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Supply and Demand
In most parts of the country, we’re seeing higher than normal housing appreciation and a low inventory of homes for sale. This is causing a stir, and some believe we’re heading down the familiar and dangerous path that led to a bust in the housing market. “Homes are appreciating too quickly” and “people are just settling because there isn’t a better choice” are a few of the more popular phrases we’ve heard.
By definition, supply and demand dictates that the lower the supply, and higher demand, the more people are willing to pay for something. For SunCrest, that means with the current low amount of SunCrest homes for sale, and the steady amount of people looking to buy in the community, home prices are appreciating.
According to the Home Price Expectation Survey — a panel of economists, real estate experts, and market strategists — 50% of the experts cite not enough homes for sale as a primary driver of home values going up. Another 20% believe it’s because interests rates are still at historic lows. Translation: 70% believe limited inventory and low interest rates are causing this push.
We believe there’s a strong third factor: pent up seller demand. Historically, homeowners would stay in their homes an average of 6 years. Since 2007, the number has risen pretty dramatically as the economy struggled, they owed more on their homes than it was worth, and they worried about job security. With those worries somewhat faded, many are looking to finally get out of their current house and into something that better suits their current needs.
Our take:
Looking back over same period last year (Jan-May), the SunCrest market has improved in several areas:
- Homes are selling quicker. The median days on the market down from 113 to 26.
- Home prices are going up. The median home price is up 4.3%.
- Despite a lower number of home available, 11% more homes have sold this year.
There’s no doubt about it. There is a shortage of SunCrest homes for sale and folks who are ready to buy. While this doesn’t guarantee a quick sale, now’s the time to list if you’ve been on the fence about moving. And with home prices rising, it’s the time to buy before you get priced out.
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.
Read More$310,000 | 2,360 sq. ft. | 3 beds | 2.5 baths
We love helping people find a place where they can put down roots. You know the feeling – digging your feet in the soil and really becoming a part of the landscape, and blossoming alongside a community of neighbors that become close friends.
This house might just be the perfect place to do that.
Oh, it’s not just because this house has a flat, fully-fenced and fully-landscaped .16 acre lot that makes us think that (although it doesn’t hurt)…
It’s more about the whole package that makes it the perfect place to plant yourself and grow.
The master retreat is planted on the back of the home and has pocket views of the Maple Hollow Corridor, which is a perfect place to hike among the Gambel Oak, by the way.
The inviting entry and two other rooms upstairs are perfect for an office, guests, or your little sprouts (see what we did there?). But if you want to branch out a little more, use the downstairs space to create a hobby room, theater room, or play room; you’ve got the square footage.
Think of all you can do to cultivate this house into your home -the yard, the basement, and your personal touches – contact us to see it today, all it needs is you!
PROPERTY FLYER | FULL LISTING | SCHEDULE A TOUR
Read More$325,000 | 2,192 sq. ft. | 3 beds | 2.5 baths
Stunning, panoramic 180 degree views dominate every window in this SunCrest 2-story.
Located on a secluded cul-de-sac location, living here means your daily routine includes waking up to the Great Salt Lake, Antelope Island, downtown SLC, or being tucked into bed by the Lone Peak Wilderness range. You pick, it’s literally out your backdoor.
The outdoor space, complete with a Trex deck, spiral staircase, and pergola was created to maximize those sweeping views.
The flowing kitchen, dining and family make entertaining as easy (and as enjoyable) as pie.
The master bedroom provides our favorite viewpoint, and makes unwinding after work inviting and relaxing.
It’s not just the visible updates like new stainless appliances, windows, blinds, doors, custom workshop and outdoor space that make it move-in ready, but the stuff you don’t see has been updated, too: plumbing, water heater, furnace. Combine all the updates with those jaw-dropping views and you can be confident with this home buying decision. The only questions you’ll be asking is, “When can I see it?” and “When can I move in?”
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Read More$325,000 | 3,336 sq. ft. | 3 beds | 2 baths
Goals. That’s really what we’re all about. We’re not just about the sign in the yard, the paperwork, and posting a few pics online. We’re about you. We’re about your goals and your timing. When we met with these sellers months ago, their goal was clear. Update the home and get it ready to sell.
Our approach: Create a unified feeling that you can use to make it your own. We managed the process of scheduling contractors, meeting deadlines, staying within budget, and honoring commitments while always letting the sellers be the decision maker. The result? They were able focus on things important in their life—family, friends, work, and hobbies and together we created a “schedule the moving truck and order the obligatory moving day pizza” move-in-ready home.
Just walk through the front door and you’ll see the updates still sparkling. What is it about the smell of fresh paint and carpet that gets your blood moving?
The main floor living design has nice, vaulted ceiling and offers plenty of open space. The kitchen, lined with granite countertops, flows right in to the family room.If open concept living is a must, throw out a fist bump ’cause this place is as wide open as they come.
The bathroom and bedrooms received touchups, fresh paint and carpet. We even bid adieu to the carpet in the master bathroom, but could bring it back if thats your thing?
The landscaping is equal parts clean and comfortable.The large backyard patio is great for relaxing with a tall glass of lemonade, demonstrating your bbq skills, or just good old fashion hanging out(side).
Schedule a tour to see it in person and then relax, the updates have all been done for you.
PROPERTY FLYER | FULL LISTING | SCHEDULE A TOUR
Read More$335,000 | 2,475 sq. ft. | 4 beds | 3.5 baths
Anticipation. You know that feeling… that little tickle in your brain the night before a big vacation or the rush you get when your crush is calling. We have to admit, that’s the same feeling we got when we first rolled up to this terrific two-story.
We knew from the location that the views would be special, but just how special? We had to go inside. Guys and gals, can we put our anticipation to rest? It’s got views! Just look at the views from the back.
The large deck makes wildlife, weather, or just being nestled in nature a great way to spend your free time.
The kitchen has granite tops, real hardwood floors, and overlooks the home’s common areas. But also killer views.
The dining area? Enjoy steak, potatoes, and a mouthful of views.
The main floor family room is the sellers favorite view spot. Aside from the fireplace, mantle and rock surround,you can see clear to downtown Salt Lake. Not to worry, it doesn’t come with a Salt Lake City price tag.
Our favorite lookout? The master bedroom. That’s not a picture you’re seeing, that’s what waking up everyday in this home looks like.
This view-tacular home (see what we did there?) has 4 beds, 3.5 baths, and nearly 2500 square feet of awesome. Spacious rooms and a floor plan that just makes sense.
And unlike similar floorpans in the area, the additional footage in the basement and fully landscaped and fenced yard means even more room to spread out and enjoy – you guessed it – the views.
We anticipate this one going quick, call us to see it today.
PROPERTY FLYER | FULL LISTING | SCHEDULE A TOUR
Read More$475,000 | 3,662 sq. ft. | 6 beds | 3 baths
“Exquisitely updated and delightfully decorated.” That’s how other people might describe this SunCrest home, but that’s a little hoity-toity, ya?
We think it’s just the pure cool factor. Besides having some of the best of SunCrest-postcard sunrise views of Lone Peak and Timp-it’s just so easy breezy and full of light.
How about that dramatic dual entry staircase? Showstopper.
Gorgeous, real hardwoods line the main living area and beautiful, thick granite countertops are found throughout.
The master suite opens to the deck and the sky high ceilings make kickin’ your heels up after work enticing.
And that custom, oh-so-gorgeous barn door dazzles the downstairs that really doesn’t feel like a downstairs. After all, it is drowning in daylight.
That Trex deck is a perfect place to sip a bevvie as you take in those sweeping eastern views.The daylight walkout basement with covered patio makes entertaining a breeze.
Campfire? Light it up! Your friends will all gather around the custom gas fire pit and stained concrete out back to high five you at your debut ‘cue. That’s what we mean by cool factor.
PROPERTY FLYER | FULL LISTING | SCHEDULE A TOUR
Read More
SunCrest Appraisals
“The appraisal came in low.” Those are five words you never want to hear in a real estate transaction. Basically, it means that a transaction was based on a home being worth a certain amount of money, but certified appraisers have evaluated the home and in their estimation, determine it’s just not worth that much. It affects sellers, buyers, and may unravel a mortgage company’s ability to lend money.
In SunCrest, as well as the market as a whole, we’re seeing more “low appraisals” in 2016 than we’ve seen in nearly a decade. Why? The law of supply and demand. When demand is high and supply is low, it creates a challenge for appraisers, homeowners, and realtors. Certified appraisers look backward to see what comparable homes have sold for in the past, and when prices are increasing as they have been this year, it can become difficult for appraisers to find adequate, recent comparable sales to defend the current sale price of a home. Although upticks and trends in the market can be considered, appraisals are really rooted in homes sold in the recent past.
If your appraisal comes in low, are you prepared to dispute the value? How about a second opinion? Can you support your value? Were the comparable sales the appraiser used accurate? What about things like view, upgrades, condition, and location?
Our take:
We often tell our clients their house has to 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. With rising prices, the second sale can be more difficult than the first. Systems, data, and algorithms account for quantifiable data. Having a professional on your team who is able to defend, educate, and most importantly communicate the contract value may save you thousands in the event of a low appraisal.
Read More
$465,000 | 4,308 sq. ft. | 5 beds | 3 baths
Ever find yourself feeling cooped up and cramped in? You know the feeling: elevators, checkout lines, airplanes. Sometimes you just need to spread out a little and exhale. That’s what we did when we saw this SunCrest rambler.
We’re talking sprawling spaces to entertain, gigantic common areas, and bedrooms that ditch the small room trend you’ve been running into. One foot inside, you’ll see what we mean. The large family room and kitchen means meals, homework, or cartwheel competitions can all be done in one place.
The five bedroom, three bathroom rambler style floorplan keeps all your daily necessities on one floor, and plenty of space downstairs for whatever you need.
With over 4300 sq. ft, the floor plan is laid out so well that you can hop from streaming a movie in the theater room, to pumping iron in the workout room, and relaxing on the deck or hot tub as quick as you’d like. Room to roam, as it were.
The whole house has been freshly restyled and updated with trendy gray tones that are oh-so-hot in magazines, tv shows, and home improvement stores. Our favorite update? The main floor master with the spa like retreat and cobble stone walk-in shower, heated quartz floors, and granite counters with vessel sinks.
Although, the kitchen with quartz tile flooring, one of kind Brazilian granite countertops, high-end five-burner gas range, and professionally stained cabinets is a close second.
Need to decide which for yourself which stunning update you like more? We thought so. Reach us here for private tour on this or any other SunCrest home for sale.
PROPERTY FLYER | FULL LISTING | SCHEDULE A TOUR
Read MoreHidden Canyon Estates
Recently, Draper City held a public hearing to discuss the preliminary plat for the Hidden Canyon Estates subdivision. We were there and below is a summary of the comments we made.
City council will vote on this matter at their next meeting. PLEASE voice any questions, comments or concerns you have directly to the City Council by emailing them here.
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