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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.
SunCrest Market Update-October
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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.
SunCrest Park
This week, we attended the grand opening of the highly anticipated SunCrest Park. The SunCrest park is nearly six acres. It features a 1/4 mile, walking path, playground, two pickleball, courts, and a pavilion. It is such a welcomed addition to our wonderful community. Check it out!
Lupine Trail
We are so excited to highlight Draper City’s newest trail in our SunCrest community trail highlight series. Come explore the Lupine Trail!
SunCrest Market Update-September
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Preparing for a home inspection
Whether you’re buying or selling, a home inspection is almost always part of the process. As a buyer, you want to “have look under the hood” before you go through with the purchase. It’s usually written into your offer as a contingency, so if you’re not happy with the result you can reopen negotiations to address any discoveries, or even cancel the sale.
As a seller, you want to address any potential issues before the inspection takes place. Since it’s in the best interest of both buyers and sellers to ace the home inspection, here are 5 tips to help your home shine on inspection day.
Utility Room: Tidy up around the “mechanicals” (aka furnace, water heater, etc.) These are biggies on an inspection and cleaning helps eliminate any perceptions of neglect. Wipe down the units, sweep up, and change the furnace filter.
Drains, Sinks, and Plumbing: By far the most common callouts on an inspection are slow drains, missing caulk, or leaky fixtures. Flush those drains, fire up the caulk gun, and fix anything that drips.
Doors, Windows, and Screens: If they’re broken, missing, or a bit squeaky, the inspector’s eye will catch it. Clear out window tracks or give hinges a little oil. This includes the garage door!
Tighten Up: Doors, door handles, closets, and toilet bolts should all be snugly secured.
Cleanliness Is Key: It shouldn’t matter as much as it does, but well… it does. Cleaning goes a long way. Tidy up, and pay extra attention to inside appliances (fridge, dishwasher, laundry) and under sinks.
Our Take:
If you’re purchasing a home, be sure to ask your inspector questions and study the report – this often turns into a punchlist of “to-do’s” upon moving in. Working with an experienced agent can help you decide which items need to be resolved before move-in, or how to negotiate a better purchase price based on findings. When selling, ask your agent about the benefits of doing a home inspection prior to listing. Whether it’s your first purchase or sale, or your fifteenth, nobody likes surprises when dealing with one of life’s biggest investments.
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 Open House Tour
Come take a peek at a pair of SunCrest’s finest listings Saturday Sept 14th. We’ll be available to answer questions you may have, provide SunCrest real estate information, or just chat about how we live in the greatest community in Utah.
Can’t make it? Schedule a showing here or
