Salt Lake Realtor – April 2016

Salt Lake

REALTOR

速

slrealtors.com

Maga zine April 2016

Salt Lake is No. 1 Trendiest City p. 14 The Charity Challenge Needs You p. 20 Wanted: More SingleFamily Homes p. 23

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Thanks to our Realtor® colleagues, buyers are making City Creek their home.

To show our appreciation, Realtors® whose clients go under contract between January 1, 2016 and May 31, 2016 will receive a 32GB iPad Pro* upon closing. *Awarded in the form of an Apple gift card.

Schedule an appointment at 801.240.8600 to tour City Creek designer model homes.

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Windermere is proud to

CONGRATULATE

our latest 30 UNDER 30 honoree This year’s group of young professionals exemplifies the ingenuity, dedication, and prowess that’s raising the bar in real estate today.

Each spring, REALTOR® Magazine features 30 rising young stars in the real estate industry. In determining who makes the 30 Under 30 list, REALTOR® Magazine staff looks for candidates who are successful in the real estate business and have demonstrated skill, success, creativity, and leadership in their careers.

We are extremely proud to welcome Scott Steadman as the third 30 Under 30 honoree at Windermere-Utah.

Scott joins past honorees Lori Hendry (2003) and Grady Kohler (2008), as one of the industries best and brightest young professionals.

“When I was 14, I moved to a community called SunCrest on the southern end of the Salt Lake Valley. We were among the first residents. I spent nights and weekends exploring trails, chasing deer, and watching the neighborhood evolve. This community and I grew up together. Now I’m involved in civic groups and community involvement projects.

I speak up at city meetings and sponsor events and activities. I’ve become the hyper-local expert. Nobody knows this neighborhood like I do, so instead of being a small fish in the big real estate sea, I’ve become the whale in these hyper-local SunCrest waters.”

SCOTT STEADMAN · 2016 REALTOR® Magazine 30 Under 30 Honoree

SUGAR HOUSE | UNION PARK | PARK CITY | COALVILLE

February home sales take a dive p. 26

Table of Contents Features 12 Ski Day 2016 14 Salt Lake City is the No. 1

Trendiest Millennial City Where Houses are Affordable Dave Anderton

20 Charity Challenge Makes the Dream of Home Ownership Possible Dave Anderton

23 More Single-family Home Construction is Needed

National Association of Realtors® Columns 7 Raising the Bar of Professionalism … and Then Some!

Cheryl Acker – President’s Message

Departments 8 Happenings 8 In the News 26 Housing Watch 28 Realtor® Connections 28 On the Move

On the Cover: Illustration: Pelli Clarke Pelli Architects The George S. and Dolores Doré Eccles Theater in downtown Salt Lake City.

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

®

Maga zine

April 2016 volume 76 number 4 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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President Cheryl Acker Realtypath

Directors

First Vice President Troy Peterson Equity Real Estate Second Vice President Adam Kirkham Summit Sotheby’s International Treasurer Jared Booth CBC Intermountain Past President Dave Robison goBE Realty CEO Curtis A. Bullock

M. Brock Andersen Berkshire Hathaway J. Scott Colemere Colemere Realty Associates Kimberly Farber-Bowen Equity Real Estate Kevin Larsen Coldwell Banker Residential Mike Morgan Realtypath Jodie Osofsky Select Group Realty Steve A. Perry Realtypath Scott Robbins Coldwell Banker Residential Michael Rowe Berkshire Hathaway Randal Smith Equity Real Estate Matthew Ulrich Ulrich Realtors®

Advertising information may be obtained by calling (801) 467-9419 or by visiting www.millspub.com

Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Leslie Hanna Ken Magleby Patrick Witmer

Office Administrator Cynthia Bell Snow Office Assistant Jessica Snow

Sales Staff Paula Bell Karen Malan Paul Nicholas 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®.

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.

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.

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

Raising the Bar of Professionalism . . . and Then Some!

T

oday’s real estate market is competitive and fast paced. With low inventory, our job becomes more difficult to help our clients find the right property and then navigate through the transaction challenges. With the stress of the transaction, it seems that some Realtors® are forgetting we are all on the same team with the same goal; a successful closing and then of course, lots of referrals from happy clients.

Our conduct and interaction with each other is just as important as our relationships with our clients. We need to remember to be courteous and treat each other with respect. We need to work better together.

Being nice saves time – Remember this is business. Don’t take situations personally. The REPC is between buyer and seller, however, some Realtors® are ready to “shoot the messenger” instead of working through a difficult situation. I have heard many complaints about how Realtors® are treating each other and sometimes even becoming verbally abusive.

Many heated issues can be resolved early if Realtors® could be more open with one another while they work on a deal. Let’s all be a part of the solution and not part of the problem.

Communicate – Our real estate market is time sensitive, so in order for the transaction to run smoothly, you need to be accessible. A simple task of answering your phone or returning messages is the greatest stress reliever in a transaction.

Also, if you send an offer, pick up your phone and leave a message or send a text, letting the other agent know that an offer has been submitted. Each of us can be a little more proactive and responsive to help avoid unnecessary frustrations.

Multiple Offers – Keep in mind the highest-priced offer is not always the one chosen by the seller. There are many factors in an offer that the seller considers. It is not the listing agent’s fault that your offer wasn’t accepted or that the seller chose not to notify all offers to submit a “highest and best” offer. Take a step back and breathe. Don’t get angry with the listing agent. Listing agents help out the buyer’s agent by giving them a signed rejection or by putting them in a back-up position.

The more homes a buyer loses out on, the more they wonder if the buyer’s agent is really doing their job.

Work Smarter – Follow the showing instructions listed on utahrealestate.com.

Complaints are increasing about agents not setting an appointment and entering a home without permission or entering one already under contract. Call before you show to verify if offers have been received – it is frustrating to our clients to get excited about a home only to find out that the seller accepted an offer an hour ago.

Real estate is a reputation business. What you do today and how you interact with your fellow Realtor® peers may affect your reputation – and business – for many years to come. Hopefully, it will be in a positive way! We are Realtors® . . . and then some!

Cheryl Acker 2016 President April 2016 | Salt Lake Realtor ® | 7

Happenings

In the News Least Affordable Housing Markets

Education Conference Draws 300 People

The Salt Lake Board of Realtors® in March hosted its first ever threeday Education Conference that offered members up to 18 continuing education credits. Classes were $5 and lunch was provided each day.

Instructors included Curtis Bullock, pictured, CEO of the Salt Lake Board of Realtors®; Paxton Guymon, a Salt Lake City real estate attorney; and Peter Christensen, CEO of the Utah Central Association of Realtors®. A second Education Conference is in the planning stages for this fall.

RealtyTrac® reported its Q1 2016 Home Affordability Index, which shows that 9 percent of U.S. county housing markets were less affordable than their historically normal levels in Q1 2016, up from 2 percent of markets that exceeded historic home affordability levels a year ago. The top housing markets least affordable in the first quarter of 2016 included Denver; New York City; Omaha, Nebraska; Austin, Texas; Dallas; San Francisco; and St. Louis. The Salt Lake area had an affordability index of 112 (an index below 100 is considered less affordable). Out of the 456 counties analyzed in the report, 43 counties (9 percent) had an affordability index below 100 in the first quarter of 2016, meaning buying a home was less affordable than the historically normal level for that county compared to the first quarter of 2005.

Code of Ethics Winner Announced

Photo: © davidsonlentz / Dollar Photo Club

Photo: © Andy Dean / Dollar Photo Club

Foreclosure Rates in Salt Lake City Down

CoreLogic reported that the rate of Salt Lake City area foreclosures among outstanding mortgage loans was 0.40 percent for January 2016, a decrease of 0.15 percentage points compared with January 2015 when the rate was 0.55 percent. Foreclosure activity in Salt Lake City was lower than the national foreclosure rate, which was 1.15 percent for January 2016. Also in Salt Lake City, the mortgage delinquency rate decreased.

According to CoreLogic data for January 2016, 1.72 percent of mortgage loans were 90 days or more delinquent compared with 2.39 percent for the same period last year, representing a decrease of 0.67 percentage points.

8 | Salt Lake Realtor ® | April 2016

Tonja Masina, broker with Paradise Real Estate, was the winner of a $50 VISA gift card for completing the online class, “How to Be an Ethical and Involved Realtor®.” The class carries three core continuing education credits and fulfills the National Association of Realtors® Code of Ethics requirement. All Realtors® are required to complete ethics training by Dec. 31. The Salt Lake Board of Realtors® will hold another drawing June 30. You can take the class at: slrealtorseducation.com.

Look for the link, “How to Be an Ethical & Involved Realtor®” at the top of the page.

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Ski Day 2016 M

embers of the Salt Lake Board of Realtors速 recently gathered at Snowbird Ski Resort for a fun day of skiing, eating and winning prizes. The annual event was organized and presented by the Affiliates Advisory Board. Pictured at right: Lynn Long (left), Diane Mouser, Patti DeNunzio, Lisa Kimmel, Braundie Kump, Terrie Lund, Teresa Troske, Julie Kruschensky, and Nikko Denis (front).

12 | Salt Lake Realtor 速 | April 2016

Photos: Dave Anderton

April 2016 | Salt Lake Realtor 速 | 13

Photo: © iStockphoto.com/Jodi Jacobson

Salt Lake City is the No. 1 Trendiest Millennial City Where Houses are Affordable Yoga studios, foodie hot spots, hipster bars and bike sharing are making Salt Lake City the right place for millennials.

By Dave Anderton

S

alt Lake City often is stereotyped by outsiders as a stodgy and overly conservative city.

However, that image might be a thing of the past, according to a survey by Realtor® Magazine that ranks Salt Lake City as the No. 1 trendiest city for millennials where you can still afford to buy a house.

“Salt Lake City is a blue dot in a red state,” said Babs De Lay, founder and principal broker of Urban Utah Homes & Estates. “The huge impact of Goldman Sachs alone in downtown Salt Lake City has made our city hip. Those people who are coming in from all over the country to work here are the ones who have demanded food trucks, hipster bars, hipster restaurants, bike

14 | Salt Lake Realtor ® | April 2016

sharing and all things trendy.”

Take, for instance, the growing popularity of yoga. “Yoga in Salt Lake City is growing exponentially,” De Lay added. “Salt Lake City Power Yoga is opening another location. Their classes are held day and night and are filled to capacity. They are in the most hipster block of all at 300 South between 200 and 300 East in downtown Salt Lake City.”

Adding to the city’s excitement is the George S. and Dolores Doré Eccles Theater, a new 2,500-seat Broadway-style performance center, set to open this October. The $119 million theater is being developed and built jointly by Salt Lake City, the Redevelopment Agency of

Salt Lake City and Salt Lake County.

“The new theater allows us to attract larger touring Broadway productions, concerts and comedy acts to Salt Lake City sooner, more often and for longer runs,” said Cami Munk, project spokesperson. “That will free up the schedule for Salt Lake’s other fabulous venues such as the Capitol Theatre, meaning more arts and cultural opportunities for patrons – and more customers for downtown businesses.”

The first Broadway season shows are Beautiful – The Carole King Musical; Kinky Boots; Matilda the Musical; Dirty Dancing; Rodgers + Hammerstein’s Cinderella and Irving Berlin’s White Christmas. And with dining, nightlife and high-end shopping within walking distance of the theater, the Eccles Theater will be a sought-out venue for live entertainment in the Intermountain West.

Combine a world-class theater with a LEED Gold certified 24-story office tower (111 South Main) and the construction of the $100 million Regent Street Hotel (that will include residential condominiums on the top floors) and you can see why Salt Lake City is center stage.

Alicia Holdaway, chairwoman of the Young Professionals Network Salt Lake City and a Realtor® with Equity Real Estate, said the survey results don’t surprise her. She recently took a

client to Publik Kitchen, a popular locally-owned sandwich and pastry shop which opened earlier this year and is located in Salt Lake City’s 9th and 9th neighborhood.

“You put a mix of large companies that are driving employment, money and diversity into our state with the incredible active lifestyles that Utah has to offer and Salt Lake becomes a perfect marriage for creating a much more hip city,” Holdaway said. “I think we have micromarkets that are very trendy. A lot of that is due to transplants.”

In particular, Holdaway points to Salt Lake City’s Sugar House and Liberty Park locales.

The areas offer many small businesses and fooddriven establishments that locally source their food. “It’s all walkable,” Holdaway said. “The overall feel is very personable and not stuffy.”

You can feel the change. Utah’s soaring population – more than double the national rate – is driving the Wasatch Front’s housing market.

The state’s attractive business climate lures young professionals from across the nation. At 3.7 percent, Utah had the strongest job growth of any state from 2014 to 2015, according to the 2016 Economic Report to the Governor. The U.S. average was 2.1 percent. (continued on page 18)

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George S. and Dolores Doré Eccles Theater

The population gains in turn are driving home prices in Salt Lake City’s trendy neighborhoods.

In the final quarter of 2015 the median singlefamily home price in Sugar House increased to $278,000, a 4 percent increase compared to the fourth quarter of 2014. Condominium prices saw a steeper climb. The median condo price increased to $185,000, up 16 percent compared to a median price of $159,750 a year earlier.

While Salt Lake home prices are at higher levels than five years ago, Holdaway said compared to other cities Salt Lake is a bargain.

“Native Utah millennials feel like things are really expensive, but I think if you look at the grand picture we are still very affordable.”

Angie Domichel Nelden, a Realtor® with

Yoga class

18 | Salt Lake Realtor ® | April 2016

Illustration: Pelli Clarke Pelli Architects

Coldwell Banker Residential Brokerage, said millennials are smart home buyers and know what they want.

“They don’t want to be in the car for a ton of time,” Nelden said. “I had a client that wanted to bike to downtown. They ended up buying in South Salt Lake.”

The Realtor® Magazine survey looked at 500 U.S. cities and considered the following criteria: 1.

Number of foodie hot spots; 2. Number of bike shops; 3. Number of yoga studios; 4. Number of cultural outlets; 5. Increase in population of 25- to 34-year-olds from 2013 to 2014; and 6. Housing affordability.

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

Photo: © iStockphoto.com/Wavebreakmedia

Members Making a Difference in the

REAL ESTATE PROFESSION Lana Ames Daniel Cabrera Kathleen Chaplin Kimberly Chatterton Jennifer Clark John Dowdle Jason Eldredge Connie Elliott James Ellis Laura Fidler Amy Gibbons Michelle Gilvear Joel Hair Lori Hendry Julie Holmes Jonah Hornsby Kris Hudson Jeffery Kirk Fred Larsen Bridget Lloyd Jennifer Mascaro Carolee Mecham Joseph Olschewski Ravath Pok Ryan Pool Scott Steadman Justin Udy Nathan Ulrich Durven Wilson Lisa Woodbury Jennifer Yates Elaine Zambos The above Realtors速 became new major investors over the past year by making a $1,000 minimum donation to the Realtors速 Political Action Committee.

Congratulations to these first-time Sterling R investors!

Charity Challenge Makes the Dream of Home Ownership Possible The Realtors® Charity Challenge will be held on June 16 and help a local family attain a Habitat for Humanity home.

By Dave Anderton

T

he Salt Lake Board of Realtors® holds a long history of helping others. For most Realtors®, service to others comes easily. Members can be found serving at local community events, collecting for sub-for-Santa programs, volunteering at local charities or helping a neighbor.

In fact, the Board’s four-part mission includes service as a main objective. This year the Board is challenging all members to expand their efforts by taking part in the Realtors® Charity Challenge, a family-friendly event and competition designed to raise money to build a home for a deserving Salt Lake family. On Thursday, June 16, the Realtors® Charity Challenge will be held at the Realtor® Campus in Sandy. The event will include food and entertainment and offers a fun way to help a family achieve home ownership.

More than 50 Realtors® and affiliates are active in this year’s Charity Challenge Committee.

“The committee is incredibly enthusiastic and

20 | Salt Lake Realtor ® | April 2016

is generating exciting and fun ways to do service and to raise money,” said Robyn Buckwalter, chairwoman of the committee. “In the month of May we will be issuing a series of smaller ‘challenges’ to brokerages and agents in the hopes of some friendly competitive fundraising.”

Buckwalter added that the smaller challenges may include collecting non-perishable items for local food banks, books for inner-city schools and shelters, or even teddy bears for the Huntsman Cancer Hospital. The value of these items will be matched by cash donations of sponsors, whose money will be held in the Board’s new 501(c)3 charity fund. In fact, monetary donations can be made directly to the fund. If you would like to make a direct donation, go to www.crowdrise. com/slbr-charities. For questions, contact laura@ slrealtors.com.

All money raised throughout this year will be used to eventually sponsor and build a home

for Salt Lake Valley Habitat for Humanity. With rents and housing prices spiking, there are many desperate families looking for a home.

“One thing we are seeing in the recovery of our economy is that low income earners have been left behind,” said Ed Blake, a Realtor® and executive director of Salt Lake Valley Habitat for Humanity. “These are people among us that are working families.”

In past years, roughly 50 people would apply to become a Habitat family, Blake said. In the last 12 months the number has increased to more than 200 people seeking applications, with a majority of the applicants being single-parents.

People selected to receive a Habitat home aren’t given a handout. They receive a 0 percent 30-year fixed-rate mortgage and must contribute 225 hours of sweat equity before closing on their home.

“It will typically take 18 months for a single mom, raising two children, who is working, and sometimes even going to school, to get through her 225 hours of sweat equity,” Blake added.

“These are families earning $28,000 of $38,000 per year (mom and two kids).”

To date, Salt Lake Valley Habitat for Humanity has built 95 homes. The organization is breaking ground next month on a two-acre subdivision in

Nicole Quealy and Robyn Buckwalter

Kearns called Field of Dreams where 20 homes will be built over the coming four years. Field of Dreams is likely where Board members will help partner with Habitat in building a new home.

“I encourage each member to get involved in this year’s Charity Challenge by attending the June 16 event and taking part in the broker challenges or making a direct donation,” said Cheryl Acker, president of the Salt Lake Board of Realtors®. “Your efforts will ensure that a Salt Lake family realizes the dream of home ownership.”

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

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More Single-family Home Construction is Needed Survey reveals fewer renters believe that now is a good time to buy because of high home prices.

By the National Association of Realtors®

O

ver three-quarters of surveyed households would purchase a single-family home if they were to buy in the next six months, and 79 percent of renters would choose to buy outside of an urban area, according to the second installment of the National Association of Realtors® new quarterly consumer survey. The survey also found that confidence about now being a good time to buy is waning amongst renters, particularly in the West – where prices have solidly risen.

In NAR’s first quarter Housing Opportunities and Market Experience (HOME) survey, respondents were asked about their confidence in the U.S. economy and various questions about their housing expectations and preferences, including a question on if they were to purchase a house in the next six months, what type of home and in what area would they choose to buy.

The survey data reveals an overwhelming consumer preference for single-family homes in suburban areas. Most current homeowners (85 percent) and 75 percent of renters said they would purchase a single-family home, while only 15 percent of homeowners and 21 percent of renters said that would buy in an urban area.

Lawrence Yun, NAR chief economist, says the survey findings call attention to the glaring

need for more supply of single-family homes.

“The American Dream for most consumers is not a cramped, 500-square-foot condo in the middle of the city, but instead a larger home within close proximity to the jobs and entertainment an urban area provides,” he said. “While this is not a new discovery, supply and demand imbalances and unhealthy levels of price growth in several metro areas have made buying an affordable home an onerous task for far too many first-time buyers and middle-class families.”

According to Yun, it’s time for homebuilders to double their focus on constructing single-family homes. With millennials increasingly buying in the suburbs – as NAR reported earlier this month – tight inventory and affordability concerns will likely worsen without significant headways made in housing starts in relation to job creation.

Renters lose optimism about now being a good time to buy

Heading into the spring buying season, NAR’s survey found that compared to the December 2015 survey the same share of homeowners (82 percent) but fewer renters (62 percent versus 68 percent last quarter) believe that now is a good time to buy.

April 2016 | Salt Lake Realtor ® | 23

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NAR First Quarter HOME Survey “A high number of homeowners are expressing that it’s a good time to buy and this sentiment is no doubt being fueled by the $4.4 trillion in housing equity accumulation in the past three years,” says Yun. “On the other hand, accelerating home prices and the perceived difficulty in obtaining a mortgage appears to be tugging at the confidence of renters.”

Overall, respondents over the age of 65, those living in the Midwest and those with incomes over $100,000 were the most optimistic about buying now.

Among current homeowners, fewer (56 percent) believe it is a good time to sell compared to the fourth quarter of 2015 (61 percent). Amidst steep price increases and tight supply, respondents in the West were the most likely to think now is a good time to sell, while also being the least likely to think now is a good time to buy.

Slightly fewer households think the U.S. economy is improving Among all households in the survey, less

24 | Salt Lake Realtor ® | April 2016

than half believe the economy is improving (48 percent), down from 50 percent in last quarter’s survey. Renters, those living in urban areas and respondents with lower incomes were the most optimistic.

The HOME survey’s monthly Personal Financial Outlook Index2 of all households has slightly dipped (to 58.1) since December (59.6), but is mostly unchanged from March 2015 – reflecting stable confidence that respondents’ financial situation will be better in six months. Currently, renters, younger and lower income households and those living in urban areas are more optimistic about their future financial situation.

Location matters depending on lifestyle

Across all age groups, when asked about their future buying preferences, survey responses were closely tied to each generation’s typical lifestyle, with younger buyers being more likely to consider buying a single-family home. Not surprisingly, renters and younger buyers would for the most part purchase larger homes, whereas older buyers would purchase similar or smaller sized homes.

Highlighting the apparent appetite for some older households to downsize and live in the city, respondents over the age of 65 were the most likely to consider a condo and nearly as likely as respondents under the age of 35 to consider purchasing in an urban area.

Most respondents indicated their preference to stay in a similar area to their current living situation if they were to buy in the next six months. Over two-thirds of those living in rural areas and 75 percent of those living in suburban areas would buy in a similar area. Only those living in an urban area would be more likely to move elsewhere, with a suburban area within 20 miles of the city being the most frequent choice of urban buyers moving to another type of area.

About NAR’s HOME survey In January through early March 2016, a sample of U.S. households was surveyed via random-digit dial, including half via cell phones and the other half via land lines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report and a total of 2,781 household responses are represented.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.1 million members involved in all aspects of the residential and commercial real estate industries.

SUPPORT & RIDE TEAM VERITAS Veritas Funding is going on the Bike MS: Harmon’s Best Dam Bike Ride June 25-26, and we need your help! We want to raise $50,000 to support finding a cure for MS! Veritas will match dollar for dollar up to the first $25,000 raised! We want to invite you to get involved! Please click on the link below or scan the QR code to donate, or register to ride with Team Veritas MS 150!

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Housing Watch Wasatch Front Home Sales Take a Dive in February

A

fter a strong January, home sales in Salt Lake County during the month of February fell to 993 units sold (all housing types), a 7 percent decline compared to 1,073 sales in February 2015, according to the Salt Lake Board of Realtors®.

The stall in sales is likely attributed to shrinking housing inventories and high home prices that are pushing away first-time buyers.

the health of the economy are holding back a segment of would-be buyers,” says Yun. “Now that there are fewer distressed homes available, it appears there’s been a shift towards investors purchasing lower-priced homes and turning them into rentals. Already facing affordability issues, this competition at the entry-level market only adds to the roadblocks slowing first-time buyers.”

Home sales in February across the Wasatch Front (Salt Lake, Davis, Utah, Weber and Tooele counties) also showed a drop, down 6 percent year-over-year. In Davis County, sales fell 8 percent from a year ago.

Nationally, the share of first-time buyers in February was at 30 percent, the lowest share since November 2015. All-cash sales across the country accounted for one in four closings in February, down from 26 percent a year ago. Along the Wasatch Front, all-cash sales in February made up 13 percent of all closings, down from 15 percent year-over-year.

According to Lawrence Yun, chief economist for the National Association of Realtors®, job growth continues to hum along at a robust pace, but there appears to be some uneasiness among households that the economy is losing some steam.

This was evident in NAR’s latest quarterly HOME survey, which revealed that fewer respondents believe the economy is improving, and a smaller share of renters said that now is a good time to buy a home.

“The overall demand for buying is still solid entering the busy spring season, but home prices and rents outpacing wages and anxiety about

6

3

Salt Lake County Sales (all housing types) Year-Over-Year (Down 7%)

1,073 26 | Salt Lake Realtor ® | April 2016

993

The median price of all units sold in February in Salt Lake County was $248,000, an 8 percent rise year-over-year. In Davis County, the median home price increased to $234,900, up 6 percent from a year earlier.

The cumulative median days on the market for a listing in Salt Lake County fell to 28 days, down from 55 days a year ago. In Davis County, listings were on the market a median of 32 days, down from 61 days last year.

Salt Lake County Median Price (all housing types) Year-Over-Year (Up 8%)

$229,000

$248,000

1

2

Salt Lake County Days on Market (all housing types) Year-Over-Year (Down 49%)

2 - C OLOR

Salt Lake County

Pending Sales (Up 5%)

28

55

1,414

Sales $

5 Davis County $234,900 4 Median Price (all housing types) Year-Over-Year (Up 6%)

1,486

Sales

Davis County Sales (all housing types) Year-Over-Year (Down 8%)

278

302

$220,845

April 2016 | Salt Lake Realtor 速 | 27

REALTOR® Connections Q&A: Babs De Lay Babs De Lay is the principal broker and founder of Urban Utah Homes and Estates. She was awarded the Good Neighbor Award at this year’s Best of 2015 Realtor® Awards. This year she was also recognized as the 2015 Hero of HIV from the Utah AIDS Foundation and received the Downtown Achievement Award, Downtown Alliance 2015 for her work as the Chair of the Downtown Merchants Association.

Q: Why did you get involved with the Utah AIDS Foundation?

A: When the Utah AIDS Foundation first started in the 1980s most of my friends were dropping like flies. I’d say there were 200 of my friends that died of AIDS. We didn’t know what to do. One of my friends had AIDS, had lost his job and was dying. He had to walk a couple of blocks to Smith’s to fill a prescription and it was winter and all he had to wear was tennis shoes. We started doing a “Sub-for-Santa” program for single men and families with AIDS. Q: How long did the Sub-for-Santa program last?

A: Within a year we were doing the Sub-for-Santa for a handful of people.

The next year it doubled and the next year it doubled. Each year it got bigger. By the time I stopped 10 years later we were providing Christmas to 300 plus individuals and families. The program still lives on today at the Utah AIDS Foundation.

Q: What did you provide?

A: Back then it was their last wish. There was no hope. The guys were asking for things like a new pair of Levis they could be buried in. Or they would ask for a cassette player or a TV. Everything we got was from the Realtor® community. Everybody pitched in. It was totally anonymous.

Golf Tournament to Benefit Ronald McDonald House Keller Williams Salt Lake City announced it is sponsoring the Sugar House Cares Golf Tournament to benefit the Ronald McDonald House, which helps keeps families close to top children’s hospitals and gives them a place to rest and refresh while their children receive treatment.

The tournament is Monday, June 20 at Bountiful’s Eaglewood Pictured: Kelly Favaro (left), Rich Varga, Lee Stern, and Golf Course. Put your Shad Selmos. foursome together now ($500). For more information email: sugarhousecares@gmail.com or contact Mona Stevens at monas@kw.com.

28 | Salt Lake Realtor ® | April 2016

On the Move

Carter Maudsley announced he has started a law firm, Maudsley Law, PC, based in Salt Lake City.

The firm specializes in real estate law and mediation. Maudsley has been a Realtor® for the last 15 years, and will continue to sell real estate. For more information visit www.maudsleylaw.com.

The National Association of Hispanic Real Estate Professionals (NAHREP) closed out its 2016 Housing Policy & Hispanic Lending Conference with the installation of Joseph Nery as 2016 President. Nery previously served as Secretary on NAHREP’s National Board of Directors, and has also served at a local level as President of the NAHREP Chicago chapter board. He is a partner at Nery & Richardson LLC, a law firm with a primary focus on real estate.

Realtypath welcomed the following new agents: William Bullock, Robert Cusick, Zulema Santoyo, Frederick Holt, Rene Romero, Jason Boone, Bruce Jolley, Alec Cannon, P. Robert Luke, Glenn Tomicic, Sonia Fernandez, Adam Mejia, Rodolfo Rangel, Emmanuel Aguirre, Hannah Skeen, Guillermo Mendez, Ronald Branca, Ivan Dubois, Leslie Rodeback, Jodi Wood, Trent Petersen, Carmen Jaramillo, Roger Koos, William Petersen, Janet Rasmussen, Melissa Williams, Heather Shelley, Itielu Nu’u Tilo, Don Rushing, Jared Pearson, Shannon Norris, Joel Guerrero, Victor Rossi, Peter Vu, Nicole Quealy, Pam Crow, Cindy Breidenbach, Donald Hyland, Bonnie Allen, Terry Thompson, JC Corn, Michael Erdmann and Ryan Rudd.

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