Considering Buying a Park City Area Property?
We take pride in providing the same high level of service regardless of price point, and we're happy to answer questions and help whether you're just getting started with market research, or are further along with your decision making process. Either way, we promise you won't feel pressure to move at a faster pace than what you're comfortable with.
If you're an experienced buyer of real estate in other states, you will find that the real estate purchase process in Utah differs substantially from other states. You can save time by understanding some of the basics up front.
Looking for a vacation home or second home in Park City or Deer Valley? Please visit our page for Vacation and second home buyers.
If you're a first time buyer, we know that buying a home can seem a little daunting. Please don't fell overwhelmed! We are happy to carefully walk you through the process, and hope you can move forward feeling calm and comfortable with how a real estate purchase works.
Finding the right Park City neighborhood for you.
Park City has several distinctly different neighborhoods or communities. On our site, you can search for real estate in each separate community. The goal is to help you become familiar with each community- the key is find the areas that appeal to you, and not waste time looking at listings online that are in areas that definitely won't work.
Obviously, some communities are more expensive than others, and you may be narrowing your search somewhat on the basis of price point. However, the good news is the communities that are most appealing to you may not be the most expensive. For example, Jeremy Ranch and Pinebrook are very popular with residents who are commuting to Salt Lake City, and far less expensive than other in town areas.
Each Park City community may be appealing (or not) depending on what's important to you:
*If being right in town, closer to downtown Park City and in town amenities is important, neighborhoods like Park Meadows, Prospector and Thaynes Canyon are popular in town, residential areas. These communities are also close to Park City High School, Historic Main Street, and activities at Park City Mountain, and Deer Valley. The in town neighborhoods also tend to carry the highest values.
*Residents of communities in the Snyderville Basin (the area between the Canyons and Kimball Junction) enjoy great access to schools, trails, and parks. Silver Springs, Old Rand Road, and Trailside Park are extremely popular communities with year round residents. Also, certain neighborhoods within Sun Peak and Kimball Junction.
*If you want some land around you for equestrian use or privacy, Silver Creek may be a great possibility. There are larger lots available in other areas, if this is important to you, please let us know and we can make some additional suggestions.
*Neighborhood aesthetics. Does a home on hillside surrounded by trees appeal to you? A home with expansive views? Does being in a flat, more traditional neighborhood sound appealing? Please let us know! We can help you focus on the right Park City communities.
When researching real estate in the Park City area, we understand that prices and photos of the homes will only tell you part of the story. Each neighborhood has it's own feel, access to amenities (skiing, trails, mass parks, so on), and of course position in the market. Access to schools may be extremely important, or not relevant to your search. Understanding the different areas and how they really live comes with experience in the Park City area. By working with an experienced, local agent, you can save a lot of your time by asking some basic questions and focusing quickly on the areas that will most likely work for you.
Stay on top of new listings!
The Park City real estate market has become very active over the past few years. The market has gained momentum, and choices in some areas are limited. Additionally, the Park City area is the center of unprecedented attention due to the realignment and consolidation of Park City Mountain Resort and the Canyon by owner, Vail.
You can stay on top of new listings as they enter the market by saving a search. You will be notified automatically when new Park City or Deer Valley real estate listings enter the market.
What is a Buyers Agent? What is a Listing Agent?
It's critical to understand the agency relationships and to choose the best possible representation while purchasing real estate in Utah.
All real estate agents must be affiliated with real estate brokerages- Like Summit Sothebys International Real Estate. Among other things, the brokerage and principal broker provide supervision of the real estate agents within that brokerage.
A listing agent is the real estate professional hired by the property owner to market and sell their real estate. The owner/seller of the property agrees to pay the real estate brokerage a fee once the property has sold.
The listing agents name appears on the sign in the yard, and on marketing for the property, and has been hired by the owner to represent the seller's best interests.
A Buyer's Agent is the real estate professional that exclusively represents the buyer in a real estate transaction. In other words, your buyers agent will act only in your best interests, and will work only to obtain for the Buyer the best possible terms and price. The Buyers Agent will have access to every real estate listing in the area, regardless of which agent and brokerage the property is listed with. So, if you want to see every home that is in your price range and meets your criteria, hire a real estate agent to represent you.
Who pays the Buyers Agent commission? When a property is listed, the listing agent agrees to pay a commission to the company and agent representing the Buyer.
Questions for Prospective Homeowners
Are you ready to buy?
Owning your own home is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of home ownership with a realistic expectation of the rewards.
How much can you afford?
It can be discouraging to find that your salary won't stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. In rural or downtrodden areas for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas however, it may not even buy a 400 square foot bachelor suite.
What do you want?
Do you like the idea of cleaning your own gutters? Do you shudder at the thought of lawn care? Would you rather just pay a fee every month and have everything done for you? Would obeying rules about when you can have your garbage cans out bother you, or do you want to live in a neighborhood where everything is 'just so'? The answers to these questions can help you narrow down the search for the right type of property for you.
Contact us for more information about first time home purchasing.