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DD Web • Mar 16, 2018

Top Tips for Salt Lake Home Buyers in a ‘Nationally Competitive’ Housing Market

In one of the hottest housing markets in the nation (and we mean hot), Salt Lake home buyers and sellers alike are fixated on tracking market stats as they watch home inventory disappear off the market. For sellers, seeing their homes move to closing as quickly as possible is a dream come true, sometimes with the added bonus of a bidding war between buyers resulting in an offer above asking price. Buyers, on the other hand, are finding themselves in the middle of these bidding wars, willing to pay more than asking price to secure a home in this hot high-demand, low-supply market — an investment they are willing to bet on.

Nationally, the median number of days on the market is falling with a rising number of home buyers and not enough homes for sale, especially in booming tech hubs. The national market hit a low of 60 days in the high-home-buying season of both May and June 2017 (according to realtor.com data). By looking at the median number of days that for-sale homes in the 300 largest metros spent on market from February 2017 through January 2018, they were able to identify Salt Lake City as #3 on their ‘hottest housing-market list.’

Median days on market: 38.2

Median list price: $372,450

What, exactly, is turning Salt Lake City into a boiling-hot metro where homes are spending some of the least time on market (compared to the national average)? Let’s take a look:

- The economy is booming with one of the lowest unemployment rates in the U.S., coming in at just 2.7% in December 2017, according to the U.S. Bureau of Labor Statistics.
- A relatively low cost of living, compared with some of the other major metros, are drawing in college students and millennials looking for tech jobs near Silicon Slopes.
- The city is expected to gain an additional 600,000 residents over the next 50 years, according to a University of Utah research brief.
Continued growth is projected for this market, so here’s what Salt Lake home buyers can do to navigate today’s extremely competitive market — and get a leg up on the competition!

Create a budget: Budgeting means taking into account the additional costs such as taxes, utilities and title insurance. Buyers should be aware that with less inventory on the market, the possibility of a bidding war becomes much higher.

Identify wants vs. needs: Wish lists might need to be compromised on if competition is too intense. List 2-3 non-negotiables but be willing to be flexible on items that can be added in or fixed at a later date.

Put in a competitive offer: In a seller’s market a lowball offer just won’t work. Salt Lake home buyers should go ahead and make their best offer right away or risk losing out. Still, keep in mind that the highest bid may not always win, and bids with fewer contingencies can often come out on top.

Get a pre-approval letter: When a seller knows that your offer is backed by the fact that you can actually afford the house, it gives you a lot of credibility. They know you have a lender that’s willing to finance your home — and you’ve already got the home buying process started!
If you have any questions about the current market or the Salt Lake home buying process, reach out to our team so we can guide you in the right direction. See how we’re redefining the experience!

-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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