We all know that Darth Vader dominated the Galactic Empire. Just like Darth Vader, we need to dominate the Park City Real Estate Market. Here is Darth Vader’s Guide to Buying Park City Real Estate.
1. I sense something. A presence I have not felt since… Feel the presence of the Neighborhoods.
If you really want to know the neighborhoods, there are only two things to look for; One is the Neighborhood Cycle and the other is Lifestyle.
There are four stages in this cycle:
· Growth: A period during there are gains in public favor and acceptance. Demand increases.
· Stability: A period of equilibrium without marked gains or losses. No real obvious change.
· Decline: Period of diminishing demand and acceptance.
· Renewal: A period of rejuvenation and rebirth of market demand.
(Sacrament Appraisal Blog Four Stages, August 6th, 2012)
You will want to place yourself at the end of renewal and the beginning of the growth cycles. This is before the demand goes up as well as the prices. When homes are updating in certain neighborhoods it is often a great indication that this neighborhood is in the renewal stages. Keep your eyes on those neighborhoods… they will be the most sought-after homes.
You may have heard of living the “Park City Lifestyle.” This lifestyle is not a one size fits all, in fact, there are a plethora of choices. Each neighborhood, (believe it or not), fits certain lifestyles. For example, if you have children, there are certain neighborhoods suited for family living. If you are a retiree, there are quiet neighborhoods that will support your lifestyle. And for the socialites, there are areas with easy access to events and the nightlife. If you are outdoorsy, there is a place for you close to trails, ski-in/ski-out. If you are a… Ok, Ok, I will stop, you get it. Park City is unique with the small town atmosphere, that supports everyone’s lifestyle.
2. Don’t Fail me again, Admiral… I want this house.
Inventory is still low BUT we are finding new houses on the market that are in high demand. If you have found a house you want, and it has only been on the market for a short period of time, MAKE AN OFFER! The perfect house is like fresh meat among piranhas. There will be other offers, so make it a good one.
3. When I left you, I was but the learner. Now I am the master. Know your schools.
Schools in the Park City are excellent. Take notice of the school locations within the district. They may have an effect on where you will buy.
4. If you will not fight, then you will meet your destiny… of not having this home.
Real Estate is give and take. When you are negotiating make sure you have your top five needs, repairs, or request written out. Work with the price and your top five. Since inventory is low, you will have to meet half-way with the sellers most of the time.
5. I am altering the deal. Pray that I don’t alter it any further. Walk Away.
I know, I said to meet half way above. But sometimes there are important things that you don’t want to compromise. If this is the case… WALK AWAY.
“Patience, Young Jedi.” Sometimes, that house will remain on the market and will come back around. Some sellers will even have the price lowered than what you negotiated.
In a seller’s market, often times sellers are set on the listing price. This due to their confidence in the market. However, during these times buyers take notice. We recently had an offer on the table for one of our listings. Seller came back too high. Buyer walked away.
6. We can rule this empire together.
With all that we have shared in this post, you will be able to rule the Park City Real Estate Market working with Team Schlopy. “May the Force be with you,” said Darth Vader, never.