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May SunCrest Market Update
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Appraisals, appraisals, appraisals
It’s no secret that SunCrest home values have increased dramatically over the past two years. Gone are the days of homeowners drowning with an “underwater” mortgage (yay!) and many SunCrest homeowners who purchased at the bottom of the market are sitting on substantial amounts of equity. However, in a hot SunCrest real estate market, buyers and sellers are being faced with a challenge: The Appraisal.
Unless it’s an all cash purchase, each home must be sold twice. First to a prospective buyer who makes an offer, and second to the appraiser who must agree that it’s worth what a buyer is offering. When a market sees rapidly rising prices, appraisal values may lag behind and that second sale can be more difficult than the first.
In a sizzlin’ SunCrest real estate market, SunCrest homes are receiving multiple offers and offers above list price. The appraiser is then tasked with supporting the buyers and sellers opinions of value. The problem? In many cases, the appraiser’s opinion of value is different than the contract price. According to a recent report by Quicken Loans, the gap between homeowners opinion of value and that of an appraiser continues to widen. This growing gap is causing some hiccups to an already emotional process.
Our take:
The appraisal came in low. Now what? Our advice: be prepared. At the time an offer is submitted and reviewed, discuss the options of the “what if the appraisal comes in low?” Are the REALTOR and seller prepared to dispute the value if they feel it is wrong? Does a buyer have the ability to pay above the appraised value and/or work with their lender to restructure a loan? Having a professional on your team who is able to support, educate, and most importantly communicate the contract value may not only help a buyer or seller achieve their SunCrest real estate goals but save potentially thousands (even tens of thousands) in the event of a challenging appraisal value.
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.
15093 S. Winged Bluff Lane | SunCrest life at its peak
$415,000 | 3,122 sq. ft. | 6 beds | 3 baths
By now you know ’bout our affinity for SunCrest, so we’ll forgo the fawning over miles of nearby outdoor recreation and clean air, and jump right to the point: If SunCrest is life at the top, then this spot is at the tippy-top of the neighborhood.
Posted at the pinnacle of Winged Bluff Lane, living here means you’ve got an all star line up of views that include Lone Peak and Mt. Timpanogos by day, and the lambent (thanks daily word!) lights of Salt Lake and Utah County at night.
The oversized Trex deck handles the hot tub with ease and even leaves enough room to follow your fave yoga-at-home vids while taking in the crisp mountain air.
The manicured, fully landscaped yard has a view-friendly fence that is ideal for keeping kids, pets and the scenery all within the same line of sight.
Inside, the layout is simple and inviting. Windows are placed right where you’d expect them, and the home’s open spaces are spot on for family gatherings, dinner with friends, or enjoying the peaceful mountain setting on your own time.
Three bedrooms and two large family rooms on each level allow for customization to your lifestyle. If that isn’t enough, we challenge you to find a master suite with better vistas than this.
SunCrest life at its peak.
15061 S. Winged Bluff Lane | Unbeatable Views
$410,000 | 3,122 sq. ft. | 6 beds | 3.5 baths
It’s not too often that view homes like these come up for sale, so it might be wise to heed our advice: act quickly.
Perched high up on Winged Bluff Lane in SunCrest, this main floor living home is about easy living and soaking up the very views that make SunCrest famous.
If you consider yourself the host(ess) with most(ess), you’re in for a real treat here. Whether it’s Sunday brunch, a casual cocktail party, or getting together with the gang from the good ol’ days, the kitchen and family room open up to the large Trex deck and will pair good company with unbeatable mountain and valley views.
The main floor master is positioned in the back of this place so that everyday sunrises bring new meaning to the old saying “just another day in paradise.”
Two other beds and a universal den or office complete the main floor layout. The downstairs, should you ever dare leave the main floor views, has to be one of the biggest family rooms on the street and is certain to be great space for nights spent at home.
Two other bedrooms, a full bathroom, and a space currently being used a salon (but yours to customize) round out this SunCrest home. If you don’t move fast, the next view will be the “Sold” sign out front.
1792 E. Auburn Ridge Lane | Be Our Guest
$389,900 | 2,801 sq. ft. | 5 beds | 3.5 baths
Plucked straight from the “what’s what” in home fashion trends, this home at 1792 E. Auburn Ridge Lane serves up a delicious dose of oohs and ahhs.
The owners went all out on the jaw dropping remodel. Starting with the kitchen, they added beautiful quartz counters, eye catching subway tile, sleek white cabinets, stainless appliances, and a decorative barn door to boot.
The updates continued in the entry where they opted for a more open feel by removing the former wall – hard to disagree with open concept living, in our book.
Be our guest in the wide open downstairs. This family room will kick your cinema habit in favor of cozying up to watch your favorite flick on the theater style seating.
In the back, transition from indoor to out, with French doors that open up to one of the biggest yards on the block. It’s flat, fully fenced, decorated with mature landscaping, and has a patio perfect for entertaining. Cheers to this one folks; you’re home.
March SunCrest Market Update
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Did interest rates go up?
You probably saw the recent news on the Federal Reserve raising the Federal Fund Rate by 25 basis points (one quarter of a percent). But what does that mean? The small rate hike was anticipated, and is widely thought to indicate confidence in the US economy.
What does it mean for your home and mortgage?
Aside from home equity lines of credit, or mortgage products like an adjustable rate mortgages (A.R.M.) the Fed decision will not affect your current mortgage payment. For those consumers currently in the market for a new home mortgage the news shouldn’t come as a surprise, and its effect is only very small. On average, a new $300,000 mortgage will likely cost borrowers approximately $60 more a month. On the flipside, the stronger economy that led to the interest rate announcement probably means there’s a more stable and competitive work environment.
Our take:
If we look to the past, rates are still historically low. Over the past 46 years, they’ve been at an average 8.25% — nearly double where they are today. The most recent change isn’t likely to prevent those in the market from purchasing, but continued increases will. What’s more likely to slow the housing market is the limited number of homes currently for sale. People who were on the fence about whether or not to buy or “move up” might start deciding to stay put. This potential trickle down effect is likely to continue to contribute to a lack of inventory.
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.
1940 E. Oak Bend Dr | Spring Is Calling
$334,900 | 2,135 sq. ft. | 4 beds | 3.5 baths
For those keeping a watchful eye on the SunCrest real estate market, it’s common knowledge that a home in the low $300s is pretty rare. So we don’t think it’s too far of a stretch to say we may have just rounded up your next space.
For starters, the four bed, 3.5 bath layout is equal parts practical, sensible, and functional.
You’ll find real hardwood floors, three tone paint (we love the modern grays), upgraded fixtures, and a modernized kitchen that features stainless appliances, sleek white cabinets, and a designer subway tile backsplash.
The front of the home overlooks Lone Peak and if you’re up to it, it makes a great hike, or the perfect conversation piece as you entertain guests in the home’s great room.
Downstairs is our pick for nights at home or catching your favorite team (or some zzz’s) as it boasts a cozy family room, another bedroom, and a full bath.
Outside, spring will be calling your name as you step foot on the oversized Trex deck and accompanying pergola. The fully landscaped yard means more room for family games or playing fetch with Fido or watching the wildlife wake up from winter.
15314 S. Falcon Crest Court | SunCrest Seclusion
$469,000 | 3,640 sq. ft. | 5 beds | 3.5 baths
Quite possibly the most secluded cul-de-sac in the whole neighborhood, this SunCrest two-story is surrounded by fresh air, clear views, and sits just footsteps from the miles of outdoor recreation that make SunCrest famous.
It was originally crafted with attention to detail, and has been so well maintained that you’d swear you’re the first to step foot inside. Windows are placed throughout the home right where you’d expect them, keeping those unobstructed views of Mt. Timpanogos and Utah County paramount.
The layout? Brilliant. Formal living (or should we say “formal viewing” since you’ll be staring out at the vistas), and the desirable open family room and kitchen span the main floor.
A cozy loft, three bedrooms – one of which is currently being used as an in home office (that view!) – and the vaulted master bedroom round out the upstairs.
The downstairs provides another bedroom, storage for days (if the 3 car garage wasn’t enough), a multi-functional area (play area, game room, shrine of cat pictures) and a theater room that is fully prepped for nights of binge watching your favorite TV series.
Perhaps our favorite is the solitude that is the backyard. Yards like this don’t come around these parts too often, folks. It’s flat, fully fenced and decorated with mature trees that provide shade and privacy while you kick your feet up on the covered patio that’s usable year round.
14943 S. Laurel Oaks Court | Cover Girl
$575,000 | 4,632 sq. ft. | 5 beds | 4.5 baths
We don’t really love cheesy descriptions. Stuff like “hidden gem” and “massive curb appeal” tend to make us cringe. So, we’re not going to use the phrase “picture perfect” here, even though we really want to. Let’s just say that if you were looking for a magazine cover shot, we can’t really think of a better home than this one.
With Lone Peak as a backdrop, and the mature landscaping that abuts a gorgeous walkway leading to the grand entry, she’s a cover girl, for sure.
Look up or look down when you step foot in this two-story; either way you’re in for a treat. Cherry hardwoods extend across the home’s main and second levels. Windows decorate the walls and let the light flow throughout.
The main floor (and entire home, for that matter) is set for easy living with the kitchen placed squarely at the heart of the home while the dining, living, and family rooms branch out from there.
The ever-so-convenient deck is nestled among the gambel oak, a hallmark of the SunCrest community.
Upstairs, the master bedroom is covered in views of the Lone Peak wilderness range. The spa-like master bathroom is perfect for soaking in relaxation amid life’s busy events.
Two other bedrooms, a jack and jill bathroom, and a loft that is begging for a telecommuter or kids’ area round off the second story.
Downstairs finds 10-foot ceilings, a large family room, two bedrooms, a full bathroom and walkout basement. The park-like backyard and waterfall are just what you’d hope for to compliment the home’s exquisite design.
We won’t say it’s “picture perfect,” but you definitely will.
January SunCrest Market Update
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2016 SunCrest Real Estate Review
With 2016 now in the books, it’s a good time to reflect on the last year, and look ahead to the next. In 2016, we saw the highest levels of activity in a decade. Homes sold more quickly, inventory was scarce, and interest rates remained low. Like you’re annual checkup with your doc, here’s the report on the last year of SunCrest real estate.
SunCrest Homes sold quicker
In 2016, SunCrest homeowners saw their homes spending less time on the market. The average days spent on the market was 53 days, nearly half (91 days) of what it was in 2015.
2016 SunCrest Market Summary
SunCrest Inventory was scarce
Buyer demand continues to outpace the supply of homes for sale. Nationally, year-over-year inventory levels have dropped each of the last 18 months. Inventory now stands at a 4-month supply, well below the 6-month supply needed for a ‘normal’ market. In SunCrest, we are below a 2-month supply and have been for the past year. Based on this theory, if nothing else was listed and the current demand remained the same, every home currently on the market in SunCrest would be sold in 2 months.
Interest rates remained low
In addition to rising home prices and limited inventory, mortgage rates were a hot topic in 2016 resulting in an active real estate market. The presidential election, however, did impact rates. Rates increased nearly three quarters of a point (or approximately 3.5% to 4.25%) but have since stabilized. Further, citing an improved economy and further job growth, the Federal Reserve recently raised interest rates. It’s anticipated they’ll do this three times, in each of the next two years.
Our take:
We are often asked, “How’s the market?” Our answer: “Which segment of the market? Townhomes? Custom homes? Starter? Move up?” Depending on what segment may impact the answer. Townhomes are selling in a matter of days, whereas the average time for half million dollar and above homes is nearly double (or triple!) the average of all SunCrest. And new construction? Well, you get the point. It certainly can be a good time to buy or sell, but everyone’s timing, housing need, work situation, and/or family decision is different. We believe in analyzing and arming you with relevant information to make an informed decision specific to your needs.
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.
14786 S. Golden Leaf Court | Above it all
$639,500 | 4,988 sq. ft. | 6 beds | 3.5 baths
Mind if we start by bringing up a dirty secret? Yes, we mean the inversion, and it’s not so secret: the air in the Salt Lake Valley can get el-yucko.
Well, breathe easy. In this SunCrest home you’ve got almost a half-acre of fenced, landscaped yard to wander around, and it’s full of fresh air, above the ick.
Take five on the Trex deck, fill your lungs with clean ohhh-2 or just look at the views of the city out the window when there’s a break in the weather.
Speaking of indoor views, we were smitten when we saw the main floor family room. Sky high ceilings, an abundance of windows, and a dazzling fireplace.
The current owners rave about the home’s balanced floorplan, and it’s easy to see why. Kids, pets, or unruly family members are no match for the sturdy and stylish flooring that spans the main floor.
That kitchen. Bring it on, top chefs!
The master bed and bath are equal parts open and bright, as it’s cozy and quiet. Your wardrobe doesn’t stand a chance of filling up master closet, it’s huge.
Overall, at nearly 5,000 square feet, five bedrooms (we like the sixth as an office), 3.5 bathrooms, home gym, newer carpet, paint, and some of the most organized, detailed, and cleanest owners we’ve met, you can R-E-L-A-X – this home is ready to fit your family’s lifestyle.
