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DD Web • March 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!
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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