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May SunCrest Market Update
Maximizing your outdoor space
People love to come to SunCrest for the clean air, the gorgeous views of the mountains, and to recreate, energize and rejuvenate in nature. When it comes to our homes, adding a functional outdoor exterior patio, deck or entertaining space can become an extension of your home and weave the outdoors and indoors together – a perfect compliment to the SunCrest Lifestyle.
Utah receives about 300 days of sunshine a year. Expanding our living spaces into our yards allows us to create specific areas to make memories, gather with family and friends, or find a quiet respite from our busy lives.
Through the use of adding things like visual screenings in our landscapes, cooking stations, gatherings spaces, placement of comfortable furniture and other design elements, we can improve not only the value of our homes but our quality of life in our SunCrest homes.
Our Take
There’s nothing like a SunCrest sunrise or sunset. Maximizing your outdoor space to compliment one of the many views that SunCrest offers is not only a fun and relaxing way to spend your time living here, but outdoor spaces are common “must haves” on buyers wish lists. Considering an update? We’d love to share our opinion on what’s trending.
April SunCrest Market Update
How has COVID-19 affected real estate?
We’ve been receiving a lot of questions about how real estate is handling the COVID-19 situation. We’re going to break it down into two parts: How is the real estate market performing, and second, what are we advising when it comes to buying and selling homes?
Are buyers and sellers still moving forward?
The short answer: yes. The long answer. Let’s look
at the data. Almost immediately following local announcements of stay at home orders, we saw a sharp decrease in showings according to ShowingTime Showing Service – Utah’s leading provider for home showing analytics. Through the end of March, showings continued to trend downward as many home sellers and buyers adjusted to our temporary new normal. Showing activity has since increased since the beginning of April.
But are people buying and selling? Even if homes aren’t being shown as much, they’re still selling. March 2020 does not show any significant changes in number of homes listed or sold when compared to the previous three years. However, looking forward to April, we do anticipate a decline in pending home sales, as the number of current homes under contract is down versus previous years.
How are homes being bought and sold during a pandemic?
One thing is constant—change! Much of the transactional process of buying and selling already went through a paperless transition thanks to cloud storage, electronic signatures, and technology-driven startups that complement a Realtor’s workflow. Real Estate was declared an essential service and things like inspections, appraisals, and walkthroughs are being handled with extra caution and should follow recommended guidelines. We’ve seen increases in 3D tour experiences, more attention driven to digital media, and a stronger emphasis on virtual tours in lieu of (or prior to) physical tours. In-person walk throughs often have gloves, shoe booties, sanitizers, and only those purchasing are encouraged to tour the home.
Our Take
In short, people still want to buy and sell homes right now, and with extra care we’re seeing the market adapt. If you have any questions throughout all of this, don’t hesitate to call, message, or email. We’re here to help.
SunCrest Market Update – February
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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.
4th Quarter Utah Market Report
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4th Quarter Utah Market Report
- The number of homes for sale in the final quarter of the year was 14.4% lower than in the same period a year ago and 21.3% lower than the third quarter of 2019.
- The average home price in the region continued to rise in the fourth quarter, with a year-over-year increase of 9.5% to an average of $403,186.
- Inventory levels remain low, even in the face of modestly increasing market time.
Wondering what this may mean if you’re looking to buy or sell? The market looks different throughout the year so you’ll need a season-specific game plan. Please don’t hesitate to contact us with any questions you may have.
SunCrest Market Update- January
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Where did 2019 go? As we close out the year that was, we’d like to thank you—each resident of SunCrest—for all your support as we provide these monthly updates. Your comments, messages, and social and real life interactions keep us going. Now that 2019 is over, let’s look back at the SunCrest real estate market last year.
Total SunCrest Properties Sold: 182 (Highest in over 10 years)
Composition of Properties: 111 Existing homes, 64 New homes, 7 vacant lots
Highest Sold Price: $2,000,001
Lowest Sold Price: $281,500
Median Sales Price: $529,000
Most Active Sales Period: 3rd Quarter – 56 Closed transactions
Median Sales Time: 21 Days
We thought it would be fun to create a profile for the “average” SunCrest home sold in 2019. Not that there are any “average” homes in our neighborhood, but based on the data here’s what that profile would look like:
Built 2011
4.14 bedrooms
3.18 bathrooms
2.45 garage
.21 acres
Price – $553,373
$144 square foot
44% finished basement
42 days average time to sell
Our Take:
What a year! While it was a very active year for SunCrest real estate and we find it informative and helpful to look back, we also recognize that each home sale and purchase are a unique case. It’s always best to take a hands-on approach and assess each home for its own merits. Averages can also be misleading, as there are always wide exceptions to it—that’s how averages work, after all. Things like timing, condition, location, and quality all have an impact on buying and selling and you can get frustrated pretty easily if your home sale or purchase don’t seem to be fitting the “average” experience. Having a hyperlocal expert in your corner who knows how to spot out of average opportunities can help turn any transaction to your benefit.
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.
SunCrest Market Update-December
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- Price – The average and median sales price of SunCrest homes has gone up consistently over the last 5 years, but we actually don’t see any appreciable spike in price in January.
- Days on market – One thing is for certain, putting your home up for sale in April has historically led to a quicker sale, but that advantage has been steadily decreasing for five years. Since 2015, homes listed in January have been selling nearly as fast. In 2019, homes listed in April sold only 5.5 days quicker than January. A stark difference from 2015 when the difference was 91 days.
- Negotiation – The data didn’t reveal any significant difference in price negotiation. Whether a home was listed in January or April, when we compared the original asking price to the final sold price, it varies from year to year without consistent pattern.
Our Take:
The Realtor.com study and our own data prove it: winter is definitely not a bad time to buy and sell a home. In most cases, you just need a season-specific game plan. Depending on your circumstances, winter might actually be the best time to buy or sell in SunCrest. Working with an experienced agent or team who can help guide you through the home buying or selling process can help you make the smartest selling or buying decisions in any season.
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.
15122 S. Eagle Chase Drive
💰 $430,000 | 📐 3,336 sq. ft. | 🛏 6 beds | 🛁 3 baths | MLS: 1646157 – Windermere
Every home has a story…
Every home has a story, and this one is pretty special. We’ve been lucky enough to watch the story of this home unfold. We were here when it was built. We saw it a few years ago when it was updated with fresh paint, carpet, and landscaping. Then we saw the owners raise their kids in a flowing floor plan, the private backyard, and with a love of the SunCrest Community. Today, we’re writing the next chapter. Yes, that floor plan still flows and has proven to stand the test of time-we think open concepts will always be in style. However, the last few years have added a whole new finished basement, including 3 new bedrooms, a full bathroom with custom cabinets, wet bar, and an unbelievable oversized entertaining area that extends nearly the full depth of the house. Best of all, the story becomes yours to write as the movie projector and screen all stay for you to enjoy. The backyard is ready for kids full of curiosity, four-legged adventurers, or overflow for those summer BBQs. It abuts natural vegetation, so you get the ultimate in privacy and peaceful serenity. One part of the story that stays the same is the stellar location, where summers are spent at the neighborhood pool and winters at the community clubhouse with friends or family, or even our snowshoeing one of the local trails. Winter stories always end with tales of clean air as SunCrest sits well above the infamous valley inversion. LIfe is full of stories, come and write yours here.
SunCrest Market Update-November
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Where Exactly Is Your Home "Listed" For Sale?
When you hire a real estate agent, your home is typically listed on the local Multiple Listing Service (MLS). Here in Utah, we use the Wasatch Front Regional MLS, or WFRMLS. The MLS is one giant database of all the homes for sale in an area, listed by licensed agents who pay to have access to the MLS. This is obviously one advantage over listing your home for sale by owner, as there are thousands of eyes on the MLS each day.
Do You Have to List on the MLS?
Historically, home sellers could opt out of being listed on the MLS. Although very rare, some sellers had their reasons. Celebrities, for example, may not want their home and address posted on the internet. In most cases, however, it presents a huge advantage to a seller to have their home in front of as many other agents as possible. Additionally, the MLS is searchable by the general public, although agents do have access to much more enhanced information and more specific search capabilities. The big third-party real estate websites also scrape the MLS and give sellers extra exposure there.
Recent Trends in the MLS (What in the World is a Pocket Listing?)
Recently, we've been seeing agents delay or opt out entirely of adding homes into the MLS. Instead, they have been marketing these homes to their own private network. This often includes sending around the listing to other agents, sending an email blast to a curated list of potential buyers and home investors, placing a sign in the yard with a "coming soon" sign, flyer distribution, and other marketing tactics outside of the Realtor-run MLS. This tactic of marketing only to a small pocket of interested buyers has been dubbed a "Pocket Listing."
Recent Changes In Pocket Listing Policy
This month, we attended the National Association of Realtors (NAR) Conference in San Francisco. This yearly gathering is the largest annual event for real estate professionals, with hours of education, technology, and policy updates. This year, Pocket Listings were a hot topic. In an effort to create a more transparent and open market for real estate, the National Association of Realtors board recently passed a cooperation policy to limit the practice of Pocket Listings. It compels agents to add their homes to the MLS within one business day of any action announcing that it's for sale. If a yard sign goes up, or an email goes out, it has to be listed on the MLS within a day (with a few exceptions).
Our Take: What Does This Change Mean To You?
Proponents say that keeping one big database in the MLS allows agents to better serve their clients, and ultimately puts your home in front of the most amount of buyers possible, creating demand that ultimately gives you the highest sales price. Opponents believe there is great value in letting you "test run" the market with a Pocket Listing before going public with it. Here's the deal: we think you should decide. There's no one size fits all approach, but we think you should not only be aware of what your agent is doing, but also work with them to make the right call. Consumers should be able to dictate how their home is marketed, and having a conversation with your agent will help you do what's right for your particular situation.
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.
Warm Winter Clothes Drive
We’re excited for our 6th annual Warm Winter Clothes Drive. Over the past 5 years, you — our SunCrest friends and neighbors — have donated over 2,500 warm winter clothes items to the local communities where we live, work and play. We are humbled and grateful for your response to our call for help. You have made a difference to families who need you. THANK YOU!
This year, we’re excited to partner with The Family Support Center’s Midvale LifeStart Village, a non- profit that provides housing and self-sufficiency program for homeless parents in Salt Lake County. Winter brings bitter temperatures, so let’s team up to keep them warm!
We are asking residents to donate new or gently used warm winter clothes including:
WINTER COATS | JACKETS | WINTER GLOVES | WINTER HATS | WINTER PANTS | WINTER BOOTS
Here’s how you can donate:
* Email info@suncrestlifestyle.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.
* Bring your donation to the “Light Up The Night” SunCrest Tree Lighting ceremony Friday November 15th, 2019 from 6PM-8PM.
* Drop off any item from the list above, into the blue donation bins at the SunCrest Community Clubhouse, now through November 30th, 2019.
Thank you! Scott and Robyn
3rd Quarter Utah Market Report
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3rd Quarter Utah Market Report
- …Home prices continue to appreciate at significant rates. I (Gardner) still expect to see some moderation in price growth as we move through the year and into 2020, but Utah will clearly continue to outperform the nation as a whole.
- The number of homes for sale in the third quarter was only 2.6% higher than in the same period a year ago but was 11% higher than the second quarter of this year. There continues to be significantly more choice in the market, which is good news for home buyers.
- The average number of days it took to sell a home … rose eight days compared to the third quarter of 2018. The Utah economy is still outperforming almost all other states and this will continue to drive housing demand.
Wondering what this may mean if you’re looking to buy or sell? The market looks different throughout the year so you’ll need a season-specific game plan. Please don’t hesitate to contact us with any questions you may have.
