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DD Web • Feb 01, 2017
Millennial Power: Gen Y’s Effect on the Utah Housing Market
The next generation is moving in! As we pointed out in our last blog post, millennials will remain a dominating force in the Utah housing market this year. For the fourth year in a row, Generation Y (those born between 1980 and 2000) is expected to comprise the largest segment of the buyer market (33%), ahead of Generation X (30%), those born between 1965 and 1979, according to a recent report by the National Association of Realtors.
Additionally, a whopping 86% of millennial home buyers indicated they were ready to purchase because of a change in their household size and composition—including marriage and/or planning to start a family. This “growing household” trigger was much higher for millennials than for any other type of home buyers. Millennials also reported that a stable or improving income triggered them to shop.
If you have plans to take on the Utah housing market this year, you’re going to want to appeal to younger, first-time homebuyers. You’ll likely sell your home more quickly and at your asking price if you speak to the market majority. Here are a few things to keep in mind before listing your home:
Efficiency is key! Millennials say they’re willing to pay up to 3% more if a home’s energy efficiency upgrades will help cut utility costs (according to the NAHB survey).
Younger millennials are looking at condos in urban areas, with millennials entering their 30’s are looking in the ‘burbs for detached, single-family homes.
More so than their parents, millennials tend to look at convenience, walkability and technology as selling points.
They’re more apt to look at the experiences of friends (i.e. watching foreclosures all around them) and are willing to wait for a more stable time to buy.
More than two-thirds of millennials think “smart home” technology is an investment worth making (think upgrades like security cameras, smart thermostats and outlets and keyless entry).
Around 13 million Americans telecommute, a shift that’s largely driven by millennials. A home office is likely a ‘must-have’ on their list, so create a space that appeals to that desire.
39% of millennials report a desire for low-maintenance, ‘edible’ landscaping (more time in the garden, less time with lawn care).
The next generation has only begun to impact the Utah housing market. As incomes increase with age and shape family and financial decisions, millennials will continue to spur change. The real estate industry will need to adapt to their needs and innovate accordingly — just like it has with the generations before them.
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 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.
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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