A seller disclosure is a form where the seller lists any known defects or problems with the home and the surrounding property. It is typically given to the buyer after an offer is made. This provides protection to the buyer by giving advance notice of any repairs that may need to happen. This also provides great protection for the seller by ensuring a fair and informed transaction. By revealing your property’s flaws in a translucent and balanced way you afford each party to go into the sale with eyes wide open.

Buyers will often conduct their own walk through of the home and have an inspection done prior to the purchase of a home but almost inevitably many will discover defects after closing. By completing a seller disclosure for the buyer and disclosing, or making the buyer aware, of as many defects as possible before the closing you will increase the buyers awareness and reduce the chance of a lawsuit in the future.

We advise our clients to make the following disclosures to avoid legal liability:

Federal Requirements

Federal law requires that home sellers in every state of the US notifies buyers of potential lead-based paint in the home (if the home was built before 1978. (See 42 U.S.C. § 4851 et. seq.)

Required Disclosures in Utah

In Utah, sellers are required to notify the buyer if there have ever been “use, storage, or manufacture of methamphetamines” on the property.

General Disclosures To Avoid Legal Liability

Disclose any knowledge of the following information to the buyer:

• zoning or legal violations on the property
• legal actions that will affect the property
• if the location is within a Greenbelt
• any problems with the roof
• oustanding utility payments
• culinary water problems
• damages to septic or sewer
• damages to heating or cooling devices
• damaged appliances
• structural defects
• termite problems
• existing rot
• existing mold
• remodeling that have been done
• boundary disputes
• easements
• electrical problems
• existing water damage
• any toxins
• potential or existing hazards
• HOA conflicts or problems, past due payments
• any damage reported to home owners insurance

Remember that no house is perfect and no level-headed buyer will expect your home and property to be perfect. Providing your buyer with a list of defects won’t kill the deal but will only help protect from lawsuits later down the road. Jensen and Company can help you as a seller prepare a sufficient disclosure. Although the paperwork is simple and straightforward it is critical to have it reviewed and completed with professional guidance in order to make the purchase happens and avoid fraud litigation if the buyer maintains that information was withheld from them.

The holidays begin a time of reflection and gratitude. We gather with friends and family for various events and express our love and adornment for one another. Often during this time of year we find ourselves looking back on our blessings and prosperity and yearn to reach outside of ourselves in the service of others as to offer some piece of good fortune to them also.

At Jensen and Company we believe that gratitude and service are the two ingredients to improve happiness and purpose in life.

“As we express our gratitude, we must never forget the highest appreciation is not to utter words, but to live by them.” – John F. Kennedy

Daylight Savings November 5th

Now that we are rolling into this holiday season, let us not only reflect and be grateful for all that we have but also pay it forward in the form of service for others. We can begin by taking advantage of daylight savings when we “fall back” and receive one extra hour in our day. Use it for someone else by giving a random act of kindness, forgiving someone who has hurt you or telling someone you are thankful for them in person, phone call or email.

Veteran’s Day November 11th

Fly a flag and reach out over Veterans Day weekend by donating to organizations like Disabled American Veterans or the Wounded Warriors Project. Visit a VA hospital or write a letter expressing your gratitude to a veteran.

Park City Realtor Turkey Drive

We love giving back to this amazing community and are thankful to donate to programs like the Park City Turkey Drive. Participants may donate turkeys and non perishable foods to the local food bank. Will you join us on November 16th and 17th? Bring your donations to The Market at Park City. Visit theirwebsite for more information on how to help and what you can bring.

An Attitude of Gratitude

Gratitude is being aware of and appreciating all the good things that have happened to you and taking the time to express how thankful you are. You can increase your own feelings of gratitude not only by giving of yourself to others but by keeping a daily gratitude journal. Try each day to list a few things that you are thankful for. You may choose to pay attention to a different area of your life each day or week by week be it family, social, professional, recreation, spiritual. It’s up to you!

Have you ever heard of a home warranty? Did you know that it is vastly different from homeowners insurance? While the latter is mandatory when purchasing a home with a mortgage loan, a warranty comes highly recommended but is not required. Here’s our reasons why you should have a home warranty when purchasing your new home:

1. Most of us have been in a situation similar to a dishwasher that breaks and damages the floor surrounding it. While homeowners insurance covers the repair of the floor, the home owners are on their own when it comes to repairing the original problem – the faulty dishwasher. A repair like that can get pricey quick! Homeowners insurance covers things like personal belongings and the structure of the house and offers liability protection in the unlikely event of a fire, theft and natural disasters. A home warranty will cover parts, labor and even system replacement for heating and cooling systems, electrical and plumbing and all major appliances due to wear and tear. This is how you get that expensive dishwasher (and most other broken items) fixed.

2. Having a home warranty offers peace of mind and convenience while protecting your budget. The cost to repair major appliances is always a hard pill to swallow and a headache to schedule and find a reputable repair company. With a home warranty, not only is there no need to hunt down a repair man, but you’ll be guaranteed easy and dependable service. You also won’t be stuck with the hassle of cost or a repair, or the budget busting repair bill.

3. As a homeowner you have the ability to place a claim and get your appliance repaired quicker and easier and you can do so with as many appliances that are covered in your warranty. As a seller with a warranty your home may sell faster and at a higher price and protect you from after-sale legal disputes. Lastly, as a buyer, you can buy with confidence knowing you have warranty coverage on all major systems and built-in appliances and have access to a vast network of qualified service technicians. A warranty also helps to protect your cash flow which is so important during the process of buying a home.

Most companies offer one year warranty terms that may be renewed annually. Some require an initial inspection. You can find plans for as low as around $35 per month plus the service call fees. We recommend starting with these three reputable companies for finding the home warranty that is right for you:

One Republic Home Protection

First American Home Warranty

Landmark Home Warranty

From the Desk of Brad Jensen

Park City Utah | Real Estate Newsletter | October 2017

 

Dear Park City,

The seasons have changed so fast this year and 2017 seems to be flying by. It seems like it was summer just a few days ago. The weather changed quickly and the fall season has been very cool. We are bound to have a nice Indian Summer before the big snow. Pray for Snow but let there be another month of mountain biking.

We have been through three quarters and the real estate numbers are strong.

I have taken some numbers from the Park City Board of Realtors Multiple Listing System for all types of properties.

Beginning with Single Family Homes, there have been 1033 homes sold so far this year. That is a 10% increase for the number of units over last year. Last year we had sold 934 homes for the same time period. The average price for a single family home has increased from $1,042,000 in 2016 to $1,128,000 for 2017. That represents approximately an 8% increase and the median price has gone from $655,000 to $750,000 for a 13% increase.

There are currently 721 active listings for single family homes on the MLS and there are 258 pending contracts. This data includes all areas serviced by this board.

We also sell a lot of condos in the Park City area. So far this year we have sold 727 condos as compared to 678 sales last year at this time for a 7% increase. The average price per condo is up approximately 18% from $634,000 to $775,000. The median price is up approximately 6.5% from $491,000 in 2016 to $525,000 so far this year.

There are currently 369 condos actively listed on the market and there are 272 pending contracts.

For vacant land and developed homesites, we are up 8% for the number of units sold from 461 last year to 499 sold this year. The average price is up 2.5% from $431,000 to $442,000. The median price is up approximately 7.5% from $241,000 to $260,000.

There are currently 102 pending contracts and 775 active listings on the MLS for vacant land and homesites.

Interest rates continue to be very attractive to buyers hovering just above 4%.

I hope that this information is helpful. If you have any questions as it relates to the real estate market in Park City or in your area, please reach out to me. I always appreciate the opportunity to discuss the market. Your referrals are always welcome as well.

Thank you for taking the time to read our newsletter. Crystal and I are very appreciative and wish you all the best.

 

Best regards,

Brad Jensen
(435) 901-8333
brad@jensenandcompany.com
Summit Sotheby’s International Realty

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Market Update 2017 | Q3

We invite you to review Summit Sotheby’s International Realty’s residential market update for the Greater Park City area for the 3rd Quarter 2017, comparing current year with previous years.

This update also provides market data for Summit County, Wasatch County, 84060, 80498 and individual Park City MLS areas. Market data provided includes Average List Price, Average Sold Price, Average Monthly Supply of Inventory among others for 25+ distinct Park City market areas and is broken out by Single Family Homes and Condominiums and Vacant Land.

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 so please contact Brad Jensen to discuss further.

Read Online Here

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Summit Sotheby’s International Realty is proud to be Utah’s only real estate brokerage with an in-house, award winning video production team. This team, backed by the power of the Sotheby’s International Realty brand, pushes our client’s video content to over 5,000 websites, including the most trafficked news, finance, lifestyle and real estate websites in world.

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10680 N Summit View Drive, Park City, Utah | $5,800,000

77 E 12th Avenue, Salt Lake City, Utah | $1,425,000

Our clients can attest that we take care of all the details. We take the time to make sure the marketing plan for your property is comprehensive and complete. We do not believe in passively listing your property with the hope that someone finds it. We take extraordinary measures to actively promote your listing to qualified buyers!

In order to sell your property, Brad will not only use traditional marketing tools such as green flyers, postcards, print advertising and open houses, but we leverage property and digital media technology to maximize exposure of your property in the global market place.

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

Connect for your personalized listing presentation today

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Unbelievable Old Town Location

170 Main Street, Park City, Utah
Duplex | 3 Bedrooms | 2 Bathrooms | 1,321 SF

This Old Town home lives like a duplex with fantastic flexibility. Lock out for a two bedroom on one side and an one bedroom on the other or a three bedroom and a studio. Fantastic Upper Main Street location! Leave you car at home. Walk to Main Street shops, restaurants and entertainment, catch the free public transit to world class Park City, Utah ski resorts or wherever you would like to go in town. This is a cute historical cottage, perfect for second home, investment or both. Spectacular Sundance rental.

SCHEDULE A PRIVATE TOUR

435.901.8333

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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

When witches go riding, and black cats are seen. The moon laughs and says, ‘tis near Howl-O-Ween!

Travel and Leisure magazine dubbed “Bark” City one of America’s best towns for Halloween, combining peculiar tricks with gourmet treats. Park City’s annual Halloween fang-tastic festivities take place on haunting Historic Main Street where people and their four-legged friends alike take part in a spook-takular celebration cloaked in costume for a bewitching good time together. Our team has searched the internet and found some of the most fun and creative costume ideas for you and your furry companions. Some BOO-tiful, others blood curdling, and a few funny frights to get you in gear for this ghoulish get together.

Squad goals! Get the group chat gang to agree on one of these fun group costumes.

1. Mario and Luigi

2. Super heroes

3. Circus

4. Pirates

Check out these scenes from the silver screens and get ready for some Oscar worthy costumes.

5. Wizard of Oz

6. Star wars

7. Labrynth

8. Harry potter

Feel like crossing to the wild side? Get started with the great animal kingdom and these wild ideas.

9. African safari

10. Bee keepers

The excitement brewing for this festive fright is almost too much! Whether you are truly superstitious or enjoy the mysterious make-believe of Halloween one thing is sure – you will have a devilish good time this year at Howl-O-Ween. Jump on a broom and come enjoy Park City’s chilling charm with family, neighbors and friends. This event takes place October 31, 2017 and starts at 5:00 PM. See you there!

When selling your home, first impressions are everything. Buyers will be interested and ask questions about your home and surrounding area where you reside from a long checklist. However, their interest in these items will pale in comparison to the initial feeling they get when they step into your home for the first time. If you want to sell your home with little hassle and in less time, then it is critical that the style and décor of your home is up-to-date and attractive to a wide audience of potential buyers.

One of the quickest and easiest ways to update your home and appeal to more buyers is with a simple change of paint. Think of your home’s color palette as the backdrop for all furniture and decorations and the overall tone setting factor for the home. Even though paint is relatively easy to change, the wrong color choice can potentially turn off a buyer to the entire house. The first thing you should do is remove your own opinion on color and focus first on potential buyers.

Many real estate professionals recommend going with neutral paint colors. The term “neutral colors” however does not limit you to boring whites, beige and tans throughout your home. Neutral colors done right can go into blues, grays, browns and greens. Going bolder with your neutral color choice can even mean more green in your pocket. In fact, studies have shown that certain neutral palettes in specific rooms may actually increase or decrease your sale price! For example, homes with kitchens painted in light blue to soft gray blue tones sold for more than homes with kitchens painted in straw yellow or marigold tones. And home exteriors painted “greige” (a mix or brown and gray) sold for more than homes with medium brown, taupe or stucco shades.

Next, pay attention to fixed furnishings. The paint you choose should compliment your flooring, wood finishes, countertops and tile. Colors that don’t compliment these fixtures will make them look like an eye sore rather than bringing out the best of each room.

Consider the mood a buyer should feel in each room. For instance, a bedroom should typically feel calm and relaxing while a kitchen should be more energetic and vibrant. Colors can also affect how the size of a room feels or appears. Warmer tones make a room more cozy while cooler brighter tones seem to push the walls out making the room appear larger.

We recommend buying paint samples and painting them on large pieces of paper that you can move from room to room. That way you can test many shades, see them in various rooms and lighting and make the best choice before purchasing large amounts of paint. The investment of changing paint colors in your home is minimal and also time efficient.

The purpose of a home inspection is to discover major problems with the home that should be fixed before the sale. This will provide some protection to the buyer. Typically, issues will arise after the home inspection resulting in another round of negotiations.

As issues arise and negotiations continue, here are some things to keep in mind as a buyer and a seller.

Do Your Own Thorough Inspection

There will be an official inspection performed of course; but at some point, both the buyer and the seller should do a thorough walk-through of the property and make a list of any potential problems or concerns.

Sellers: Many homeowners are too comfortable in their environment to notice issues a potential buyer might easily see. Before selling your home, do a thorough inspection of your home. Be honest with your buyer by making them aware of potential issues so you can get a leg up on negotiations. It will really make a difference and prepare you with realistic expectations for the sale of your home.

Buyers: You will also need to make note of any potential repairs you see the property in need of. If there’s a leaky faucet in the bathroom but you’re planning on doing a bathroom remodel in the near future, be realistic and don’t sweat it! If you see something that does need attention right away, remember to ask for these issues to be fixed before closing on the home.

Asking For A Credit Instead Of Repairs

When it comes to buyers asking sellers for specific repairs to be made on a home before closing, there are two options. You can negotiate before closing that the seller make the repairs on the home OR you can ask for a credit from the seller on the purchase price of the home that can be used to make repairs as needed at a later date.

Asking for a credit instead of repairs can be beneficial for multiple reasons. As sellers are working towards leaving their home behind, the last thing they have time or concern for is repair work on their old home. They will also most likely not be as detail oriented as the buyer when making the repairs, having a “good enough for me” approach to the issue. On the other hand, buyers will want repairs made to a higher standard and in a timely manner. By offering or requesting a cash-back credit at the close of escrow, the money can be used to complete the project to the buyers standard and the seller can walk away stress-free knowing they took responsibility for the issue.

Gather All The Info You Can Before Closing

Remember to go into the escrow phase with eyes wide open. If the inspection comes back flawless there’s nothing further to negotiate. By pushing too hard for repairs, buyers may lose the sellers interest. Also, by being too stubborn about offering credits or making necessary repairs, sellers may struggle to find a willing buyer. There is a fine line with negotiations which is why you’re in good hands with Brad Jensen. He knows the Park City market like the back of his hand. He’ll let you know what to push for and when to hold back. You can count on his professionalism and dedication to his clients. Contact Jensen and Company for any Park City real estate needs you may have!

 

From the Desk of Brad Jensen

Park City Utah | Real Estate Newsletter | September 2017

Dear Park City,

September is the best time of year to be in Park City. The town is quiet, the trails are in perfect condition, the leaves are beginning to change and the weather is just about perfect. What more could you ask for? It just doesn’t get any better than this.

As I write this newsletter I realize that there are those who are not so fortunate. My heart goes out to those effected by Hurricanes Harvey and Irma. I truly hope that you are all safe and that you are able to rebuild your homes and your lives quickly and without too much pain.

There have been some big changes in Park City since my last newsletter. KSL Partners along with the Crowne family from Aspen, have recently purchased the Deer Valley Resort. This is big news. It will be interesting to see how this next season goes and what changes might be in store.

Demand for real estate in Park City has been increasing steadily for the past three years. We are currently on a record pace for not only the number of sold properties but the total dollar volume. Here are some of the latest numbers.

Let’s take a look at year to date activity for single family homes. There have been 883 total closed sales with an average of $1,137,681 per home this year. The median sales price so far this year is $750,000. The average price per square foot is $296.21 and a median price per square foot of $230.74.

This is compared to last year at the same time when there had been 798 homes sold with an average price per home of $1,038,783 and a median price per home of $660,702. Last year at this time the average price per square foot was $278 and the median price per square foot was $223.68.

For condos, there have been 607 total closed transactions versus 574 last year for the same time period. Last year the average price was $778,797 at this time and the median price was $525,000. Currently the average price per square foot is $422 and the median price per square foot is $345. Last year the average price per square foot at this time was $367 and the median was $307.

We are all excited for the upcoming ski season but I am still looking forward to a lot of good mountain biking over the next few months.

Make sure you have your ski passes lined up.

If you plan to be in town make sure you look me up.

Thank you for reading our newsletter. If there is ever anything that we can do for you please reach out to us.

Best regards,

Brad Jensen
(435) 901-8333
brad@jensenandcompany.com
Summit Sotheby’s International Realty

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It’s never too early to start planning for the upcoming ski season!

With world-class ski resorts, miles upon miles of flawlessly manicured slopes and the lightest powder around, it’s no wonder guests come back year after year. Offering the driest and lightest powder around, Utah has the best snow for skiing and snowboarding in the world.

Season passes are a great value if you intend to hit the slopes regularly. Here are all of the passes available for Park City resorts.

Ski Utah Multipass

Not sure which resort you want to go to? Wish you had all of the options available without having to buy separate memberships for each one?

Ski Utah Gold and Silver passes are a great way to get the most out of the season on a single pass. Good for all 14 resorts, the Gold pass offers all day access for 50 days, while the Silver gives all day access for 30 days. There is also a one day Yeti pass available. Worried you might not use it enough? The Gold pass is transferrable, so anyone can use it. There have been people who have gotten together to pool their money for a Gold pass, then each used it through the season, saving everyone bucketloads of cash.

Epic Passes

Not quite what you are looking for? These epic passes allow you access to specific resorts for the entire season, but don’t want to spend as much money as the multipass above requires. Some of the resorts are restricted, and others are unlimited. They also have totally unlimited passes for as much as you want, whenever you want.

The passes that get the most attention are usually their Youth pass. This is for college, high school or child aged kids, and have a heavy discount. They are only available for Park City slopes. For those who are only wanting a couple of days out on the snow, they have a four pack.

The benefits of season passes include other perks, as well. They offer lodging discounts of 20% on top of other discounts, 15% off food and drink, and you can earn rewards for things like free lift tickets and ski lessons. They also offer six pre-loaded Ski With A Friend passes so your buddies can benefit, as well.

Utah Ski Resorts – Click for Season Pass Information

• Alta Ski
• Beaver Mountain
• Brian Head
• Brighton
• Deer Valley
• Eagle Point
• Nordic Valley
• Park City Mountain
• Powder Mountain
• Snowbasin
• Snowbird
• Solitude Mountain Resort
• Sundance

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When your property is represented by Brad Jensen and Summit Sotheby’s International Realty, it not only benefits from the worldwide recognition and prestige of the Sotheby’s name, it also gains access to highly qualified global clientele through our exclusive affiliations with Sotheby’s International Realty and luxuryrealestate.com. These strategic affiliations ensure a consistent, high-quality customer experience, resulting in maximum exposure for our clients seeking to reach buyers from all corners of the world. Simply put, only with us will your property be displayed and marketed by the top two luxury real estate networks in the world. This level of exposure is just another example of how Summit Sotheby’s International Realty is like no other.

 

 

Direct ski in / ski out Deer Valley Mountain Residence with Commanding Views!

Located in the highly desirable gated community of Deer Crest, this Upwall design private ski in/out residence enjoys commanding views of the Jordanelle Lake and surrounding mountains beyond. This home is perfect for multi-generational families or corporate retreat with a fabulous floor plan that includes six en-suite bedrooms, spacious entertaining areas with cozy fireplaces, theatre room, exercise room including steam shower/sauna and large ski locker room just off the Jordanelle Ski run. Enjoy easy access to Deer Valley ski trail for the ultimate ski/mountain lifestyle. Deer Valley has been rated #1 ski resort in North America by Ski magazine for four years in a row. Just minutes from Park City’s Historical Main Street, where boutiques and renowned restaurants are abundant, and the convenience of Salt Lake International Airport is a short 45-minute drive. Residents of Deer Crest may join Deer Crest Club at the St. Regis Hotel for access and use of luxurious amenities.

SCHEDULE PRIVATE TOUR BY CONTACTING JENSEN AND COMPANY

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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

We want to do everything in our power to educate our clients about the increasingly serious problem in real estate known as wire fraud. The Federal Trade Commission (FTC) and the National Association of REALTORS (NAR) have both issued warnings against this current scam while helping to explain what happens with a fraudulent wire transfer.

“Hackers break into the email account of a consumer or real estate professional to determine the date of an upcoming closing. They then use that information to send a fraudulent email to the buyer, posing as one of the professionals involved in the transaction. The email contains wiring instructions that are allegedly tied to the closing, but which actually rout directly to the scammer’s account. If a buyer is fooled, they may see their bank account wiped out.” – The NAR’s

Getting into this kind of mess can be a nightmare and unfortunately is becoming too common in real estate transactions. Hackers break into the email systems of sellers and buyers and send bogus emails requesting wire transfers to fictitious accounts.

Here’s part of what the FTC had to say in a recent blog post:

“Don’t email financial information. It’s not secure…If you’re giving your financial information on the web, make sure the site is secure. Look for a URL that begins with https (the “s” stands for secure). And, instead of clicking a link in an email to go to an organization’s site, look up the real URL and type in the web address yourself…Be cautious about opening attachments and downloading files from emails, regardless of who sent them. These files can contain malware that can weaken your computer’s security…Keep your operating system, browser, and security software up to date.”

Here are 4 tips from Jensen and Company to protect your financial information:

1. Always verify wiring instructions with your team of professionals before you wire money to an escrow account. Don’t send your money until you are 100% sure!
2. It is a red flag when wiring instructions CHANGE during a transaction.
3. Always be on guard and never assume “everything is fine.” You can ALWAYS call your real estate agent – it’s what they’re there for.
4. The only people who should be asking for your money is your escrow company, never a third party.
5. Due to Utah Good Funds laws it is better to send a wire to the title company if it is over $10,000.

Don’t fall victim to these scams. If you are sending or receiving money via a wire transfer, be completely sure that the person/company you are dealing with is vetted and legitimate via a personal verbal verification or phone call. Our advice would be to always assume an email for a wire transfer is fraudulent until you can confirm for yourself the authenticity of the sender and the detailed information included in the email.