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SunCrest Market Update – April
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Neighboring builder Edge Homes continues to build in the Hidden Canyon Estates subdivision. Hidden Canyon Estates sprawls over 100 acres. This community features a minimum lot size of .17 (some lots exceed a half acre!) and variety of different floor plans to choose from. Like Hamlet Homes, prices start in the high 400’s. While located in the same vicinity, it’s important to note Hidden Canyon Estates is not a part of the SunCrest Community. This may be an attractive option for those not interested in joining a homeowners association.
Building a new home can be an attractive option when you want to make the house feel like it’s truly yours. It’s not always the best option, but we believe that by carefully weighing the options and setting your expectations, you’ll get the house of your dreams no matter what. We believe putting a Realtor on your side is the smartest move you can make, so you have an experience negotiator and advocate with the builder. As SunCrest resident realtors, we’re hyper focused on the area and can help you decide if building is right for you, advise you on building the right house for your needs, and help guide you through the design choices.
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 – March
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As predictable as snow melting and flowers blooming, the second quarter of every year brings the highest number of homes available for sale than any other quarter. Accordingly, Q3 typically yields the highest number of homes sold as Q2’s listings work through showings, offers, inspections, and financing on an average 30-45 day lag.
Well, maybe. The 3-year history in SunCrest isn’t really conclusive, if you ask us. In fact, the data might actually suggest that homes spend less time on the market in the colder months. However, spring does see a flurry of activity not only from people selling, but all those sellers looking for a new place to buy. By pure numbers, we see a lot more interested buyers when the weather warms.Like gardens sprouting, spring brings a flurry of activity to the SunCrest real estate market. This spring, if interest rates continue to stay low while wages increase, and we see more houses for sale like in the past, we believe 2019 could be one of the most balanced years (equal number of buyers and sellers) for home sales in recent history.
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 Sledfest
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SunCrest Sledfest
SunCrest Sledfest was a blast. Thanks to everyone for coming out!
SunCrest Sledfest
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SunCrest Sledfest
- Location: Between Falcon Crest Court & Falcon Point Court.
- Drop by anytime between 9:30–11am.
- Hot chocolate, coffee, and donuts provided.
- All ages welcome (Don’t forget your sled!)
- Photos, photo bombers and selfies encouraged. #suncrestlifestyle
Mountain Ridge Estates – SunCrest Shoebox – 3/5 Proposal
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Mountain Ridge Estates – SunCrest Shoebox
An outside graded play area of grass approximately 90’x100’
A private access road no more than 12’ wide to access the above features.
February SunCrest Market Update
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2019 Utah Housing Forecast
Last month, we told you about some bigger housing trends across the US and what is predicted for 2019. But recently, we sat down with Windermere’s chief economist Matthew Gardner to talk about trends that will specifically affect Utah.
Bubble and Balance
Is there a housing bubble? What is unemployment doing? Gardner predicts the psychology of buyers and sellers will play a significant role as the housing market becomes more balanced. The level of buyers and sellers will begin to equal out and we’ll see a more healthy level of home price appreciation.
Our take: The SunCrest outlook shows those subtle changes are already starting to re-shape the landscape. All that pent up buyer demand may soften as more sellers list their homes in the spring and summer, so we anticipate an uptick in the number of days a home is on the market as well as a more gradual home value appreciation instead of instant equity.
Interest rates
Gardner isn’t as bullish as some of his peers, but is calling for rates to raise to just under 5.5% by year’s end. This forecast is still below the historical average but those who have been in the market since the latest recession may reconsider moving when faced with giving up their 3% rate.
Our take: In SunCrest, we anticipate some homeowners will look at home equity lines of credit and choose to renovate or remodel, rather than selling, especially if they’d be looking to relocate nearby. If rates rise and home appreciation returns to normal, it may cause would-be sellers to stay put.
Millennials
This isn’t the first time we’ve written about Millenials (ages 21-37), and wont be the last. Gardner highlighted them as the country’s largest group of home buyers, but they’re facing a rising affordability challenge. Low inventory, rising interest rates, and eight years of price appreciation are causing some Millenials to stay in rentals (or with parents) longer as they jockey for position in the market.
Our take: The average Utah millennial will face an affordability challenge if looking for a single family home in SunCrest. Outside of the Stoneleigh Heights townhomes, the average SunCrest median single family home price was $495,383 in 2018, well above the average purchase price Millenials are spending. This has a real effect on the way you market your home when selling, and how to make the right offer when buying.
Source: Windermere Economics Ellie Mae - Sales between Jan. 18- Dec. 18 keepingcurrentmatters.com utahrealestate.com
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.
