What one person calls luxury real estate, may be a simple home to another. That’s because there’s actually no one size, style of design that determines what embodies high-end real estate. It could be a 5,000 square-foot home with a contemporary style and mountain views. Or, it could be a 16,000 square-foot mini-mansion sitting on several acres of land. In other words, it’s up to you as a buyer to determine what you consider to be luxurious when buying Park City real estate.
Luxury Home Stats in the US
High-end home sales have increased substantially over the last year throughout the country. Here in Park City, Utah, within the past year, median prices for homes sold within town increased by 7%, rising from $1,250,000 to $1,326,250, according to Trulia.
The National Association of Realtors 2013 Profile of Home Buyers and Sellers shows that 9-out-of-10 homebuyers conducted home searches online at some point during the home hunting process. And, of those who actually purchased homes recently, 43% first saw the one they ended up buying on the Internet.
Buying High-End Park City Real Estate
However, when it comes to buy luxury Park City real estate, searching online is not always the most effective route. Many high-end homes simply don’t get listed on MLS or other popular home search websites.
Most of these sellers prefer to protect their privacy by not putting property photos and other info on the World Wide Web. That’s why it’s so important that you work with a local realtor who specializes in luxury properties in order to find the home of your dreams.
Due Diligence Protects Your Investment
It’s very important to practice due diligence during your home search. Take time out to inspect the home properly before making an offer, and especially before buying. Your lender will require certain home inspections before approving you for a mortgage loan.
But, when it comes to luxury homes, there are other inspections you should look into in order to protect your interests. Some of the areas that need specialized inspections include:
- Landscape lighting
- Sophisticated security systems
- Heated driveways and floors
- Automatic awning and screen systems
- Exterior fireplaces
- Backyard kitchens
- Custom irrigation systems
- Ponds and fountains
- Spas, hot tubs and swimming pools
Financing Luxury Real Estate
Typically, the luxury home loan process takes a bit longer than it does for small homes. Even if all of your paperwork is in order, and your credit score is high, the process could still take 60 days (possibly more) to secure your loan.
This is one of the reasons why some sellers choose to only deal with pre-approved buyers. That way, they feel more confident that you’re a qualified buyer, who will be approved for a mortgage loan in the end. Your local Park City real estate agent can refer you to a lender if needed.
Only Work with a Qualified Local Park City Realtor
Not every realtor is qualified to help you find and buy a luxury home in Park City. You’ll need a realtor with experience within the local area. You also need to ensure that your realtor specializes in high-end homes too.
Finding an agent who’s an expert in Park City luxury real estate is as simple calling 435-901-8333. There you’ll reach Brad Jensen or one of his associates. Your agent will put together a listing of homes for sale in Park City that meet both your needs and your wants.