10 Steps for Selling a Park City Home

Preparing to Sell - 7 Minute Read

2/13/2023(Updated 7/8/2023)

Selling a house can be a complex and stressful process, but with the right preparation and knowledge, it can also be a smooth and successful one. Whether you're looking to upgrade to a larger home, downsize, or move to a new area, selling your current home is often a crucial step in the process. This article will guide you through the 10 essential steps of selling your house, from selecting the right real estate agent to closing the deal. We'll cover important considerations such as staging your home to appeal to buyers, making necessary improvements, determining the right price, and navigating the contract process to keep the sale on track. With these tips, you can feel confident and in control as you embark on the journey to sell your home.

How To Sell Your House: 10 Steps

1. Indentify your Motivation for Selling
2. Research the best time to sell in Park City
3. Hire a Listing Agent
4. Complete Home Improvements
5. Stage to Sell
6. Competitively Rrice Your Home
7. List Your Home
8. Negotiate the Sales Price
9. "Run through the Finish Line"
10. Close the Sale

Indentify your Motivation for Selling

Understanding your motivations for selling your home is crucial in determining your overall success in the process.

Financial Goals

Your financial goals play a major role in your decision to sell, as you need to understand the equity you have built in your current property and whether the proceeds from the sale are required to purchase your next home.

Timeframe

You should also be aware of your time frame for the sale. Are there factors driving the timing of your move, such as the need to be in a new home before school starts for your kids or starting a new job in a different location?

Your next home

Having a clear idea of your goals for your next house is also essential. What price will be required to purchase the desired property and what are the terms for paying?

Having a clear understanding of these factors can help you make informed decisions throughout the selling process and ensure that you reach your desired outcome.

Research the best time to sell in Park City

The type of market and the time of year can have a significant impact on the ultimate sales price of your home.

Buyers or Sellers Market

Understanding whether the market is a buyers market or a sellers market can help you make informed decisions about when to list your property. A buyers market occurs when the market is weak due to economic conditions and homes are sitting on the market for a longer period of time than normal. In this type of market, buyers have more bargaining power and you may need to lower your asking price or make more concessions. On the other hand, in a sellers market, demand is high and homes are selling quickly, which gives you more pricing and negotiating power.

Time of Year

The time of year can also affect the sales price of your home. The housing market is cyclical like all markets, and the best time to sell can vary depending on your location. For example, in Park City, Utah, the best time to sell a primary residence is typically in the spring, while the best time to sell a second home or vacation rental is during ski season. Understanding the seasonal trends in your local market can help you determine the best time to list your property and achieve the highest sales price possible.

Hire a Listing Agent

Park City is a dynamic and thriving real estate market, and it is essential to choose the right listing agent to ensure the successful sale of your property. With a large and diverse real estate community, you want to choose a top agent who has a strong reputation in the market and can leverage their extensive relationships to generate interest in your property. The right agent will have a deep understanding of the local market and the sophisticated buyers who frequent it, allowing them to navigate complex transactions with ease.

Sophisticated Buyers

The buyers in the Park City market are generally experienced and discerning, often purchasing multiple homes and not just a primary residence. To effectively sell your property in this market, it is crucial to have an agent who understands how to negotiate with these buyers and can effectively market your property to them. An experienced agent will have a proven track record of success and a deep understanding of the local real estate market, including the latest trends and the most sought-after properties.

Finding a Top Agent

When it comes to selecting a listing agent, most people in the Park City market rely on referrals or previous experience. A great way to find the right agent is to ask friends, family, and colleagues for recommendations, or look for an agent who has successfully sold properties similar to your own. It is also important to consider an agent's past performance, as it is typically the best predictor of future success.

Slope Style Realty is a great choice for being your listing agent, with a successful track record of helping sellers achieve their real estate objectives, whether it's a historic Old Town residence, a luxury home in Deer Valley, or a new construction build in Sky Ridge.

Complete Home Improvements

Making improvements to your home before putting it on the market can greatly increase its appeal to potential buyers. By accentuating the positive aspects of your home, minimizing less desirable features, and creating a great first impression, you can emotionally connect with potential buyers and increase your chances of a successful sale.

Turn Key

To make your home appealing to most Park City buyers, you should consider making it turn-key. This means that the home should be fully furnished and ready to move in, with little to no initial updating or maintenance required. This is because most buyers are looking for a second home or investment property, and they often live in another state. The convenience of purchasing a turn-key property that they can simply move into and enjoy is highly desirable.

Fresh

In order to keep up with the latest real estate trends and to make your home appealing to potential buyers, it is important to keep it looking fresh. This means considering a fresh coat of paint and new carpets. You can also reface or paint tired cabinets to quickly add new life to your kitchens and bathrooms. By resurfacing cabinets and vanities, you can bring a high-end feel to contractor-grade countertops. Visiting new construction homes and condos is a great way to stay up-to-date with the latest styles and trends in real estate.

Landscaping

The first thing that a potential buyer sees when they arrive at your home is the landscaping and the entry. This means that it is important to make sure that your landscaping makes a great first impression. Repair any cracked concrete, broken or peeling fences, and spotty grass. A well-manicured lawn, beautiful flowers, and a welcoming front door can make a huge difference in creating a positive emotional connection with potential buyers. By making these improvements to your landscaping, you will be more likely to impress buyers both online and in person.

Stage to Sell

Staging your home is a critical step in preparing your property for sale. Not only does it make your house more appealing to potential buyers, but it can also significantly increase the ultimate sales price. A professionally staged property can fetch up to $400 per square foot in a Park City Old Town single family home. The key to successful staging is to make the house feel spacious, updated, and inviting.

Professionally Staged

Professional stagers know how to sparsely furnish and accessorize a home in a way that allows the buyer to imagine how they would use the different spaces. They understand how to use color and texture to create a warm and inviting atmosphere that feels actively lived in. A well-staged property will have pops of color that are appealing and textures that are comforting. This helps the buyer to envision a life in the house and to feel at home.

A Perfect Life

Staging is about creating a perfect life for the buyer, one that is free from the stress and chores of everyday life. By selling this idealized lifestyle, the buyer is more likely to fall in love with the property and make an offer.

Deep clean

Always have your house deep cleaned before putting it on the market. This ensures all the drawers, appliances, walls, and floors sparkle and shine. This will give the property a fresh and well-maintained feel that will be appreciated by potential buyers.

Overall, staging your home is a smart investment that will help you achieve a higher sales price and a faster sale.

Competitively price your home

Selecting the right list price for your home is critical to a successful sale. It's important to work with a real estate agent who has experience and a deep understanding of the local market to help determine the right price for your property. Your agent can provide you with a market analysis that will give you a range of what similar homes in your area have recently sold for, which can help guide your pricing decision. It's important to strike the right balance between pricing your home competitively and ensuring that you get the best return on your investment. Refer to our article How to Price Your Home to Sell for a step-by-step instructions on pricing your home in Park City.

The list price is the asking price for your property and should be based on a variety of factors, including market conditions, your financial needs, the condition of the property, and the current market seasonality. Your real estate agent can provide guidance on these factors and help you determine an appropriate list price.

You Make the Call

It's important to remember that the list price is a starting point and everything in real estate is negotiable. The ultimate sales price will depend on a variety of factors, including the market demand and the buyer's willingness to pay a certain amount. However, by setting an appropriate list price, you can increase your chances of attracting serious buyers and reaching a successful sale.

List Your Home

Listing your home for sale can be an exciting yet daunting experience. The process of listing your home usually involves filling out forms, signing a listing agreement with an agent, making your house available for open houses and showings, and supporting your agent in answering questions generated by potential buyers. This step is crucial to getting your property seen by the right people and sold at the right price.

Listing Agreement and Disclosures

In Utah, you will be required to sign an Exclusive Right to Sell Listing Agreement and Agency Disclosure form with your agent. This agreement will give authorization to the listing agent to represent you (the seller), set clear expectations for what the listing agent will do, and help the listing agent comply with state law. You will also need to complete the Sellers Property Condition Disclosure form to indicate any issues you are aware of regarding the property's condition. This form protects both the seller and the buyer and ensures transparency throughout the process. Your agent should arrange for professional photography that may include a 3D virtual tour and drone video.

Marketing Your Property

Once your home is listed, the listing agent will make the listing live in the Multiple Listing Service (MLS). This will very quickly show up on online real estate sites such as Zillow, Redfin, and PC Home Prices. A top agent will invest in an effective marketing strategy, including promoting and hosting open houses on Wednesdays when local Park City agents tour properties for sale. Your agent will help schedule showings and keep you informed about any offers or feedback from potential buyers. Certain areas of Park City allow for nightly rentals and a top agent will make actual rental history or projections prepared by a top property management company available for other agents to review in the MLS.

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Negotiate the Sales Price

With effective marketing and an appropriately priced home, you will begin to receive offers. You have four options with each offer:

1. Accept the offer – congratulations, you are under contract
2. Reject the offer – a strong message the offer is completely unacceptable due to one or more terms
3. Counter the offer – the most common response
4. Let the offer expire – a typical response to a lowball offer

In Utah, offers for existing homes usually use the standard Real Estate Purchase Contract (REPC) and addendums. Signatures on these legal documents are most often electronically signed using online services, such as Docusign or Adobe. Though there are still occasions where we work with our clients to hand sign the documents for that old school feel. In any case, your agent should clearly walk you through all the details, answer any questions, and provide options for you to choose as to how to respond. Each offer and counter offer will have an expiration date by which time a response is requested.

Upon contract agreement, the buyer will deposit earnest money with their agent's brokerage or a title company. The contract will clearly specify conditions on when the earnest money will be returned to the buyer or given to the seller based on each party's actions during the buying process.

"Run through the Finish Line"

Getting under contract is an exciting moment and kicks off the process of getting to settlement. Common steps of getting to settlement include:

1. Due diligence – buyer will typically have one or more weeks to have an inspection performed, review the findings, and ask for fixes or price adjustments. The buyer is usually able to cancel the contract and receive their earnest money deposit if they are not satisfied with the condition of the house.
2. Financing and appraisal – many buyers will finance a portion of the purchase price using a loan. The contract will specify the timeframe for the buyer to obtain financing, after which the buyer will forfiet their earnest money deposit if they are unable to complete the transaction.

Once your home goes under contract, you and your agent need to be prepared for potential challenges:

Bad Home Inspection Report

Home inspection reports always reaise issues, even in new construction. Simple issues will often seem like major issues when raised in a report due to the format. Be prepared to negotiate repairs to be completed before settlement or offer a financial concession to cover repair costs once the report is completed. Responses to inspection reports can easily scuttle a deal so work with your agent to calmly and effectively deal with its findings.

Home Appraisal Too Low

Lenders order appraisals on homes to be financed. If the value of the home comes in below the loan amount, the buyer will have the choice of increasing their down payment or cancelling the transaction. At Slope Style Realty, we often meet with the appraiser before hand and provide supporting documentation as to why we believe the negotiated price is appropriate.

Financing difficulties

Occassionally, a buyer loan applicaion will be rejected by the lender. More common, however, is the lender requiring more time to complete the underwriting process. This is very common in Park City due to the complicated finances of many buyers. Many wealthy people buying homes in Park City are self employed or own companies, purchase homes through trusts, or utilize various forms of corporate enties. Be prepared for an extension request from the lender as they will require longer than usual to determine eligibility.

Close on the Sale

There will be lull after due diligence and funding deadlines, which is followed by the closing process. The closing process consists of two dates:

• Settlement – the date by which buyers and sellers must sign and deliver closing documents and monies to title/escrow
• Closing – settlement is completed, loan proceeds delivered to title/escrow, and closing documents recorded at the county

Complete Repairs

You will need to complete and show proof of any repairs agreed to during the due diligence process. Your agent should be able to help you engage qualified professional to complete the repairs.

Review Closing Costs

As a seller, it's important to prepare for the closing costs associated with selling your house. These costs can be as high as 8 to 10 percent of the sale price of the home and are made up of several expenses, including your commissions, title insurance, taxes, and fees. It's essential to review these estimated closing costs to ensure their accuracy. The costs will be removed from the purchase price by title.

Move Out

The typical time it takes to sell a house is 2 to 3 months, from list to close. Be prepared for a close in under 1 month for a cash deal. Have a moving plan with flexibility for fast or long closings so you will be able to accept the highest purchase price.

Sign documents

Signed closing documents must be delivered to title by the Settlement Date in the contract. Depending on the situation, documents will either need to be notorized or signed electronically. Your agent will work with title to arrange document signing at a convenient time and location.

Hand Over Keys

Your agent will work with the buyer's agent to arrange the transfer of keys, remotes, and access codes. A common approach is to leave these in the kitchen and the buyer's agent gains access through a keybox – quick and easy.

Close the Transaction

Title will call everyone and joyfully announce the ownerhsip change was recorded with the country. And you are done – Congratulations!

Contact Slope Style For Free Estimates

Our team of experts has decades of experience buying, selling, renovating, flipping, and living in Park City and is committed to providing the most accurate and up-to-date information to our clients. If you're considering buying or selling a property in Park City, we invite you to give our estimator a try and see what we think a property is fairly valued. Additionally, if you're looking for a more in-depth estimate or want to strategize on what to offer for a property, contact us for a free in-person estimate. Our team is here to help you make informed decisions about buying or selling a home in Park City.