When a home takes longer to sell than expected, most sellers assume the price is wrong. In Park City, Utah, that isn’t always the case, according to Derrik Carlson, Resort Real Estate Advisor with REAL ESTATE IN PARK CITY, the Luxury Division of KW Park City Keller Williams Real Estate. A longer timeline does carry a cost, but it is often a different cost than sellers expect.
Carlson says the more useful question isn’t how many days a home has been listed. It is what the wait is costing the seller, given their own plans.
The most visible risk is that a listing goes stale. Buyers who are actively searching pay close attention to new listings. The longer a home sits, the easier it becomes for those buyers to scroll past it.
That is one reason pricing and presentation matter from the first day on the market. Still, Carlson cautions sellers against reading too much into time on the market by itself.
“Sometimes the price isn’t the problem, and a property will still sit,” Carlson says. “You just need that specific buyer for that special property.”
Park City has a wide mix of homes, and many are one of a kind. A property with an unusual design, a very specific location, or features that appeal to a narrower group of buyers may simply need more time for the right person to come along. In that situation, a price reduction may not address the real reason the home hasn’t sold yet.
Carlson describes the current Park City market as stable. In his experience, homes here do sell. Some just take longer than others.
For Carlson, the bigger cost of a long listing period usually isn’t the listing itself. It is what the seller can’t do while the home is still on the market.
“The real cost is the opportunity cost for the seller,” he says. That might be a home the seller wants to buy somewhere else, another investment, or a business opportunity that depends on the proceeds from the sale.
Two sellers with similar homes can face very different costs from the same delay. One may have no pressing plans and be comfortable waiting for the right buyer. Another may be watching a purchase or investment slip away while their equity stays tied up in a home they are ready to leave.
The decision to hold the price or make a change depends as much on the seller’s situation as on the market feedback. A few questions can help sellers sort it out:
If the answers show the delay is expensive, adjusting may make sense even when the price is defensible. If the seller has time and the home is well positioned, waiting for the right buyer can be the better choice. Sellers weighing that decision can contact the REAL ESTATE IN PARK CITY team to review where their listing stands.
REAL ESTATE IN PARK CITY is the Luxury Division of KW Park City Keller Williams Real Estate, led by Derrik Carlson, Resort Real Estate Advisor. The team represents buyers and sellers of luxury, ski, and golf properties across Park City, Deer Valley, and the Heber Valley. Learn more at https://www.realestateinparkcity.com.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
Disclosure: Individuals or companies mentioned may have a commercial relationship with KeyCrew.
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