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DD Web • April 3, 2018
Purchasing Power: Who are Your Future Utah Home Buyers?
Homeownership is a symbol of the American Dream—whether it’s with a white picket fence or a white mid-century modern kitchen. But the shortage in housing inventory across the country is creating affordability constraints making it difficult for new home buyers to gain a foothold in the market, according to the Aspiring Home Buyers Profile recently released by the National Association of REALTORS.
The desire for future Utah home buyers to purchase, however, is not diminishing. They are waiting (and willing) to pay higher rent prices or live with a friend or family member until they see a hike in new and existing housing inventory. In other words, they’re not going anywhere. And good news: inventory increases are expected to be felt (especially in higher priced segments) after spring home buying season, providing some relief for Utah home buyers and driving sales growth in 2019.
According to the Home Buyers Profile, aspiring homeowners identified their main motivators for purchase as children, marriage and/or retirement (32%), improved finances (26-30%) or a raise in rent (15%). In a high-demand, low-supply market, affordability is the obstacle. Homebuyers are hopeful, however. Demand continues to increase, and the majority of aspiring homeowners (82%) do want to achieve their dream of homeownership.
Here are some key profile highlights:
- Of the U.S. consumer households that were surveyed each month in 2017, 63% of respondents were homeowners, 28% were renters, and 9% lived with someone else.
- Of the non-owners, 46% were 34 years or under, 57% make an income of under $50,000, and 41% live in suburban areas.
- For both homeowners and non-homeowners alike, homeownership is strongly considered a part of the American Dream. For non-owners, 8 out of 10 aspired to be homeowners in the future.
- For non-owners, 58% felt that now was a good time to buy (compared to 79% of owners) and that perception was roughly the same across age, income and city size.
- 51% of respondents expect their rent to increase, and millennials and males were more likely to consider buying a home if their rent increases.
- Housing demand in 2018 will largely be fueled by more millennials deciding to tie-the-knot and start families, along with solid job growth and a strengthening economy that will push incomes higher. Millennials could reach 43% of new home buyers by the end of 2018 (up from 40% in 2017).
The future for aspiring homeowners looks promising. With an uptick of homes on the market in the second half of the year and price appreciation slowing down, the stage for 2018 and beyond is being set to provide help for Utah home buyers! The investment will be worth the wait.
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.” —William Arthur Ward ‘Tis the season for giving! November officially kicks off the holiday season with America’s favorite foodie holiday — Thanksgiving. It is the month where we are once again reminded of all of the things we are thankful for as we gather with family and friends, stuff ourselves with turkey and pumpkin pie, and watch (a lot) of football. It’s fitting, then, that November has been dubbed National Gratitude Month here in the United States. Americans are encouraged to ‘practice gratitude’ which goes beyond just feeling thankful, and actively showing gratitude by giving back. While ideally it is something we should be practicing all year long, people are more likely to give more generously during the holiday season than the rest of the year. According to the annual Holiday Giving Survey conducted by Harris Poll, more than 3 in 5 Americans (63%) typically donate to an organization or charitable cause in the last two months of the year (known as giving season). Americans are among the world’s most generous people, ranking No. 4 out of 140 countries. Utah has consistently ranked the most charitable state in the nation, coming in second this year behind Minnesota. Beyond the obvious benefit of helping and enhancing the lives of others, research shows that practicing daily gratitude can enhance our own moods, decrease stress and drastically improve our overall level of wellbeing. On average, grateful people tend to be happier, healthier, more physically fit, have a higher income and have much more satisfying personal and professional relationships. It’s a win-win for everyone! The easiest way to practice gratitude is to say THANK YOU to someone who has helped you or impacted your life in a positive way or spending time with a loved one who may be lonely or going through a difficult time. Your words and your time are often the best gifts! -The Novation Team
Mission accomplished. Or is it? It is common practice for organizations to summarize their goals and objectives in the form of mission and/or vision statements. For many, they come in the form of a typed out statement hung on a wall, easily forgotten about and only reminded of when a crisis strikes. Or they come in the form of a long-winded, regurgitation of thoughts following a midnight-hour ‘breakthrough’ (see Jerry Maguire). While they are often confused for relaying near identical messages, both serve very different purposes. A mission statement describes what a company wants to do now, and a vision statement outlines what a company wants to be in the future. A mission statement guides the day-to-day operations and decision-making of an organization. It helps in tactical planning and “rallying the troops” around a common short to medium-term goal. A vision statement outlines the long-term view of the organization and why it exists. It attracts people — not just internally but also externally — who believe in the vision of the organization. Your mission, then, brings your vision to life. We believe these statements are the lifeblood of our company. They are something we live and breathe by, because as with anything else, our thoughts become our actions and our actions become our reality. We want our reality to reflect the words written on our walls, the words we use to describe who we are and the words our clients attach to our reputation. To us, they are much more than words. Mission: We believe in making an impact and having purpose within our community. Whether we are protecting real estate investments, giving back to our surroundings or creating opportunity and growth for others. We are here to redefine the experience. Vision: To create an experience that our industry has never seen before . To develop individuals to live by their full potential in all areas of life. To have unlimited growth and make an impact in people’s lives for the better. To empower our team members to dream big so together we can make a difference in our world. Impact. Purpose. Growth. Empower. Create. Dream. These are our words, our actions, our reality, and something we are proud to stand by each and every day. Experience the difference!
REDEFINING THE EXPERIENCE
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