Three Reasons There’s A Shortage of Homes For Sell
Ask anyone who’s trying to buy a home right now, and they’ll probably describe the experience as “competitive, challenging, and exhausting.” The reason is simple: there are way more people looking for a home to buy than there are homes for sale. But the cause? That’s a little more complicated.

Housing Shortage Cause #1: New Construction Shortfall
When the housing and lending markets collapsed in 2007, many builders found it a lot harder to get financing for new construction projects, especially when the economy was still recovering and demand was low. As a result, the industry shrunk and a lot of skilled labor moved on to different trades or industries. Now that demand has surged, the construction industry can’t just “catch up” overnight. Pair that with huge supply chain problems in raw building materials like lumber and hardware due to COVID, and you just can’t build new houses fast enough.

Housing Shortage Cause #2: Buyer Demand
Fueled by the largest generation since the baby boomers, Millennials have been gradually hitting home buying age, and their home purchase trend is peaking right now. Many millennial buyers are part of the new generation of work-from-home employees, so they can choose to live wherever they’d like regardless of commute. More and more, that means they’re choosing SunCrest for the lifestyle our neighborhood affords. In addition interest rates remain near record lows, making it a very attractive time to buy.

Housing Shortage Cause #3: The Coronavirus Pandemic
All of the conditions above already existed before COVID, but the pandemic threw gas on the fire. Now, our homes are even more important. They’ve turned into home offices, home gyms, schools, daycares, and staycation spots. The economic recovery will likely keep interest rates low. And it’s also like the toilet paper craze—the more people can’t buy something, the more they try. Homes are snatched up fast, and some people who might otherwise sell their homes have decided not to, for fear of not being able to buy a new one.

Our Take
Are there really less houses for sale in SunCrest? Sorta. We looked at a 5-year history and the total number of homes sold has been pretty consistent year-over-year. However, the amount of time on the market for these homes has indeed clearly reduced. The total sales price and number of offers for each home sold has also increased. All of this means one thing: now is an exciting (but challenging) time to make a move in the real estate market, whether buying or selling. Partnering with a neighborhood expert to explore, discuss, and answer questions will help you figure out your unique situation and the best path forward.

Can I Sell Now And Buy Later?
The current market has a lot of people wanting to sell their home for top dollar. That sounds great, but once you sell, where do you go? We get asked this question about selling now and buying later, and wanted to share three potential solutions that allow you to sell your current home while you navigate buying at the same time.

1. Sell and Rent Back
This is just like it sounds. In this scenario, you sell your current home but negotiate a fixed rate and period of time in which you rent it back from the new owner.

2. Contingency Sale
Using this tactic, you and a buyer agree on the sale of your home, but that sale is contingent on you purchasing a new home so you have somewhere to go. This kind of agreement comes with a specific timeframe, but allows you to halt the sale of your home if you’re not finding a new place to live.

3. Home Equity Line of Credit or Bridge Loan
If you want to sell to take advantage of the market, but your finances aren’t exactly there, you can use the equity in your current home to finance the down payment on a new place. You can get a home equity line of credit using your current home as collateral. Once sold, your proceeds repay the HELOC. Similarly, a bridge loan can helps “bridge” the gap between now and when your home is sold, however this is a personal loan and is also repaid whenever your current home is sold.

Our Take
This market is too hot to not at least consider selling. There are tools you can take advantage of that might mean you won’t have to immediately buy, or you might be able to move from a seller’s market to a buyer’s market. The first step is reaching out to figure out what your options are, and whether or not these tools make sense for what you want to accomplish. Partnering with a neighborhood expert to explore, discuss, and answer questions will help you figure out your unique situation and the best path forward.

What’s the 2021 real estate market going to look like?
In some ways, a lot like last year. Mortgage rates continue to hover at historic lows, and most forecasts have them remaining favorable throughout the year. The lack of homes for sale in SunCrest in 2020 looks to continue into this year as well.

What does this mean?
If you’re looking to buy in 2021, you’re going to have to be patient in your home search. It could take some time to find a house you love, and once you do, you’ll want to be ready to pounce. Having financing pre-approved and making a competitive offer will help, but in a shortage like this you may enter a bidding war and there won’t be much room for negotiation.

If you’re selling, SunCrest homes are in even higher demand from a workforce that no longer needs to commute. Putting your house on the market today means you’re likely in the driver’s seat. Whether it’s the price, moving date, or other items like repairs, inspections, or closing costs, smart sellers are able to request more from a potential buyer at a time like this – especially if you have multiple interested buyers and the experience to know what to ask for.

Our Take
Whether you’re buying, selling, or doing both, we expect 2021 to remain a busy year for real estate in SunCrest. Partnering with a neighborhood expert may help you navigate the complexities of this year’s bustling but challenging market. Have a question? Reach out, we’d love to help.

The 2020 SunCrest Market Summary
To say, “What a year,” sort feels like an understatement. We still remember reading headlines in March that predicted a bubble bursting in real estate, declining home values, and a repeat of the late 2000’s. Turns out, we saw the opposite. Outside of a momentary slowdown at the start of the pandemic, the market actually roared back and outperformed previous years—more homes were sold at a higher median price than ever before. With 2020 in the rear view mirror, we’d like to thank you—each resident of SunCrest—for all your encouragement as we provide these monthly updates and for your continuous support and engagement throughout the community. You truly are what makes SunCrest special.

2020 By The Numbers
Total SunCrest Properties Sold: 182
Composition of Properties: 124 Existing homes, 42 New homes, 15 vacant lots
Highest Sold Price: $1,925,000
Lowest Sold Price: $293,793
Median Sales Price: $579,250
Most Active Sales Period: 3rd Quarter – 59 Closed transactions
Median Sales Time: 27 Days

The “Average” SunCrest Home Sold in 2020
Here’s a look at the “average” SunCrest home that was sold in 2020. Of course there there aren’t any “average” homes in our neighborhood, but based on the data here’s what that profile would look like:
Built 2010
4.34 bedrooms
3.61 bathrooms
2.45 garage
.24 acres
Price – $624,007
$156 square foot
61% finished basement
45 days average time to sell

Our Take:
This year will be remembered as the year that changed real estate. Before, buyers and sellers decided where to live based on their jobs, schools, and convenience. With remote learning and a mass migration to work-from-home models, people can now live somewhere they truly love. More and more, that means people are moving to SunCrest for its flexibility and for the lifestyle it offers. Praised locally by hikers, bikers, and adventurers alike, SunCrest is known for those who like to explore. Miles of open space and trails are intertwined with unbeatable community amenities. SunCrest’s unique location above much of the Wasatch Front means you get year-round beauty, and breathable air above the inversion. SunCrest houses are newer, sensible, spacious, and light and as we’ve seen our homes transform into schools, daycares, gyms, movie theaters, and offices. It’s no secret SunCrest offers a perfect mix of desirable houses with desirable lifestyles. You’re looking for an exceptional house, so don’t settle for an average experience. Having a hyperlocal expert in your corner who has their finger on the pulse of this community can elevate your experience far beyond anything that’s just average.

With cold weather now upon us, we’re spending even more time indoors. As a natural consequence, we usually see an uptick in home projects during the winter months and this year’s no exception. Whether you’re looking to sell your house or stay a while, you should be aware that not all renovations are created equal. Here are 3 projects that are worth investing time and money on for your SunCrest home.

Solid Surface Flooring
Having good, solid flooring can really boost the appeal of a home while making it more functional for your life and more attractive for future homebuyers. Luxury Vinyl Planks (or LVP) provides outstanding durability with kids and pets, and real hardwoods are a timeless addition to any home. It’s hard to go wrong when lining the entire main floor with consistent, easy to clean, solid surface flooring.

Paint
Let’s face it, sometimes we just need a little change to our living spaces. Splashing a fresh coat of paint is one of the simplest and most cost effective way to change your space. Right now, you can’t go wrong with neutral grays, “greiges” (gray/beige tones) and even just plain white. Fresh paint rejuvenates existing spaces and provides a great first impression to visitors.

Kitchen
The kitchen is often referred to as the heart of the home. In 2020, it’s become even more important now that the pandemic has caused more families to stay indoors, cook, and congregate there. Any updates here almost always pays off. Consider adding a backsplash, updating cabinet hardware, new appliances, or even new countertops.

Our Take
Considering an update? Spend your money and effort where it makes the most difference. We’d love to share our opinion on the latest trends, what’s working in SunCrest, and where you get the most bang for your buck.