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DD Web • March 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
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
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?!
REDEFINING THE EXPERIENCE
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