind in Utah is usually calm. On the other hand, it’s easy to carry— a boon if you’re constantly redecorating. Take note, however, that plastic can become brittle when exposed to freezing winter temperatures and snowstorms.

Metal

Metal furniture are popular outdoor picks because of their distinct look and durability. However, like wood, metal can corrode over time because of damp or wet weather.

If you want something heavy, solid, and resistant to intense wind gusts, sunlight, and cold, wrought iron is a good choice. That said, they should be stored every winter or rainy season since the material is highly susceptible to moisture damage.

Aluminum and steel can be great alternatives to wrought iron. Although not as heavy, it is water- and rust-resistant, as well as durable against frigid winter temperatures. Steel is also more resistant to wind gusts as well as other elements. Annual wax treatments and other protective coatings can prolong these materials’ beauty and life.

Want to know more about the Park City lifestyle? Get in touch with the expert agents of Team Schlopy today. Call us at (435) 640-5660 or send us an email at info@teamschlopy.com.

The Do’s and Don’ts of Buying a Cabin in Park City, Utah

Planning to purchase a cabin in Park City, Utah? Whether you’re a first-time buyer or a veteran in the property investment market, it’s wise to study the ins and outs of buying a cabin, especially in a mountain resort town like Park City.

Before you begin your journey into the Park City housing market with an expert real estate team, here are several tips you need to keep in mind.

Read about the local real estate market

Park City is best known for world-class skiing, hiking, and dining experiences. It only makes sense to buy a property located near any of these activities ig you’re planning to turn it into a vacation home or rental.

If you like snow sports or are planning to appeal to that target demographic of potential renters, then purchasing a cabin in Deer Valley Resort or Park City Resort is ideal, especially given these areas’ ski-in/ski-out location.

You should also check out properties in or near Old Town, a neighborhood that offers snow-related activities while also being a short walk away from Historic Main Street. This walkable distance to all the restaurants, shops, and entertainment on Main Street gives Old Town rentals a great property value and high rental occupancy rates.

Do analyze a property’s investment potential

Having in-depth information about Park City’s real estate market is critical in making wise investment decisions. There’s no denying the fact that Park City is a must-visit destination for tourists and snow-sports lovers around the world. And according to AirDNA, the occupancy rate for Park City is at 56%, with an average daily rate of $452 (as of April 2022).

Owning a conveniently located and well-maintained cabin in Park City will not only add diversity to your investment portfolio; it will also have great potential to generate immediate cash flow.

Don’t forget to study rental laws and HOA regulations

Whether you purchase a Park City cabin as a vacation home or a vacation rental, it’s wise to familiarize yourself with any rental laws and homeowner association (HOA) regulations.

If you’re planning to invest in a cabin rental, take note that Park City requires all vacation rentals to acquire a business license before operating. Similarly, depending on your cabin’s location, it may fall under a HOA. They may have certain rules and regulations regarding rental properties in the neighborhood.

Don’t go over budget

Purchasing any kind of property is a big financial investment. It’s crucial to consult with your real estate agent or a financing professional when it comes to planning out your budget and finances.

For starters, assess the following when drafting your budget:

  • Your credit score and the amount of down payment you can afford
  • Amount of funding reserved for potential or emergency repairs
  • The cost of regular maintenance
  • Property taxes and state sales tax
  • Mortgage plans, home appraisals, HOA fees, utilities, and other expenses associated with purchasing homes and property ownership
  • Rent prices of comparable rental properties and the cost of hiring property management companies, if you are planning to manage the cabin as a vacation rental

With our performance-driven and client-focused services, let Team Schlopy do the heavy lifting for you. Call us today at (435) 640-5660 or send us an email at info@teamschlopy.com.

Park City Real Estate Update for May 2022

Single Family Homes in Park City Proper (84060)

*Percent change calculated by comparing results from the prior calendar month

The median sales price for was $4,130,000 with 13 units sold. The Average Days on Market was 21 days and the Average Sold Price per Sq. Ft. was $1,085. There were 13 new listings with 31 currently active listings on the market.

Condo/Townhomes in Park City Proper (84060)

*Percent change calculated by comparing results from the prior calendar month

The median sales price for was $2,170,000 with 15 units sold. The Average Days on Market was 12 days and the Average Sold Price per Sq. Ft. was $1,103. There were 9 new listings with 13 currently active listings on the market.

Single Family Homes in Park City Extended (84098)

*Percent change calculated by comparing results from the prior calendar month

The median sales price for was $2,175,000 with 24 units sold. The Average Days on Market was 17 days and the Average Sold Price per Sq. Ft. was $509. There were 41 new listings with 67 currently active listings on the market.

Condo/Townhomes in Park City Extended (84098)

*Percent change calculated by comparing results from the prior calendar month

The median sales price for was $1,150,000 with 17 units sold. The Average Days on Market was 3 days and the Average Sold Price per Sq. Ft. was $569. There were 34 new listings with 22 currently active listings on the market.

Single Family Homes in Heber Valley

*Percent change calculated by comparing results from the prior calendar month

The median sales price for was $935,000 with 13 units sold. The Average Days on Market was 5 days and the Average Sold Price per Sq. Ft. was $379. There were 37 new listings with 51 currently active listings on the market.

Vacant Land in Heber Valley

*Percent change calculated by comparing results from the prior calendar month

The median sales price for was $615,000 with 11 units sold. The Average Days on Market was 47 days and the Average Sold Price per Acre was $783,133. There were 23 new listings with 71 currently active listings on the market.

Best Gated Communities in Park City, Utah

Skiing, snowboarding, and the Sundance Film Festival – these three things make Park City, Utah the ultimate destination for athletes, filmmakers, and nature lovers each year. And when you become a homeowner in one of the city’s top gated communities, you can enjoy the best of Park City life year-round.

Here are three of the best-gated communities in Park City:

Promontory

Located eight miles away from Old Town Park City, Promontory is the pinnacle of luxury mountain living. This elegant and multi-generational enclave sits at 6,500 to 7,400 feet above sea level, covering around 7,200 acres of land. Its location offers homeowners easy access to Salt Lake City’s International Airport, as well as unparalleled views of Park City and the Uinta Mountains.

Promontory is best known for its world-class and family-oriented amenities. It has everything, from the scenic Mountain Garden Park and fully-equipped Equestrian Center to award-winning clubhouses and community centers like The Shed, The Village Clubhouse & Village Spa, and even a “Kid’s Only” Cabin. The community’s crowning glory, however, are its two golf courses: the Dye Canyon Golf Course and the Nicklaus Painted Valley Golf Course, the second and third best golf courses in Utah.

Homebuyers will find a wide variety of housing options in Promontory, from buildable lots for custom homes to vacation cabins.

Glenwild

Conveniently situated a few minutes off I-80 and Kimball Junction, Glenwild is one of the most exclusive private communities in Park City. Despite its direct access to major highways, Glenwild is an intimate and private residential neighborhood that covers only 1,600 acres and 196 homesites. This provides each homeowner uninterrupted views of the Wasatch range and the grand ski resorts of Park City and Deer Valley.

Aside from offering state-of-the-art amenities like a fully equipped tennis court, swimming pool, fitness center, spa, and country club, Glenwild is home to a Tom Fazio-designed 18-hole championship course, ranking first among all the golf courses in the state. A portion of Mountain Trails Foundation’s trail system and the Swaner Nature Preserve also fall within Glenwild’s borders, which makes it a haven for avid cyclists, hikers, and outdoor enthusiasts.

If you’re interested in purchasing a property in this highly exclusive neighborhood, you’ll find a wealth of gorgeously designed homes with architectural styles ranging from rustic contemporary to mountain modern. But regardless of style, Glendale’s Architectural and Design Committee ensures that all homes have as little environmental impact as possible.

The Colony

The Colony at White Pine Canyon is a perfect example of luxury mountain living. This award-winning community sits on 4,600 acres of land filled with rich aspen groves, crystal-clear streams, and beautiful meadows. The Colony’s 274 home sites blend harmoniously with the expertly preserved natural landscapes.

Its favorable location allows homeowners and residents to enjoy the best of Utah’s four seasons. During winter, you can enjoy ski-in/ski-out privileges to The Canyons, while spring and summer are the best times to explore the neighborhood’s network of hiking, biking, and horseback riding trails, including the 26-mile Mid-Mountain Trail. Film and food connoisseurs will be glad to know that Park City’s Main Street, home to the annual Sundance Film Festival and a first-class restaurant scene, is only a few minutes away from this premier gated community.

Interested in finding your dream home in The Colony at White Pine Canyon? There are various property types to choose from, ranging from lots prepped for new construction developments to custom homes that are built and move-in ready. Find out more about available homes for sale here.

When you work with Team Schlopy, purchasing your dream home in one of the most luxurious private communities in Utah has never been easier! Get in touch with us today by calling (435) 640-5660 or by sending an email at info@teamschlopy.com.

Mortgages 101: Buying Park City Real Estate

Every mortgage plan is different. And in a resort town like Park City, shopping and qualifying for a mortgage may require some local expertise. To help you choose the right mortgage plan, here’s our brief guide on everything you need to know about mortgages in Park City, Utah.

Why choose a local Park City lender?

As a renowned ski resort destination and vacation town, many properties in Park City are townhomes or condo developments. This results in a diverse mix of ownership situations, ranging from homeowners who can be full-time or seasonal residents to property investors who maintain long-term rentals or vacation rentals.

This ownership-to-rent ratio can be unfamiliar to many out-of-state lenders. You might run into problems when applying for mortgage plans like conforming loan programs, which have certain limits and restrictions per county. But with a local Park City lender, you can avoid these hoops altogether.

You can learn more about our recommended services and local professionals here

Types of mortgage plans

Mortgage loans are classified in various ways. You can apply for government loans (guaranteed by the U.S. Government based on certain qualifications) or conventional loans (offered by private lenders).

Conventional loans

Mortgage loans that are not issued or backed by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Service (RHS) are considered conventional loans.

Most conventional loan requirements include:

  • A minimum credit score of 620, with a debt-to-income ratio of no more than 45% and a steady source of income.
  • A down payment of 5% to 20% of the total sales price in cash. If you can put down less than 20%, however, most lenders will require you to pay for private mortgage insurance (PMI) until you’ve reached 20% equity.
  • A property appraisal that confirms the home’s value, which should be at or above the purchase price.

 

Conforming loans

Conforming loans follow the conditions set by Fannie Mae and Freddie Mac, both of which have the power to influence credit and income requirements, eligibility, and maximum loan amounts.

According to the Bank of Utah, the conforming loan limits for 1-to-4-unit residential homes and condos in Park City (located in Summit County) are as follows:

  • One unit: $762,450
  • Two units: $976,100
  • Three units: $1,179,850
  • Four units: $1,466,250

FHA loans

An FHA loan is a mortgage program insured by the FHA, which is part of the U.S. Department of Housing and Urban Development. It’s often recommended to first-time homebuyers because of its lower down payment and credit requirements (minimum of 3.5% of sales price, with a credit score of 580 or higher). One condition, however, is that you must turn the property you’re purchasing into your primary residence for at least a year.

VA loans

VA loans are tailored for active servicemen, veterans, and their spouses. Government-backed and private lender-provided, you can benefit from low interest rates and lower closing costs if you’re eligible. VA loans also don’t require down payments nor private mortgage insurance. The best part of it all is that you can take out a VA home loan multiple times throughout your lifetime.

Do you need assistance in financing your dream home in Park City? Team Schlopy can help! Call us at (435) 640-5660 or send us an email at info@teamschlopy.com.

 

9 simple kitchen and bathroom upgrades that increase the value of your home

Before you start your renovation project, it’s important to know which upgrades will increase the value of your home. Major projects like converting garage spaces into flexible spaces and home offices have become popular in recent years. Unfortunately, those types of renovations can cost quite a bit of money.

If you’re planning on renovating your home in Park City, Utah, but don’t want to spend a fortune, you can never go wrong with simple upgrades to your kitchen and bathroom – the Top 2 most scrutinized areas in homes for sale.

We’ve rounded up some of the simplest yet cost-effective home improvements here.

Kitchen upgrades

Update, paint, or replace cabinets

Updating or replacing cabinets is a cost-effective way to freshen up your kitchen for not a lot of dollars. Wood cabinets with natural finish often catch buyers’ eyes. If the cabinets look a bit worse for wear, you can also paint them in colors that complement the rest of the space.

Add extra storage

If installing new cabinets in the kitchen or bathroom is out of your budget, but you need extra storage, there’s an easy fix to that. You can expand storage space by cutting into the drywall and finishing it with shelves to store linens, pantry items, and transparent boxes with organized sundries. 

Professional-grade and energy-efficient appliances

Upgrading your kitchen appliances doesn’t sound like a cost-effective upgrade. However, if you’re planning to do a minor remodel of your kitchen anyway, buying new appliances is a great idea because it increases your return on investment. Plus, many buyers are looking for sustainable technologies and features in homes.

New countertops

Another kitchen upgrade you can add to your minor remodeling list is updating your kitchen’s countertops. Homes with granite countertops typically have a higher asking price. If you’re considering this upgrade, a solid granite countertop can set you back around $3,000, while granite tiles can cost anywhere from $5 to $15 per square foot.

Kitchen island

Kitchen islands are popular among many homebuyers because they add counter and storage space, making the entire kitchen seem bigger. It’s also a good investment that’s unlikely to go out of style.

Multipurpose work area

Multifunctional spaces are increasingly becoming popular among homebuyers, especially if they work from home. Creating a multipurpose work area in the kitchen can add value and functionality to a home.

Bathroom upgrades

Replace your old toilet

Buyers today are looking for green, energy-efficient, and sustainable features in homes. Installing a low-flow toilet, for example, is sustainable and cost effective. Adding such features can drive up the price of your home. Some low-flow toilets go for about $100 to $250.

Upgrade fixtures in the kitchen and bathrooms

Installing new drawer knobs, handles, and faucets can add a modern and trendy touch to your kitchen and bathroom. Paired with freshly painted cabinetry, new fixtures can instantly make the areas look and feel new. Matte-type stainless steel and brushed nickel fixtures are excellent for a contemporary look. Meanwhile, oil-rubbed bronze is perfect if you’re trying to achieve a classic or vintage look.

Walk-in showers

While families with children prefer bathtubs, more people are switching to walk-in showers. Many people don’t have the time to use the bathtub and would rather shower instead. If you have the space, consider installing a walk-in shower or a floor-to-ceiling steam shower.

Planning on investing in a new home in Park City, Utah? Book a real estate consultation with Team Schlopy today. Get in touch with our team by calling (435) 640-5660 or sending an email to info@teamschlopy.com.

Home buying guide for millennials in Park City, Utah

Purchasing a home is an important milestone in anyone’s life, no matter your age – retirees, for example, have to deal with downsizing their forever home to a smaller unit better suited to their current needs.

It’s a similar situation for first-time homebuyers, who will have to face the commitment and responsibilities of homeownership, unlike apartment living.

If you’re a millennial planning to relocate to Park City, Utah, here are some things you should know about the local real estate market, as well as some important tips to help you get started on your journey to purchasing your first home.

Why move to Park City, Utah?

Work-from-home arrangements have continued beyond the pandemic, even as offices reopen. From companies having their employees work remotely on a permanent basis to individuals looking for jobs that will allow them to continue working from home,  this newer “new normal” has been a boon for real estate. People are exploring areas beyond the vicinity of their workplaces and apartments for a chance to live in a place they’ve always dreamed of.

Park City, Utah is one such place. Known as the best small town in America, the city offers plenty of breathtaking views as well as recreational and winter sports activities. Despite the cozy small-town vibe,  Park City isn’t lacking resources, amenities, and communication infrastructure to make office work or remote work convenient. Park City’s public schools are the best in Utah and known across the country.

A millennial’s guide to buying a first home

Millennials, or those born between 1981 and 1996, make up the largest part of homebuyers today. In fact, they constitute about 42% of all homebuyers and 56% of first-time homebuyers. If you’re one of the first-time millennial homebuyers, we have some tips for you so you can navigate Park City’s real estate market and

purchase your dream home.

Look closely at the local real estate market

To make sure you get what you pay for, stay on top of the real estate market in the area you’re planning to move to. Research the neighborhoods, property types, average list prices, average rent prices, and community facilities and amenities.

Secure your down payment

Housing prices are on the rise. In fact, home prices now are almost 40% higher than in the 1980s. To keep your interest rate low and pay off your mortgage faster, it’s ideal to save the 10-20% down payment on your first house. It’s also a good idea to pay off a chunk of your student debt to help you secure a better deal.

Build and maintain your credit score

The average FICO credit score of homebuyers today is 751, but the average credit score of millennials is somewhere in the 650s. If you’re planning on buying a home, raise your credit score. You can do this by paying bills that have gone into collections, settling debts on their due date, making sure there are no inaccuracies in your credit report, and not taking out any other lines of credit.

Get pre-approved for a home loan

Getting pre-approved for a home loan is a power move that lets the seller know that you’re serious about buying. It tells the seller that your finances have been checked and verified by a lending institution and you have the capacity to make payment.

Know your non-negotiables and stick to your budget

When it comes to buying homes, millennials typically know their must-haves and non-negotiables. No home is worth compromising other financial goals. Stick to your budget and stand firm on your non-negotiables so you can save for emergencies, home improvements, and other life goals.

Work with Realtors

First-time homebuyers will find many aspects of the home buying process particularly challenging. It’s important to work with a team of experts to make sure you can purchase your dream home without unnecessary stress.

If you’re a millennial first-time homebuyer, you need to work with an experienced group of real estate experts to be able to navigate Park City, Utah’s real estate market. Fortunately, you can schedule a consultation with Team Schlopy today. Get in touch with us  by calling (435) 640-5660 or sending an email to info@teamschlopy.com.

8 landlord negotiating tactics when renting a home in Park City, Utah

Have you found your dream apartment only to discover that it’s slightly out of your budget?  Is your landlord about to raise your rent? No matter the situation, there is hope. Because, yes, you can negotiate your rent with your landlord.

While that’s easier said than done, especially if you’re negotiating for the first time, there are tips and tactics to make sure you can get the most out of your apartment in Park City, Utah.

Research the local rental market and the property’s value

If you’re going to negotiate your rent, it’s important to understand the local real estate market. Find out the rental rates for similarly-sized apartments in the  s neighborhood you’re eyeing. It’s also important to also compare amenities, such as parking and gym access. When you finally talk with your landlord, make sure to present the competing rates in writing.

Knowing the area’s average property prices, frequency of rent hikes, and average rent prices can give you good leverage for negotiations.

Think about timing

When it comes to negotiations, you can use timing to your advantage. It’s wise to negotiate your rent price before your current lease expires. It’s also a good idea to pick a slow time of the year, particularly winter. Summer is the peak season for moving into new apartments, so you may not be able to get a good deal (or any deal at all) if the landlord can tell that you’re pressed for time or if you’re desperate to keep your current apartment.

Have documents on hand and show your strengths as a tenant

You can also show your landlord proof of your good standing as a tenant by showing him documents such as your previous rent payment records, references from previous landlords, or your credit score. These will help back you up during negotiations.

Negotiate in person

If circumstances allow, it’s much better to negotiate in person. This shows that you’re committed to seeing this through. Set aside some time so you can talk with your landlord about lowering or maintaining your rent.

Offer to pay your rent in advance

Many landlords would give anything not to worry about chasing late payments. If you can afford it, offer to pay your rent in advance in exchange for a monthly discount or similar benefits.

Barter your perks

You can also ask your landlord to lower your rent by bartering perks or services. For example, if you don’t have a car, you can give up your parking slot for a discount. If the unit you’re moving into was previously rented by a pet owner, you can offer to clean the unit in exchange for other benefits.

Consider other lease terms

If you like the place you’re moving into and you plan on staying for an extended period of time, sign an 18-month or two-year lease in exchange for lower rent. A long-term lease saves your landlord the trouble (and the cost) of looking for a new tenant every so often. Think carefully before committing yourself to this offer because long-term contracts usually impose penalties on early terminations.

Aim high and meet somewhere in the middle

One of the most important tips when it comes to negotiating your lease is to ask for more than what you expect to receive and meet the other party in the middle. This ensures that you and your landlord both get what you want from the deal.

Want to know more tips about rent negotiations and properties for rent in Park City, Utah?  Contact Team Schlopy for a real estate consultation. Get in touch with our team today by calling (435) 640-5660 or sending an email to info@teamschlopy.com.

Park City Real Estate Update for March 2022

Single family Homes in Park City Proper (84060) – The median sales price for February was $3,772,000. 11 units sold. The Average Days on Market was 11 days and the Average Price per Sq. Ft. was $1,087. There were 20 new listings with the 30 currently active listings on the market.

Condos/Townhomes in Park City Proper (84060) – The median sales price condos/townhomes for March was $2,150,000 with 5 units sold. The Average Days on Market was 6 days and the Average Price per Sq. Ft. is $1,176. There were 15 new listings added to the current 7 on the market.

Single family Homes in Park City Extended (84098) – The median sales price for March was $2,850,000. 23 units sold. The Average Days on Market was 7 days and the Average Price per Sq. Ft. was $665. There were 39 new listings with the 56 currently active listings on the market. 

Condos/Townhomes in Park City Extended (84098) – The median sales price condos/townhomes for March was $1,150,000 with 18 units sold. The Average Days on Market was 7 days and the Average Price per Sq. Ft. is $691. There were 23 new listings added to the current 18 on the market.

9 simple kitchen and bathroom upgrades that increase the value of your home

9 simple kitchen and bathroom upgrades that increase the value of your home

Before you start your renovation project, it’s important to know which upgrades will increase the value of your home. Major projects like converting garage spaces into flexible spaces and home offices have become popular in recent years. Unfortunately, those types of renovations can cost quite a bit of money. If you’re planning on renovating your home in Park City, Utah, but don’t want to spend a fortune, you can never go wrong with simple upgrades to your kitchen and bathroom – the Top 2 most scrutinized areas in homes for sale. We’ve rounded up some of the simplest yet cost-effective home improvements here.

Kitchen upgrades

Update, paint, or replace cabinets 

Updating or replacing cabinets is a cost-effective way to freshen up your kitchen for not a lot of dollars. Wood cabinets with natural finish often catch buyers’ eyes. If the cabinets look a bit worse for wear, you can also paint them in colors that complement the rest of the space.

Add extra storage

If installing new cabinets in the kitchen or bathroom is out of your budget, but you need extra storage, there’s an easy fix to that. You can expand storage space by cutting into the drywall and finishing it with shelves to store linens, pantry items, and transparent boxes with organized sundries. 

Professional-grade and energy-efficient appliances 

Upgrading your kitchen appliances doesn’t sound like a cost-effective upgrade. However, if you’re planning to do a minor remodel of your kitchen anyway, buying new appliances is a great idea because it increases your return on investment. Plus, many buyers are looking for sustainable technologies and features in homes.

New countertops

Another kitchen upgrade you can add to your minor remodeling list is updating your kitchen’s countertops. Homes with granite countertops typically have a higher asking price. If you’re considering this upgrade, a solid granite countertop can set you back around $3,000, while granite tiles can cost anywhere from $5 to $15 per square foot.

 Kitchen island 

Kitchen islands are popular among many homebuyers because they add counter and storage space, making the entire kitchen seem bigger. It’s also a good investment that’s unlikely to go out of style. 

Multipurpose work area 

Multifunctional spaces are increasingly becoming popular among homebuyers, especially if they work from home. Creating a multipurpose work area in the kitchen can add value and functionality to a home.

Bathroom upgrades

Replace your old toilet 

Buyers today are looking for green, energy-efficient, and sustainable features in homes. Installing a low-flow toilet, for example, is sustainable and cost effective. Adding such features can drive up the price of your home. Some low-flow toilets go for about $100 to $250. 

Upgrade fixtures in the kitchen and bathrooms 

Installing new drawer knobs, handles, and faucets can add a modern and trendy touch to your kitchen and bathroom. Paired with freshly painted cabinetry, new fixtures can instantly make the areas look and feel new. Matte-type stainless steel and brushed nickel fixtures are excellent for a contemporary look. Meanwhile, oil-rubbed bronze is perfect if you’re trying to achieve a classic or vintage look. 

Walk-in showers 

While families with children prefer bathtubs, more people are switching to walk-in showers. Many people don’t have the time to use the bathtub and would rather shower instead. If you have the space, consider installing a walk-in shower or a floor-to-ceiling steam shower.

Planning on investing in a new home in Park City, Utah? Book a real estate consultation with Team Schlopy today. Get in touch with our team by calling (435) 640-5660 or sending an email to info@teamschlopy.com.

2022 real estate market report on Park City, Utah

In 2021, everyone watched in awe as real estate markets across the country achieved record-breaking figures and an influx of buyers despite low inventory. While some real estate organizations and mortgage companies are hopeful that growth will continue in 2022, many see a different scenario.

In this report, we’ll take a look back at the real estate market in Park City, Utah in 2021, and see what 2022 may have in store for the best small town in America.

A quick review of Utah’s real estate market trends in 2021

There’s no doubt that 2021 was a significant and rather crazy year for real estate in the United States. Home prices rose quickly that year, so much so that by June of that year, the national median home price was already at $362,800, according to the National Association of Realtors (NAR).

Low inventory nationwide

Low mortgage rates and limited inventory drove prices higher. In fact, in June 2021, the number of homes for sale across the US was only 1.38 million. People were so eager to purchase homes, listings rarely stayed on the market for a month. Approximately 60% of homes available on the market were sold in just two weeks.

Real estate inventory and appreciation in Park City, Utah

In Park City, Utah, national real estate market trends were as evident. Back in August 2020, the number of homes for sale in Park City went below 1,800 units, which only happened five times in the last eight years.

By November 2021, the city’s inventory decreased even further.  The number of single-family homes for sale decreased by 48 units. Condominium units were down by 28. Land also had 15 fewer listings. In mid-December 2021, there were 86 homes and 50 condominiums for sale in the Park City Multiple Listing Service.

Home prices zoomed as inventory plummeted. According to the Park City Board of Realtors’ multiple listing service, average and median listing prices went up by 28% and 24% respectively. As of March 2022, the median listing home price in Park City was $1.8 million, while the median listing home price per square feet was $952.

Real estate market trends and updates for Park City, Utah in 2022

According to NAR, the country’s housing market may normalize in 2022. While 2021 saw strong market conditions and record-breaking sales, it’s quite unlikely that 2022 will exceed those numbers. But even if 2022 doesn’t look as frenzied for real estate sales as 2021 was, it’s still likely to exceed pre-pandemic levels, which is a good thing.

The same can be said for the real estate market in Park City, Utah. As the demand for properties rises and the inventory stays low, prices will continue to reflect the deficit. Some Realtors even expect to see Park City real estate prices jump to 20%-40% toward the end of the year.

Park City, Utah is an excellent place to live because of its small-town vibe, its many opportunities for outdoor activities, excellent schools, ski resorts, and lower taxes. It’s not hard to see why there’s such a huge demand for properties in this side of Utah.

Interested in exploring the real estate market in Park City, Utah?

You can browse our blog or contact Team Schlopy for a real estate consultation. Get in touch us today by calling (435) 640-5660 or sending an email to info@teamschlopy.com.

 

Kevin Crockett Realtor
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