Salt Lake Realtor – July 2020

Salt Lake

REALTOR

Magazine

July 2020

SALT LAKE

PARADE OF

HOMES

SLBR IS A PROUD SPONSOR

OF THIS YEAR’S PARADE

MORE CONNECTED TO YOUR CLIENTS Than Ever No matter what changes life may bring, you can rest assured that one thing remains constant – David Weekley Homes is here for you and your Clients. We are available and ready to continue connecting with you to help find your Clients’ dream home.

Internet Advisors As always, our Internet Advisors are eager to answer any questions your Clients may have over phone, email or online chat.

Sales Consultants Our experienced Sales Team remains available to connect with your Clients one-on-one through calls, emails, video chats or private appointments to help discover a home that fits their needs.

Virtual Tours and Videos Our website provides virtual tours and photo galleries of many of our models and Quick Move-in Homes, so your Clients can experience our exceptional design without ever having to leave their home.

Personal Building Team And after they purchase a beautiful David Weekley home, our Personal Building Team is committed to maintaining open communication with your Clients as we continue their home building journey.

Connect your Clients to their dream home by contacting 385-420-5990 See a David Weekley Homes Sales Consultant for details. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Illustrations are artist’s depictions only and may differ from completed improvements. Copyright © 2020 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLC-20-002205)

Welcome Back Russ Wheelright

We look forward to reaching new heights together.

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Summer Vacation Rentals p. 28

Table of Contents Features 10 Salt Lake Parade of Homes Features Tiny Home

Dave Anderton 22 The Fight to Keep Real Estate Essential

Matt Clewett 28 Summer R&R: What PandemicWeary Vacationers Crave

Barbara Ballinger 34 Pending Home Sales Mount Record Comeback

The National Association of Realtors®

Columns 7 Realtors® Must be Part of the

Solution in Fight for Equality

Alicia Holdaway – President’s Message

Departments 8 Happenings 8 In the News 36 Housing Watch

On the Cover: Cover: SLHBA Photo left: Image licensed by Ingram Image

This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting.

The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419.

The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands.

These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.

Salt Lake

REALTOR slrealtors.com

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July 2020 volume 80 number 7

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The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.

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Jennifer Gilchrist Utah Key Real Estate

President Alicia Holdaway Summit Sotheby’s

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First Vice President Matt Ulrich Ulrich Realtors®, Inc.

Tony Ketterling Equity Real Estate John Lucky Coldwell Banker Residential

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Treasurer Rob Ockey Century 21 Everest

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Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Paul Nicholas Chad Saunders Administrative Assistant Jessica Alder

Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions expressed by writers and persons quoted in articles are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®.

Realtors® Must be Part of the Solution in Fight for Equality As we enter the second half of 2020, I think it’s safe to say, we’re watching history being made. While we navigate a global pandemic, and settling in to new “norms,” there is an important movement happening around us. We are being reminded and awakened to the fact that there are racial inequalities that still exist today. It’s time to really evaluate how we can most effectively be part of the solution and change in our communities.

Any change begins in our own hearts, then our homes and then our communities. The question I keep asking myself is; “What is the role of Realtors® in this fight for equality?”

“What is the role of the Salt Lake Board of Realtors®?” We help clients navigate the process of home ownership. We raise funds, advocate and lobby for home ownership and private property rights. Homeownership is our role. It’s what we do. And like it or not, there’s a gap in homeownership in the Black community that stems from centuries of systemic racism.

As Realtors®, it’s important we recognize the significance of the Fair Housing Act, the history behind it, and reaffirm our commitment to upholding fair housing laws and offering equal professional service to all! We recently recorded a podcast to discuss Fair Housing and our role as Realtors® in upholding those laws. As a Board, we are engaging in important conversations with leaders from the Black community. In our June Board meeting, we invited the President of Utah’s chapter of the National Association of Black Accountants and the Executive Director and Founder of the Black Chamber of Commerce to join us as we collaborate on how we can be effective in our efforts. They both then joined us in our Government Affairs Committee meeting to discuss legislation and lobbying efforts that need to be addressed concerning housing equality. We will also have these two gentlemen joining us on a podcast recording soon, so keep an eye out for that.

In expanding our partnership with these two worthy organizations, the Salt Lake Board of Realtors® will be looking to work collaboratively as we apply for grants from the National Association of Realtors® and other outside organizations, such as the NAR Diversity Grant, as well as forming a taskforce to combat some of the scars of racism that still permeate our community.

An all too easy-to-see example of this includes some CC&Rs in communities which contain despicable regulations of blatant racism that, although not enforced, serve as a reminder of the unfair and unequal treatment people of color have received in the real estate industry. Our education committee is also currently working on the logistics of adding diversity training to our education schedule.

Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs.

While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication.

If you’d like to be involved in these efforts, please reach out! It takes all of us in order to affect sweeping changes in our community!

Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

Alicia Holdaway President

OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.

October 2005

July 2020 | Salt Lake Realtor ® | 7

Happenings

In the News

Image licensed by Ingram Image

Pictured: Dave Osofsky, left, with Movement Home Loans; Jamie Davis; Gavin Krushensky, event director at the Salt Lake Board of Realtors®; Dax Davis; Caleb Davis; Jodie Osofsky, Signature Real Estate; and James Johnson, Cannon & Company.

American Dream Grant Helps Family Purchase Sandy Home The Davis family was the happy recipient of a $5,000 American Dream Grant by the Salt Lake Board of Realtors®. American Dream Grants help first-time home buyers with down payment assistance when buying a home. The latest grant was open to school district employees. Caleb Davis is a teacher at Mt. Jordan Middle School and a basketball coach at Hillcrest High School. Jamie Davis is a teacher at Hillcrest High School.

The family was randomly chosen to receive the grant from more than 50 applicants. The grant helped the Davis family purchase a 1,534 squarefoot home in Sandy. “It’s so fantastic to help two school teachers find a home that is in move-in condition in the community that they teach in,” said Jodie Osofsky, the Davis’ Realtor®. “They dreamed of having a home with a yard and saved for a down payment. This grant helped them find that home.”

May Home Showings Skyrocket The May ShowingTime Index reported a 21.4 percent jump in nationwide showing traffic year over year, the first boost since before the COVID-19 pandemic took shape. The ShowingTime Showing Index® tracks the average number of buyer showings on active residential properties on a monthly basis.

8 | Salt Lake Realtor ® | July 2020

61% of Americans said Now is a Good Time to Buy a Home The share of renters who say now is a good time to purchase a home is at its highest level in five years, according to the latest reading from Fannie Mae’s Home Purchase Sentiment Index. Homeowners are also starting to feel more optimistic about selling.

Four of six components that the index measures increased in June over May. But the index, which measures American sentiment about the housing market, still remains down by 15 points over the last few months. In April, the index had reached a record low as the COVID-19 pandemic ignited in the U.S. “A second month of improvement in June allowed the HPSI to regain some of the sharp losses in optimism observed in March and April,” said Doug Duncan, Fannie Mae’s chief economist. The index suggests more favorable conditions for first-time home buyers, which is consistent with a recent rebound in home purchase activity and applications, Duncan added.

Here are more results from June’s survey: • A good time to buy: Sixty-one percent of Americans surveyed said now is a good time to buy a home, up from 52% in May. • A good time to sell: Forty-one percent of respondents say it’s a good time to sell a home, rising from 32% in May.

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hat do a 360 square-foot tiny home in Cottonwood Heights and a 9,500 squarefoot mansion in Draper have in common? Both will be featured in this year’s Salt Lake Parade of Homes. The Parade, now in its 74th year, will include 17 homes this summer. That’s less than two thirds of the 30-plus models typically showcased because of the Coronavirus pandemic.

Breen Homes Parade | Cottonwood Heights | 84121 | 360 sq. ft.

Salt Lake Parade of Homes Features Tiny Home Parade runs from July 31 through Aug. 15.

By Dave Anderton

David Weekley Homes Model | South Jordan | 84009 | 2,812 sq. ft.

10 | Salt Lake Realtor ® | July 2020

Patrons will be required to wear masks, avoid touching surfaces, and socially distance within homes, according to Jaren Davis, executive officer of the Salt Lake Home Builders Association.

The introduction of a tiny home this year is a first for the Parade. Adam Breen, president and owner of Breen Homes, is showcasing the model at the mouth of Big Cottonwood Canyon in Cottonwood Heights.

The one-bedroom, one bathroom tiny home is listed at $399,000. Seventy-five percent of that price is tied to land costs and utility improvements (roughly $300,000). Breen, who is a custom home builder and typically builds structures priced between $800,000 and $5 million, said neighbors in the area have expressed both love and hate for the home.

Breen said with land costs still rising, he hopes the structure sparks a discussion on home affordability. “How will our children be able to afford to live in Salt Lake City?” Breen asked.

Most cities carry restrictions on accessory dwelling units (ADUs) and charge tens of thousands of dollars in impact and permit fees for approval.

When it comes to tiny homes, many cities and home owner associations don’t want or allow them.

Other Parade models this year include several unique homes.

In Federal Heights, Davies Design Build is tearing down an existing structure and building a 7,000 square foot home that will follow the historical character of the neighborhood.

In Salt Lake City, Jackson & LeRoy is partnering with wellknown designer Anne-Marie Barton in an extensive remodel of a 2,000 square-foot home.

How has Covid-19 affected home builders? Davis said many buyers who were already under contract in March and April backed out. Since then, new home buyers are coming back. “The recovery has been remarkable,” he added.

“As lockdown orders began to ease in May and June 2020, housing data rebounded quickly, providing evidence that this industry is positioned to lead the economy forward,” according to the National Association of Home Builders.

“Single-family permits rose almost 12 percent in May, mortgage applications are at their highest level since January 2020, and builder sentiment, measured by the NAHB/Wells Fargo Housing Market Index (HMI), jumped 21 points in June – the highest one-month increase in the series history.”

Davies Design Build Parade | Salt Lake City | 84103 | 7,000 sq. ft.

Dimond Built Parade | Draper | 84020 | 9,518 sq. ft.

The Parade runs from Friday, July 31 through Aug. 15 (closed Sundays and Mondays).

Discounted tickets are available to members of the Salt Lake Board of Realtors® at the Realtor® Campus and at the Realtor® Day Parade of Homes event on Wednesday, July 29 (register at www.slrealtors.com).

Dave Anderton is the communications director of the Salt Lake Board of Realtors®.

Artist renderings: Jackie Medina.

Photos: Kent Shelton.

Hamlet Homes Model | Draper | 84020 | 3,549 sq. ft.

July 2020 | Salt Lake Realtor ® | 11

Ivory Homes Model | Draper | 84020 | 3,954 sq. ft.

Ivory Homes Model | South Jordan | 84095 | 2,249 sq. ft.

Jackson & LeRoy Parade | Salt Lake City | 84105 | 2,036 sq. ft.

12 | Salt Lake Realtor ® | July 2020

Lennar Model | South Jordan | 84095 | 5,527 sq. ft.

Next Level Homes Parade | Salt Lake City | 84107 | 1,868 sq. ft.

Rainey Homes Model | South Jordan | 84009 | 7,229 sq. ft.

14 | Salt Lake Realtor ÂŽ | July 2020

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In 1994, Rainey Homes built their first home for the Northern Wasatch Home Builders Parade of Homes.

Since then, Rainey Homes has grown to be one of the industry’s leading homebuilding companies along the Wasatch Front. In addition to Northern Utah, our homes have also become a “must-see” stop among the Salt Lake Parade of Homes.

Our 2020 Salt Lake Parade Home will once again be on the Island of Daybreak. Daybreak is our Salt Lake County home base and where we are known for our SemiCustom, Luxury homes. We have been in Daybreak since its inception in 2004 and have earned the reputation as the high-end builder there.

Our communities span from the upcoming Beacon Pointe in Saratoga Springs, all the way to Park City and as far north as North Ogden. On July 10th, we will debut our Northern Wasatch Parade of Homes in Farmington. We encourage you to stop in and find out why Rainey Homes has become a trusted name throughout the community.

visit us at www.raineyhomes.com or call 801.927.3000 for more information

Sage Homes Model | Herriman | 84096 | 4,312 sq. ft.

Sego Homes Model | South Jordan | 84009 | 2,493 sq. ft.

Symphony Homes Model | West Jordan | 84081 | 4,448 sq. ft.

16 | Salt Lake Realtor ÂŽ | July 2020

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Toll Brothers Model | Herriman | 84065 | 5,432 sq. ft.

Unified Contractors Parade | Millcreek | 84109 | 4,389 sq. ft.

Wright Homes Parade | Riverton | 84096 | 2,315 sq. ft.

18 | Salt Lake Realtor ÂŽ | July 2020

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The Fight to Keep Real Estate Essential How the Realtors® Political Action Committee Kept Utah Realtors® in Business during the COVID-19 economic quarantine.

By Matt Clewett

In mid-March of 2020, the COVID-19 pandemic was affecting every industry in the nation.

Hundreds of thousands of businesses were deemed “non-essential” and closed which resulted in millions of employees being laid off. The fear of real estate being deemed nonessential was, at the time, a very real threat.

In fact, many locations around the nation did just that and halted all real estate transactions.

Hundreds of thousands of Americans were unable to move forward with finding a safe place to live during one of the scariest periods of American history since the Spanish Flu pandemic of 1918.

22 | Salt Lake Realtor ® | July 2020

In the midst of all the fervor, advocates for the real estate industry around the nation, including right here in Salt Lake County, stepped up and worked around the clock to advance the notion that real estate should be classified as an “essential service.” After countless late night phone calls, text messages, zoom conferences, and policy papers, these advocates were able to get our elected leaders in Salt Lake County and the State of Utah affirm that real estate is essential and would not be halted during this outbreak. At the federal level, the National Association of Realtors® was able to persuade the Department of Homeland Security to include real

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estate on the list of essential businesses; thereby ensuring that Americans could continue to find safe places to live and Realtors® could continue to operate in a safe and responsible way.

This process may seem like an open and closed case – a problem arose, Realtor® advocates addressed it, and the problem was resolved.

However, the work to keep real estate essential is an ongoing process that begins much earlier than when an issue arises. It starts with the elections of candidates who are pro-Realtor® and continues through the relationship building and advocacy work of our professional association advocates.

None of these efforts would be possible if not for the Realtors® Political Action Committee (RPAC).

About RPAC One of my many responsibilities is to engage with our members about the benefits that the RPAC Committee provides. These benefits range from the broad influence we carry at every level of government to the specific examples of RPAC achievements which better the industry for our association members – an example of which being our fight to keep real estate essential.

In general, RPAC gives our membership a significant advantage in the real estate industry that cannot be understated.

A little over two years ago, I was hired by the Salt Lake Board of Realtors® to work as a member of the Government Affairs team. From day one, I was tasked to learn about the history of RPAC and what it actually does for members of the Realtor® family across the nation. RPAC was founded in 1969 to promote the election of proRealtor® candidates across the United States.

Since that date, it has grown exponentially to become one of the most influential Political Action Committees in the nation. In Utah alone, RPAC has helped hundreds, if not thousands, of candidates run for elected office. To be quite honest, all of this is to be expected. It makes complete sense for members of the association to want to have friendly representatives in elected office. What you may not know, however, is how successful RPAC has been in getting the candidates they support elected to their positions.

Elections In 2019, the Board had a nearly 90 percent success rate in supporting Realtor®-backed candidates win elected offices. Let that sink in for a minute: 90 percent of the offices up for grabs in Salt Lake County municipal elections were won by Board-supported candidates. While that figure may not be impressive when there are only a handful of races, it becomes far more notable

24 | Salt Lake Realtor ® | July 2020

when there are over two dozen seats that needed to be filled. Much of our success rate has to do with two factors: 1) our RPAC vetting process through candidate interviews conducted by the Government Affairs Elections Subcommittee; and 2) our Government Affairs Director.

The Government Affairs Elections Subcommittee conducts interviews of candidates running for political office to determine who is serious and who is not and who will be a champion of Realtor® issues. It is led by the elections chair and the chair of the Government Affairs Committee and is comprised of volunteer Realtors® who are invested in the political process. The members take the time necessary to research each of the candidates they will be interviewing and have a better understanding of who the candidate is as a person and a potential elected official. As the numbers clearly show, this committee has been extremely successful at vetting candidates and choosing to support winners.

Marcus Jessop, government affairs director, has spent the majority of his professional life working in the campaign field and has excelled in helping RPAC-backed candidates win their elections. He has perfected the art of grassroots campaigning and passes his knowledge of these procedures down to the candidates he works with. While some of these candidates only received minimal financial support, quite a few received full-service campaign help from Marcus and myself. Members of the government affairs team personally assisted with drafting and distributing door hangers, flyers, campaign signs, and mailers on behalf of candidates.

Stories and processes such as these are not only happening in Salt Lake Valley in Utah, but rather are also happening all over the nation in nearly every community. This is all thanks to RPAC! Advocacy Another aspect of my job which has truly allowed me to realize the importance of RPAC is that of political advocacy. Helping candidates get elected to political offices is one of the most important steps in the process. However, continuing to foster those relationships while working to address matters of concern is a whole different ballgame. In today’s world of NIMBYism (Not in my Back Yard), affordable housing shortages, and fears of new taxes and fees which threaten our industry, being able to have respect and influence is imperative.

Before working at the Board, I served as a congressional intern in Washington, D.C., for a Utah congressman and later as the presidential intern for the President of the Utah State Senate.

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to come into contact with RPAC professional advocates whose job it was to educate elected officials on the issues of the real estate industry and propose solutions to regulatory burdens that may impede the market. What stood out to me the most was how well respected these advocates were. They were knowledgeable about the issues, worked collaboratively and sincerely with the elected officials, and were held in high regard by staff members and other advocates alike.

Now that I am one of these professional advocates myself, I have seen first-hand that my experience was not an anomaly. I can’t tell you how many times I have been called up or asked to come speak to a mayor or a city council member about an issue because they value the opinion of the Realtor® community and respect the power that RPAC possesses. On the flipside, I have never been turned down whenever I have requested to meet with an elected official about certain issues affecting our industry. These officials understand what RPAC brings to the table and recognize the thousands of committed RPAC contributors who understand the value that RPAC provides.

The relationships that had been fostered through the elections process were imperative as we fought on behalf of our membership to remain an essential service in the eyes of the state and Salt Lake County. We were able to get in touch with candidates with whom we had supported in past elections and were able to express to these officials why shutting down real estate transactions would have a detrimental effect to the county. This effect would not only be economic, but also would negatively impact public health by depriving individuals and families the opportunity to move to a safe and secure home in which they would be able to ride out this crisis. Without real estate being classified as essential, we could have very well seen a higher level of cases of COVID-19 in Salt Lake County and throughout the state of Utah.

Why I’m becoming a Major Investor As of writing this article, I am 25 years old and just starting my life, so to speak, in the professional world. I am married to my beautiful wife, Bethany, and we just welcomed our first child into the family on May 24. Like many others out there, I have financial obligations that may prevent me from making any extravagant purchases. I am currently saving to buy a home, investing in my 401 (k), making car repairs, and am now realizing that babies cost a lot. Who knew hospital bills would be so much?! Even after taking all of these costs into account, however, I will still be making a $1,000

26 | Salt Lake Realtor ® | July 2020

RPAC contribution this year. I know that this contribution is an investment in my professional and personal future and will have a rate of return that will not only affect my life, but also that of my newborn child’s.

• Investing in RPAC is investing in policy that will make it easier and less expensive to purchase housing.

• Investing in RPAC is investing in leaders who will continue to safeguard property rights for current and future generations.

• Investing in RPAC is investing in the industry that has given me a livelihood to advocate for good policy.

• And, of course, investing in RPAC is investing in myself.

Although not everyone is going to become a major investor, everyone can make a contribution to RPAC and invest in themselves. Whether it be $1,000, $100, or even just $15, your investment in RPAC will continue to support the industry we have grown to love and elect leaders who have our best interests at heart. I have personally seen how investments make a huge impact on the world we live in and I can’t wait to see what my investment will do for the future.

Overall, the work we have seen in Utah in keeping real estate essential during this crisis was not “open and closed.” It took the tireless efforts of RPAC advocates many years to build up to the point that we had strong allies and relationships in place to ensure that Realtors® could continue to operate safely. Emergencies, such as what happened with COVID-19, are always going to come up. When they do, having a strong RPAC in place is essential to keeping the real estate industry moving forward. When the next crisis eventually does come about, RPAC will be there to address it head on.

Matthew Clewett is the Public Policy Director of the Salt Lake Board of Realtors®. He is a member of the Utah Housing GAP Coalition, a Board member of YIMBY Utah, and a proud father of a one month old baby girl. He holds a degree in Law and Constitutional Studies from Utah State University and has served worked in the United States House of Representatives and the Utah State Senate. To contact Matt, please email him at matt@slrealtors.com.

Maxim Malevich©/ Adobe Stock

Summer R&R: What Pandemic-Weary Vacationers Crave After months of self-isolation and concern about coronavirus spikes, vacationers seek safe summer rentals. Learn how to help clients get away and enjoy healthful relaxation.

By Barbara Ballinger When news about the pandemic started to spread earlier this year, one hard-hit segment was the vacation rental market. Bookings were canceled and vacation property managers returned deposits. Imaginative homeowners envisioned their backyards as “staycation” resorts with outdoor activities for those quarantining together.

But as cities come out of lockdown and reopen, a surprising phenomenon is happening: Almost overnight, those same real estate professionals in choice summer destinations are now being inundated with requests to rent their listings. After being isolated indoors for weeks, many people couldn’t wait to escape

28 | Salt Lake Realtor ® | July 2020

to bucolic places with uncrowded sidewalks, playgrounds, and parks.

“All of a sudden, everyone wanted to get away.

Bookings skyrocketed, including for mid-week, which used to be a slow time. We didn’t have enough inventory to accommodate everyone or for the time period desired,” said Tripti Kasal, senior vice president at Baird & Warner’s Chicago office and owner of Stop43 Vacation Rentals in Michiana, Mich. Jason Milovich, a broker and owner of Blue Fish Vacation Rentals in Southwest Michigan, experienced similar reactions from his main clientele coming from Chicago and Indianapolis. “We’re busier than we were (last year) and are even booking for fall,” he said.

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reflects what’s happening in most parts of the country as well, according to Ed Kinney, global vice president of corporate affairs and communication for Marriott Vacations Worldwide, based in Orlando, Fla., which has more than 110 vacation ownership properties in 63 destinations around the world, encompassing more than 21,000 villas. Such evidence also showed up in a Travel Intentions Pulse Survey, conducted by MMGY Travel Intelligence and sponsored by the U.S. Travel Association.

The survey found that travelers feel safest in personal vehicles and least secure on cruises and international flights. It also reveals that while vacationers are beginning their summer travel closer to home, they might slowly expand to longer hauls.

However, so much depends on whether COVID-19 numbers go up or down, along with where and when. Like others trying to contend with the uncertain and often rapidly changing situation, property owner and manager Jennifer Grimes is busy filling and moving reservations around. “It’s like a chessboard as some cancel, others book, some quarantine, and some rebook numerous times to extend visits,” she said. As president of Red Cottage Inc., which has 58 rental properties in six counties around New York state’s Catskills, Grimes has found her firm has “changed from a hospitality to an ‘escape housing’ business,” she said. “Back in May, properties were fully booked through July, and now only a few are left for August,” said Grimes, also broker-owner of Country House Realty Inc. in Grahamsville, N.Y.

Photo: Ken Magleby

Further north in Traverse City, Mich., with miles of shoreline along Lake Michigan and numerous vineyards, vacationers have also booked houses, said Mark Keely, partner in Bayshore Vacation Rentals. “People want out of their cities, which (for us) primarily means Chicago, Cincinnati, and other parts of Michigan,” he said.

One factor fueling momentum, he said, is that many want a place they can drive to rather than fly. That’s been a major reason New Yorkers and other tri-state residents have decamped to Long Island’s Hamptons, said Diane Saatchi, associate broker and salesperson with Saunders and Associates’ East Hampton office. Because of the shortage of inventory and the need to act fast when houses become available, some renters lease houses sight unseen, Saatchi said.

The popularity of the surge in vacation rentals

30 | Salt Lake Realtor ® | July 2020

As in past years under normal circumstances, certain locations and property features are bigger magnets than others. Here are the trends emerging this year among clients seeking a vacation idyll.

Cancellation policy. Vacationers have always liked flexible cancellation policies, but they prefer it now more than ever—specifically in case their destination becomes a COVID-19 hot spot or they get sick. “That’s the first thing renters want to know since they want to be able to cancel 14 days or less before they come rather than the typical 30 or 60 days,” Keely said. “Or, they want to be able to reschedule without penalty.”

Angela Waldrop, a real estate salesperson who runs the rental division at Dale Sorensen Real Estate in Vero Beach, Fla., located on a barrier island facing the Atlantic Ocean, agrees and said that many homeowners she represents have adjusted their policies to be more accommodating. “People are going with the ebb and flow of what’s happening,” she said.

The key is to have it all written in a contract,

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including the flexibility to cancel if there are spikes or illness occurs.

Local rules. Because states, cities, villages, and shops and restaurants may follow different protocols, it’s important to share up-to-date rules with rental clients. For example, in Vero Beach, no house can be rented and used by more than 10 people, even if it can comfortably sleep more than that, Waldrop said. Again, everyone should read the fine print in a lease and be aware of the guidelines, which may change multiple times as COVID-19 cases ebb and flow. Also, property managers should communicate rules about parties and the numbers of people permitted together at local pubic beaches, parks, and playgrounds, she said.

Length of stay. In the past, many homeowners and vacation rental companies have required a minimum stay. Now, the pandemic has offered a surprising silver lining—many vacationers want long-term stays and even request extensions.

“Some want to stay until there’s a vaccine available. Others rent for six months or longer to avoid the 11 percent Florida hotel tax,” Waldrop said. Saatchi is seeing this same trend in her Hamptons area. “In the past, two-week rentals were common. Now, this season, most are renting longer. People came in May and wanted to stay through September or more, though inventory is tight,” she said. Some vacationers are already thinking about 2021, when they hope life will return to normal, said Nick Falcone, managing principal of Boca Raton, Fla.-based NDM Hospitality, which manages new vacation home resorts.

Cleanliness concerns. Many vacationers are concerned about protocols, said Milovich.

Some may even ask when earlier renters plan to depart, so they know there’s adequate time for a deep cleaning. “We share that we’re compliant with protocols recommended by the [Centers for Disease Control and Prevention and World Health Organization],” he said. “We also use a commercial laundry, which cleans items at a higher temperature than home equipment can.

And we add more toilet paper and paper towels in our homes than we normally have. If vacationers want, we’ll do a concierge-style grocery shop at an extra fee, so they don’t have to step into a store, which some consider a health risk.”

Grimes’ company also spends extra time cleaning high-touch surfaces like doorknobs, light switches, kitchen surfaces, and appliances.

Because having less stuff in a house means fewer surfaces to clean, Milovich has asked the homeowners he represents to remove pillows, blankets, and less essential, decorative items.

“This year, less is definitely more,” he said.

32 | Salt Lake Realtor ® | July 2020

Keely’s company took the extra step of hiring a consultant from a local hospital system to oversee cleaning protocols. Property managers may also want to offer renters hand sanitizer, wipes, paper towels, toilet paper, and masks.

Wish lists. The prime goal now is to get away, “plant the flag, and stay put,” Keely said, which means what’s included in the vacation home and on site matters more than nice local wineries, restaurants, shops, and art galleries to visit.

Certain features rise to the top of vacationers’ wish lists: With some businesses now permitting employees to work remotely indefinitely, any vacation home or condo with strong Wi-Fi can become a potential workplace, as well as a classroom if that need again arises. Staying on the premises is easier and more pleasant when there’s a pool, said both Waldrop in Florida and Grimes in upstate New York. In other locations, lakefront access equally appeals. And all sorts of “toys” prove to be additional bait—a pontoon, jet skis, badminton and croquet sets, and the quintessential summer fire pit. Nice kitchens rank high, along with good counter space, updated appliances, and maybe a pizza oven, since fewer vacationers plan to eat out.

Everyone’s cooking.

Stable pricing. As in prior summers, prices reflect the location, size, condition, market seasonality, amenities, and supply and demand.

This season, what’s changed is less ability among renters to negotiate prices due to dwindling inventory in certain destinations. “While summer is usually considered off-season in our Florida market and houses may rent for 40 percent to 60 percent less than at other times, that hasn’t been the case now,” Waldrop said. “There’s no room for negotiation.” Saatchi has found the same, with some properties going for more than anticipated.

Helpful recommendations. Many vacationers want to know what the area has to offer regarding food options. To help visitors, print out a list or email it to renters in advance.

Include favorite places to grocery shop and get takeout meals, including caveats about reduced hours and rules such as face masks inside. “The more you can help renters prepare, the better,” Kasal said.

Barbara Ballinger is a freelance writer and the author of several books on real estate, architecture, and remodeling, including The Kitchen Bible: Designing the Perfect Culinary Space (Images Publishing, 2014).

Barbara’s most recent book is The Garden Bible: Designing Your Perfect Outdoor Space, co-authored with Michael Glassman (Images, 2015). Reprinted from Realtor® Magazine Online, June 2020, with permission of the National Association of Realtors®.

Copyright 2020. All rights reserved.

How to Fashion a Backyard Haven Image licensed by Ingram Image

• Not every vacation listing comes with

resort-style amenities like pools, tennis courts, or beaches. But accessories can help transform a property relatively affordably and spark greater joy. Here are suggestions from professional organizer and stager Amanda Wiss of Urban Clarity in New York City.

• An old-fashioned sprinkler: Kids can

run through a sprinkler to cool off, and it’s safer than inflatable pools. Many are available for under $25.

• Outdoor play equipment: Think soccer

balls, corn hole, frisbee, and jump rope. If you want to go the extra mile, get soccer, badminton, or croquet sets.

• Picnic table and umbrella: Create an

instant dining space with shade, and don’t forget the citronella candles and bug zapper lights.

• A grill: This is another must-have, but it doesn’t have to be elaborate.

• Lounge chairs or zero gravity chairs: Make relaxation easier for renters—they will appreciate the addition.

• A hammock: This offers vacationers a

place for an outdoor snooze or book reading.

No well-spaced trees in the backyard? Get a free-standing hammock; consider splurging on a two-person model.

• A fire pit: A great place for vacationers to cook hot dogs, corn on the cob, and s’mores.

They can warm up on a chilly night or sit around the fire and share stories.

• Strings of lights: Quickly brighten a

backyard by adding a few strings of lights; find ones with a kitschy motif for extra smiles.

They’re inexpensive, easy to hang, and make outdoors more attractive at night.

• Cool gadgets: Offer renters some fun

entertainment. Think about a bubble blower, snow cone machine, or ice cream maker.

• A portable projector and screen: Give your vacationers the perfect place for movies under the stars.

• Pitch a tent: Leave out sleeping bags, bug spray, and flashlights—your vacationers and their little ones can pretend they’re in the mountains or woods.

• Portable speakers: Let renters play their

favorite songs with smart speakers that they can pair with their phones. Music really shifts the energy of the space to create an incredible vibe.

July 2020 | Salt Lake Realtor ® | 33

gstockstudio©/ Adobe Stock

Pending Home Sales Mount Record Comeback This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers.

By The National Association of Realtors® Pending home sales mounted a record comeback in May, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic, according to the National Association of Realtors®. Every major region recorded an increase in month-overmonth pending home sales transactions, while the South also experienced a year-over-year increase in pending transactions.

The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 44.3 percent to 99.6 in May, chronicling the highest month-overmonth gain in the index since NAR started this series in January 2001. Year-over-year, contract signings fell 5.1 percent. An index of 100 is

34 | Salt Lake Realtor ® | July 2020

equal to the level of contract activity in 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

“This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” said Lawrence Yun, NAR’s chief economist. “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”

“More listings are continuously appearing as the economy reopens, helping with (continued on page 38)

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MAY HOUSING WATCH Home Sales in May Reflect Cyclical Low Point Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass oneyear-ago figures in the second half of the year.” Lawrence Yun, NAR chief economist.

Fellow at the University of Utah’s Kem C. Gardner Policy Institute.

Home sales were down a third consecutive month in Salt Lake County year over year due to the Covid-19 economic quarantines and business shutdowns. In May, there were 1,418 sales (all housing types) in Salt Lake County, a 25 percent drop compared to sales in May 2019. In April, home sales fell 27 percent (revised). In March, sales fell 1 percent.

In neighboring Davis County, home sales declined 13 percent in May year over year.

Utah’s economy is expected to recover in the second half of 2020, with rising demand for homes, according to James Wood, economist and the Ivory-Boyer Senior

Nationally, existing-home sales fell in May, marking a three-month decline in sales, according to the National Association of Realtors®. Overall, U.S. home sales were down 27 percent from a year ago (5.33 million in May 2019).

“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lockdown and hence the cyclical low point,” said Lawrence Yun, NAR’s chief economist. “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

The median price of homes sold in May in Salt Lake County increased to $362,500, up 4 percent from May 2019. The U.S. median existing-home price for all housing types in May was $284,600, up 2 percent from May 2019 ($278,200), as prices increased in every region. May’s national price increase marks 99 straight months of year-over-year gains.

“New home construction needs to robustly ramp up in order to meet rising housing demand,” Yun said. “Otherwise, home prices will rise too fast and hinder first-time buyers, even at a time of record-low mortgage rates.”

Properties typically remained on the market for 26 days in May, seasonally down from 27 days in April, but equal to 26 days in May 2019. Fifty-eight percent of homes sold in May 2020 were on the market for less than a month.

Across the country, first-time buyers were responsible for 34 percent of sales in May, down from 36 percent in April 2020 and up from 32 percent in May 2019.

Individual investors or second-home buyers, who account for many cash sales, purchased 14 percent of homes in May, up from 10 percent in April 2020 and from 13 percent in May 2019. All-cash sales accounted for 17 percent of transactions in May, up from 15 percent in April 2020 and down from 19 percent in May 2019.

Distressed sales – foreclosures and short sales – represented 3 percent of sales in May, about even with April but up from 2 percent in May 2019.

36 | Salt Lake Realtor ® | July 2020

July 2020 | Salt Lake Realtor ® | 37

Image licensed by Ingram Image

Pending Homes Sales (continued from page 34) inventory choices,” Yun said. “Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”

According to data from realtor.com®, among the largest metro areas, active listings were up by more than 10 percent in May compared to April in several metro areas, including urban Honolulu, Hawaii; San Francisco, Calif.; San Jose, Calif.; Denver, Colo.; and Colorado Springs, Colo.

“The outlook has significantly improved, as new home sales are expected to be higher this year than last, and annual existing-home sales are now projected to be down by less than 10 percent – even after missing the spring buying season due to the pandemic lockdown,” Yun said.

NAR now expects existing-home sales to reach 4.93 million units in 2020 and new home sales to hit 690,000. “All figures light up in 2021 with positive GDP, employment, housing starts and home sales.” Yun noted that in 2021, sales are forecast to rise to 5.35 million units for existing homes and 800,000 for new homes.

May Pending Home Sales Regional Breakdown The month of May saw each of the four regional indices rise on a month-over-month

38 | Salt Lake Realtor ® | July 2020

basis after all were down in April 2020.

The Northeast PHSI grew 44.4 percent to 61.5 in May, although it was still down 33.2 percent from a year ago. In the Midwest, the index rose 37.2 percent to 98.8 last month, down 1.4 percent from May 2019.

Pending home sales in the South increased 43.3 percent to an index of 125.5 in May, up 1.9 percent from May 2019. The index in the West jumped 56.2 percent in May to 89.2, down 2.5 percent from a year ago.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales contract activity parallels the level of closed existing-home sales in the following two months.

We Believe in Your Dreams

Integrity and optimism have always been at the heart of Berkshire Hathaway HomeServices Utah Properties. During these unprecedented times we continue to celebrate you and your real estate goals.

Now more than ever we believe in your dreams.

Visit BHHSUtah.com to search all active listings in Utah or text “UTAH” to 435.292.8822 to download our mobile real estate search app.

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