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DD Web • Jan 23, 2017

5 Major Utah Real Estate Trends to Watch in 2017

Those who live here know why Utah is a great place to call home, and not just because our mountains host the ‘greatest snow on earth.’ We’ve already bragged about our foodie scene, music hot-spots and year-round festivals. On top of all that, Utah also has one of the strongest economies in the nation, including a robust real estate market that is attracting the attention of a new generation of home buyers. We’ve enjoyed strong growth, short sale-cycles and rising home prices over the past year and those trends are expected to continue through 2017.

In 2016, Utah was recognized repeatedly for its impressive real estate market. Zillow named both Salt Lake City and Ogden among their top 10 “hottest housing markets of 2016.” In addition, Realtor.com recently placed Provo-Orem and Salt Lake City in its top 25 housing markets for the coming year, as part of their 2017 National Housing Forecast.

The combination of low unemployment, above average incomes and steady appreciation have made Utah one of the most solid housing markets in the nation. While appreciation is expected to slow in 2017, factors such as first-time millennial home buyers and an influx of new homebuyers will keep Utah’s housing market healthy in the coming year (a reported 15,000 people moved to the state last year in need of housing).

Looks like a promising year ahead for The Beehive State. Keep these 5 Utah real estate trends on your radar for 2017:

Millennials and boomers coming in strong –– Next year, the housing market will be in the middle of two massive demographic waves, millennials and baby boomers – that are expected to power demand for at least the next 10 years. Even with increasing interest rates, millennials and boomers will still comprise the majority of the market. Baby boomers are expected to make up 30% of buyers in 2017, with the millennial market making up 33% of the buyer pool.

Price increases will level out –– The steady appreciation that Utah sellers have enjoyed over the past few years will start to slow. That doesn’t necessarily translate to lower home prices, but 2017 won’t see the large 8% increases that were common in 2016 (home prices are expected to top out around 5-6%). Nationally, home prices are predicted to slow to 3.9% growth year over year (from an estimated 4.9% in 2016).

Lower inventory = increased competition –– Inventory is currently down an average of 11% in the top 100 metros in the U.S., and the conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14% – or 11 days – faster than U.S. overall. Utah is one of these fast-moving markets, with many homes being sold above market value after multiple offers. Even new home construction has seen bidding wars due to high demand from buyers and limited homes for sale.

Home purchase over renting –– According to MarketWatch, there are only 8 states in the country where renting is more affordable than buying a home. And as reported in July 2016, Utah was one of them. However, increasing competition for rental properties (and raised rents) in Utah may give long-term renters the push they need to buy instead. USA Today reported that nearly 80% of renters in Salt Lake City spend at least 30% of their income on rent — and many spend significantly more.

Interest rates may be on the rise –– The presidential election, inflation, and fear of the unknown could all affect interest rates in 2017. However, rates won’t move too quickly — or too much. Current Utah rates range from 3.15 to 4.20% (depending on the mortgage type). Kiplinger predicts rates for an average 30-year fixed mortgage (nationwide) to end up around 4.5% by the end of 2017 (with rates for a 15-year fixed mortgage topping out at 3.8%).

Despite a normalizing housing market over the coming year, Utah’s strong economy and population growth will continue to fuel its market health. Sellers have many factors remaining in their favor, including low inventory and rising prices. Buyers may be in for a fight for their dream home, but even first-time buyers can look forward to a fair market with reasonable interest rates and leveling home prices. Whether you’re buying or selling a home this year, enlist the help of a real estate expert to help you navigate these trends and the Utah real estate market in 2017.

Do you know WHO picks your Title Company?

By Stephanie Cline • 29 Mar, 2024
Hey there, future homeowner! So, you're diving into the wild world of real estate, huh? Exciting times ahead! 🏡 But hold up – before you pop the champagne, let's talk about something crucial: choosing your title company. Now, who gets to decide on this? Spoiler alert: it's you! Sure, your real estate agent or lender might throw a few suggestions your way, but ultimately, the choice is yours. So, let's make it count! First things first, do some snooping around. Check out different title companies online, ask your pals for recommendations, and see what vibes with you. You want someone reliable, experienced, and who's got your back, no matter what. Oh, and don't be shy – ask questions! Seriously, grill them like you're on a first date. How long have they been in the game? What's their process like? And most importantly, can they handle your quirks and concerns like a champ? Remember, this isn't just about paperwork – it's about peace of mind. Your home sweet home is a big deal, so choose a title company that feels like the perfect fit. Trust me, it'll make all the difference when it's time to pop those keys in the door!

February Giveback- For The Kids

By Stephanie Cline • 29 Feb, 2024
February is not just about Valentine's Day chocolates and romantic gestures; it's also about spreading love and kindness to those who need it most. And boy, did we have an amazing time doing just that with our February Giveback! This month, we teamed up with the incredible For The Kids nonprofit to make a difference in the lives of children in our community. And let us tell you, it was a heartwarming experience from start to finish. First things first, our team rolled up their sleeves and dove straight into action. We spent a day volunteering, packing a whopping 100 meals to be delivered to those in need. The joy of knowing that these meals would bring smiles to the faces of children warmed our hearts in ways we can't even describe. But we didn't stop there! Oh no, we were just getting started. With our sleeves still rolled up and our spirits soaring, our very own Joe packed the truck with all those delicious deliveries for that Friday. The excitement was palpable as we imagined the happiness these meals would bring to families across our community. And guess what? Our amazing supporters rallied behind us in full force! Through their generosity, we collected over 100 additional items to donate to For The Kids. From canned goods to pantry staples, every single donation meant the world to us and to those we're helping. As we reflect on our February Giveback journey, we can't help but feel overwhelmingly grateful. Grateful for the opportunity to make a difference. Grateful for the support of our community. And most of all, grateful for the chance to spread love in every way we can. It's worth mentioning that our dedication to For The Kids goes way back – we supported their mission back in 2021, and we're committed to continuing this beautiful partnership for years to come. To everyone who volunteered, donated, or simply cheered us on from the sidelines – thank you. Thank you for believing in the power of kindness. Thank you for joining us on this incredible journey. Together, we're making the world a brighter, happier place, one meal and one smile at a time.

Nova Reveal 2024!

By Stephanie Cline • 31 Jan, 2024
The curtains have risen, the confetti is in the air, and we are ecstatic to share the electrifying plans Novation Title has in store for 2024! This year's big reveal event was nothing short of a spectacle. Hosted on Zoom, it was a virtual fiesta with most of our incredible team. We kicked off the event with a bang, unveiling not just launches but also insights from a unique case study involving over 250 Agents. Picture this: a backstage pass to what the real estate game-changers need in 2023. It's a report that's about to revolutionize the way we navigate the real estate landscape. There were reminders of the tools that spark creativity at Novation Title – from ecording rooms to meditation rooms. We also shared all about Nova Connect, and an exclusive savings opportunity. A mic drop moment, unveiling our Referral Program, updated Diamond Partnership and Diamond Plus perks, and our Nova Show: Real Estate Records Podcast now with fresh episodes every week. As if that weren't enough, Novation Title is officially rocking the YouTube scene as of Season 3! The website got its moment in the spotlight as we went through its hidden treasures. Real Estate Pop Bys, the Title Rate Calculator – it's like a digital treasure hunt. And let's not forget the Nova Academy Calendar, our roadmap to success with all of our class schedules. Speaking of Nova Academy, we shared the excitement about upgraded classes tailored to your needs. Learning just got a whole lot more thrilling! We put the spotlight on Nova Stories – and how we have updated this experience to help you. Lights, camera, action! Novation Title's values – the Give Backs that have shaped our community. From Primary Children's Hospital to Sub for Santa, we've been making a difference for over six years. We are so excited for all of our upcoming community services. Novation Nation, are you as pumped as we are? The future is now, and we're ready to take 2024 by storm. Stay tuned for more updates, adventures, and game-changing moments from Novation Title. Here's to an extraordinary year ahead!
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