What is So Important about Absorption Rate?

Absorption rate tells you how fast a property will likely take to sell based upon the rate of recent sales of comparable properties. The absorption rate of similar sales provides important information to sellers and buyers alike.

The math is simple. First, identify similar properties that sold during the past year within similar neighborhoods or condominium projects and within a specific price range. Next, look back 12 months to find out how many similar properties sold. Now divide 365 days by the number of sales; this will give you the rate of sales for this sample group (for instance, one sale every 37 days on average). Finally, multiply the number of active comparable listings by the rate of sales to determine how long it should take for the current inventory of comparable properties to be purchased by buyers or absorbed into the marketplace.

WHAT DOES ABSORPTION RATE TELL SELLERS?

When a property owner evaluates selling his or her property they are usually given data on comparable sales in order to determine the fair market value for their property. If an absorption analysis is provided, the seller can see how long it should take to sell their property if no additional similar properties come on the market. Based upon the unique circumstances of the property owner, he or she can plan on how long it should take to sell the property in the current market.

If an owner is selling the property due to a job transfer that will occur within the next 45 days, the absorption rate will help the seller price his or her property to sell within a specific time period, assuming it is listed at a reasonable price.

WHAT DOES ABSORPTION RATE TELL BUYERS?

Absorption rates are important to buyers because they provide buyers with an estimate of how long it will take a property to sell that he or she may be interested in purchasing. If properties are selling quickly in a neighborhood or condominium project, or the supply of homes or condos for sale is very limited, the buyer knows that he or she should act quickly in submitting an offer in order to arrive at an acceptable price with the seller.

On the other hand, if there is a large supply of properties for sale, a buyer does not have to act as quickly to put together a deal. The buyer may be able to negotiate a lower price from a seller if the condominium project or neighborhood has had fewer sales. The information that a buyer derives from an absorption rate analysis can tell that buyer if he or she should act quickly and pay near or at the seller's list price, or start with a lower price offer to get a better deal in markets with fewer sales.

Contact me at 1-800-585-0151 or Ron@TheWilsteinTeam.com with all of your Park City and Deer Valley real estate needs.

-Ron

Ron Wilstein, TWT Broker and Leader

THE WILSTEIN TEAMwww.TheWilsteinTeam.comKeller Williams Park City Real Estate1750 Sun Peak DrivePark City, Utah 84098

435-487-0151 or 1-800-535-0151 (office)
435-487-9416 (fax)

Five Important Steps to Buy the Property You Want

Today's buyer is challenged with trying to purchase a property in a limited inventory marketplace. You don't want to pay too much, but you also don't want to offer too little and miss out as another buyer pays a little more and walks away with the property you wanted. These five important steps will guide you through the process so you get the property you want. 

1. SHOP ON-LINE OR IN PERSON

94% of all buyers begin their search for Park City properties on the Internet. You can get a lot of information online and more buyers than ever are comfortable purchasing a property without ever seeing it in person. Most however, do walk the property before writing an offer on it. The important thing is to not only look for the right property but pay attention to all the properties you browsed, as they will help you determine a fair price to pay for the one you want to own. 

2. COMPARABLE MARKET ANALYSIS

Once you find the property you want to buy you'll want to determine a fair price for it. We help our buyer clients decide the correct price for a property by providing them with information on comparable properties sold within the past six months. We also take into account the remaining inventory of similar properties for sale as they represent competition that sellers need to consider as they evaluate the offers we present for our clients.  

3. ABSORPTION RATE

Knowing how fast similar properties take to sell will help buyers determine the correct negotiation strategy to use along with the correct offer price. Ask me about my recent article, "What's So Important About Absorption Rate?"

4. EVALUATE THE INVENTORY OF ACCEPTABLE PROPERTY CHOICES

When shopping for a property keep track of how many properties overall meet your criteria and, of course, which ones make your short list of selections that you would consider buying. There may be a handful of acceptable properties that work for you, or only one. If there is only one property for you, you'll want to offer the seller a price very close to or at the list price. 

On the other hand, if there are several good properties acceptable to you, you can offer the seller a lower price. A seller in that situation is competing against other properties. If they're not willing to meet you at your price, some other seller may and they'll miss out on the sale.  

5. DAYS ON THE MARKET 

Finally, consider the length of time a property has been on the market. This may tell you something about the property owner's disposition toward selling. If a property has been on the market for a long time (longer than the average time to sell similar properties) this may signal that the seller is not very motivated to sell the property. If the owner has not reduced the list price over an extended period of time it suggests that he/she is willing to wait for a buyer to come along who will pay his or her desired price.

On the other hand, if the owner has reduced the list price numerous times it suggests that he or she wants the property sold soon. If a property has only been on the market a limited time (less than a month), the owner will probably not come off the list price very much upon receiving an offer. Of course, if the property is competitively priced it will likely sell quickly to the first buyer who steps up and pays the owner's price.

SPECIAL "BUYER ALERT" WEBINAR

We have prepared a special webinar to explain these five steps in greater detail and the psychology behind each. It is entitled Five Important Steps to Buy a Park City Property at the Right Price.

Contact me at 1-800-585-0151 or Ron@TheWilsteinTeam.com with all of your Park City and Deer Valley real estate needs.

-Ron

Ron Wilstein, TWT Broker and Leader
THE WILSTEIN TEAM
www.TheWilsteinTeam.com
Keller Williams Park City Real Estate
1750 Sun Peak Drive
Park City, Utah 84098
435-487-0151 or 1-800-535-0151 (office)
435-487-9416 (fax)

Park City is the "Best Town Ever"

Those of us who reside in Park City already know it is the best town to live in, but it's nice to have Outside Magazine declare it to be so from among all other small towns across the United States. The September issue of Outside Magazine named Park City as the "Best Town in America."  Outside said, "Park City feels like a Colorado ski town dropped into Utah's 12,000-foot Wasatch Range, with one significant difference. Unlike Telluride or Aspen, it has a major city, Salt Lake, and an international airport 30 minutes away."

The article pointed out that Parkites (Park City residents) have easy access to three world-class ski areas, along with climbing, hiking, and camping in 500,000 acres of wilderness in the nearby Uinta Mountains, 370-plus miles of trails, a blue-ribbon trout stream (the Provo River), and an Olympic training center built for the 2002 Salt Lake Games. More than 100 Olympians live in Park City. "There is no better blend of small-town friendliness, absurdly easy access, and five-star culture than Park City," said Outside Magazine.

SKI Magazine Readers Agree: They Love Park City's Resorts 

SKI Magazine announced in their October issue the results of it's annual Reader's Choice that ranks North America's ski resorts in a variety of categories, from snow and grooming to off-hill activities. All three of Park City's resorts placed in the top 10. Deer Valley is No. 2, Park City Mountain Resort is No. 5 and Canyons is No. 10. Last year was the first in which Deer Valley, PCMR and Canyons all finished in the top 10 overall in the West.

Deer Valley placed first overall in several categories including grooming, service, on-mountain food, lodging and family programs. Park City Mountain Resort was first overall in three categories: access, off-hill activities, and terrain parks. It was also second overall in family programs.

Canyons wrapped up the tenth spot, joining this top ten list for two years in a row. The addition of Vail Resorts operating Canyons will further support its position among the top resorts in the country.

With three Top Ten ski resorts all in one town, Park City enjoys unparalleled access to the best in outdoor mountain recreation.

If you would like to talk to me about your Park City or Deer Valley real estate investment, please call my office at 800-535-0151 or email me (Ron@TheWilsteinTeam.com).

-RonRon Wilstein, TWT Team Leader and BrokerTHE WILSTEIN TEAMwww.TheWilsteinTeam.com 
Keller Williams Park City Real Estate1750 Sun Peak DrivePark City, Utah 84098
435-487-0151 or 1-800-535-0151 (office)435-487-9416 (fax)

Updates to your 2013 Property Taxes

Summit County property tax bills are going to be sent out in the beginning of November, as they are each year. What is unique about the process this year is that residents will have two options to receive their tax bill; though standard mail as they have in the past, or they can choose to have them emailed, which hasn’t been an option in previous years. The reason the county has decided to provide the e-mail option (other than the fact that it is 2013!) is that many of the homes in Summit County (especially Park City) are used as second homes or investment properties. The county has experienced difficulty in getting these individuals their tax bills due to the fact that they do not live at these particular residences full time.

In addition to electronically receiving your bill, another new and exciting feature for paying your taxes this year is that Summit County has created a system to pay your taxes on a monthly basis rather than in a lump sum on November 30. They have integrated an EZpay system that allows property owners to choose a monthly amount that is reasonable for their financial situation, and pay it off in a 12-month period (yes, you still have to pay the full amount).

As you may or may not know, Summit County had a Truth in Taxation hearing on August 14, 2013. This meeting was held because the county has proposed a property tax levy increase to make up for the citizen referendum of last year, which forced a budget cut of $6 million going from $52 million to $46 million. This cut forced a $770,000 road project deferral, which will ultimately lead to greater cost when performed at a later date. The Sheriffs Department also experienced a $250,000 budget cut forcing the Sheriffs Department to reduce the number of officers and a decreased efficiency in the justice system as a whole.

During the Truth in Taxation hearing the Summit County emphasized that not all residents will see an increase in their taxes. In fact, many will see a decrease in their taxes. Those that are going to experience an increase are typically going to be in areas that do not have city police departments and require more use of the sheriffs department.

Multiple residents present at the hearing proposed that we market towards and try to get a big-box store such as Costco into the area. This will enable the county to retain the taxes from its own residents who shop at these stores. It will also attract people from other areas who wouldn’t typically come to Summit County, which would strengthen our economy. In addition, being the environmentally friendly town that we are, it would decrease our carbon footprint because Parkites would no longer have to travel as far to stock up on groceries.

In order to receive your property tax bill electronically or to get set up on EZpay, please visit summitcounty.org or contact Corrie Forsling at cforsling@summitcounty.org or (435) 336-3267.


Do you have any questions about Park City or Deer Valley Real Estate? Click here to send me an email right now -- just tell me which neighborhood you are curious about.

Search All Homes for Sale at www.viewparkcityhomes.com.

Dean D. DeLeone

Buyer's Specialist, The Wilstein Team
Keller Williams Park City Real Estate
1750 Sun Peak Dr.
Park City, UT. 84098

(c) 435-602-9093
(w) 435- 487-0151
(f) 435-487-9416

Dean@TheWilsteinTeam.com

Talisker Vs Park City Mountain Resort Lease Battle Webinar Now

September 2013 - Park City Market Talk Webinar



 In our 15-minute presentation we covered the following topics:
     

Ski Pass Wars! - Deer Valley, Park City Mountain Resort, Snowbird and Alta have introduced a new pass to compete with the Epic Pass offered by Canyons.

Park City Real Estate Update - We will update you on what has sold in Park City over the past 12 months. We will examine homes, condominiums and land sales and identify the median sold prices in each major geographic area.   

Park City Property Tax Appeal Deadline Approaching - The September 16th deadline to appeal your property taxes is quickly approaching. We have provided information on how to appeal your taxes. For more information go to www.parkcitytaxappeal.com.

Park City Mountain Resort vs. Talisker Land Holdings LLC - The legal battle over a lease renewal has gained steam in the last few weeks. We have an update on the situation and the chain of events.

-Jeremy

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Jeremy Wilstein
The Wilstein Team
Keller Williams Park City Real Estate
Phone: (435) 640-8992
Email: jeremy@thewilsteinteam.com

Do you have any questions about Park City or Deer Valley Real Estate? Click here to send me an email right now -- just tell me which neighborhood you are curious about.

Search All Homes for Sale at http://www.viewparkcityhomes.com

Park City's 4th of July Festivities

Park City has an incredible schedule of events for your July 4th celebration, and the weather is expected to be WARM and SUNNY.

Plan on starting the evening of the 3rd for the Canyons Resort's annual bash with live music and a huge fireworks display. This Wednesday evening celebration is FREE and open to the public.

Thursday will be a full day, starting with the Pancake Breakfast in City park at 7:00 AM. Next is the 5K Fun Run, then Rugby, live music, and a Rotary BBQ. The parade starts at 11:00 AM. Don't forget your Sunscreen, Sun hat, and Sun glasses!

Party on through the afternoon in the City Park with food, live music, beer, and children's activities. Bands play from Noon until about 4:30 PM.

Dusk will bring the fireworks show at Park City Mountain Resort.

If you want to go a little further afield, the 79th Annual Oakley Rodeo and 4th of July Celebration in Oakley.

And, you can increase your altitude a bit more if you head up to Deer Valley for the first concert of the Deer Valley Concert Series, featuring Los Lobos, Los Lonely Boys, and Alejandro Escovedo.

Come up and enjoy the fireworks, but don't bring your own! Park City leaders have banned most fireworks and open fires within city limits.

See you at the Party!


-Jeremy

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Jeremy Wilstein
The Wilstein Team
Keller Williams Park City Real Estate
Phone: (435) 640-8992
Email: jeremy@thewilsteinteam.com

Do you have any questions about Park City or Deer Valley Real Estate? Click here to send me an email right now -- just tell me which neighborhood you are curious about.

Search All Homes for Sale at http://www.viewparkcityhomes.com

Five Ways to Tweak your Park City/Deer Valley Real Estate Search

Right now, in the Park City and Deer Valley areas, property prices are rising, and inventory is starting to tighten. If you are a buyer, take a close look at your criteria; you may be able to tweak it to find plenty of new possibilities.

With your current list of criteria in hand, look at what has sold in the last two months. Have any properties sold that match what you are looking for? If not, your criteria might be unrealistic, and should be adjusted. The more detailed your criteria is, the fewer properties you will find that match it.

Here are five ways to tweak your search so that you have a net to throw out, and more chance to find the perfect place:

• Price. If you are searching for a property that specifically matches your ideal monthly payment, and very few properties are available in that range, you may need to adjust your search price. Have you spoken to a local lender and been pre-approved? You may be surprised and the price range he or she recommends. Also, remember that most every list price is negotiable, and properties in our area are selling for 95-98% of their list price. Adjust your price range accordingly.
• Neighborhood. Talk with your agent about your favorite neighborhoods to find out if there are neighborhoods with similar attributes that you might not know about.
• Bedrooms/Bathrooms. Are you searching for a condo with three bedrooms and two baths, but what you could really use are two bedrooms, two baths, and an office? Do you really need two full baths, or could one of them be a ¾ bathroom?
• New Construction vs. Established Building. Is your timeline flexible enough to allow you to purchase a buildable lot and construct a home to your specifications? This would enable you to have more of your personal criteria met. Conversely, are you narrowing your focus to only new construction, so you can have that new home feel? Many established homes have been recently remodeled, and can still give you that brand new sensation.
• Relocating with Unrealistic Ideas. Are you coming from a different climate, and looking in Park City for a home with a swimming pool, fruit trees/garden, or air conditioning? Keep in mind that certain criteria are regional, and our region might be very different than the one you are coming from.

If you adjust your search in just one or two areas, it can really broaden the pool of possibilities. You might find that if you take the time to review the specifics of what has recently sold, and what is currently available, there are many wonderful mountain properties to choose from in the Park City and Deer Valley areas.

Click here if you are a buyer ready to clarify your search. It will take you to our Smart Buyer page, which has a buyer form for you to complete with your search details. OR, you can send us an email with your criteria, questions, or to find out what has sold recently by clicking here.

Happy Hunting!

Lynette
Lynette@TheWilsteinTeam.com

~~~~~~~~~~~~~~~~~~~~~

Lynette Thorn
The Wilstein Team
Keller Williams Park City Real Estate
1750 Sun Peak Drive Park City, Utah 84098
435-487-0151 OR 1-800-535-0151
435-640-8994 (cell/text)

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Smart Buyer Alert Webinar

My Top 5 Best Selling Single Family Areas in Park City blog got such a good response that we made our most recent Smart Buyer Alert webinar all about it!

Watch it by clicking here.

If clicking on it doesn't work, just copy and paste this address in to your browser:

http://www.viewparkcityrealestate.com/top-5-selling-neighborhoods.php

Do you want sales data for any area of Park City including these Top 5 areas? Click here to send me an email right now -- just tell me which neighborhood you are curious about.


-Jeremy

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Jeremy Wilstein
The Wilstein Team
Keller Williams Park City Real Estate
Phone: (435) 640-8992
Email: jeremy@thewilsteinteam.com

Search All Homes for Sale at http://www.viewparkcityhomes.com

I wanted to give you my Top 5 Best Selling Single Family Areas in Park City with low inventory, suggesting price appreciation. Property is really moving in Park City, so if you want to get the deals you have to act quickly!

The following information was compiled from the Park City Multiple Listing Service on April 16, 2013:

1. Silver Springs (Including Ranch Place, Silver Springs, Snyders Mill, Southshore and Northshore): Currently there are only 8 active properties, 11 properties in escrow and there have been 9 sales so far this year. With more properties in escrow than active and a 22-day average time on market I would consider Silver Springs to be the hottest market in Park City. The low inventory and high sales activity is pressing prices up quickly in this area.

2. Pinebrook Area: Currently there are 15 active listings, 12 properties in escrow and there have been 14 closed sales so far this year. Like Silver Springs there are nearly as many properties in escrow as those available on the market. With so many properties in escrow this should press the price up as these properties begin to close.

3. Park Meadows: Currently there are 28 active listings with 16 of the listings above the $2,000,000 price mark. There are currently 14 properties in escrow with none of them being over the $2,000,000 mark. However, interestingly enough, of the 13 sold properties this year, 6 of them were above the $2,000,000 mark so this segment is definitely moving.

4. Old Town: Currently there are 35 active listings, 12 properties in escrow and there have been 19 closed sales so far this year. Old Town is always a hot area given the location/proximity to skiing and Main Street.

5. Jeremy Ranch: Currently there are 32 active listings with 8 properties in escrow and 12 closed transactions this year. Jeremy Ranch is a great family neighborhood and with the quick access to Salt Lake. It is a great area for people working in Salt Lake.

Do you want sales data for any area of Park City including these Top 5 areas? Click here to send me an email right now -- just tell me which neighborhood you are curious about.


-Jeremy

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Jeremy Wilstein
Keller Williams Park City Real Estate
Phone: (435) 640-8992
Email: jeremy@viewparkcityhomes.com or jeremy@thewilsteinteam.com

Search All Homes for Sale at http://www.viewparkcityhomes.com