A couple of weeks ago, we shared the October sales numbers (see here), and they tell an interesting story:
- People are buying real estate — especially in Park City, which continues to be the highest-priced and most active area in our market.
- If you’re not ready to pay Park City prices, Heber and Kamas Valleys offer excellent alternatives with strong value.
So, what’s happening in the market right now?
I’ve recently attended several luxury real estate conferences across the country, and the message is consistent:
Updated or newly remodeled homes that are priced right are selling, and quickly.
This holds true even in traditionally slower markets like Austin or South Florida.
For Buyers: Now’s Your Chance (If You Can See the Potential)
Homes that are dated or overpriced might sit longer, but that doesn’t mean they’re not valuable. In fact, they represent the best opportunities for buyers who are open to doing some cosmetic updating and willing to negotiate with motivated sellers.
We’ve been involved in several transactions lately where buyers scored great deals on properties that needed some love, and both parties walked away happy.
Pro tip: If you’re willing to roll up your sleeves (or hire the right people), you’ll likely face less competition and more room to negotiate. But you need a skilled local agent on your side to guide you through the offer process and help you avoid overpaying or walking away from a great deal just because a seller won’t meet your first offer.
For Sellers: Updated Homes Sell Faster and for More
If you’re a seller, now’s the time to think about whether you want to present your home “as-is” or updated and move-in ready. The difference in sale price and time on market can be significant.
When I sold my last home in 2021, I knew a partially updated home would still be viewed as dated. So, we invested in updating the bathrooms, and I’m confident we more than doubled our money on that investment.
Reality check: Updating your home can be disruptive (subcontractors coming and going at all hours), and it’s not for everyone. But if you decide to go that route, hire a professional designer. The wrong paint color or finish can cost you time and money later. I’ve had to tell clients to re-paint after doing it themselves — and trust me, no one wants to hear that.
The Bottom Line
The Park City market is the most balanced it’s been in a long time. That means buyers have leverage, especially if they’re open to updating, and sellers have a path to maximize profit if they’re willing to invest in strategic improvements.
If you’re considering a purchase, don’t put your dreams on hold.
If you’re thinking of selling, let’s talk about how to position your home to get top dollar.
We sell a home every week and have a tight pulse on the market. We’d love to help you find a great opportunity or make the most of the one you already own.