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DD Web • Dec 01, 2017

Changing Course: 4 Utah Real Estate Trends to Expect in 2018

The real estate industry is in a state of constant change, shifting with today’s global events, technological breakthroughs, and financial market fluctuations. As we reflect back on the predicted (and unpredicted) events of the past year and look forward to 2018, we can’t help but wonder what next year might bring for the Utah real estate market. One thing is certain — change is inevitable!

But what change, exactly, can we expect? Something most early forecasters agree on is that home prices will continue to rise. The question is — how much? Current predictions are anywhere from a 3.65% to a 5% increase through July 2018. Housing inventory, price appreciation, and generational and regional shifts are some of the top trends that will shape the Utah real estate market in 2018.

So, whether you are thinking about buying a home or investing in your own real estate empire, you want to be prepared for what lies ahead. Real estate agents, in particular, are faced with the overwhelming task of keeping up with an ever-evolving market and emerging industry trends. Here’s 4 possible ‘game-changers’ to keep your eye on in the coming year.

Inventory Turn-Around

After three years of a steady shortage of homes for sale, realtor.com predicts that the shortfall will finally ease up in the second half of 2018. Once we see inventory start to turn around, there will be plenty of demand to meet the supply (especially in top real estate markets). Good news for Utah — as one of the nation’s hottest real estate markets, it may see inventory recover even earlier. As the market eases, home prices are expected to slow to 3.2% growth year over year nationally

More Mortgages for Millennials

The housing market in 2018 will continue to present challenges for millennials, but many will have success at taking out mortgages on homes at varying prices, and not just starter homes. This is due to both an overall stronger economy and their own career development. Millennials could make up 43% of home buyers taking out a mortgage by the end of 2018, up from an estimated 40% in 2017.

Technology and Silicon-Slopes

With inventory rising, new technologies (and the companies that deliver them) will be in high demand. Utah’s Silicon Slopes is leading the nation in tech growth and shows no signs of slowing. The combination of a strong workforce, business-friendly environment, low operating costs, and proximity to other large markets makes Utah one of the best options in the country for information technology, and many companies will be looking to expand or relocate their business to Utah in 2018.

Tax-Reform Changes

With tax reform now in the Senate’s hands, the proposed overhaul has numerous potential impacts on the Utah real estate industry and the real estate world at large. Low-income housing tax credits (LIHTCs) may be on the docket, along with proposals to double the standard deduction on personal income, alter investment amortization, and get rid of the 1031 tax-free exchange program. These all have the potential to add disruptions and numerous potential ripple effects across the industry.

Remember…Change is inevitable. Progress is optional. –Tony Robbins

Let’s go!

-The Novation Team

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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