“When’s the best time to buy?” It’s one of the most common questions we get asked and is also one of the most difficult questions to answer. In truth, there are pros, cons, and considerations for buying in every season.
In Park City and Deer Valley, specifically, the question becomes even more nuanced with our somewhat truncated, unique real estate market. The answer to the question depends on whether you’re buying a resort property, how you intend to use the property, and more.
As top Park City real estate agents, our job is to learn everything we can so we can advise you on the best timing and strategy. But in reality, the best time to buy is always going to be when you are personally ready. It’s all about managing your expectations.
With that, here’s what you can expect if you plan on buying a home in Park City this winter.
Snow Makes it Difficult to Inspect
Park City’s snow is perfect for skiing, but it is a bit of a pain when it comes to inspecting certain home systems. Air conditioning units, sprinklers, and roofing are often difficult to inspect during the winter. So what’s the solution? Delay escrow until spring? No. In many cases, the home warranty will cover these systems to give buyers peace of mind.
Additionally, sellers may get a pre-list home inspection before the snow flies to get ahead of any issues early on.
Learn more about the ins and outs of buying a home in Park City with these posts next:
- What Does Turn-Key Actually Mean in Park City?
- Why Sign a Buyer-Broker Agreement
- What’s the Best Way to Finance a Vacation Home in Park City?
Seriously, What’s Under All That Snow?
Beyond the mechanical systems, snow can also obscure things like landscaping features or even property lines. While many sellers invest in summer/spring photos if they know they will sell in the winter, not everyone does.
Not sure if winter is the right time for you to buy? Read our post: Is It a Good Idea to Buy a Park City Home in the Summer?
It Might Be Harder to Schedule Showings
Park City and Deer Valley real estate is rooted in recreation, and winter is hands-down the busiest time of year. With so many homeowners and renters coming to town for ski vacations, you might find it a little challenging to schedule showings around rental bookings, or even homeowner vacations.
It’s not a huge obstacle, but something that, as agents, we set the expectation for.
Your First Ski Season Could Be a Little Shorter
If you’re on the hunt for the perfect ski-in, ski-out property so you can get on the slopes ASAP, just know that it might not be quite feasible. Closings can take anywhere from 30-90 days, so if you buy a Park City vacation home in December or January, it will close around February or March.
Notably, February and March are also the months when we typically see the highest number of closings. So buying in the winter is not that uncommon after all.
Get more answers to your Park City real estate questions with these posts next:
- How Long Does It Take to Buy a Park City Vacation Home?
- Is It a Good Idea to Buy a Vacation Home in Cash?
- Should You Buy a New Build Vs. Resale Home in Park City
You Might Become a Landlord
Many properties in Park City are used as secondary homes, vacation homes, or investment properties. If you’re buying a home that was used as an investment property, you may end up becoming a landlord by the end of your closing. Even if you are purchasing the property for personal use, if the Real Estate Purchase Agreement comes with a list of rental dates, it is assumed that, as the new owner, you will accept and honor the bookings.
Beyond the bookings, there are also some tax implications of owning an investment property in Park City.
It Could Be Great
While these items might all sound a bit daunting, the truth is that buying a home in winter in Park City is quite a popular choice. (Hence why our busiest closing months come after the winter!) Not only will you get the full Park City winter experience during your house hunt, but you also might benefit from some of the typical market fluctuations we see.
For example, if you buy after peak season in December, you might enjoy off-peak pricing while still experiencing the full ambiance of Park City in the wintertime. You may also have more properties to choose from, as we typically see a boost in inventory during peak tourist season.
Looking for a Park City real estate team to guide you through buying a home in the winter? We’ve spent 30+ winters in Park City and can help you find the right vacation home at the right time. Reach us today by calling, emailing, or by filling out the form below.
