DD Web • February 1, 2017
Millennial Power: Gen Y’s Effect on the Utah Housing Market
The next generation is moving in! As we pointed out in our last blog post, millennials will remain a dominating force in the Utah housing market this year. For the fourth year in a row, Generation Y (those born between 1980 and 2000) is expected to comprise the largest segment of the buyer market (33%), ahead of Generation X (30%), those born between 1965 and 1979, according to a recent report by the National Association of Realtors.
Additionally, a whopping 86% of millennial home buyers indicated they were ready to purchase because of a change in their household size and composition—including marriage and/or planning to start a family. This “growing household” trigger was much higher for millennials than for any other type of home buyers. Millennials also reported that a stable or improving income triggered them to shop.
If you have plans to take on the Utah housing market this year, you’re going to want to appeal to younger, first-time homebuyers. You’ll likely sell your home more quickly and at your asking price if you speak to the market majority. Here are a few things to keep in mind before listing your home:
Efficiency is key! Millennials say they’re willing to pay up to 3% more if a home’s energy efficiency upgrades will help cut utility costs (according to the NAHB survey).
Younger millennials are looking at condos in urban areas, with millennials entering their 30’s are looking in the ‘burbs for detached, single-family homes.
More so than their parents, millennials tend to look at convenience, walkability and technology as selling points.
They’re more apt to look at the experiences of friends (i.e. watching foreclosures all around them) and are willing to wait for a more stable time to buy.
More than two-thirds of millennials think “smart home” technology is an investment worth making (think upgrades like security cameras, smart thermostats and outlets and keyless entry).
Around 13 million Americans telecommute, a shift that’s largely driven by millennials. A home office is likely a ‘must-have’ on their list, so create a space that appeals to that desire.
39% of millennials report a desire for low-maintenance, ‘edible’ landscaping (more time in the garden, less time with lawn care).
The next generation has only begun to impact the Utah housing market. As incomes increase with age and shape family and financial decisions, millennials will continue to spur change. The real estate industry will need to adapt to their needs and innovate accordingly — just like it has with the generations before them.
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?!
