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.

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.

With cold weather now upon us, we’re spending even more time indoors. As a natural consequence, we usually see an uptick in home projects during the winter months and this year’s no exception. Whether you’re looking to sell your house or stay a while, you should be aware that not all renovations are created equal. Here are 3 projects that are worth investing time and money on for your SunCrest home.

Solid Surface Flooring
Having good, solid flooring can really boost the appeal of a home while making it more functional for your life and more attractive for future homebuyers. Luxury Vinyl Planks (or LVP) provides outstanding durability with kids and pets, and real hardwoods are a timeless addition to any home. It’s hard to go wrong when lining the entire main floor with consistent, easy to clean, solid surface flooring.

Paint
Let’s face it, sometimes we just need a little change to our living spaces. Splashing a fresh coat of paint is one of the simplest and most cost effective way to change your space. Right now, you can’t go wrong with neutral grays, “greiges” (gray/beige tones) and even just plain white. Fresh paint rejuvenates existing spaces and provides a great first impression to visitors.

Kitchen
The kitchen is often referred to as the heart of the home. In 2020, it’s become even more important now that the pandemic has caused more families to stay indoors, cook, and congregate there. Any updates here almost always pays off. Consider adding a backsplash, updating cabinet hardware, new appliances, or even new countertops.

Our Take
Considering an update? Spend your money and effort where it makes the most difference. We’d love to share our opinion on the latest trends, what’s working in SunCrest, and where you get the most bang for your buck.

Does an election year impact the SunCrest real estate market?
We’ve actually been getting this question a lot as Election Day draws near. We do know that each fall the market slows as everyone settles in for the winter. But we thought we’d dig through the data to see if there are any trends in years with presidential elections.

Examining SunCrest home sales since the community was first built, we looked specifically at the trends from October to November. On average, there’s about a 7% decline each year. In election years, that decline is about 22%. It should be noted that this is a limited sample size over only a few elections in our still young community, but we believe it’s more closely related to overall consumer confidence and consumer caution. Any declines in sales were short lived.

Our take: How people view the election may impact their immediate home buying selling decisions, but ultimately the housing market has always marched on. Factors like the economy, jobs, interest rates, and overall consumer confidence will ultimately have far more meaningful roles in the home purchase decision, and those factors develop much more gradually than do overnight election results. While some consumers may wait to buy or sell ahead of the election, we always recommend working with a Realtor who can help guide and educate on the current market trends and bigger picture factors to determine if a move is in your future.

Coronavirus Is Changing How Homes Look
We’ve all been spending more time at home. With quarantines and business closures, you’ve probably memorized the number of tiles in your kitchen by now. It’s no surprise that more time at home has meant some emerging trends in real estate. We’ve outlined a few things we’re seeing from renovations, new construction, and wish lists from current buyers.

Home Office
Working from home is the new norm and some employers are scrapping plans to return to office life. Having a dedicated workspace inside the home is the hottest new must have.

Home School
Whether it’s hybrid classes or 100% home school, class is not fully back in session. We’re seeing flexible spaces being turned into dedicated learning spaces—essential for for both parents and children.

Home Gym
Having room to maintain a healthy lifestyle at home—mentally and physically—has taken a prominent role with many gyms closed or reduced capacity. Headspace, bodyspace, or space to stretch out is crucial.

Home Landscaping
A place to escape to the 4 walls we live and work is necessary, no matter the season. Outdoor spaces can become an extension of your home and weave the outdoors and indoors together, and we’re seeing plenty of new patios, decks, furniture, and revitalized lawns and gardens.

Our Take
The pandemic is changing our lives, and our homes are at the center of it all. People are moving, upgrading, or downsizing, for a variety of different reasons today. You may not have space to implement all the trends we’re seeing, but if you’ve been trying to decide if now is the time to buy or upgrade your home, we recommend talking to a professional to see what’s realistic, and where you get the most bang for your buck.