Jackson Hole Real Estate Buyer’s Guide
There are many good reasons to buy in Jackson Hole. Number one being overall quality of life. When you buy in Jackson Hole you know exactly what you are getting with 97% of the valley being undevelopable property and the remaining 3% being mostly developed – Jackson Hole’s open spaces are going to remain almost the same twenty years down the road.
1. What is your first step?
Decide exactly what you want! Is it condo in town or a house in the woods? Do You want to be close to the ski areas or is walking distance to town what you prefer. How big of a place do you need or want? What is your budget? When you know what you want – We can tell you what it will cost. We can tell you what is available and we can take you to look at anything that fits your bill.
2. How do I search for the house, condo, or land that I want?
You let us do the digging for you. We know this market! We know what is selling and at what price. We also will look beyond the standard searches to find what you need. We do our homework so that you don’t have to. We make it a habit to look at as many properties as we can to know each individually. We can than relate our ideas and opinions to you – saving you time. Our preview of the homes, condos or building sites in the Jackson Hole Valley towns of Jackson Hole, Teton Village, Wilson, allows us to narrow down your search quickly and efficiently. We won’t waste your time looking at homes that just won’t suit you. We can arrange a showing of any property on the market, thanks to the Multiple Listing Service (MLS) of the Teton Board of Realtors. We make sure you see all appropriate properties, no matter who has them listed.
3. How long does it take to buy a home, condo, or land?
As long as it takes. Our goal is a happy client. If it takes us one week or one year we will stand by you. If you need to look at one hundred properties before you decide – we’ll show you a hundred properties. We work for you. Our schedule is your schedule. We make every attempt to bring all properties that fit your criteria to your attention.
4. Is the real estate market in Jackson Hole, Teton Village and the other surrounding towns going to continue to appreciate?
Give us a call or email and we can give you a very detailed and comprehensive summary of our research and what we think the market is doing. One great thing about Jackson is that there are many compelling reasons that the market will continue to be strong.
10 Reasons Jackson Hole will continue to appreciate:
- Lack of current inventory fueling supply and demand.
- Few new developments on the horizon to increase lack of inventory.
- Quality of life – Jackson Hole has clean air and water, high quality well funded schools and a plethora of cultural and recreational opportunities.
- Tax advantages: No state income tax – Bloomberg has rated Wyoming #1 for multiple years as most wealth friendly state.
- Increased business mobility – As technology allows more people to operate business as usual from remote locations.
- Environmental integrity: With the multitude of conserved properties Jackson Holes overall landscape should remain relatively unchanged.
- The baby boomers retiring – With 3 trillion dollars of wealth about change hands through estates and Wyoming’s excellent wealth friendly estate laws – Jackson Hole is poised to remain as a favorite destination for families to acquire a second or retirement home.
- High concentration of high net worth residents: Jackson Hole is often considered by multiple polls to be the wealthiest county in the United States. This enormous wealth gives Jackson an additional buffer above and beyond it’s limited supply.
- Proximity to Two national Parks – continuing the introduction of the area to both national and international prospects with an average of 3 million visitors annually.
5. What if we don’t find what we are looking for in our initial search?
We continue searching for you. We will send you info on anything that comes up until we find something that strikes your interest. If you are from out-of-town It may involve you flying out or us sending you greater details. Whatever it takes.
6. Do I need a real estate agent?
No, you could write the contract, use historical data to negotiate the deal, put together the ccr’s, arrange and decipher all of the title work, set up the inspections with the best inspector, make sure that there are no pending actions that are going to directly affect the value of the property, arrange the closings, get the appraisals and anything else that comes up as they usually do. Or you can let us do it. We do it every day and we do it with your best interest as a priority. We will also give you a knowledge based insight that will help you make the best decisions.
Types of Broker Relationships: The first thing we, as brokers are to required to have you sign is called a brokerage disclosure.
Occasionally those buying homes, condos or land in Jackson Hole, Teton Village Village, or Wilson ask us to represent them exclusively. This requires a separate buyer agency agreement that identifies the kind of property you seek to purchase accompanied by an expiration date for the relationship.
This is the relationship RARE has with the owners of our listings. A seller’s agent works solely on behalf of the home seller. Almost all of our listing agreements have a Transaction-Broker Addendum that allows us to “default” to that form of relationship with both Home Seller and Home Buyer when one of our agents shows you an “in-house” listing.
As an internediary, a broker must disclose all known problems and defects with the property but he is not acting solely for one side of the transaction, he or she is basically an in-between.
7. Which brokerage relationship do I choose?
When you come in to meet us, we’ll talk it over and mutually select the relationship structure that makes the most sense for you. Then we’ll sign a statement acknowledging our discussion and your choice. This is not a contract. This disclosure statement does not bind you to RARE in any way — it just acknowledges the particular relationship we’ve established. We keep it on file as required by the Wyoming Real Estate Commission.
8. What do I do when I find a property I like?
It is best not outwardly show emotion to the seller or the sellers agent. But tell us your level of interest. If it exactly what you have been looking for and you have to have it. We will make it happen. We will then submit the lowest offer that we think the seller is likely to take. mile. RARE will help you prepare an offer for the home, condo or building site you chose. We use approved Wyoming Real Estate Commission forms with modifications and addenda specific to the Jackson Hole Valley, with additional provisions tailored for you.
9. Should I negotiate?
Each transaction is different – If the property has been on the market for a long time we will advise you to what we think a good offer is – with your interest in mind. If the property we are showing you is an outstanding buy – we may advise you to put in a full price offer and get it under contract. One thing to remember is that Jackson hole properties average between 95% and 100% of asking price.
10. What about earnest money?
Your offer to buy a home, condo or building site in Jackson Hole, Teton Village or Wilson is normally presented with a 5% to 10% deposit, often wired-transferred to a local title company within two days of agreement. This “earnest money” is commonly put in an interest-bearing account for your benefit, then turned over to the home seller at closing.
11. How long does it take to close?
Each transaction is different, as are each buyer and sellers requirements. The typical closing is between 30 and 60 days. Though we have had properties close within one week and some as long as 90 days.
12. Any flexibility on those prices?
Property is very limited here in Jackson. Hence the name – RARE property – it is exactly that. Due to this it is very typical for properties to sell at 95% to full asking price or above. Prices for Jackson Hole Valley real estate are generally firm.” Real estate demand in Jackson Hole, Teton Village and surrounding towns continues to be strong giving sellers a fair amount of leverage and our “for sale” inventories are at an all-time low.
13. How do we get the best deal on our home, condo, or land purchase?
Give the buyers compelling reasons to take your offer. If financing is required, have your loan amount pre-approved and submit a letter stating the approval with the offer. Limit the number of contingencies within the offer. Let us help you find properties we feel are price below market value.
14. How do we set up financing?
It is best to work with a bank or mortgage broker that knows our market. Most loans $800,000 can be financed up to 90% of the purchase price. Terms for loans over that are negotiated individually, as are loans for vacant land and construction. Processing takes about 30 to 60 days. Be prepared to provide three years of tax returns and thorough financial information.
15. What about closing costs?
Typically buyer pays all costs associated with the loan and some fees are split between the buyer and the seller.
16. Are there settlement fees?
In Wyoming, surveys and title insurance (your guarantee the seller will convey clear title to you) are typically paid by the seller. Settlement fees usually amount to less than $250. Your lender will review financing costs (points, appraisal and credit report fees, tax reserves, etc) with you.
17. Can we do the closing long distance?
No problem, we handle many closings long distance, thanks to FedEx and wire-transfer system. RARE will handle all the details of the real estate transaction for you.
18. What more can and will you do for me?
Besides helping you track and find your dream home? We handle the big picture and these countless little details:
* Order the appropriate inspections
* Work with your lender and the appraiser to be certain your loan is approved in time
* Confer with the title company about hundreds of closing details and the preparation of your settlement statement
* Transfer utilities into your name
* Make sure you receive a recorded deed and title policy
* Remain your primary source of information and assistance, months and years after closing
19. How do I know I’m making a good purchase?
One of the best things about buying a property in Jackson Hole is that it is something you can enjoy while you own it. Or, in the case of condo’s and homes, they can easily be rented to assist in retuning your investment. We will also use our local historical knowledge to help ensure you are successful. It is in our best interest to have you happy so that you’ll refer us to your friends.
Now! Prices don’t seem to go down here and the longer you wait the more expensive it gets. So give us a call and go through our Search the MLS page and see if anything catches your interest. We will work together to help you find the property of your dreams.
Remember, we will make it easy on you and we’ll have fun doing it.