3 Home Buying Myths Debunked

February 17, 2020

Making informed decisions about purchasing real estate can save you incredible amounts of time and money. Purchasing real estate is not as easy as it is portrayed on television. I should know, I appeared in two HGTV shows. Rarely do you look at three properties and make a decision about the biggest investment you will make in your lifetime. I have had clients be that decisive, and believe me, it was amazingly speedy and efficient. But that scenario is fairly rare.  Here are three misconceptions I run encounters with buyers shopping the Park City real estate market.

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Myth #1:  If the property is still on the market after the selling season ends, then I can get a big discount on price. Not typically true. In our Park City real estate market, there hasn’t been an “off season” for years. If a ski property doesn’t sell in the winter, that is most likely because it was difficult to get in to view due to a full calendar of bookings. Savvy buyers will scout out Park City in the winter while on a family ski trip, then plan a trip back after the skier traffic disappears.  Spring and summer are hot real estate purchasing times, summer being the most busy. The same holds true for autumn. A seller that has a property still on the market in the fall will likely just hold on through winter to earn rental income. An experienced local Realtor® will know if the property is overpriced and therefore stagnant. Simply looking at Days on Market (DOM) does not necessarily indicate an overpriced property.

12617 N. Deer Mountain Blvd  For Sale with Summit Sotheby’s International Realty  3 Bedrooms | 2 Baths | 1,777 Sf with 1,834 Sf of unfinished lower level  $725,000

12617 N. Deer Mountain Blvd

For Sale with Summit Sotheby’s International Realty

3 Bedrooms | 2 Baths | 1,777 Sf with 1,834 Sf of unfinished lower level

$725,000

 

Myth #2:  I can get the property under contract for list price and then beat the seller up after I get the home inspection results. This scenario is attempted all too often. I like to inform my buyer clients about how real estate works in Utah. The Real Estate Purchase Contract (REPC) states in section 10.2 that the buyer is purchasing the property in “as is” condition. The buyer should get inspections in order to be informed of the condition of the property. If there are safety issues, such as the presence of radon gas or faulty electrical wiring, etc., then we can negotiate a fair deal for a credit at closing for repairs with the seller. Smaller, cosmetic issues or a furnace or hot water heater that is old but still functions is not an excuse to extract thousands of dollars from a seller. I like to do my homework first on home to make the most educated decision for an offer price. This tactic makes the negotiation process run much smoother and is a “win-win” for both buyer and seller.

12617 N. Deer Mountain Blvd  For Sale with Summit Sotheby’s International Realty  3 Bedrooms | 2 Baths | 1,777 Sf with 1,834 Sf of unfinished lower level  $725,000

12617 N. Deer Mountain Blvd

For Sale with Summit Sotheby’s International Realty

3 Bedrooms | 2 Baths | 1,777 Sf with 1,834 Sf of unfinished lower level

$725,000

 

Myth #3  Zillow Zestimates are accurate so I am not paying any more than what the Zestimate states. This couldn’t be farther from the truth. Utah is a non-disclosure state. Real estate sales prices are not public record. Therefore Zillow or like companies, do not have the real estate data needed to make a Zestimate. Only a licensed Realtor® has access to closed sales data and therefore able to perform an educated Comparative Market Analysis (CMA) for a property of interest. I would also add, that unless a Realtor® is very active in the Park City real estate market, and attends open houses, can an accurate CMA be created. There are differences in properties that can only be seen by actually getting inside the home. You will want an apples to apples analysis. 

I am happy to help you navigate the ins and outs of Park City real estate, whether purchasing or selling. Please give me a call to discuss your options.

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Mary Ciminelli

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