Park City Utah Real Estate News - Buying a Home

Five Tips for Buyers in a Seller's Market

After such a long Buyer's Market through the recession, it's hard for many buyers to believe that we are in a Seller's Market. It's a tough adjustment for many as the Buyer's Market was so long that it had become the norm. Today's buyers still expect to get what they want, and for many, they are being shocked as the sellers are rejecting their offers, something buyers are not used to. The level of expectations of buyers today is high. Buyers who are living in the past are often asking for too much, and pushing too hard. They are stunned when sellers do not give in to their demands, and the outcome is many deals are falling apart, or simply never come together to begin with. The other problem for Buyers is waiting too long to make a move. Many find good…

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Featured Neighborhood - Silver Springs in Park City

A Favorite for Year-Round Residents and Families

Silver Springs is a popular neighborhood for homes in Park City. Why is this neighborhood so popular? Its location, homes, and environment fit the Park City lifestyle very well.

Silver Springs is located near the base of the Canyons Ski Resort (now run by Vail Resorts) and is only a couple minute drive to skiing in the winter, and biking in the summer. As with all neighborhoods in Park City, this community also benefits from being so close to Park City Mountain Resort and Deer Valley ski resort as well. Silver Springs is in the MLS area of Park City commonly referred to as "Park City Extended". Park City or "Park City Proper" would include all the areas located inside the White Barn (south of the…

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Standard Amount for Earnest Money when Buying Property in Park City?

How Much Earnest Money is Required when Buying Property?

Earnest Money is the initial deposit that a buyer will submit when writing an offer on a property that is listed for sale. While there is no real "standard" amount of earnest money required, the amount submitted with an offer can have a strong affect on the offer's strength. In Park City Utah, it is typical to see the earnest money at about 1-2% of the purchase price for the property. We do however see buyers offer less, and we also see some buyers offer more. Typically a cash buyer will offer a higher amount of earnest money to show their strength and ability to purchase, while buyers planning to obtain a mortgage will offer a little less. There is no real right or wrong, or standard amount,…

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Multiple Offers for Buyers of Real Estate in Park City Utah

Navigating Multiple Offers as a Buyer

With the real estate market heating up we are starting to see a strong return of multiple offers on properties. The combination of less available inventory, and increased demand by a larger pool of active buyers is resulting in a re-emergence of multiple buyers bidding for a single property, which means multiple offer situations. As a buyer shopping for a home, what does this mean for you, and how can you best navigate through this process? You are hopefully working with a local Realtor® to assist and guide you, but even so, the more you know, the better you can make the important decisions when the time comes.

So after researching homes online and viewing possible properties you have finally found just the right…

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Mortgage Rates are at Historic Lows. Housing Prices may be on the Way Up.

Utah Homes for Sale are More Affordable than Ever!

Did you know buying a home for sale in Utah today is more affordable than any time in the last two decades? Homes are actually at a record level of affordability thanks to lower sale prices and historically low mortgage rates. If you’ve been putting off buying a home of your own, now is the time to do it!

2013 is the Year of Home Affordability for Park City

According to the NAHB/Wells Fargo Housing Opportunity Index, nearly 76% of homes sold during the end of 2011 could have been comfortably affordable for households making the national median income of $64,200. This is the highest recorded home affordability in 20 years. What does this mean for you? Chances are good that you can easily…

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