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My subject matter is largely made up of questions I am asked by clients and other individuals considering Park City as a place to own or to visit. Most of the questions I am asked pertain to our Old Town and Deer Valley real estate, but I welcome any questions relating to the Park City market or any real estate topic. I will address every question honestly and answer to the best of our ability. I respect our competition but I don’t shy away from discussing differences in product and services when asked. In addition to answering your questions, we enjoy sharing stories of our clients successes, open houses and Ski and community events of significance.

 

Berkshire HathawayHS.com Goes Global

By Berkshire Hathaway HomeServices Utah Properties
May 18, 2016

Berkshire Hathaway HomeServices is expanding globally and our website is making the change, too.

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The new website features language, currency and measurement options for prospective buyers both in the U.S. and abroad whose native language may not be English. Global consumers accessing BerkshireHathawayHS.com may search for homes in any city or state serviced by our franchisees. What they’ll find they can’t get anywhere else: full MLS data containing all listings in their search area, including our own Berkshire Hathaway HomeServices listings in their language of choice. Berkshire Hathaway HomeServices . . . Good to Know. ®

To complement our international platform, Berkshire Hathaway HomeServices now sends your listings to over 35 countries throughout the world!

3rd Home - Travel Club for Luxury Second Homeowners

By Berkshire Hathaway HomeServices Utah Properties
Mar 16, 2016

We are thrilled to announce our EXCLUSIVE relationship with 3rd Home.

BHHS Utah Tips: Real Estate and Taxes

By Berkshire Hathaway HomeServices Utah Properties
Feb 29, 2016

Tax considerations for buyers and sellers
 

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Buyers and sellers need to be informed about tax considerations before entering a transaction.

If you have purchased or sold a home last year, there are a number of tax deductions for which you may qualify. Here are some important factors to keep in mind:

Profitability: According to the IRS, if you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income as a single tax filer, or $500,000 on a joint return in most cases.

Interest: Currently, much of the interest paid on a mortgage is tax-deductible. A married couple filing jointly can deduct all of their interest on a maximum of $1 million in mortgage debt secured by a first or second home.

Selling costs: Broker commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and currently may be used to reduce one’s taxable capital gain by the amount of the selling costs.

Refinanced mortgage points: They may be deductible, but not all at once. Homeowners who refinance may be able to immediately write off the balance of the old points and begin to amortize the new points. Interest paid on a home equity loan or similar line of credit may also be deducted.

Points/origination fees: On a home loan, if points or origination fees are paid during the purchase of a home, they are currently generally tax-deductible for the year in which they were paid.

Repairs/remodels: Qualifying capital improvements may be able to be deducted, including costs of a new roof, fence, swimming pool, garage, porch, built-in appliances, insulation, heating or cooling systems and landscaping.

Relocation expenses: If you move because of a new job, you may be able to deduct some of your moving costs. To qualify for these deductions, you must meet several IRS requirements, including that your new job is at least 50 miles farther from your old home than your previous job. Moving-cost deductions can include travel or transportation costs, lodging expenses, and fees for storing your household goods.

Property taxes: Currently deductible from your income. If you have an impound or escrow account, you can’t deduct the money held for property taxes until the money is actually used to pay your property taxes. City or state property tax refund reduces your federal deduction by an equal amount.

First-time buyer credit: For those buyers who took advantage of this credit within the past two years, remember that if within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit.

Another important tip for those moving into a new home is to make sure you update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS.

Tax laws change every year, and certain tax deductions become available while others phase out. Speak with a professional tax consultant about these and other considerations.

 

Explained: The Tax Benefits of Owning a House

By Berkshire Hathaway HomeServices Utah Properties
Dec 30, 2015

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If you have recently bought or sold a home, there are a few tax advantages that may be available to you. Generally speaking, real estate broker’s commissions, title insurance, legal fees, advertising costs, administrative costs and inspection fees are considered selling costs and may reduce taxable capital gain by the amount of the selling costs.

However, every year the tax code can change and your situation may be unique. So the following is provided only as a guide. It is highly recommended that you seek a professional tax consultant to be sure.

There are several other key areas where you might benefit:

Mortgage Interest: Within limits, it may be tax-deductible. For example, a married couple filing jointly can deduct interest payments on a maximum of $1 million in mortgage debt secured by a first or second home. Buyers may also be able to deduct some of the interest they paid on a home equity loan or similar line of credit.

Points: Points or origination fees on a home loan paid during purchase are generally tax-deductible in full, for the year in which they were paid.

Refinanced mortgage points: These may also be deductible, but only over the life of the loan. Homeowners who refinance can immediately write off the balance of the old points and begin to amortize the new.

Improvements: Improvements made to property prior to the sale (or once one moves in) might qualify for an interest deduction on your home-improvement loan. Qualifying capital improvements are those that increase your home’s value, prolong its life, or adapt it to new uses, such as adding a porch or installing energy-efficient windows.

Real Estate Taxes: During a sale, the seller will send the local tax collector’s office a check for real estate taxes prior to the closing. In many circumstances, however, the buyer will pay a pro-rated portion of the taxes for the year at closing. This tax deduction also gets overlooked.

Business Use: For new buyers who work at home: If a room is used exclusively for business purposes, they may be able to deduct home costs related to that portion, such as a percentage of your insurance and repair costs, and depreciation.

Moving Costs: If you have moved because of a new job, moving costs might be deducted. These can include travel or transportation costs, lodging, and fees for storage of your household goods.

In today’s economy, it’s critical that we take advantage of every possible tax break. A home provides a great opportunity to do just that.

The Final Walk Through

By Berkshire Hathaway HomeServices Utah Properties
Dec 01, 2015

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You found the perfect house, made an offer, negotiated the price, had an inspection and ensured your mortgage. The only thing left is your final walk-through.

Walk-throughs are normally scheduled the day of, or day before the settlement, as the seller should be completely moved out. The object is to ensure that the house stands in the same condition as when you agreed to buy it.

This is not the time to nitpick about nail holes or carpet imperfections. Unless you’ve negotiated allowances for such issues, you’ll have to address them later after you’ve settled.

What could impact the transaction is property or fixtures that the seller agreed to leave behind are missing (e.g., a washing machine, pool table, garage cabinets, etc.) or if the seller leaves things that were supposed to be removed (e.g., paint cans, furniture, etc.).

With your agent at your side, be sure that obligatory repairs flagged during the home inspection are completed to code and satisfaction. If the seller agreed to replace an aging water heater but didn’t do it, this must be accounted for during settlement.

You may be eager to leave the house and get to the settlement, but don’t rush through the walk-through. Run the appliances through a full cycle to make sure they work. Turn on all faucets and showers as well.

Some contracts will specify that the buyer complete a walk-through a week or two prior to settlement followed by a quick meeting prior to settlement to check off any items previously noted. Again, any items or tasks that aren’t complete must be justified at the time of settlement.

Though issues may arise, the majority of walk-throughs go without a hitch as both parties are eager to complete the deal and willing to negotiate any final hurdles.

Salt Lake City Market Update | Summer 2015

By Berkshire Hathaway HomeServices Utah Properties
Aug 20, 2015

Market Overview | Information you can trust. 

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-While active inventory is down 26% from last July, pended sales are up 30% in Salt Lake County and surrounding areas.

-Median price is currently $260,000, which is an all time high for Salt Lake County and has been moving upwards at a steady rate of 2% since February.

-1,074 properties closed, which represents a 19% increase from the same time last year.

-In Salt Lake County, June 2015 was the first month in the history of the MLS where sold volume amounted to over $500,000,000.  Both June and July of this year did over $500 Million in volume. Again, that's never happened. In the summers 2006 and 2007, more units closed than this summer (about 10% more) but those sales did not amount to the same volume amount.

-Summary: Our market is strong and is trending upwards at a measured pace. In spite of slightly constrained inventory, we are still seeing a notable increase in sales and pendings, which suggests buyer confidence.

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The East Bench (Sugar House, Harvard-Princeton-Yale, 9th and 9th) boasts some of Salt Lakes most attractive residential micro-neighborhoods. Filled with restaurants, boutiques, yoga studios, public park, walkable urban centers, and young energy, this is one of the best places to live in the city...the market is reflecting the interest.

-There are currently 86 homes for sale and only 20% of them are listed for under $400,000; the median asking price is $515,000.

-48 homes are currently under contract in the area, suggesting less than 2 month supply of homes, which is the lowest in the country.

-There were over 11 sales for over $1 million

BHHS UTAH NAMED A TOP 100 POWER BROKER

By Berkshire Hathaway HomeServices Utah Properties
Jun 30, 2015

The Results are In

Berkshire Hathaway HomeServices Utah Properties was named among the Top 100 Power Brokers in RISMedia's Annual Power Broker Report. Our firm achieved the highest sales volume in Utah, with over $1.8 billion in sales.

We are thrilled to continue to perform among the best real estate firms in the country and would like to sincerely thank our clients.

Stacking-up in the industry is more than a pat on the back, it's a sign that we have traction among the communities we serve. We love our state, and we feel that real estate decisions are some of the most important choices people make. Thank you for trusting us. We look forward to leveraging our success to further assist you.

RISMedia's Annual Report provides excellent insight into the mindset of Real Estate's leaders and the broader trends we are seeing across the board. Here are some take-aways:

-In 2014, 88% of top brokers reported an increase in home prices. 

-The most commonly listed challenges to business were lack of inventory, lingering economic uncertainty, and rising interest rates. 

-82% of brokers categorized their market as stable or growing.

-The general consensus seems to be: Consumer confidence is up. People are buying homes again. The housing market has recovered. 

-Broker leverage matters. Inventory constraints and the ever-changing financing landscape make it crucial to work with a professional full-service agency. 

Choosing a Neighborhood

By Berkshire Hathaway HomeServices Utah Properties
Jun 29, 2015

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Location, Location, Location. 

When you begin the searching process for your new home, it's best to start with neighborhood. Take into account everything from where your friends are, bike lanes, commute time, food scene, access to health care, etc...

Investigate the surrounding area: Good schools boost your property value. Research the closest parks and community centers and consider how busy streets impact the neighborhood. Check out stores and restaurants in the area. Let's be real, distance to the nearest place to buy milk or work-out is of critical import.

Take the temperature of the area: Is the average resident young, married, settled professionals with kids...? Are you looking for urban energy or quiet with big yards and wide sidewalks? It's important to think long term. Is this an area that will work for you in 5 years?

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Research the Homeowner’s Association: What are the regular fees? Are there lawn or construction restrictions? Knowing these things can really make an impact.

A good real estate agent can furnish you with a wealth of local information and take you on a tour of the closest commerce centers, restaurants and shops. A little groundwork will help ensure that your dream house is surrounded by a dream neighborhood.

BHHS Utah Among Top Brokerages in Network

By Berkshire Hathaway HomeServices Utah Properties
Mar 26, 2015

We have just returned from the BHHS annual convention in Las Vegas. We were acknowledged as being a leading brokerage with seval agents and teams in the Top 100. As a brokerage we were named a Top Ten National Brokerage in Network. We also had both an agent and a team place amont the top ten in their respective categories.

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Beyond just awards, convention was an energizing experience and gave us the opportunity to meet with some of the most succesful industry leaders in the game. We were able to discuss trends in the market; best-practice marketing approahces, the latest tech tools to help realtors, etc...

We were also able to hear what our brand has planned for the coming year. Already, less than a year out from our conversion to Berkshire Hathaway, we have benefited from the brand's commitment to market positioning, digital marketing, agent training, and world renowned name.

Our agents who attended convention were glad to have the opportunity to share tips and observations with other agents.

It's been a year of change and success for us. Thanks for your trust. We could not be more excited about our company.

BHHS Utah Listings Now on Wall Street Journal

By Berkshire Hathaway HomeServices Utah Properties
Feb 11, 2015

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All BHHS Utah are now featured on the Wall Street Journal. 

As part of a new partnership between Berkshire Hathaway HomeServices and Wall Street Journal, all of our firm listings now appear in the Wall Street Journal's online Real Estate search section. Search under Utah to view all relevant listings.

We are thrilled with the robust marketing efforts championed by Berkshire Hathaway HomeServices. As one of the most respected brands in the world, BHHS has the gravitas and powerhouse network to ensure every BHHS client benefits from utilizing our services.

As more and more consumers move their property searches online, you can be sure that as a BHHS client your listing is given every advantage in the digital sphere.WSJ Screen shot

The Wall Street Journal is a perfect match for the Berkshire Hathaway HomeServices brand. Accordingly, the brand has negotiated for affiliates to capitalize on all that the Journal has to offer. “We are excited to roll out this program,” said HSF Affiliates VP of Marketing Kerry Donovan. “From online, to print, to listing syndication, The Wall Street Journal reaches the affluent market we target through our brand.”  

In addition to being among the digital listing feed, BHHS has secured long term advertising for the brand in both the print and online edition of WSJ.

Open House Saturday, May 23, 12-4

By Trish and Hillary
May 20, 2015

Come and see this stunning horse property with spectacular ski resort views.  Saturday, May 23, from 12-4.1228599

 
 
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