Most experts believe that the Park City housing market has two selling seasons that make for year-round real estate activity, which means that buyers and sellers won’t miss a beat no matter which time of the year they decide to enter the market.
For single-family homes and primary residences, buyers and sellers tend to get ready in the early spring, which takes place in Park City much later than other towns and cities on lower elevation. Sellers are generally advised to take advantage of spring weather for maximum curb appeal and stunning real estate photos and videos.
If you’re buying from out of state, early spring is an excellent time to enter the market, ahead of the influx of late spring and summer buyers.
April and May constitute shoulder season in the city, marking the transition from winter to spring. During this time, the trees are usually bare and there is no lush greenery to generate curb appeal. However, the lack of competition should incentivize some sellers to list their homes earlier than everyone else. There are fewer desirable homes in the market when there is still snow on the ground, increasing the likelihood of a successful sale for beautiful properties that get listed.
Buyers should consider getting pre-approved for a loan in late winter and do their research on listings, schools, neighborhoods, and amenities. This will help ensure that you come to the market fully prepared to make an offer on the early season’s newest listings.
If you’re buying a home in Old Town Park City, be aware that the majority of properties in the area are rented out in the winter. When the homes are occupied, most buyers are unable to view properties during winter trips. Many of these buyers end up on Main Street and look at available properties there instead. They schedule another buying trip for the next summer, when properties are unoccupied and are available for viewing from June to August.
Fall is another busy season for buyers who chose to rent and put off the home search until the right property entered the market. Many are second home buyers who want to look at homes in some of the quieter neighborhoods. There is less activity and competition in the market compared to the spring and summer seasons, so buyers don’t feel rushed to make offers in the fall and, as a result, feel more confident about making a purchase.
No matter the season or market, it’s important to come prepared. If you need to secure financing, it;s best to get pre-approved with a lender ahead of time. If you’re paying cash, make sure you have a proof of funds letter from a reputable banker.
If you’re ready to explore your options in Park City, Team Schlopy is ready to assist you. Contact us at (435) 640-5660 or email Info@TeamSchlopy.com for more information.