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DD Web • Mar 23, 2019

Utah Ranks #1 for Home Growth in the Nation: What’s Next?

By now, it’s no surprise: Utah’s housing market has been among the hottest in the nation for the past several years, driving up prices for both home buyers and renters. 2018, however, was unexpected. Home sales skyrocketed, and multi-family residences were being built at an all-time high — in large part due to steady job growth in Utah (currently ranking second in the nation and the highest contributor to our state’s economic growth).

According to James Wood, a senior fellow at the University of Utah’s Kem C. Gardner Policy Institute who studies real estate trends, “The employment growth brings people in and those people need housing units,” he said. “Consequently, we get demand for housing.”

While Utah’s housing boom is adding homes and apartments at a rate nearly three times the national average, economists say more is needed to reduce shortages and help offset high real estate prices that drive out many people from buying — or even renting.

While new Utah homes have cropped up in clusters mostly in Salt Lake and Utah counties, southern Utah’s Washington County is also experiencing a boom, as a growing number of outdoor enthusiasts, retirees and service workers flock to its red rock landscape and warmer climate.

In figures released Wednesday from the U.S. Census Bureau, data shows the Beehive State continues to build homes faster than any other state, at a rate of about 2.2% for 2017-2018. In comparison, the national rate was 0.8%

According to the data, the Beehive State added about 24,000 new apartments, houses and other dwellings from 2017-2018, bringing the total number of homes to about 1.08 million. Not surprisingly, the Census Bureau also reported that Utah is #1 in the nation for population growth this decade.

So what’s in store for 2019 and beyond? What can both current and future Utah residents expect?

“We need more units. That’s the bottom line,” says James Wood.

While affordability remains a pressing issue, it appears that housing prices may be moderating. 2018 was the first time in years that the state built a more housing units than it added new households (although by just a few hundred). Additionally, a dip in home prices during the 1st quarter of 2019 is an indication that buyers are pushing back on home prices.

So, good news for future Utah home buyers (and sellers): this may be a turning point at which prices will continue to go up, but just not as fast. There’s one thing we can be sure of: Utah’s population growth will, without a doubt, continue to reshape Utah’s landscape and future housing market. Utah is projected to double its population by 2065!

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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