PCMR Will Open This Winter

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:

 

The Legal Saga Continues for Park City Mountain Resort

At The Wilstein Team's office at Keller Williams Park City Realty, we have been keeping a close eye on the news about Park City Mountain Resort's legal issues with Talisker. This article on nbcnews.com is the newest in a long line of updates:

http://www.nbcnews.com/business/business-news/skiing-standoff-could-be-downhill-run-park-city-utah-n191551

We are anxiously awaiting the judge's decision and may know more as early as tomorrow, but no later than Friday.

Send us your comments or opinions about this hot topic!

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

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)

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)