How to be a Competitive Buyer in Park City's Fast Paced Real Estate Market With Historically Low Inventory Levels

With inventory levels at historic lows across the various neighborhoods in the Greater park City area, a continued high demand by lifestyle buyers seeking to enjoy the myriad of outdoor activities our beautiful town has to offer, low interest rates, remote working possibilities and the fabulous school systems across our town, many of our clients are asking how to effectively compete in a market where multiple offers are now the norm.  With so few homes for sale it is exceedingly more important to be prepared before you enter the purchasing process.

Here are a few things to take into consideration when looking to purchase a full time residence or vacation home in Park City:

• Approximately 50 - 60% of transactions in the Greater Park City Area are cash transactions and cash is still king
• If you require financing, it is imperative to have your ducks in a row with your lender before entering the market to ensure that you are pre-approved and ready to make a move should a property hit the market that fits your requirements
• Look into alternative options to financing such as temporarily borrowing against your portfolio and refinancing after closing. 
• Have an open dialogue with your agent about creative ways to make your offer stand out against others ( tighter deadlines or extension of deadlines if it fits the Seller's needs, release of earnest money deposit at acceptance if you are buying a relatively new home or one that has just been updated, removal of appraisal contingency with the understanding that if the property does not appraise you will be responsible for covering the difference between the appraised value and sales price, etc.)
• Know your must haves and nice to haves in advance and prepare to be flexible when it comes to your wants and needs 
• Be patient as your first offer will probably not be your last but if you're woking with an experience agent who understands the nuances of our local market, you will eventually find the property that fits your requirements both from a features and pricing point of view

Call us for a private consultation on how to best navigate Park City's fast paced and highly segmented real estate market.