How Coronavirus Has Affected Park City Real Estate

Posted by Kathryn Vallee on Sunday, March 22nd, 2020 at 11:18am.

The Last quarter of 2019, the Park City real estate market for both Summit and Wasatch Counties showed strong appreciation with increases for single family homes median sale price rising 12% year over year. The number of homes sold increased 4%. We were on an upward trajectory. Since March 09, 2020, Park City proper and the Snyderville Basin area have had 28 properties go under contract. We continue to have single family homes, condos, and land enter into the marketplace.

In January, we started to experience a global pandemic with a virus that has now gripped the world. This virus has no boundaries so we are dealing with a global economic recession. The stock market has the virus. The good news! The stock market slipped 30%, in the past economic downturns and stock market volatility, typically real estate offered a stable shelter. We are hopeful this remains the case.

For home sellers, we have no bans on open houses. The Summit Sotheby's policy has been issued with the following statement:

At the time of this policy, the CDC recommends that no more than 10 people gather in one place. This policy is in effect for at least 15 days, and may be extended or modified.

1) no more than 10 people will be allowed in the home at one time; 2) attendees will be required to wait in their vehicle until such time as home is available; 3) attendees will be required to register before entering the home; 4) time in the home may be limited based upon the amount of potential buyers that are waiting to view the home; 5) maintain social distancing while in the home; and 6) all visitors will be required to disinfect their hands upon entering the home and place booties over their shoes.

After the open house, we recommend the seller clean and disinfect their home, especially commonly touched areas like doorknobs and faucet handles.

For home buyers, the rock-bottom interest rates mean you may never seen them this low again. Interest rates are at a tremendous value and we are encouraging our clients to speak with their bank to refinance or buy a property.

Social distancing is a well know term by now.  It is imperative that we honor and care for one another. Be kind. Be in the service of your fellow humankind. At Summit Sotheby's are can assist buyers with viewing homes online. Utilizing 3D full experience virtual tours and we ask that buyers drive the area they are interested in to get the feel of the neighborhood.

With the sellers permission we are planning "live" facebook "open houses".  All of this creativity may bring about permanent change to how we access and view homes. Many sellers in Park City continue to honor private tours but others are electing to adopt the virtual showings platform.

Chief Economist and Senior VP of Research for the National Association of Realtors, Dr. Lawrence Yun commented about the Coronavirus Pandemic in this video.

Notes:

  • We had a housing shortage going into this pandemic. There will be a buyer pent up demand. There will be areas that will have a longer recovery.
  • This will be a short duration impact. If It is a short duration COVID-19 impact, it will be a delayed spring buying season.
  • Homeowners have not lost 30% in their home value in the last 13 days.
  • Your home is your safe haven. Self quarantine.
  • Banks are in good shape.
  • This is not a housing crisis. It is a health crisis. The Stock market has the virus. 

 

 

 

Did you know? 

We offer far more than just a pretty Park City real estate website! We can provide you COMPLETE market evaluations for your home, take you on a VIRTUAL walkthrough of any property, and even offer assistance with special circumstances (divorce, estates & probate, 1031 tax exchanges, trusts and other more complicated real estate transactions) where needed. We have the experience to make your real estate vision a reality. Call us today for a consultation. We are happy to assist you!

 

How Much is Your Home Worth??

Whether you are thinking of selling now or some point in the future, you can ALWAYS check your homes value with us! We prepare a professional market analysis with no cost or obligation to any home or condo owner in the Park City area. Automated Valuation tools are notoriously innaccurate in our area. Let us provide you with the information you need!

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