How to Buy a Property in an Evolving Market

March 2015 Buyer Alert Webinar

• Know about available properties before they officially come on the market.
• Receive notification from us as soon as a property matching your criteria comes on the market.
• Get professional advice when the right property becomes available, so you don't make a mistake.
• Have various strategies available from us to use in negotiations, based upon your circumstances.

-Dean

 

How to Buy a Property After Vail's Purchase of PCMR (special webinar)

   The strong Park City Real Estate Market is in a very competitive stage for buyers, due, in part, to the "Vail Factor" and the opening of the 2014/15 ski and snowboard season. It is imperative for buyers to be well informed, especially in negotiation skills, when submitting an offer on the property they hope to buy.     

     Jeremy Wilstein and Dean DeLeone will prepare you for your negotiations with their Special Buyer Alert Webinar,"How to Negotiate to Get the Property You Want." They have broken down properties into "A" and "B" categories. An "A" property is a very hot property while a "B" property is not as desirable. Then, they explain the negotiation strategies for submitting an offer on both "A" and "B" properties.

     Buyers can stack the odds in their favor when purchasing a property and get the best possible deal.

Jeremy Wilstein and Dean DeLeone, Buyer Specialists The Wilstein Team Keller Williams Park City Real Estate 435-487-0151 or 1-800-535-0151 Jeremy@TheWilsteinTeam.com  Dean@TheWilsteinTeam.com

Team Park City 2014 Olympic and Paralympic Homecoming

Come celebrate and honor our Park City athletes who competed at Sochi in the Olympics and Paralympic games. There will be a homecoming parade and celebration on Saturday, April 4, 2014 from 1-4PM. Don't miss it!

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

Watch a short webinar to learn the latest details on the Park City real estate market. Click the image below:

-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)

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)

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