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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.
SnowCrest Photo Contest
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Hey SunCrest – This year’s snowfall was exceptional! With higher temps on the horizon, we want to see your best, errr…your worst pics of the year. From dogs walking over fences, buried yard art, to snowbanks bigger than cars, share your best-worst pic of the year.
To enter to win all you have to do is:
1. Post your best-worst pic from this years snowfall (Nov. 2018-Today) in SunCrest in the comments below <img src="https://mail.google.com/mail/e/1f447" alt="
Hamlet Homes – Now Selling in SunCrest
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Hamlet Homes is making its return to the SunCrest! Located off of Traverse Ridge Road and SunCrest Drive, Hamlet Homes recently purchased lots in the Edelweiss subdivision from Lennar Homes (formerly Candlelight).
According to Hamlet Homes, they will be offering 6 different floorpans with pricing starting at $494,900.
Interested? Below is a community map and a link to the Hamlet Homes floor plans can be found here.
Want to stay in the loop on these and other SunCrest area developments and news? Easy peasy. Sign up here.
All information courtesy of Hamlet Homes and subject to change at any time. Listing information provided by: Hamlet Homes IV Corporation.
All information to be independently verified.
January SunCrest Market Update
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SunCrest Market Update-January
The State of Real Estate in 2019
We don’t have a crystal ball, but at Windermere we do have a team dedicated to analyzing the market and making predictions. Will the hot market stay hot? Will interest rates go up? This month we look at the some national predictions in the headlines.
Interest Rates
Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. We’re seeing them hold steady in so far in 2019 with experts are calling for a slight increase again by the 4th quarter of 2019.
Average List Price
Home sellers have had high expectations for the listing price of their home – and rightfully so. SunCrest has experienced years of double digit appreciation! In 2019, we anticipate a decline in average list price as home price appreciation returns to historical averages, and home sellers’ expectations catch up to market conditions.
Who Is Buying
Millenials, particularly those 25-34, will be buying more houses than any other age group. With Utah’s robust job market and low unemployment, we anticipate more homes being purchased by millennials in 2019 than any other year. That can play a significant role in how you market and sell your home.
Our Take:
The winds of change are upon us. From the changing psychology of buyers and sellers, to creeping interest rates, the outlook shows those subtle changes that are re-shaping the landscape. SunCrest buyers, particularly millennials, who have been sidelined because of low inventory are expected to reenter the market as more inventory comes available and prices continue to level out. For sellers, current inventory levels remain at their lowest levels on record. As affordability tightens with rising rates, sellers should prepare for an increase in the time it takes their home to sale and look for gradual appreciation instead of instant money. We think sitting down, reviewing all the facts, and walking through your goals and timing will help best prepare you for your next move.
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.
