Real Estate In Park City is Selling Fast! (quick story)

Just had a buyer want to submit an offer on a house that had been on the Park City MLS for 364 days - That's right, almost a year.  I rang the listing agent only to be informed the home "just went under contract." Earlier this week another client lost out on a property because another buyer put in a full cash offer at full price - makes it kind of tricky to compete when you only have 20% down.

This has happened on at least five properties I've tried to submit an offer on in the past month.

Good deals are selling fast in Park City!

Derrik Carlson
www.RealEstateInParkCity.com
435.200.5478
Carlson@RealEstateInParkCity.com

Wealthiest Zip Codes in Utah: Park City Real Estate Holds Strong!

Wealthiest Zip Codes in Utah:

Park City Real Estate Holds Strong!

#10 Draper Utah -84020
Population: 39,765
Adjusted Gross Income: $86,025.19
Salary Per Return: $61,056.98
Taxes Paid: $5,711.21

#9: Holladay Utah - 84117
Population: 24,305
Adjusted Gross Income: $86,342.62
Salary Per Return: $44,201.54
Taxes Paid: $4,881.95

#8: Salt Lake City, Utah 84103
Adjusted Gross Income: $90,242.53
Salary Per Return: $54,488.47
Taxes Paid: $5,681.85

#7: Salt Lake City, Utah - 84108
Population: 20,738
Adjusted Gross Income: $96,967.32
Salary Per Return: $61,331.59
Taxes Paid: $6,218.01

#6: Sandy, Utah - 84092
Population: 29,525
Adjusted Gross Income: $101,571.32
Salary Per Return: $63,037.34
Taxes Paid: $6,402.28

#5: Park City, Utah - 84060
Population: 7,596
Adjusted Gross Income: $103,186.18
Salary Per Return: $50,192.12
Taxes Paid: $9,669.01
* This figure may not take into account that
many people who own homes in Park City live
outside of Utah.

#4: Salt Lake City - 84158
Population: 21,102
Adjusted Gross Income: $105,449.87
Salary Per Return: $57,557.84
Taxes Paid: $5,974.29

#3: Sandy, Utah 84090
Population: 30,203
Adjusted Gross Income: $107,365.78
Salary Per Return: $55,017.70
Taxes Paid: $7,218.29

#2: Park City, Utah - 84098
Population: 17,282
Adjusted Gross Income: $118,032.89
Salary Per Return: $73,826.94
Taxes Paid: $8,415.41
* This figure may not take into account that
many people who own homes in Park City live
outside of Utah.

#1: Alpine, Utah - 84004
Population: 9,818
Adjusted Gross Income: $123,392.18
Salary Per Return: $70,958.45
Taxes Paid: $8,478.54

Derrik Carlson

Keller Williams Park City Real Estate

Carlson@RealEstateInParkCity.com

www.RealEstateInParkCity.com

435.200.5478

Source Deseret News June 25, 2012
"The richest areas in Utah by ZIP code. Where do you fit?"

Real Estate In Park City : How it works and the complexities.

Real Estate in Park City seems simple right? Wrong! Park City has many micro markets and is more complex than any other town ("City") in any surrounding state. (If you think I'm wrong challenge me) The Park City market has Condos from $50,000 (almost all vanished) to $8,000,000 and above.  The market here in Park City is much like a ski resort, you can take the same roads or chair lifts every day but your ride down is always different.  Park City has some of the most educated buyers in the World - some might feel I'm stepping on a ledge here but I'd bet you I'm right!  These buyers have CA$H and can buy a good deal with Cash which provides tremendous power (just ask a few clients I have how it feels to only have 30% down in this market).  A large percentage of homes in Park City were custom built which makes it more difficult because every architect, builder, subcontractors are different - PC isn't the Trump Towers because you get your own personalized home here.  This is a place that is Hollywood in the Winter! I must tell you that in my opinion this is the best area of the United States of America to live in.  Because of the small communities and good people there is still a community like there was twenty years ago.  This area of "the universe" has some of the best hiking, biking, and if you ride Harley's, Triking in all of the US!

If you are looking to move here give me a ring at 435.200.5478 and please consider me as a Real Estate In Park City Resource.

Your friend,

Derrik Carlson
Keller Williams Park City
435.200.LIST
Carlson@RealEstateInParkCity.com

PS. We are still a little bit of Rock in Roll here in Park City!

U.S. new home sales rise at fastest pace in two years! Park City Real Estate feels this too.

U.S. new home sales rise at fastest pace in two years

Posted: June 26, 2012 - 12:17am

We are seeing this in the Park City real estate market. Reposted by Carlson@RealEstateinParkCity.com

By BY MARTIN CRUTSINGER

ASSOCIATED PRESS

WASHINGTON — Americans bought new homes in May at the fastest pace in more than two years. The increase suggests a modest recovery is continuing in the U.S. housing market, despite weaker job growth.

The Commerce Department said Monday that sales of new homes increased 7.6 percent in May from April to a seasonally adjusted annual rate of 369,000 homes. That’s the best pace since April 2010, the last month that buyers could qualify for a federal home-buying tax credit.

Even with the gains, the annual sales pace is less than half the 700,000 that economists consider to be healthy.

Yet the increase follows other signs that show the housing market is slowly improving nearly five years after the bubble burst.

Builders are gaining confidence in the market and starting to build more homes. Mortgage rates have plunged to the lowest levels on record, making home-buying more affordable. Prices remain low and have started to stabilize. And sales of previously occupied homes are much higher than the same time last year.

Though new homes represent less than 20 percent of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to the National Association of Home Builders.

One reason prices could rise is the supply of new homes for sale remains extremely low. Just 145,000 new homes were for sale in May. That’s not much higher than the 144,000 available in April, which was the lowest supply on records dating back to 1963.

At the current sales pace, it would take 4.7 months to exhaust the May supply. A six-month supply is generally considered healthy by economists.

“With no excess inventory of unsold new homes, any sustained rebound in new home sales should quickly translate into firmer prices,” said Steven Wood, chief economist at Insight Economics.

The median price of a new home sold in May edged down 0.6 percent from the April to $234,500. But the median price was 5.6 percent higher than the same month one year ago.

Builders are responding to the low supply. In May, they requested the most permits to start construction on homes and apartments in three and a half years.

The gains in new homes sold were concentrated in two regions of the country last month. Sales surged 36.7 percent in the Northeast and 12.7 percent in the South. Sales fell 10.6 percent in the Midwest and were down 3.5 percent in the West.

Sales of new homes are increasing despite a sluggish job market, which has slowed retail spending and business investment in computers and machinery. Some economists warned that the weaker job market has also started to affect some home sales.

Sales of previously occupied homes fell in May to a seasonally adjusted sales rate of 4.55 million after nearly touching a two-year high in April.

Still, re-sales have risen 9.6 percent from the same month last year.

Hiring slowed sharply in April and May, raising concerns about the strength of the recovery. Employers have added an average of only 73,000 jobs a month in April and May. That’s much lower than the average of 226,000 added in the first three months of this year.

Repost by:
Carlson@realestateinparkcity.com
www.RealEstateInParkCity.com
435.200.5478

Eat These Foods For Hydration

Park City Utah is full of bikers, hikers, climbers, boaters, skiers, snowboarders, dog walkers, just about every outdoor activity - even going out looking at real estate in Park City can make you thirsty - here's how to combat dehydration.

Eat These Foods For Hydration

There are many benefits to staying fully hydrated.  Hydration can boost our energy levels when you get hot and give your skin a youthful glow.  If you’re tired of drinking more and more water to stay hydrated, try adding these foods to your diet:

¨       Citrus fruit: Grapefruit and oranges have antioxidants and vitamin C to keep you healthy.  Eat slices or as fresh juice.

¨       Watermelon:  It’s hyper-hydrating because it’s almost all water.  But it also contains nutrients like magnesium, calcium, and potassium.

¨       Cucumber:  This veggie is primarily water and can be sliced and added to a salad to give it a crisp, refreshing taste.  It’s also packed with the anti-inflammatory benefit of vitamin C and lignan.

¨       Fresh coconut:  Water from the inside of a young coconut is a staple for hydration in many countries.  It can replace the electrolytes in your body while also offering a rich store of vitamins and minerals.

Carlson@RealEstateInParkCity.com 

435.200.5478

www.RealEstateInParkCity.com

Real Estate Market : Good Values Moving Quickly!

Time after time I find a property for a client and it looks something like this :

Days on Market: 435 - Oh, yeah we can get this client a great property we are thinking.

Status: Active

Listing Status: Short Sale Under 3rd Party Review

Chance for buyer to get property: Not Likely

__________________________________________________________________________________


The Real Estate in Park City is moving! After being stalled for several years the real estate market is starting to roll again and leaving us with a lack of inventory. I had a client ready to submit two offers on two separate properties last week but they didn't act fast enough and both homes were under contract before the offers our submitted. I showed a beautiful creek property that had been on the market for two years the other night. While writing up the offer I called the listing agent to make sure if there were any huge land mines my clients would be aware but while on the conversation he said "Oh, I submitted a VERY STRONG offer yesterday and ... oh wait ... I just got an email & the offers been accepted." We lost out on that deal.

Buyers need to be pre qualified and the best strategy is to be ready to sign an offer within four hours of viewing a home if they find a good value.

If you have any questions regarding Real Estate in Park City (or surrounding areas) contact me:

Derrik Carlson
435.200.5478
Carlson@RealEstateInParkCity.com
www.RealEstateInParkCity.com

What the Wall St. Journal is saying about the Real Estate Market.

 ⇧⇧⇧ Homes in Park City, Utah Look Like This ⇧⇧⇧

Good News All Around for the Economy! 

Real Estate in Park City is picking up and a recent survey states nationwide deliquesces are at their lowest level since 2008. 

What the Wall Street Journal is Saying About the Real Estate Market and Economy (Video)

Still not out of the woods but it's time to buy - the hardest hit markets are seeing improvement in their markets. We still are unsure how many homes the banks are holding back but I was speaking with a seller the other day and he used the term "back in 08'" when we were talking about the economy - Good News when people use past tense when talking about the bad economy.

Derrik Carlson
Phone: 435.200.5478
www.RealEstateInParkCity.com
Carlson@RealEstateinParkCity.com

Introduction to Jumbo Loans : Real Estate in Park City

Real Estate in Park City : Introduction to Jumbo Loans 

The Park City real estate market currently has hundreds of loans that would qualify as "Jumbo" read on for more information by Mr. Trento.

For the most part, a jumbo loan is the same thing as a traditional loan. As the name implies, it is a larger loan than is traditionally given out. Across the country, Fannie Mae and Freddie Mac buy up the majority of residential and commercial loans issued. When the loan is too large for them to buy up, the mortgage brokers list it as a jumbo loan. As loans increase in size, the risk that is associated with them increases. Although Fannie Mae and Freddie Mac normally try to buy out loans to free up capital in the market, the added risk makes it impossible with this specific class of loans.

Setting the Limits

Fannie Mae and Freddie Mac operate as government-backed mortgage brokers. As the main purchasers of mortgage loans on the market, they set the limit for how high mortgages are before they are listed as jumbo. Since a $50,000 loan and a $5 million loan carry a different set of risks, the terms offered are different. In 2010, any loan that was over $417,000 was listed as a jumbo loan officially. In certain parts of the country, the higher price of land and cost of living push the limit up to $625,500. The specific areas the higher limit affected were the Virgin Islands, Hawaii and Alaska. A loan that is higher than these limits carries a much higher interest rate and requires a larger down payment. When the economy fluctuates, the limits for jumbo loans will change as well.

Higher Interest Rates and Higher Costs

Jumbo loans tend to have a higher default rate than traditional loans. To help mortgage companies leverage the risk, the jumbo loan must carry a higher interest rate. In recent years, lenders have also chosen to develop more stringent policies to protect their business from added risk. These stricter lending guidelines make it more difficult to get a jumbo loan, but also serve to drive down the interest rate.
Another way lenders try to protect their institution from risk is by raising the down payment requirement. For smaller loans, borrowers with good credit often only pay 5 percent of the loan amount or less as a down payment. With jumbo loans, the borrower pays at least a 20 percent down payment to secure the loan. Generally, a lender will also look for borrowers who have consistent, high incomes as well as at least a 720 on their credit score.

Why is There More Risk?

Jumbo loans are not just risky because of the money amount loaned out. These high-dollar loans carry other risks as well. Most jumbo loans end up buying property like luxury homes that are out of the price range of a normal consumer. If the loan is defaulted on, it can take months and years longer to sell than cheaper properties to sell. As the bank waits for the foreclosed on house to sell, the property value gradually drops as the years go by.
If a borrower runs into economic troubles and needs to refinance, the process is much more difficult with jumbo loans. Logically, it costs more to close the loan because of its high-dollar value. Borrowers are unable to refinance their loan and simultaneously unable to afford the one they have. Over the course of a few months, the borrower may start to fall behind on mortgage payments. If this happens, the lender is still stuck with trying to sell a foreclosed on house.
The higher value of the loan is not just a risk to the lender; the borrower stands to lose as well. When home prices fluctuate with the market, a luxury home owner will suffer a higher-dollar value loss when the economy takes a tumble for the worst. On the bright side, if the economy improves, the owner of the residential or commercial property can potentially make money off of their investment.

Tagged as: Real Estate in Park City, Park City Real Estate

 Repost of Mr. Trento n, Jon ah on April 23, 2012

Derrik Carlson
www.RealEstateInParkCity.com 
Email: Carlson@RealEstateInParkCity.com
Phone: 435.200.5478 Keller Williams Park City

Real Estate in Park City Utah Market Activity

Real Estate in Park City Utah Market Activity
	Week ending May 26	Week ending Jun 2
New Listings	30	60	View these listings >>
Price Reductions	26	21	Price reduction details >>
Avg. Listing Price	$1,630,296	$1,639,783	All Park City stats >>

Average cost of a home in Park City Utah? 

Derrik Carlson

Search Park City MLS

435.200.5478

Keller Williams Park City

www.RealEstateinParkCity.com

How to Decorate Your Kitchen Feng shui Style! Park City Real Estate to SoHo Real Estate : We All Need Feng Shui

When I go out and view real estate in Park City I notice there are many homes that need a kitchen update. This article is to help you get the flow and vibe you want : whether you are in The Colony in Park City or  an apartment in New York City's SoHo it's time to upgrade your vibe.

The kitchen is where you nourish your body and is the most important feng shui part of your home. The kitchen is the area known for wealth and prosperity in your home. Try to keep your kitchen separated from the front and back doors to keep the energy inside your home but don't forget about the lighting and how natural light can help fuel a cool, clean, and crisp kitchen. The color yellow helps bring flowing energy to the dinner table and keep the mood relaxed; try to stick to natural colors like butter or squash.

With your kitchen feeling welcoming it should (this may sound silly to you) help in digestion, help bring the family together for half an hour to an hour a night, and bring the focal point of life back to what matters most.

If you have any questions about upgrading your property in Park City please feel free to contact me at Derrik@MountainDreamHouse.com or 435.200.5478

Derrik Carlson
derrik@mountaindreamhouse.com
My Real Estate in Park City Website
435.200.5478

How to Buy Your New Home : 8 Step Guide

Step 1: Decide to Buy!

The decision to purchase your first home is one of the biggest and best decisions you could ever make. After all, a home is the largest (and most emotional) investment most people will ever make. So, how do you know if it's the right time for you to buy your first home?

• There is never a wrong time to buy the right home. The key is finding a good buy and taking the time to carefully evaluate your finances.
• A home purchase is an important step in the path to long-term wealth. Purchasing your own home is a great investment that provides specific financial advantages, including equity buildup, value appreciation potential and tax benefits. It's also an automatic savings plan that you cannot get from renting!
• Here's the most important rule for keeping your stress to a minimum: you don't have to know everything. Your Keller Williams agent is ready to help you through every step of the process.

Step 2: Hire Your Agent.

When you're looking for a real estate professional to help you, know that above all else, good agents put their clients first. This is your dream, and your agent is your advocate to help you make your dream come true.

A great real estate agent will:

1. Educate you about the current conditions of the market.
2. Analyze what you want and what you need in your next home.
3. Guide you to homes that fit your criteria.
4. Coordinate the work of other needed professionals throughout the process.
5. Negotiate with the seller on your behalf.
6. Check and double-check paperwork and deadlines.
7. Solve any problems that may arise.

Step 3: Secure Financing

Ultimately, your lender will pre-approve you for a certain amount, but YOU will decide what you're comfortable paying every month. Remember, your lender only sees your finances on paper. It's up to you to decide how much you're willing to stretch your budget in order to get into your dream home.

Be sure to follow these six steps to financing your home:

1. Choose a loan officer but don't be afraid to ask for direction from your Realtor
2. Make a loan application and get pre-approved.
3. Determine what you want to pay and select a loan option.
4. Submit to the lender an accepted purchase offer contract.
5. Get an appraisal and title commitment.
6. Obtain funding at closing.

Step 4: Find Your Home

So you are pre-approved and ready to begin your search. But how or where do you begin? There are a lot of homes out there and diving in without a guide can become overwhelming and confusing. A great agent will help you more accurately pinpoint homes that fit your criteria. The right home will meet all your important needs, and as many of your additional wants as possible. Some questions you might ask yourself include:

• What do I want my home to be close to?
• How much space do I need and why?
• Which is more critical: location or size?
• Would I be interested in a fixer-upper?
• How important is home value appreciation?
• Is neighborhood stability a priority?
• Would I be interested in a condo?
• What features and amenities do I want? Which do I really need?

You'll learn as you look at homes, your priorities will probably adjust along the way.

Step 5: Have your Realtor write and submit an offer

Once you've found a home you love, the next step is making a compelling offer. While emotions are probably in high gear once you've found a home you love, it's important to remember that a home is an investment. Your agent will research similar properties in the neighborhood to help you determine the market value, and fair price, for your home. Look to your agent to explain and guide you through the offer process.

• The three basic components of your purchase offer are price, terms and contingencies.
• Price is the dollar amount you are approved for, willing and able to pay.
• Terms cover the other financial and timing factors that will be included in the offer.
• Contingencies are clauses that let you out of the deal if the house has a problem that didn't exist or which you weren't aware of when you went under contract. They specify any event that will need to take place in order for you to fulfill the contract.

Step 6: Perform Due Diligence

Just because you love a particular property doesn't mean that it's perfect. In fact, this is where reason has to trump emotion. You'll need to have a property inspection (which we highly recommend you attend) that will expose hidden issues. This way you'll know what you are getting into before you sign closing papers.

• Your main concern is the possibility of structural damage. This can come from water damage, shifting ground, or poor construction when the house was built.
• Don't sweat the small stuff. It's the inspector's job to mark everything discovered no matter how large or small. The inspectors report may be long, but, things that are easily fixed can be overlooked for the time being.
• If you have a big problem show up in your inspection report, you should bring in a specialist and if the worst-case scenario turns out to be true, you might want to walk away from the purchase.
• Even if your home passes inspection, you'll still need to buy a home owner's insurance policy that protects you against loss or damage to the property itself and against liability in case someone sustains an injury while on your property.
• It is important that you understand homes are used and no matter the age an inspection will come back showing every blemish. Blemishes should be taken with a grain of salt and focus on the three or four big ticket items or items that could be dangerous. 

Step 7: Close

Once you've made your offer and have completed the inspection process, you're in the "home" stretch! But, in order to ensure that you don't put your closing date, or your mortgage at risk, you have a few pre-closing responsibilities that you'll need to be mindful of. These include:

• Staying in control of your credit and finances. If you are tempted to make any large purchases during this time, it's best to talk to your lender first.
• Keeping in touch with your agent and lender, returning all phone calls and completing paperwork promptly.
• Communicating with your agent at least once or twice a week, and verifying with your lender that all mortgage funding steps are completed.
• Conducting a final walk-through of the home with your agent.
• Confirming with your agent, home insurance professional, and lender that you have the settlement statement, certified funds, and evidence of insurance lined up prior to closing.

Step 8: Protect Your Investment

Congratulations, and welcome to your home in Park City! The home-buying process is complete, but just like any big process, there's a maintenance plan! It's now your responsibility, and in your best financial interest, to protect your investment for years to come. Performing routine maintenance on your home's systems is always more affordable than having to fix big problems later. Be sure to watch for signs of leaks, damage, and wear.

And remember, just because the sale is complete, your relationship with your agent doesn't need to end! After closing, your agent can still help you - providing information for your tax returns, finding contractors and repair services, and even tracking your home's current market value.

Derrik Carlson

Derrik@RealEstateinParkCity.com
www.RealEstateinParkCity.com 

435.200.5478

Keller Williams Park City

Click on the link below to see the original source. http://www.kw.com/kw/8steps.html#

Things to do in Park City, Utah

Daly Canyon Hiking By Exclusive Excursions

                                     Local hike rich in history and scenery!

From your lodging in Park City, we will pick you up and drive you through historic Main Street and up through old town to our trailhead.  The adventure begins with a 2 mile hike up the canyon.  The hike starts through a thick pine tree forest.  After the forest, there is an overlook of the historic old town district of Park City.  Continuing up the mountain, we will encounter remains of the old Judge Mine and Smelting Company.  There are ruins of old mining cars, rail road trestles and buildings.  The canyon is rich with mining history, overlooks of Park City and plenty of woodland and wildlife.  The top of the hike ends at the Ontario Mine, which was the largest silver mine in Park City.  We will tell you the history of Park City silver mining along with some entertaining stories and facts.
Time: 2-3 hours
Cost: $65 for adult, $55 for child (add $10 for a full picnic lunch)
Cost includes: round trip transportation from Park City, guide, snacks and waters

View more at : Park City Utah Summer Activities!  

Contact: Exclusive Excursions     PHONE: (435) 640-2907
E-mail Them: info@ExclusiveExcursions.net

Derrik Carlson
www.RealEstateinParkCity.com
435.200.5478
KWPC