There are three basic ways homes reach the market: completely empty, lived-in, or staged. The ones which sell the quickest and above market value are typically staged homes. This is something we see frequently in our Park City real estate market. If you’re looking to list your home, give us a call. Brad Jensen specializes in selling property through out the Park City area. In the meantime, consider these basic types for staging your home.

Help Buyers To Easily Visualize Your Home’s Potential

A lived-in home shows the potential buyer what it would be like to live in your home, not their own. From family photos to piles of mail, buyers viewing your home will see you everywhere. It can create a narrow minded perception of the living space your home has to offer. An empty home can sometimes be too much for the buyer as well. Their minds will attempt to place furniture throughout the home as they view each room, but again, their perception of your homes potential is limited.

Once a house is staged, personal belongings and decor are removed, adding space while removing distractions. For example, instead of a living room with comfortable, oversized furniture and family photos, a staged room would have neutral furniture and no personal touches so that a potential buyer can clearly visualize their own belongings adding character to the room. They’ll also usually get to see furniture arrangements they wouldn’t have considered otherwise which allows them to visualize more possible uses for the space. Many sellers find their home much more spacious once staged, never realizing how much space their belongings took up.

Staging Conveys A Sense Of Welcoming Orderliness

Staging a home is a nonverbal way to convey to a buyer that the home is in good order. Like when you enter a hotel room, you expect a high level of cleanliness and order, with everything in its place. Homes which have been staged can convey the same impression with the potential buyer able to feel comfortable in the home and less concerned with potential damages.

Also, since staged homes have had basic cosmetic problems fixed — like wall marks removed, nail holes filled, walls painted neutrally and more — buyers will be more enticed with the turn-key condition of the home.

Attractively Staged Homes Are More Likely To Be Shown

If you can impress a realtor, then they can impress their client. By staging your home, your real estate is likely to be more impressive than a similar comp that has not been staged. Not only does home staging provide an excellent walk through experience, it makes for much better photographs and marketing tools.

We have years of real estate expertise here at Jensen and Company. Able to advise you on everything from when it is best to list your home to how to go about staging it for showings. If you are interested in selling a property and want the help of an experienced sales team, contact us today.

From the Desk of Brad Jensen

Park City Utah | Real Estate Newsletter | January 2018

Dear Park City,

Happy New Year!!! 2017 is in the rear view mirror and 2018 looks very promising. The market in Park City has been strong for all of 2017. In fact, for the past three years, there has been steady appreciation in the median price of a home in our market. There has also been a reasonable amount of inventory available throughout this time period. With that said, buyers continue to be very discriminating and refuse to overpay for a property that is overpriced. They come armed with data and they know about comparative sales in the neighborhood.

This is a broad overview of the market. Some neighborhoods may look very different from this analysis. In fact, there is a shortage of inventory in many neighborhoods.

Let’s take a look at the 2017 real estate market as it compares to the 2016 market.

These statistics are taken from the Park City Multiple Listing Service (The PCMLS) and include all areas serviced by this MLS.

All types of properties saw an increase in the number of sales as well as an increase in price this past year.

The number of single-family home sales increased by 9.5% from a total of 1169 homes sold in 2016 to 1291 sold in 2017. In addition, the average sold price went up from $1,041,000 to $1,138,000 in 2017 for an increase of approximately 8.5%. The median price went from $650,000 to $750,000 for a 13% increase and the average price per square foot went from $275 to $298 per square foot for an average increase of 8%.

The market for condos and townhomes looks similar. There was an increase of about 3.5% in the number of properties sold from 881 sold in 2016 to 913 sold in 2017. The average price went up 10% from $686,000 in 2016 to $761,000 2017 and the median price went from $484,000 to $521,000 for a 7% increase. The average price per square foot went from $381 to $425 for a 13% increase.

Lots and vacant land sales also increased over the past year. In 2016 there were 586 lots sold and in 2017 there were 612 sales for a 4% increase. The average sold price in 2016 was $411,000 and $445,000 in 2017 for an 8% increase while the median price went from $248,000 to $260,000 for a 4.5% increase.

You may be interested in finding out what the market is like in your specific neighborhood. I would be happy to assist. All it takes is a phone call or a note. Please reach out to me.

I hope that you are able to get out and enjoy the slopes or the mountain trails this winter season. Thank you for taking the time to read this newsletter.

Brad Jensen works diligently to determine the best strategy to market and sell a property and ensure first-class execution.

We had a log home to sell. It was a specialty home that doesn’t appeal to everyone. We needed a realtor that knew how special our home was and to convey that to potential buyers. After listing for 6 months with another company we were frustrated with showings and no offers. I started interviewing new Realtors. When Brad came to check out our home and discuss what he could do for us I knew right away he was the one for us. He was very knowledgeable, experienced and we liked him. Great personality. He had an assistant, Crystal. I could call her and discuss what was going on with our listing at any time. We had multiple showings right away, sometimes 2-3 per day. Two weeks into our contract we received 3 offers. We were very excited and closed within 60 days. Brad kept us updated about what was going on with repeat viewers and when one couple tracked mud into our bedroom carpet he had it cleaned immediently. We were very pleased with Brad and Crystal. They make an exceptional team.

– Diana D.

Connect for your personalized listing presentation today

 Park City 2017 Annual Report

 

Market Update

Current Inventory in Park City

Houses:

• Properties for Sale – 311
• Average Days on Market – 189
• Minimum Asking Price – $575,000
• Median Asking Price – $2,900,000
• Average Asking Price – $4,049,963

Condos:

• Properties for Sale – 326
• Average Days on Market – 209
• Minimum Asking Price – $79,500
• Median Asking Price – $1,297,000
• Average Asking Price – $1,604,278

Land:

• Properties for Sale – 193
• Average Days on Market – 285
• Minimum Asking Price – $63,900
• Median Asking Price – $695,000
• Average Asking Price – $1,172,126

Market data from: PCMLS
Park City & Snyderville Basin areas

Current Inventory in Jordanelle

Houses:

• Properties for Sale – 21
• Average Days on Market – 153
• Minimum Asking Price – $755,000
• Median Asking Price – $1,600,000
• Average Asking Price – $2,102,114

Condos:

• Properties for Sale – 50
• Average Days on Market – 132
• Minimum Asking Price – $310,000
• Median Asking Price – $558,725
• Average Asking Price – $566,858

Land:

• Properties for Sale – 84
• Average Days on Market – 258
• Minimum Asking Price – $135,000
• Median Asking Price – $325,000
• Average Asking Price – $440,529

Market data from: PCMLS
Jordanelle Area

No matter where you are in the real estate process of buying or selling, understanding the real estate trends is essential to your success in the local housing market. If you ever have questions about the market or activity in your neighborhood please reach out to me. I am always happy to discuss and can provide specific data for your area of the market.

Upcoming Park City Events

Recent Blog Posts

Come Experience Deer Vista!

It has been a busy holiday season at Deer Vista. We currently have eleven pending contracts and several more buyers expressing interest in purchasing a home site. We are looking forward to a phenomenal 2018! Please see attached Deer Vista pricing and availability. If you or someone you know is interested please reach out to Brad Jensen (435) 901-8333 for a private tour today.

If you would like more information on your market area wherever it may be, please let me know. If it is not my area of expertise I can most certainly find a professional in your area who can assist you. It is great to be a part of such a powerful Sotheby’s International Realty network.

Sincerely,

Brad Jensen 

brad@jensenandcompany.com

(435) 901-8333

From standard homeowner policies to disaster insurance, there are a variety of ways to guard your dream home against unforeseen future issues. But one type of insurance can become lost in the mix when buying a new home, which is your home title insurance.

What Title Insurance Does For Homeowners

Every homeowner expects when they purchase a home that the title to the home is clear of any claimants or liens. However, this is not always the case. Issues with your home title can either result in heavy fees or possibly the loss of your home to a claimant with no recourse. Some issues which can be prevented with title insurance are:

• Liens – If prior owners had work done on the house and did not pay, the contractor’s company can put a lien on the home. If the previous owner owed past HOA fees, then the HOA could have a lien on the home. There could be multiple causes for a potential lien and they may not be disclosed at the time of sale.
• Unpaid property tax – If the previous owner neglected to pay property tax, you (as the current owner) will now be responsible for paying the debts.
• Claimants – There may be people with a legal claim on your house, such as heirs or estranged spouses which did not consent to the sale of the home.

There are many possible variations of the above examples which can negatively affect the title of your home, which directly affects the ownership of your home. All these problems can be prevented from impacting your homeownership with title insurance.

When You Should Purchase Title Insurance

Title insurance purchasing comes up during the home buying process. There are two basic types of title insurance:

Loan Policy – When taking out a loan to purchase a home, you are required by your lender to buy loan title insurance. This protects their investment in you and your property loan. Should a title dispute arise, the insurance will take care of the issue. Some resolutions can mean you still lose your home but are not required to keep making mortgage payments. However, you will lose your down payment and any other amount of money you have invested into your home. Also, the loan title insurance policy only lasts for the duration of your loan.

Homeowner Policy – Purchased with a one-time fee, a title insurance homeowner policy protects your property as long as you or your heirs own the property. With your purchase, the insurance company researches the home’s title and resolves any issues. Should the insurance company miss any problem which later arises, they will defend your title with no further investment from you. Some insurance companies separate title search from title insurance, so be sure to inquire when looking for a home title insurer.

The only time you do not need title insurance is when you purchase a home as part of a housing company or cooperative, which exists as a separate legal entity with different regulations.

To make the buying of your dream home that much easier, be sure to choose Jensen and Company. We have years of experience helping homeowners through the intricate process of selling their homes and buying property. Contact us today to see what we can do for you.

Winter in Park City, Utah, is one of the best times of the year to visit. Thick, sparkling snow calls to winter sports amateurs and experts alike, who come and pack the ski resorts surrounding Park City. For those who have already fallen in love with this charming mountain town, they will be able to skip out on the crowded hotels and go straight to their idyllic winter homes.

Rub Shoulders With Champions On The Slopes

Nothing is quite as inspiring as when you see a truly impressive skier pulling tricks on the slopes that you have only dreamed of performing. This winter you can have the opportunity to hit the mountain runs with Olympic champions. The six Olympic athletes available to ski with as individuals, groups or families are:

• Heidi Voelker – Spent 12 years as a member of the U.S. Ski Team, she holds six top-10 World Cup finishes and has competed in three Winter Olympics.
• Jillian Vogtli – A member of the U.S. Freestyle Ski Team for 13 years, Jillian is also a two-time Olympian.
• Chris Waddell – A World Champion and Paralympic skier, Chris is both a champion on the monoski and wheelchair racer.
• Kaylin Richardson – Two-time Olympian and four-time National Alpine Champion, Kaylin is also a 10-year veteran of the U.S. Ski Team.
• Shannon Bahrke – Winner of the Olympic silver for her mogul skiing, Shannon snagged the medal while skiing on Deer Valley’s slopes during the 2002 Winter Olympics. She also claimed the bronze medal at the 2010 Winter Olympics.
• Trace Worthington – Former member of two U.S. Olympic teams (located first in France, then Norway), Trace is a veteran skier who competed in freestyle aerial as well as mogul.
• Kris “Fuzz” Feddersen – Not only a three-time Olympian, Fuzz also coached the 1998 U.S. Winter Olympic Aerial Ski Team. He is recognized as a pioneer of the sport of freestyle skiing.

You can choose to enjoy a half-day with one of the champions at $1,200 or a full-day experience at $2,000.

• Some ski experience required
• Max group capacity is 6 people
• Experience includes access to ski school lane at all chairlifts
• Participants need to be at least 7 years old
• Children age 12 and under need a parent or guardian accompaniment
• Release forms need to be completed before experience
• Lift tickets not included in experience

Other Events in Park City This Winter

Adding even more excitement and drawing more people to Park City this winter is the Visa Freestyle International Ski World Cup. Held January 10-12, this world-class competition has drawn in the top freestyle skiers from around the world.

While the FIS World Cup will take place on the slopes of Deer Valley (also the site of the 2002 Winter Olympics), you can bet these top skiing mavericks will do more than some light skiing over the 3 days of the competition. So if you want to see how you stack up to against some of the top skiers in the world, be sure to hit the slopes around Park City this winter.

Local Park City resorts have been host to many prestigious winter sport competitions. This hidden mountain treasure captures the hearts of everyone who has the chance to visit and many have taken up residence in this gorgeous winter wonderland so they can take part in all the ski action Park City has to offer.

This winter, Deer Valley Resort will be hosting the Visa Freestyle International Ski World Cup where competitors will travel from around the globe to compete for top honors. The finest freestyle skiers will compete on the same runs which were utilized during the 2002 Winter Olympic Games. All the competitions are completely free and open to the public. So bundle up and come enjoy some truly dazzling skiing talent!

Freestyle International Ski World Cup Dates And Times

This exhilarating competition takes place during the second week of January from the 10th through the 12th. The competitions will start in the afternoon and continue into the evening. Consult the schedule below for exact times, locations, and dates.

Save A Spot For Yourself In Beautiful Park City

Many winter-loving skiing and snowboarding enthusiasts have come to realize that it can be incredibly difficult to find lodging during the peak outdoor winter sports season in Park City. Hotels become crowded and timeshares are quickly overbooked when the powder is thick and fresh on the slopes.

If you are ready to invest in your winter vacation location, then contact Brad Jensen for your real estate needs in Park City. With years of experience working with real estate in Park City, we know how to help you find your perfect winter home, whether it be a cozy condo or a mountain home with a spectacular view. Feel free to contact us today and let us help you find your ideal winter getaway location.

For many, one’s most valuable asset is their real estate. Whether you own a house, condo or property, you can (and should) add these assets to a living trust. A living trust is a document that acts somewhat like a will. It is typically drafted by an attorney. Along with real estate assets, you would also include assets such as stocks and bonds, bank accounts, small business interests, valuable collections, art or antiques, patents or copyrights, automobile titles, and precious metals or jewelry.

Three entities are involved in the trust.

• The Trustor – The person who created the trust (you)
• The Trustee – The person who manages the trust (you again)
• The Beneficiary – The person/people who benefit from the trust (the people you pass your assets onto once you die, ie. children, charities, friends, etc.)

As the trustor, you decide which assets to place in the trust, control the terms of the trust, and retain and manage the assets while living. When you die, one of two things happen: your spouse can take over the living trust or the assets are passed on to the beneficiaries listed in the trust.

At Jensen and Company we recommend that homeowners establish a living trust which includes their real estate. However, it is best to discuss your personal circumstances with your lawyer to determine what is best for you.

8 Great Reasons For Placing Your Real Estate In A Living Trust

Reason #1: The major benefit of this addition is to make sure the house or other real estate assets doesn’t have to go through probate. This saves the trustee time and lots of money. In general, the more an item is worth, the more it will cost to probate it.

Reason #2: One can add property to their living trust at any time, even if they’re mortgaged.

Reason #3: As the trustor, you can always sell or gift property in the trust. You can also take it out completely or put it solely in your name.

Reason #4: Transferring real estate into a living trust doesn’t require a tax reassessment – even in states that demand a reassessment upon the transfer of title.

Reason #5: Conservatorship can be avoided with a living trust. If the trustee becomes incapable of managing the trust (while still living), they have an established Disability Trustee documented in the trust that automatically steps in to manage the trust for the trustee.

Reason #6: After your death, anything listed in the trust and passed to beneficiaries is private; whereas items listed in a will become public knowledge.

Reason #7: For married couples – if you and your spouse’s estates exceed the federal estate tax exemption or your state’s estate tax exemption, then a living trust can make you exempt from estate taxes. This is done by setting up multiple trusts and dividing the assets between them equally. Of course, this will need to be determined by the lawyer who helps you draw up your trust.

Reason #8: If you die and your spouse takes over the trust, they cannot change the beneficiary of an asset. One example would include a husband dying and his current wife removing children from a different marriage from the trust as beneficiaries.

While you don’t technically own the assets when they are transferred to your living trust (as they are now owned by the trust itself) you maintain full control over them as the trustee. Most living trusts are revocable, meaning you can change the terms at any time in your life or you can dissolve the trust completely. The trust becomes irrevocable once you die, however. It cannot be changed so it is important to maintain your trust and it’s assets as they are bought, sold, etc.

From The Desk Of Brad Jensen

Park City Utah | Real Estate Newsletter | December 2017

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If you would like more information on your market area wherever it may be, please let me know. If it is not my area of expertise I can most certainly find a professional in your area who can assist you. It is great to be a part of such a powerful Sotheby’s International Realty network.

Sincerely,

Brad Jensen 

brad@jensenandcompany.com

(435) 901-8333

Gathering the funds for purchasing a home can include many hoops to jump through. This is especially true for vacation homes and rental properties. If your goal is to buy a house in beautiful Park City, Utah, expect higher price tags on real estate! The area is gorgeous, safe, has amazing views, provides many amenities, has great schools – making Park City a highly desired area.

Here are ten New Year’s Resolutions to make for the coming year that will get you little closer to buying your own chunk of heaven in Park City Utah.

1. Know Your Financial State At All Times. You should always be following your financial situation to keep from any nasty surprises derailing your plans. Use a credit monitoring service and download an app that keeps track of your accounts and bills.
2. Begin Cutting Bloat. To you really need that membership that you only use once every three months? How about that third car? Or your time share? Or your subscription to Blue Apron? Cutting bloat to your monthly expenses can make your savings account swell.
3. Consider Opening an Online Account. An online savings account can be a great way to save money if you have trouble not touching your cash when you put it away. It has additional hoops to using it as you have to transfer the money back to your main account. That might keep you from impulse buying.
4. Keep a Strict Budget. A healthy budget is a must for anyone of any financial situation. Put together a list of bills and monthly costs and put them into a budgeting dashboard like You Need a Budget or Mint. To monitor combined finances try Splitwise.
5. Start Looking Early. If you know what real estate you are aiming for you will be better equipped to prepare for the purchase. Start looking into the area to get an idea of costs early on and use that to plan.
6. Improve Your Credit. Good credit is nice but great credit is better. It is never too late to start improving that score. Get a credit card or two and keep the balance low but used. Pay all of your bills on time. Take care of any debts you might have pending.
7. Don’t Waste Your Windfalls. Have a tax return coming in? Did uncle Morty leave you a few thousand dollarsnin his will? Don’t spend it! That is money that you didn’t have before so just put it away in savings.
8. Automatically Deduct Savings Monthly. Set up an automatic deduction of at least 10% of your take home pay every month to go to your savings account.
9. Consider a 20% Down Payment. If you put 20% down on a house you can avoid the paying mortgage insurance. It will save you thousands!
10. Consider Your House An Investment. Putting a lot into your 401k or other retirement plans? Cut back for a time and put it into your house fund instead. Good real estate is an investment that can take you far in your retirement.

For more tips on purchasing real estate visit Jensen and Company.