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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.
Edelweiss in Draper | Phase 1
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Candlelight Homes is expected to officially release their first phase of the Edelweiss subdivision in the SunCrest area this month. Prices will start in the high $300’s. This phase is the first of a multi-year, multi-phase development located North and East of the existing Stoneleigh Heights townhomes.
Below you find the first phase and preliminary pricing for the Edelweiss subdivision. Check back often as pricing, availability, and new phases being are updated.
You can view future Edelweiss phases here and sign up for future SunCrest development news here.
If you’re interested in building in Edelweiss, we believe putting a Realtor on your side when building a home is the smartest move you can make to ensure you dream home doesn’t become a nightmare. 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, act as a buffer between you and the builder, and help you avoid potential (and sometimes costly!) mistakes in the building and purchasing phases.
Contact us today for a consultation on what we can together to help achieve your homeownership goals. No obligation, it’s just what we do.
*Information obtained via Draper City and Candlelight Homes. Subject to change without notice.
December SunCrest Market Update
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Do SunCrest Homes Really Sell In The Winter?
We get asked that question a lot this time of year. For good reason, too. With the wintry weather, the holidays, or the notion that it’s just not “peak season” for real estate, it would be easy to think buying and selling a house isn’t on anyone’s mind.
While it is true that more transactions occur in spring, you may be surprised to learn that winter is also a great time to sell your home. According to a recent Redfin study which analyzed over 7 million home sales over the past 4 years, Winter was a close second to Spring when it comes to greatest likelihood of selling above list price and selling in less than 30 days.
In 2016, SunCrest sellers received 96.22% of their list price in winter compared to 96.55% in spring.
The total number of homes currently for sale in SunCrest continue to be at or near the lowest number it’s been in all of 2016. Sure, trudging through snow or decking the halls (so to speak) might sound like it’s putting people off, but we’ve found that winter brings out the more serious buyers. Those looking to move are often motivated by a new job, new family member, or unique to SunCrest, escaping the inversion.
Our take:
Buyers looking are becoming increasingly frustrated at the lack of fresh inventory. Sellers pondering putting the sign in the yard won’t face nearly as much competition but will have serious buyers knocking. While snowstorms, windstorms, and holiday havoc may put some off for a weekend, history shows us that most are comfortable with snow boots and scraping the car to buy or sell their next home. If you’re on the fence (or snow mound) about the best time to buy or sell, now may be the time to explore your options.
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.
Draper delays 55 acre surplus, planning SunCrest open space
Draper City Council unanimously voted to delay the surplus of 55 acres of SunCrest area land until a definitive conversation easement can be put into place for the greater SunCrest area. The decision comes after receving public input in a crowded public hearing and efforts led by Draper Mayor Troy Walker in exploring a conversation easement with Salt Lake County.
Image courtesy of Draper City
Walker said, “There are a lot of questions that are not answered and I think the public comment has given us a lot of opportunities and avenues to look….conservation easement is something I am very in favor of.”
In addition to the conversation easement and as part of their overall plan for SunCrest open space, the City will look to surplus areas for probable residential development in an effort to help pay off the debt incurred from the original SunCrest purchase. In the coming weeks or months, Draper City will hold meetings regarding the surplus (sale) of additional SunCrest land and a more definitive outline of where a perpetual conversation easement will be.
Image courtesy of Draper City
Media:
Deseret News: Draper holding off on SunCrest development, planning 3,000 acre protection.
KUER NPR Utah: Draper City Council To Preserve SunCrest Open Space, Hold Off On Development.
Thank You, SunCrest | 2016 Warm Winter Clothes Drive
SunCrest, you’ve done it again. THANK YOU! We know there are a lot of opportunities (especially this time of year) to participate in drives or donations and we cannot thank you enough for your enthusiastic and continued generosity in our warm winter clothes drive.
In 2014, we launched a warm winter clothing drive to help benefit schools in Heber City, Utah. Many residents of that community are the backbone workforces of the ski and tourism industry, often struggling to make ends meet with long hours and low wages. Many children attending school are below the poverty level. These kids and families don’t need new or brand name clothing, just warm winter clothes in the correct size so they can make it to and from school and enjoy recess. These donations have made a huge difference in these families lives.
What is this about? Read about it here.
