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March SunCrest Market Update
Rates, Russia, and the Spring Market
It’s been an interesting start to the year so far, and a lot of people have asked about a few headlines and how they affect the real estate market. We’ve picked three of the most common: Interest rates, Russia, and the spring housing market.
Rates
Over the first 8 weeks of 2022, interest rates shot up about 1%. Why? It’s always nice to have a culprit and we can look at the Federal Reserve. It’s a chain reaction that kind of goes like this: The Fed has been buying a lot of mortgage backed securities, but at the end of 2021 they announced they were going to slow down. In turn, people who sell bonds raised the rates of bond offerings, and that led to mortgage lenders raising their rates. The last part of that chain reaction is that mortgages housed within mortgage backed securities had their rates go up, which finally caused the rates offered to the public to go up.
Russia
Historically, anytime we see a global disruption or geopolitical event, investors turn to safer investments. Think: people sell their stocks and invest in safer bonds. Interest rates may not rise as much as originally anticipated at the start of the year but we dont believe rates will decrease because of the Russian invasion of Ukraine. The more immediate picture is that the rising costs of oil coupled with inflation are likely to have a bigger impact on home buyers due the direct impact on their wallets.
Spring Market
As predictable as snow melting and flowers blooming, Spring brings out more home sellers. We’ve already seen the early stages of this with more homes listed in the first two weeks of March versus the previous two months combined. We anticipate the second quarter of the year to be the most active listing period of the year as snow melts and home sellers and buyers look to make a move ahead of the next school year.
Our Take
Like gardens sprouting, Spring brings a flurry of activity to the SunCrest real estate market. This Spring, we anticipate we’ll see more houses for sale just like we have in the past, despite the small shift in interest rates and global situation. We’ll also keep an eye on any new economic developments to see what’s in store later on this summer.
February SunCrest Market Update
2021 SunCrest Real Estate Year In Review
It’s time for our annual “Year in Review” where we look at the past year in SunCrestReal Estate. The year 2021can be summed up in two words: record breaking. Home price appreciation saw 26% year over year increase, over 200 real estate sales took place, and the new median price of a home in SunCrest climbed to $715,000 – all records for the SunCrest housing market.
Before diving into the data, however, we want to pause to say thanks. Last year certainly had its challenges, but we feel pretty darn lucky to be a part of the SunCrestcommunity and go through it together. Thanks for all your kind emails, comments on social media, friendly waves, generosity in our giving campaigns, and for all the inspiration around what it means to live the SunCrest Lifestyle.
2021 By The Numbers
Total SunCrest Properties Sold: 209
Properties: 112 Existing homes, 65 New homes, 16 vacant lots
Highest Sold Price: $1,850,000
Lowest Sold Price: $341,500
Median Sales Price: $715,000
Most Active Sales Period: 4th Quarter – 68 Closed transactions
Median Sales Time: 20 Days
Year-Over-Year Sales Price: 26% increase
The “Average” SunCrest Home Sold in 2021
We crunched the numbers. If you could put together an overall average of all SunCrest homes sold in 2021, here’s what that house would look like:
Built in 2010
4.29 bedrooms
3.36 bathrooms
2.56 car garage
.23 acres
Price – $763,985
$202 square foot
53% finished basement
20.2 days average time to sell
Our Take
Outside of a robust labor market and low interest rates, consumers have been fueled by flexible, pandemic-inspired work dynamics. Buyers and sellers can more easily decide where to live based on their jobs, schools, convenience, and local policy. More and more, people can now live somewhere they truly love. This great migration in real estate means the secret of SunCrest is out. Our lifestyle, flexibility and a diverse neighborhood is a hot commodity that few neighborhoods can provide. When it comes to buying and selling in SunCrest, that means it’s never been more important to know the market and get it right. Having a hyperlocal expert in your corner who has their finger on the pulse of this community can make a bigger difference now than ever before.
Help Us Design Next Year’s Calendar!
SunCrest is known for its year-round beauty. Spring flowers, summer skies, fall foliage, and snowy winter magic. So we thought, why doesn’t the community have its own calendar?
FIRST STEP
Snap a pic (or find a favorite you’ve taken in the past) and be sure it falls in an approved category: landscape, nature, lifestyle, family, events, or recreation.
SECOND STEP
Submit your photo above where you can also find official details, rules, and requirements. One photo per form submission. To enter multiple photos/categories, fill out this form and submit each time.
THIRD STEP
Like and follow @suncrestlifestyle on Instagram and Facebook for updates, reminders, and inspiration along the way.
All 12 winners receive a prize, a high-quality photo print and your picture will appear in next year’s calendar!
Submit your photos here!
December SunCrest Market Update
Thank you, SunCrest!
About 10 years ago, we started the SunCrest Lifestyle Warm WinterClothes Drive after a client mentioned some of her neighbors were struggling to make ends meet and couldn’t afford warm clothes. We knew we wanted to help and so we put together the idea of a clothes drive, crossed our fingers, and sent it out to everyone here in SunCrest.
We had no idea what to expect but from that very first year, you stepped up to help. Over the years, you’ve continued to amaze us. Your donations have helped needy service industry families in Heber, homeless individuals at The Road Home’s Mens and Family Resource Center, and most recently, The Family Support Center’s LifeStart Village and Crisis Nursery.
In early December we dropped off this year’s donations —a mind-boggling 500 or so items—and we were once again awed at your generosity and support. We wanted to relay the gratitude of the Family Support Center to you, as well. They explained that donations like yours are what keeps them running. Your donations will be used for programs like their crisis nursery, which offers free drop-in daycare for parents, many coming from situations of domestic violence, and offers them a chance to run to an appointment, or just have a moment to themselves. Your warm winter items may also be used at The LifeStart Village, where families are getting back on their feet through transitional housing and self-sufficiency programs. No matter what, your donations will help keep someone warmer and safer.
SunCrest, thank you. Every pair of gloves, every hat, every coat—each donation over the years has made a difference. Whether you donated a single item, or saved up a full bag all year, we are monumentally grateful for your selfless donations and are in awe of your kindness again this year. We live in a special place and you are what makes this community so incredible. Thank you!
November SunCrest Market Update
How Accurate Are Instant Online Home Estimates?
You’ve seen them before. “Click here to see how much your home is worth!” Websites like Zillow offer instant appraisals but how accurate are they? As it turns out, not very. For several years, Zillow had been buying up properties all over the nation. However, they recently shut down that whole side of their businesses because, after relying on their own computer generated forecasting and automated valuation modeling of homes, they were overpaying for homes throughout the country at breakneck speed. In short, their own “Zestimate” technology failed them.
The Problem With Online Appraisals
Companies like Zillow don’t have access to all the information. Utah is a “non disclosure state” which means that information about homes that are sold is not released to the public. Because of this data and privacy restriction, online marketplaces must lean on unreliable user-submitted data and antiquated county records for additional information. Zillow reports their national median error (aka “How accurate are we?”) is nearly 7%, but Utah is one of the most inaccurate states when it comes to online evaluations of real estate because of the lack of data.
How To Accurately Determine A Home’s Worth
When Zillow shut down their homebuying program, it was a clear signal that technology and algorithms can’t replace local knowledge. Online evaluations can’t fully take into account great locations, home condition, upgrades, or new repairs. They don’t know the story behind upcoming renovations, highly sought after views, or best-on-block landscaping. Technology struggles to take into account niche markets like SunCrest that behave and are valued differently than homes just a mile away. For all of these considerations, there’s no substitute for experience and personal expertise. While technology is a key piece of assessing how much a home is worth, there’s no replacement for hyperlocal human expertise. When buying or selling your most important and valuable investment, don’t partner with a computer. Hiring a seasoned professional will help you get the right evaluation, save time and money, reduce stress, and help you navigate the complexities of the ever changing market.
October SunCrest Market Update
We’re excited to host our annual Warm Winter Clothes Drive. Over the years, you have donated hundreds of warm winter clothes items to those in need. We are humbled every time. Thank you!
This year, we’re teaming up with The Family Support Center’s Midvale Life Start Village, a non-profit that provides housing and self-sufficiency programs for homeless parents in Salt Lake County and once again, we’re asking for your help.
September SunCrest Market Update
Is The Housing Market Starting To Shift?
Over the last year, the housing market experienced a historic boom. Prices shot up, inventory was scarce, and homes sold in record time. Now, it appears we’re seeing the first signs of the market balancing out. Here are three key factors to keep an eye on:
Number of homes for sale
Earlier this year, demand surged like we’ve never before. SunCrest homes were seeing 20 and 30 offers and being snatched up off the market quick, some without ever being formally listed. The number of SunCrest homes listed for sale each month has gradually been creeping up since May, and supply is slowly outpacing demand. In August, 21 homes were listed for sale, the highest since February.
Time it takes to sell a home
The days-on-market metric gives an indication of how hot a market is and how quickly homes are selling. In 2019, prior to the pandemic, it took an average of 21 days to sell a home in SunCrest. This is also starting to rise, though it currently still stands at a brisk 7 days.
Home price appreciation
Home prices have gone up dramatically over the last year and a half. In Utah, we averaged 32% appreciation in just one year. Some homes in SunCrest sold for more than $100K over their initial asking price. In August, however, the average final sales price of a SunCrest home dipped below the original asking price figure; we hadn’t seen that for six months.
Our Take
It’s about perspective. Some predict a return to a more normal market, but keep in mind the big picture—there is no going back to a pre-pandemic world. The housing market is forever changed as more people choose to live in places like SunCrest. And even with these early indicators of more balance, it’s important to realize that compared to the last decade, the real estate market is still tremendously active. People love this neighborhood, so demand in SunCrest remains strong even as housing supply catches up and price appreciation settles into historic growth rates. In short, things may begin to calm down and it’s important to see the opportunity when buying or selling.
Barrett Family SunCrest Story
Say hello to George and Shae. Their #suncreststory started with a complete SunCrest home renovation. Now, you can catch them spending their free time working on their race car, exploring our trails and off leash dog park, and stretching out in a “neighborhood from the 80’s” where kids are safe to run around and play.
August SunCrest Market Update
5 Apps Every Homeowner Should Have
Whether you recently bought your SunCrest home or you’re a seasoned SunCrest homeowner, these are 5 of the best mobile apps to help make owning a home easier.
Yelp (See also: Thumbtack, HomeAdvisor)
Yelp helps homeowners find whatever they need at the touch of a button. Whether it’s a recommendation for remodeling your kitchen or fixing a broken appliance, Yelp searches by your location, needs and wants, and supplies user submitted reviews to help find a contractor that’s suitable for you and what you want done to your home. You can even describe your project and get multiple estimates at once.
PlantSnap (See also: Picture This)
Plantsnap is like having a botanist, arborist, and horticulturist right in your pocket. It helps homeowners track their plants – indoor or outdoor. This is a great app to learn about what plants are in your yard and even has tips on how to care for them.
Project Color (See also: ColorSnap)
The Home Depot Project Color app can help you visualize what a certain color would look like in your entire space, without you having to leave to get samples. You can even take a picture of the room you want to paint, and see firsthand what that color would look like. It’s an easy way to (virtually) try it before you buy it.
Alexa (See also: GoogleHome)
Alexa. Turn on the lights. Set the temperature to 70 degrees. Alexa is a must have for any “smart home” owner. Plugs, thermostats, light bulbs, cameras, and televisions—consider Alexa the hub of your smart home products and smart home personal assistant.
Our Take
Owning a home can feel like a lot of work, but these app suggestions can help take stress off your plate, learn about your home, or integrate new technology that wasn’t around when your home was built. And apps are just the beginning; we’re seeing loads of new features like smart glass, solar panels, home automation, and heated… everything. If you’re considering a remodel, addition, upgrade, or a new home altogether, reach out! We’d love to provide a personal touch on what tech makes the most sense.
