SunCrest Market Update-October

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SunCrest Market Update-October

 

Do homes sell in the winter?

We totally get it. The snow starts to fall, and especially here in SunCrest we go into hibernation mode. When people ask us if homes still sell in winter, we’re not bashful in saying yes! The best time to buy or sell is when you’re ready, not any one day, month, or season. Here are a few advantages to selling in winter.

Less Competition
We looked at historic trends over 1, 3, and 5 years. There are simply less homes available for sale in winter so your home will have less competition. And the data also reveals something interesting about the sales price. On average, homes sold during the winter receive offers that are closer to their listing price. Overall, less homes are sold, but those that do sell have a shorter escrow period which may suggest that winter buyers and sellers are a lot more serious about making that sale happen.

Job Transfers
Many companies work on a calendar year basis, and a new year brings new opportunities. It’s not uncommon to see future transferees schedule trips to visit and scope out neighborhoods. As Silicon Slopes continues to boom and the prison site redevelopment turns into reality, SunCrest stays poised as “must see” for many future Utahns. Job transfers don’t wait for sunny weather.

Inversion
Almost like clockwork, when the inversion rolls in, our phones start ringing with some folks looking for a reprieve from that “Utah inversion.” As emphasis and awareness of clean air escalates, outside of Park City, SunCrest is quickly becoming the go-to spot for fresher air and bluer skies.

Time Off
Buying or selling a house takes time. Searching online, scheduling walkthroughs, or sprucing up your place can take a minute. The end of year holiday break, or the quiet winter months without all the commotion of summer, sometimes offer just that—time. We also find that when residents have friends or family up for the holidays, these people see the magic of SunCrest and start asking around about homes available.

Taxes
Winter home buyers may be motivated to capture the tax benefits of buying a home before year-end. Home buyers can write off some of the expenses of their home purchase on their taxes. Some tax deductible benefits may include mortgage interest, private mortgage insurance premiums, and real estate taxes. As always be sure to seek appropriate legal advice regarding your particular tax situation.

Our Take:

Homes sell all year long, and winter is definitely no exception. Yes, the market looks different so you’ll need a season-specific game plan. And yes, you’ll need to be smart about negotiating unknown items like sprinklers, landscaping, and air conditioning. But if you know what you’re doing, 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.

Posted on October 30, 2019 at 9:37 pm
Scott Steadman | Category: SunCrest Market Updates | Tagged , , , ,

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