SunCrest Market Updates September 28, 2021

September SunCrest Market Update


Is The Housing Market Starting To Shift?
Over the last year, the housing market experienced a historic boom. Prices shot up, inventory was scarce, and homes sold in record time. Now, it appears we’re seeing the first signs of the market balancing out. Here are three key factors to keep an eye on:

Number of homes for sale
Earlier this year, demand surged like we’ve never before. SunCrest homes were seeing 20 and 30 offers and being snatched up off the market quick, some without ever being formally listed. The number of SunCrest homes listed for sale each month has gradually been creeping up since May, and supply is slowly outpacing demand. In August, 21 homes were listed for sale, the highest since February.

Time it takes to sell a home
The days-on-market metric gives an indication of how hot a market is and how quickly homes are selling. In 2019, prior to the pandemic, it took an average of 21 days to sell a home in SunCrest. This is also starting to rise, though it currently still stands at a brisk 7 days.

Home price appreciation
Home prices have gone up dramatically over the last year and a half. In Utah, we averaged 32% appreciation in just one year. Some homes in SunCrest sold for more than $100K over their initial asking price. In August, however, the average final sales price of a SunCrest home dipped below the original asking price figure; we hadn’t seen that for six months.

Our Take
It’s about perspective. Some predict a return to a more normal market, but keep in mind the big picture—there is no going back to a pre-pandemic world. The housing market is forever changed as more people choose to live in places like SunCrest. And even with these early indicators of more balance, it’s important to realize that compared to the last decade, the real estate market is still tremendously active. People love this neighborhood, so demand in SunCrest remains strong even as housing supply catches up and price appreciation settles into historic growth rates. In short, things may begin to calm down and it’s important to see the opportunity when buying or selling.

SunCrest Story September 13, 2021

Barrett Family SunCrest Story


Say hello to George and Shae. Their #suncreststory started with a complete SunCrest home renovation. Now, you can catch them spending their free time working on their race car, exploring our trails and off leash dog park, and stretching out in a “neighborhood from the 80’s” where kids are safe to run around and play.

SunCrest Market Updates July 23, 2021

July SunCrest Market Update


The 2021 SunCrest Mid-Year Real Estate Report
Is it just us, or is 2021 flying by? With COVID restrictions loosened, we’re seeing more faces out in the community, on the trails, or at neighborhood events. As we look forward to the second half of the year we’d like to thank you for all your support as we provide these monthly updates. We’ve enjoyed reading your comments, messages, and social interactions. Let’s take a look at how the SunCrest real estate market is performing so far in 2021.

2021 (So Far) By The Numbers
(All data from January 1 – June 30, 2021)
Total SunCrest Properties Sold: 74
Highest Sold Price: $1,850,000
Lowest Sold Price: $341,500
Median Sales Price: $688,500
Median Sales Time: 6 days on the market.
Median Sold Price vs Listing Price: +3% over asking price

Our Take
SunCrest’s unique location above the valley brings year-round beauty, breathable air, and amenities like nowhere else. It’s proven to be a highly desirable and stable place to call home. It may surprise some to learn that the total number of homes that are sold each year has remained very consistent over the past few years. However, SunCrest (like much of Utah) is experiencing a record or near record low when it comes to homes available for sale. Homes that do get listed for sale are being snatched up under contract faster, and at higher prices than ever before. Now, more than ever, you need to know what you’re doing if you plan on selling or buying. If you’re thinking of either, give us a call and we can help you navigate the new market.

SunCrest Community June 7, 2021

SunCrest Pool Party


We had a BLAST at the pool opening celebration. SunCrest turned up! It was great to see familiar faces and meet new neighbors. Huge kudos to @suncrestoa for kicking the pool season off with a splash. Over 250 hot dogs were served, over 200 Cold Stone ice creams handed out, great tunes from the DJ, and plenty of slides and splashes. See you at the pool all summer!

SunCrest Market Updates April 22, 2021

April SunCrest Market Update


Three Reasons There’s A Shortage of Homes For Sell
Ask anyone who’s trying to buy a home right now, and they’ll probably describe the experience as “competitive, challenging, and exhausting.” The reason is simple: there are way more people looking for a home to buy than there are homes for sale. But the cause? That’s a little more complicated.

Housing Shortage Cause #1: New Construction Shortfall
When the housing and lending markets collapsed in 2007, many builders found it a lot harder to get financing for new construction projects, especially when the economy was still recovering and demand was low. As a result, the industry shrunk and a lot of skilled labor moved on to different trades or industries. Now that demand has surged, the construction industry can’t just “catch up” overnight. Pair that with huge supply chain problems in raw building materials like lumber and hardware due to COVID, and you just can’t build new houses fast enough.

Housing Shortage Cause #2: Buyer Demand
Fueled by the largest generation since the baby boomers, Millennials have been gradually hitting home buying age, and their home purchase trend is peaking right now. Many millennial buyers are part of the new generation of work-from-home employees, so they can choose to live wherever they’d like regardless of commute. More and more, that means they’re choosing SunCrest for the lifestyle our neighborhood affords. In addition interest rates remain near record lows, making it a very attractive time to buy.

Housing Shortage Cause #3: The Coronavirus Pandemic
All of the conditions above already existed before COVID, but the pandemic threw gas on the fire. Now, our homes are even more important. They’ve turned into home offices, home gyms, schools, daycares, and staycation spots. The economic recovery will likely keep interest rates low. And it’s also like the toilet paper craze—the more people can’t buy something, the more they try. Homes are snatched up fast, and some people who might otherwise sell their homes have decided not to, for fear of not being able to buy a new one.

Our Take
Are there really less houses for sale in SunCrest? Sorta. We looked at a 5-year history and the total number of homes sold has been pretty consistent year-over-year. However, the amount of time on the market for these homes has indeed clearly reduced. The total sales price and number of offers for each home sold has also increased. All of this means one thing: now is an exciting (but challenging) time to make a move in the real estate market, whether buying or selling. Partnering with a neighborhood expert to explore, discuss, and answer questions will help you figure out your unique situation and the best path forward.

SunCrest News April 7, 2021

Can I Sell Now And Buy Later?


Can I Sell Now and Buy Later?
We get asked this question about selling now and buying later, and wanted to share three potential solutions that allow you to sell your current home while you navigate buying at the same time.

1. Sell and Rent Back

This is just like it sounds. In this scenario, you sell your current home but negotiate a fixed rate and period of time in which you rent it back from the new owner.

2. Contingency Sale

Using this tactic, you and a buyer agree on the sale of your home, but that sale is contingent on you purchasing a new home so you have somewhere to go. This kind of agreement comes with a specific timeframe, but allows you to halt the sale of your home if you’re not finding a new place to live.

3. Home Equity Line of Credit or Bridge Loan

If you want to sell to take advantage of the market, but your finances aren’t exactly there, you can use the equity in your current home to finance the down payment on a new place. You can get a home equity line of credit using your current home as collateral. Once sold, your proceeds repay the HELOC. Similarly, a bridge loan can helps “bridge” the gap between now and when your home is sold, however this is a personal loan and is also repaid whenever your current home is sold.

SunCrest Market Updates March 30, 2021

March SunCrest Market Update


Can I Sell Now And Buy Later?
The current market has a lot of people wanting to sell their home for top dollar. That sounds great, but once you sell, where do you go? We get asked this question about selling now and buying later, and wanted to share three potential solutions that allow you to sell your current home while you navigate buying at the same time.

1. Sell and Rent Back
This is just like it sounds. In this scenario, you sell your current home but negotiate a fixed rate and period of time in which you rent it back from the new owner.

2. Contingency Sale
Using this tactic, you and a buyer agree on the sale of your home, but that sale is contingent on you purchasing a new home so you have somewhere to go. This kind of agreement comes with a specific timeframe, but allows you to halt the sale of your home if you’re not finding a new place to live.

3. Home Equity Line of Credit or Bridge Loan
If you want to sell to take advantage of the market, but your finances aren’t exactly there, you can use the equity in your current home to finance the down payment on a new place. You can get a home equity line of credit using your current home as collateral. Once sold, your proceeds repay the HELOC. Similarly, a bridge loan can helps “bridge” the gap between now and when your home is sold, however this is a personal loan and is also repaid whenever your current home is sold.

Our Take
This market is too hot to not at least consider selling. There are tools you can take advantage of that might mean you won’t have to immediately buy, or you might be able to move from a seller’s market to a buyer’s market. The first step is reaching out to figure out what your options are, and whether or not these tools make sense for what you want to accomplish. Partnering with a neighborhood expert to explore, discuss, and answer questions will help you figure out your unique situation and the best path forward.

SunCrest Market Updates February 25, 2021

February SunCrest Market Update


What’s the 2021 real estate market going to look like?
In some ways, a lot like last year. Mortgage rates continue to hover at historic lows, and most forecasts have them remaining favorable throughout the year. The lack of homes for sale in SunCrest in 2020 looks to continue into this year as well.

What does this mean?
If you’re looking to buy in 2021, you’re going to have to be patient in your home search. It could take some time to find a house you love, and once you do, you’ll want to be ready to pounce. Having financing pre-approved and making a competitive offer will help, but in a shortage like this you may enter a bidding war and there won’t be much room for negotiation.

If you’re selling, SunCrest homes are in even higher demand from a workforce that no longer needs to commute. Putting your house on the market today means you’re likely in the driver’s seat. Whether it’s the price, moving date, or other items like repairs, inspections, or closing costs, smart sellers are able to request more from a potential buyer at a time like this – especially if you have multiple interested buyers and the experience to know what to ask for.

Our Take
Whether you’re buying, selling, or doing both, we expect 2021 to remain a busy year for real estate in SunCrest. Partnering with a neighborhood expert may help you navigate the complexities of this year’s bustling but challenging market. Have a question? Reach out, we’d love to help.

SunCrest Homes January 29, 2021

The “Average” SunCrest Home Sold in 2020

The “Average” SunCrest Home Sold in 2020
2020 was another busy year for the SunCrest Real Estate market. As you’ve probably heard us say before, we don’t think there are any average homes in SunCrest. But, we do like to create what one looks based on the previous years’ sold data. So, here’s what the average suncrest home looked like in 2020 .

SunCrest’s unique location above much of the Wasatch Front means you get year-round beauty, and breathable air above the inversion. Miles of open space and trails are intertwined with unbeatable community amenities. It’s no secret SunCrest offers a perfect mix of desirable houses with desirable lifestyles. If you’re looking for an exceptional house in an unbeatable community, don’t settle for an average experience. Reach out, we’d love to help answer any questions you may have.

SunCrest Market Updates January 19, 2021

January SunCrest Market Update


The 2020 SunCrest Market Summary
To say, “What a year,” sort feels like an understatement. We still remember reading headlines in March that predicted a bubble bursting in real estate, declining home values, and a repeat of the late 2000’s. Turns out, we saw the opposite. Outside of a momentary slowdown at the start of the pandemic, the market actually roared back and outperformed previous years—more homes were sold at a higher median price than ever before. With 2020 in the rear view mirror, we’d like to thank you—each resident of SunCrest—for all your encouragement as we provide these monthly updates and for your continuous support and engagement throughout the community. You truly are what makes SunCrest special.

2020 By The Numbers
Total SunCrest Properties Sold: 182
Composition of Properties: 124 Existing homes, 42 New homes, 15 vacant lots
Highest Sold Price: $1,925,000
Lowest Sold Price: $293,793
Median Sales Price: $579,250
Most Active Sales Period: 3rd Quarter – 59 Closed transactions
Median Sales Time: 27 Days

The “Average” SunCrest Home Sold in 2020
Here’s a look at the “average” SunCrest home that was sold in 2020. Of course there there aren’t any “average” homes in our neighborhood, but based on the data here’s what that profile would look like:
Built 2010
4.34 bedrooms
3.61 bathrooms
2.45 garage
.24 acres
Price – $624,007
$156 square foot
61% finished basement
45 days average time to sell

Our Take:
This year will be remembered as the year that changed real estate. Before, buyers and sellers decided where to live based on their jobs, schools, and convenience. With remote learning and a mass migration to work-from-home models, people can now live somewhere they truly love. More and more, that means people are moving to SunCrest for its flexibility and for the lifestyle it offers. Praised locally by hikers, bikers, and adventurers alike, SunCrest is known for those who like to explore. Miles of open space and trails are intertwined with unbeatable community amenities. SunCrest’s unique location above much of the Wasatch Front means you get year-round beauty, and breathable air above the inversion. SunCrest houses are newer, sensible, spacious, and light and as we’ve seen our homes transform into schools, daycares, gyms, movie theaters, and offices. It’s no secret SunCrest offers a perfect mix of desirable houses with desirable lifestyles. You’re looking for an exceptional house, so don’t settle for an average experience. Having a hyperlocal expert in your corner who has their finger on the pulse of this community can elevate your experience far beyond anything that’s just average.