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November SunCrest Market Update
We get asked all the time: should I fix up my house, or save that money for a new one? A recent survey* showed that 76% of Americans prefer to fix up their current house rather than move. That preference increases with age. The Silent Generation (ages 73-90) and Baby Boomers (ages 54-72) are 20% more likely to update their current home versus planting a “For Sale” in their yard and moving.
Appreciation: Matthew Gardner, Chief Economist at our brokerage Windermere Real Estate reports a year over year price appreciation of 9.9% and 9.4% for Utah and Salt Lake County. Here in SunCrest, we’ve dialed existing home appreciation slightly higher at 10.2%**. If you bought your home a while back, it may be difficult to afford a comparable house now, if you were looking to relocate.
Inventory: Nationally, we’ve seen the current number of homes for sale decline for 43 straight months. The pace is slowing and many economists are suggesting a gradual shift towards a more equally balanced buyer/seller market. In SunCrest, we’re seeing a tale of two markets. For homes under $500K, there’s less than a 1 month supply of homes for sale, those that do come up for sale are only spending a few days on the market, and many are receiving multiple offers. For homes above $500K, however, we’re seeing greater inventory and competition on the market due to a steady supply of new construction.
You’ve heard the adage, “It’s a double edge sword,” amirite? If you stay in your home because you don’t see many options to relocate, it compounds the problem even more for other homebuyers. However, consider this: nearly half of all buyers who have purchased a home in the past twelve months report that finding a home was “easy” or “very easy.” Overall, sellers are mostly satisfied with the selling the process (insert obligatory hip hip hooray here!) and report that the biggest consideration is deciding when to enter the market are when and at what price. Knowing whether to stay or sell, renovate or relocate, and especially HOW and WHEN to pull the trigger is crucial. Whether you’re considering to buy or sell, interviewing a REALTOR with cost you nothing and allows you understand exactly what they’re going to do to help accomplish your goals.
Our SunCrest Market Update is a hyper-local analysis of the most up-to-date information regarding the SunCrest real estate market. The previous month’s SunCrest housing information and future editions are released monthly.
HERE’S HOW YOU CAN HELP:
- Drop off anything from the list below in the blue donation bins at the SunCrest Community Clubhouse now through November 30th, 2018.
- Bring your donation to the Annual SunCrest Tree Lighting ceremony November 15th, 2018 at 6PM. For donations received at this event, you will be entered to win one of two $50 gift cards.
- Email email@example.com with “PICKUP” in the subject line and we’ll pick it up! Don’t forget to put your address in the body of the email.
Honestly, sometimes the home buying process can feel like a dating game. Swipe left. Swipe right. Glance at a few facts. Set a date to meet in person. Are you in or out? As tedious as that sounds, we get it. You’re making a long-term commitment and the relationship you have with your house is important: you’re moving in together! So please, do take some time to get to know this home.
Every aspect of it was designed by the sellers – the original owners – to capture the magnitude of its picturesque setting. Call us romantics, but we sorta had love at first sight. Perched on the coveted Eagle Crest Drive, this home overlooks Utah Lake, Utah County, and Mt. Timpanogas.
The large covered deck and walkout patio provide not only the views you’ll be bragging about, but also give you walking distance access to SunCrest’s one-of-a-kind trail system. Add on a brand new, multi-acre park that’s nearing completion and we’re on lifestyle overload.
And yes, it has gorgeous looks on the outside, but haven’t we all learned it’s what’s on the inside that counts? The interior layout is balanced brilliantly between its 3 levels and features plenty of windows, large spaces to entertain, and generous amounts of space to relax from the busy lives we’re all living. We love the the oversized main floor master bedroom for its vaulted ceilings, sitting area, and wall full of windows; the 5-piece bathroom is a perfect match.
The sellers rave about how easy it is to entertain here. The main floor living rooms flows right to the family room that features 20-foot ceilings decorated with windows. The accompanying kitchen just underwent a remodel to include brand new quartz countertops and stylish backsplash – swoon!
Upstairs features some of the best views from the home’s upper 2 bedrooms, full bathroom, and open loft. Downstairs finds a unique suspended garage that’s a perfect setup for a state of the art theater room. Sometimes the best part of a relationship is staying in, right? A full kitchen, second laundry, family room, and three additional bedrooms are perfect for families or visitors.
You’ve been flirting, looking at photos. It’s time to meet. Come fall in love and get to the happily ever after part already.