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DD Web • Sep 17, 2018

Inventory Control: No Pain, No Gain(s) for Utah Home Buyers

Utah home buyers — along with home buyers across the nation — have felt the long-running squeeze of high home prices and low inventory. Though the Wasatch Front is facing a housing crunch with growing affordability issues similar to other large metros, a new report indicates that relief from rising home prices is on the horizon (whew!).

The nation’s overall housing inventory increased 12.2% in the second quarter, the biggest gain since early 2015, according to a report from Trulia. Thirty of the nation’s 100 largest metro areas saw their housing supplies increase on an annual basis last quarter. That’s up from just 13 earlier this year and represents the largest share of big cities with increasing inventories in more than 3 years.

While it may be too early to tell for sure, it’s looking to be the start of a shift in inventory. An acceleration in new home construction as well as the willingness of more existing homeowners to put their homes on the market are the biggest contributors to this shift. New, smaller units are being snatched up by millennial homebuyers and retiring baby boomers who are downsizing.

So, what does this shift look like for Utah home buyers? Salt Lake City was one of the largest metro areas with big inventory gains this past year (coming in just behind Nashville, Tennessee). Here are the top metros with housing supply increases, according to Trulia.

-Nashville, TN: 52%
-Salt Lake City, UT: 48.6%
-Dallas, TX: 32.4%
-Washington, D.C.: 21.9%
-Little Rock, AK: 13.4%

Adam Kirkham, president of the Salt Lake Board of Realtors, noted that local builders have had trouble keeping up with demand for housing units, which has created a major seller’s market that has resulted in rapidly rising home prices. With more inventory on the market, however, we will likely begin to see this turn around going into the final quarter this year and into 2019.

With millennials making up a large percent of future Utah home buyers, these gains couldn’t come at a better time. Millennials make up 15.5% of the total population in our capital city, according to realtor.com. “Millennials want to buy, but record-low inventory [has made] it extremely difficult,” said Danielle Hale, chief economist for realtor.com. Continued inventory gains will continue to draw in millennial home buyers in an already hot market that is rising in popularity with this younger demographic.

It’s true what they say…no pain, no gain — even in the real estate world! If you have any questions about the future of the Utah housing market, reach out to an expert for the latest market indicators and inventory updates.

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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