Salt Lake Realtor – August 2017

Salt Lake

REALTOR

®

slrealtors.com

Home Sellers Make Big Money p. 16

Maga zine August 2017

Apps Top Producers Can’t Live Without p. 22

NEW PENTHOUSE FOR THEM $500 GIFT CARD FOR YOU Exquisite 27th-floor penthouses are newly finished atop 99 West, Salt Lake’s luxury downtown high-rise. Homes boast spacious living spaces with custom surround fireplaces and handcrafted finishes. Start showing your clients the magic of City Creek Living today.

As our thanks, receive a $500 City Creek gift card upon closing when your client goes under contract by December 30, 2017.

Tour designer models by appointment Chris Corroon | 435.901.0444

Bonnie Shepherd | 801. 815.7744

Corrooncl@CityCreekSLC.com

Shepherdb@CityCreekSLC.com

CityCreekLiving.com

Would you give your clients a

$40,000

down payment?

WE WOULD! Through our sweepstakes, your clients are automatically entered when they complete their mortgage loan with us! They can also enter with no purchase necessary at snmc.com/win Turning Houses into Homes™ NMLS# 3116

NO PURCHASE NECESSARY TO ENTER OR WIN. Open to legal residents of the United States (excluding NY, RI, AK) or DC, 18+ years of age as of the date of entry. Not open to employees of Sponsor, their subsidiaries and affiliates and their immediate families. Void outside the U.S. and wherever prohibited by law. Starts 12:00 AM ET 03/15/17 and ends at 11:59 PM ET 5/31/18.

Odds of winning depend on the total number of entries. *Approximate retail value of prize pool is $51,400. **See official rules at snmc.com/win. Sponsor: SecurityNational Mortgage Company.

SNMC0717ADV1406

Table of Contents The Utah Jazz Dunk Team put on a performance at this year’s Christmas in July event. p. 10

Features 10 Christmas in July 2017 14 RPAC Scores at Real 16 Home Sellers Net Highest Profit in a Decade

22 Apps Top Producers Can’t Live Without

Reut R. Cohen

30 Foreign U.S. Home Sales Dollar Volume Surges 49 Percent to Record $153 Billion National Association of Realtors®

Columns 7 A Regulatory Paradise Troy Peterson – President’s Message

Departments 8 Happenings 8 In the News 26 Housing Watch

28 Realtor® Connections 28 On the Move

On the Cover: Bryan Colemere, left, chairman of the Government Affairs Committee, Bill Heiner, past president of the Salt Lake Board of Realtors®, Mayor Dolan, and Cecil Thompson, committee member.

Photo: Dave Anderton Photo left: Dave Anderton

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

August 2017 volume 77 number 8 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.

Beautiful Homes from $270,000

NEW MASTER-PLANNED COMMUNITY IN EAGLE MOUNTAIN Overland is one of Ivory's largest master-planned communities and is sure to have everything you're looking for. Phase One features beautiful home designs on spacious lots averaging over 15,000 sq. ft. Frontier Middle School is located around the corner and Hidden Hollow Elementary School is just a 5 minute drive. Overland also offers easy access to the Pony Express Trail and multiple nearby parks. Easy commutes to Salt Lake City are under an hour and Lehi is only 25 minutes away.

Overland in Eagle Mountain 2790 Pony Express Pkwy. | 801-793-0505

IVORYHOMES.COM

GET UP TO A $5,000

GIFT to Buy a Home!

As little as 1% Down!

NO MONTHLY MORTGAGE INSURANCE!

Buying a home with us is as easy as 1-2-3.

EXAMPLE 1: $250,000 purchase price 1.

Total down payment 3% = $7,500 2. Lender Gift = $5,000 (2%) 3. You put down = $2,500 (1%) Loan amount: $242,500 Payment: $1,193 APR: 4.25%

EXAMPLE 2: $400,000 purchase price 1.

Total down payment 3% = $12,000 2. Lender Gift = $5,000 (1.25%) 3. You put down = $7,000 (1.75%) Loan amount: $388,000 Payment: $1,909 APR: 4.25%

What’s more, you can get a loan without monthly mortgage insurance! A loan without wasteful monthly mortgage insurance can save you thousands and increase your buying power.

With 801-APPROVE there are no junk fees: no origination, underwriting, processing or application fees.

Whether it’s your first home, or your next home—we’re here for you!

Contact either one of us for additional questions. We look forward to helping you claim your down payment gift of up to $5,000 and getting you a loan without monthly mortgage insurance.

For real estate contact:

Your Info Here

For financing contact:

Rod Rex

801-APPROVE (801-277-7683) Rodney@801approve.com www.801approve .com NMLS 295665 Utah’s Mortgage Leader

801-APPROVE 801approve.com

Lenders Compete.

Compete. You You Win! Win! Lenders

Maximum lender gift is 2% of purchase price, or $5,000—whichever is lower. Max loan $424,100. Max purchase price $437,216. 720 Minimum FICO score. Available to both first-time and repeat buyers. Home must be your primary residence and you cannot own any other home(s) at time of closing. Quoted payments are principal and interest only. Property taxes and homeowner’s insurance additional. Rate/APR and terms subject to change.

NMLS #192521

Want new clients? Offer something that

sets you apart from other agents—a down payment gift!

Call me and I can add you to this flyer and give you a pdf copy that can be shared on social media, via email, your newsletter, or printed.

Salt Lake

REALTOR

® ®

Maga zine

slrealtors.com slrealtors.com

President Troy Peterson Equity Real Estate

Directors

First Vice President Adam Kirkham Summit Sotheby’s International Second Vice President Scott Robbins Coldwell Banker Residential Treasurer J. Scott Colemere Colemere Realty Associates Past President Cheryl Acker Utah Key Real Estate CEO Curtis A. Bullock

M. Brock Andersen Berkshire Hathaway Kimberly Farber-Bowen IMPOWER Real Estate Brian Gottfredson Coldwell Banker Residential Alicia Holdaway Equity Real Estate Mike Morgan Realtypath Mary Olsen Utah Key Real Estate Jodie Osofsky Utah Key Real Estate Steve A. Perry Realtypath 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 Jessika Huhnke Ken Magleby Patrick Witmer

Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Karen Malan Paul Nicholas

Administrative Assistant KellieAnn Halvorsen

Office Assistant Jessica Snow

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.

A Regulatory Paradise T

he price of homes in Salt Lake County continues to climb as demand from household formations and net inmigration continues to accelerate. In this year’s second quarter, the median home price skyrocketed to $299,900, an 11 percent jump from last year when the median price was $269,984.

Home prices here and across the nation are at all-time highs. The rise in buyer demand combined with a limited number of homes for sale pushed the national median sales price above its 2006 peak and to a record high, according to the National Association of Realtors®.

The median existing-home price for all housing types reached $236,400 in June – 6.5 percent above year ago levels and surpassing the peak median sales price set in July 2006 at $230,400.

Across the Wasatch Front, demand for housing is particularly strong. Driving that growth is Utah’s diverse and strong economy and quality of life. Yet, there is cause for concern as Utah’s housing shortage becomes more acute and home prices climb.

A recent story in The Sacramento Bee lamented that California’s epidemic housing shortage hasn’t just sickened the Golden state, but its neighbors, particularly Utah, as Californians move to find better economic opportunities and affordable housing.

Yet, while California enacts ever more top-down regulations and legislation to limit growth, Utah is actively encouraging local approvals to more housing.

“For 40 years, California state government has centralized power at the expense of local governments, in the process discouraging local approvals of housing,” the article stated. “State environmental regulations make homebuilding slow and costly. State limits on local taxes, especially Proposition 13, create incentives that encourage sales-tax-producing development, not housing.”

“Utah, the article continued, “has almost none of California’s restrictions on local control, and little of its NIMBYism.” Robert Spendlove, an economist and member of the Utah Legislature, told the newspaper that Utah doesn’t have the problem California has with widespread anti-growth sentiment.

Realtors® are a big reason why Utah is a regulatory paradise. The Realtors® Political Action Committee promotes Realtor®-friendly political candidates that support all types of housing growth. Builders in the Beehive State are ramping up production and trying to meet demand. Overall, Utah cities are responsive to diverse housing solutions and housing permits and subdivisions are being approved.

It is little wonder why so many Californians are fleeing to places like Utah and other states. An over regulated and top-down approach doesn’t eliminate growth.

It only raises housing costs and makes it harder for working families to make it.

Troy Peterson 2017 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

August 2017 | Salt Lake Realtor ® | 7

Happenings

In the News Real Estate Firms Keep Callers Waiting

Pictured: Marcus Jessop, left, government affairs director, Cheryl Acker, past president, Adam Kirkham, president elect, Troy Peterson, president, Clayton Snow, and Jeff Longson, broker of Intergrity Real Estate Services.

Aloha to Clayton Snow

Clayton Snow of Integrity Real Estate Services was the lucky winner of this year’s RPAC Maui vacation giveaway. The vacation package included a five-day stay at the Sheraton Maui Resort, two round-trip air tickets, five-day car rental, and $500 Visa gift card. Members received one entry for every $15 invested in RPAC when paying their annual membership dues. Clayton was chosen by a random number generator from 14,500 entries. Thank you to everyone who participated!

Board Sponsors Parade of Homes

The Salt Lake Board of Realtors® was the exclusive industry sponsor of the 2017 Salt Lake Parade of Homes, which ran from July 28 through Aug. 12. An ad by the Board in the Parade Magazine asked, “In the strongest seller’s market ever do you have a Realtor® looking out for you?” In addition, the Board’s logo was displayed on the driveway of a $1 million Parade home built by Concord Homes. More than 30,000 people visited the Parade of Homes this year.

8 | Salt Lake Realtor ® | August 2017

Real estate firms risk losing business by making customers wait on hold for more than 26 seconds, new research has revealed.

Calls made to companies in the real estate sector as Mark Williamson part of a large-scale study, conducted by audio branding specialist PHMG, were put on hold for 26.43 seconds on average, slightly less than the national average of 29.83 seconds.

The research discovered 38 percent of real estate businesses leave customers waiting in silence, while 36 percent use generic music, 8 percent use beeps and 2 percent make callers listen to ringing.

Mark Williamson, CEO at PHMG, said: “The research results do not reflect particularly well on the real estate sector, as few firms appear to be employing a best practice approach to call handling.”

A previous study of 2,234 US consumers found 59 percent will not do business with a company again if their first call isn’t handled to satisfaction.

Therefore, it is important companies do everything they can to improve the experience.

The same consumer study also revealed 65 percent of customers feel more valued if they hear customized voice and music messages on hold.

By ensuring all audio is professional and brand congruent, companies can drastically improve customer experience and begin shaping behaviour by tapping into the psychological power of sound.

This latest study also found real estate firms answer the phone within an average of three rings, but only three percent use an auto-attendant service to greet callers outside of normal business hours.

FOR EVERY SEASON, FOREVER MEMORIES. At Victory Ranch, year-round recreation and amenities await those seeking a Park City vacation home to call their own. It is a place for your family to escape the everyday, and where great moments in the great outdoors become memories to treasure for a lifetime.

Experience the Good Life in

THE GREAT OUTDOORS

Come summertime, our Rees Jones Golf Course challenges your game while a 4,000-acre backcountry offers miles of mountain biking trails, yurt camping and 5-stand shooting. Hit the legendary slopes of Park City and Deer Valley in the winter or fly fish along the Upper Provo year-round.

Parenting tips from

THE GREAT

6,700 Pristine Acres Near the Legendary Ski Resorts of Deer Valley and Park City • 18-Hole Rees Jones Golf Course • The Post Clubhouse & Pool • The Barn Activity Clubhouse & Spa • Ski-in/Ski-out Park City Clubhouse • World-class Fly Fishing • Freestone Lodge Riverside Dining • 20 Miles of Hiking and Mountain Biking Trails • 5-Stand Shooting • 4x4 ATV Adventures • Jordanelle Water Sports • Backcountry Yurts

Realtor Incentive Program Ask about our 3% broker commission on cabin & custom homes sales.

Call 435.785.5000 Find yourself at VictoryRanchUtah.com Homesites from $475,000, Cabin Homes from $1,975,000 Victory Ranch does not discriminate on the basis of race, color, religion, sex, handicap, familial status, or national origin. Read the property report for Victory Ranch before signing anything. No federal or state agency has judged the merits or value, if any, of property in Victory Ranch. Access to golf and other amenities is restricted to Victory Ranch Club members and subject to applicable membership fees and other limitations. Each office is independently owned and operated.

Christmas in July 2017

T

he Salt Lake Board of RealtorsÂŽ held its annual Christmas in July event at The Road Home family homeless shelter on July 14 in Midvale. This year 400 people (more than half children) celebrated Christmas with Santa and Mrs. Clause. The Utah Jazz Dunk Team put on a show for the children. Appearances also were made by Star Wars and Disney characters. More than 50 volunteers helped distribute backpacks filled with donated games, toys, books, back-to-school items, blankets, clothing and personal hygiene items.

10 | Salt Lake Realtor ÂŽ | August 2017

Photos: Dave Anderton August 2017 | Salt Lake Realtor ÂŽ | 11

The Salt Lake Board of Realtors® thanks everyone who made this year’s Christmas in July a magical day!

Gold Sponsors

Silver Sponsors

Bronze Sponsors

Amy Atkinson (toys), Elaine Zambos and St. Anna Greek Othodox Women’s Ministry (blankets)

Collaboration is not an option. It’s a promise.

At David Weekley Homes, we love taking care of you and your Clients by: • Encouraging you to register your Clients with us – we promise it will be easy • Paying you complete commissions based on a home’s full sales price, not just the base price VISITlook US IN ALL OUR FINE COMMUNITIES • Making you good by guiding your Clients through the building process and beyond

S A LT L A K E C I T Y

Homes from the $280s to $590s+ in the Salt Lake City area 800-240-7487

215

Great Salt Lake 80

SLC International Airport Lincoln Highway

Salt Lake City

80

S. 700 E.

71

201

E. 400 S. E. 1700 S. 80

80

Belt Route

80

1. Holladay Town Center Court From the $625s, 800-240-7487 Call for Appointment

From the $470s, 801-810-2564 7392 South Canyon Centre Parkway Cottonwood Heights, UT 84121

1

2. Canyon Centre Court

215

Union Boulev ard

t

ch

untain View Corridor Mo

Fo r t

a Wa s

E. 5600 S. Belt Ro ute

2

15

West Jordan W. 10400 S.

E. 10600 S.

151

South Jordan

4

W. 11400 S.

68

W. 11400 S.

175

4. Daybreak 10451 South Abbot Way South Jordan UT 84095 801-810-8574 Cottage Courts From the $280s Creekside Village 60’ From the $370s Lake Village 60’ – Close out!

From the $485s The Villas at Daybreak NOW OPEN! 800-240-7487 From the $280s The Enclave at Highland Park The Bungalows at Highland Park Coming Soon! 800-240-7487

Holladay

W. 5400 S.

3. Deer Run Preserve Bungalows From the $385s, 801-810-2620 14122 S Deer Arch Lane Draper, UT 84020 Cottages From the $500s, 800-240-7487 Estates From the $570s, 801-810-2575 986 E. Deer Heights Court Draper, UT 84020

215 266

Bangerter Highway

2. Canyon Centre Court – Close out!

From the $590s 800-240-7487

The East Bench 15

Jordon River Parkway

E. 12300 S.

71

154

15

Bangerter Highway

an ghl Hi

1. Holladay Town Center Court

rive dD

3

Close Out! From the $470s 800-240-7487

3. Deer Run Preserve Bungalows From the $385s Cottages From the $500s Estate From the $550s 800-240-7487

4. Daybreak

Cottage Courts From the $280s

5. The Estates at Holbrook Farms

Creekside Village 60' From the $380s 801-810-2574

From the $440s 800-240-7487

Lake Village 60' Close Out! 801-810-2575 The Villas at Daybreak From the $285s 801-810-2564 The Enclave at Highland Park From the $300s The Bungalows at Highland Park From the $360s 801-810-2624

5. Holbrook Farms COMING SOON! 800-240-7487 Lehi UT 84043

5 W. 2100 N.

85

See a David Weekley HomesModels Sales Consultant for–details.

Prices, plans,Sunday dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Illustrations are Open Monday Saturday • Closed artist’s depictions only and may differ from completed improvements. Copyright © 2017 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLCA86385)

Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Copyright © 2017 David Weekley Homes - All Rights Reserved 5/17/17

RPAC Scores at Real M

ore than 100 Realtors® and affiliates attended the REAL Salt Lake soccer game on July 22 at Rio Tinto Stadium in Sandy. The evening included dinner, game and fireworks. REAL Tied 1-1 with Sporting Kansas City. The evening generated more than $7,000 for the Realtors® Political Action Committee. Thank you to all the members that participated!

14 | Salt Lake Realtor ® | August 2017

Photos: Dave Anderton August 2017 | Salt Lake Realtor ÂŽ | 15

© pixbox77 / Adobe Stock

Home Sellers Net Highest Profit in a Decade While it’s the most profitable time to sell in a decade, it’s also extremely difficult to find another home to purchase.

A

TTOM Data Solutions recently reported that homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.

The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.

The report also shows that homeowners who sold in the second quarter had owned an average of 8.05 years, up from 7.85 years in the previous quarter and up from 7.59 years in Q2 2016 to the longest average homeownership tenure as far back as data is available, Q1 2000.

“Potential home sellers in today’s market are caught in a Catch-22. While it’s the most

16 | Salt Lake Realtor ® | August 2017

profitable time to sell in a decade, it’s also extremely difficult to find another home to purchase, which is helping to keep homeowners in their homes longer before selling,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “And the market is becoming even more competitive, with the share of cash buyers in the second quarter increasing annually for the first time in four years.”

Cash sales share increases annually for first time since Q1 2013

All-cash sales represented 28.9 percent of all single family and condo sales in Q2 2017, down from 31.3 percent of all sales in the first quarter, but up from 27.3 percent of all sales in Q2 2016 — the first annual increase in the share of cash sales since Q1 2013.

The Darla

OUR GOLD STAR EVENT IS BACK! Call 801.545.3429 or visit our Sales Centers to learn about special offers on Gold Star Homes—through 8/31.

Clients in a hurry to move? We have several move-in ready homes in Utah, Salt Lake and Tooele counties:* • Prices from the upper $300s through $600s • Gourmet kitchens, sunrooms, finished basements & 3-car garages available • Full landscaping & appliances available on select homes • Many homes are ready to close in as little as 60 days • Model homes are now available to tour & some are for sale!

Visit RichmondAmerican.com for more information. *Closing dates are subject to change and cannot be guaranteed. Homebuyers may be limited in the structural changes, options and upgrades which can be made to homes. Prices, specifications and availability are subject to change without notice. Square footage is approximate. Actual homes as constructed may not contain the features and layouts depicted and may vary from image(s). ©2017 Richmond American Homes, Richmond American Homes of Utah, Inc. (866.400.4131).

Image licensed by Ingram Image

Among major metropolitan areas with a population of at least 1 million, those with the highest share of all-cash sales in Q2 2017 were Raleigh, North Carolina (57.4 percent); Miami (46.2 percent); Detroit (45.2 percent); Oklahoma City (44.6 percent); and Tampa-St. Petersburg, Florida (43.2 percent).

Institutional investor sales share down nationwide, up in 26 percent of local markets The share of U.S. single family home and condo sales sold to institutional investors (entities buying at least 10 properties in a calendar year) was 2.1 percent in the second quarter, up from 1.8 percent in the first quarter but down from 2.6 percent a year ago.

Among 73 metropolitan statistical areas with a population of at least 200,000 and at least

Service Directory Home Inspection

Highest average home seller returns in Northern California, Seattle and Denver Among 118 metropolitan statistical areas

CRITERIUM-BERNHISEL ENGINEERS 801-466-0931 Scott Bernhisel, PE, MBA Professional Engineer

• Comprehensive Inspections • Expert Testimony • Diagnostics • Structural Repair & Design • Electrical, Mechanical, Roofing • Maintenance Planning • Environmental Assessments Exceeding ASHI Standards

18 | Salt Lake Realtor ® | August 2017

40 institutional investor sales in Q2 2017, those with the highest share of institutional investor sales in the second quarter were; Macon, Georgia (8.9 percent); Memphis, Tennessee (8.6 percent); Killeen-Temple, Texas (8.3 percent); Clarksville, Tennessee (7.8 percent); and Birmingham, Alabama (7.4 percent).

Counter to the national trend, 19 of the 73 metro areas (26 percent) posted year-over-year increases in the share of institutional investor purchases, including Memphis, Tennessee (up 6 percent); Charlotte, North Carolina (up 6 percent); Nashville, Tennessee (up 37 percent); Baltimore, Maryland (up 3 percent); and Raleigh, North Carolina (up 42 percent).

Marty Nordin Owner

Meth & Radon Testing • Available 24/7 Licensed & Insured • ICA Certified Supra Key Access • Exceding ASHI Standards

801.232.0835

brickbybrickinspections@gmail.com

www.BrickByBrickUtah.com

with at least 1,000 home sales in Q2 2017 with previous sale information available, those with the highest average home seller returns were San Jose, California (75 percent); San Francisco, California (65 percent); Seattle, Washington (63 percent); Modesto, California (62 percent); and Denver, Colorado (62 percent).

“An ongoing issue in the greater Seattle area is a lack of supply which is aggressively driving up home prices,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. “The only short-term solution is to build more homes, but thanks to land constraints and construction costs, this simply is not happening at a rate that you would normally expect in a market like this. Unfortunately I do not expect this trend to change until zoning and regulation costs change, which is unlikely in the current political climate.”

Average homeownership tenure down in Chicago, Dallas, Philadelphia, DC and Detroit Counter to the national trend, the average homeownership tenure in Q2 2017 decreased from a year ago in 25 of 89 metro areas analyzed in the report (28 percent), including Chicago, Dallas,

Philadelphia, Washington, D.C., and Detroit.

Among major metropolitan areas with a population of at least 1 million, those with the longest average homeownership tenure for home sellers who sold in the second quarter were Boston, Massachusetts (11.91 years); Hartford, Connecticut (11.90 years); Providence, Rhode Island (10.28 years); San Francisco, California (9.87 years); and San Jose, California (9.71 years).

“Across Southern California we are witnessing concerns over housing affordability keeping homeowners in current homes for longer tenure, and keeping available home inventories low in supply.” said Michael Mahon, president at First Team Real Estate covering the Southern California market, where the average homeownership tenure reached a new all-time high of 9.55 years in Q2 2017.

Distressed sale share drops to lowest level since Q3 2007 Total distressed sales — bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 13.4 percent of all single family and condo sales in Q2 2017, down from 17.1 percent in the first quarter and down from 15.2 percent in Q2

August 2017 | Salt Lake Realtor ® | 19

Report methodology The ATTOM Data Solutions U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, a state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available.

Definitions

© Amy Walters / Adobe Stock

2016 to the lowest level since Q3 2007.

Among 141 metropolitan statistical areas with a population of at least 200,000 and at least 100 total distressed sales in Q2 2017, those with the highest share of total distressed sales were Atlantic City, New Jersey (40.2 percent); Canton, Ohio (31.0 percent); Columbus, Georgia (27.8 percent); Trenton, New Jersey (27.7 percent); and Akron, Ohio (27.5 percent).

Counter to the national trend, 39 of the 141 metro areas (28 percent) posted year-over-year increases in share of distressed sales, including New York, New York (up 13 percent); Denver, Colorado (up 3 percent); Pittsburgh, Pennsylvania (up 31 percent); Cincinnati, Ohio (up 19 percent); and Cleveland, Ohio (up 5 percent).

FHA buyer share drops to lowest level in more than two years

Sales to FHA buyers (typically first time homebuyers or other buyers with a low down payment) represented 14.3 percent of all U.S. single family and condo sales in Q2 2017, down from 14.4 percent of all sales in the first quarter and down from 16.0 percent in Q2 2016 to the lowest level since Q1 2015.

Among metro areas with a population of at least 1 million, those with the highest share of sales to FHA buyers were Kansas City (25.0 percent); Salt Lake City (24.5 percent); Indianapolis (24.5 percent); Houston (23.9 percent); and San Antonio (23.6 percent).

20 | Salt Lake Realtor ® | August 2017

All-cash purchase: sale where no loan is recorded at the time of sale and where ATTOM has coverage of loan data.

Homeownership tenure: for a given market and given quarter, the average time between the most recent sale date and the previous sale date, expressed in years.

Home seller price gains: the difference between the median sales price of homes in a given market in a given quarter and the median sales price of the previous sale of those same homes, expressed both in a dollar amount and as a percentage of the previous median sales price.

Institutional investor purchases: residential property sales to non-lending entities that purchased at least 10 properties in a calendar year.

REO sale: a sale of a property that occurs while the property is actively bank owned (REO).

Short sale: a sale of a property where the sale price is less than (short) the combined amount of loans secured by the property.

Third-party foreclosure auction sale: a sale of a property that occurs at the public foreclosure auction (trustee’s sale or sheriff’s sale) in which the property is sold to a third-party buyer and does not transfer back to the foreclosing bank.

About ATTOM Data Solutions

ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.

We

Love

Realtors We work closely with agents and buyers to keep them up-to-date on the building process.

We’ll do all the

legwork, you get

3%

Commissions

Visit Us Today!

• 12 active communities for sale • 3 new communities this year • State-of-the-art Design Center

Call Us Now!

(801) 948-2217 FieldstoneHomes.com

© Contrastwerkstatt / Adobe Stock

Apps Top Producers Can’t Live Without Movers and shakers in the real estate world reveal which mobile tools they love and why.

By Reut R. Cohen

F

inding the right tech solution can be an overwhelming task. There are more than 2 million apps available for Android and Apple devices alike, according to Statista, a consumer survey and research institute. Sometimes the best way to sort through all the noise is to ask a successful colleague what they use.

Crunch the Numbers: Apps That Help You Calculate

Karl’s Mortgage Calculator (available on Android and Apple devices; free) helps users figure out monthly payments on a property given the principal, interest, and loan terms. One particularly flexible feature is the ability to reverse-calculate any one variable given the other three. It’s an app that Mark Palace, co-owner of Palace Properties International Inc. in Satellite Beach, Fla., swears by. “This is a powerful, reliable, and easy-to-use app,” he said. “It quickly calculates conventional,

22 | Salt Lake Realtor ® | August 2017

FHA, VA, and USDA mortgages on the fly while out in the field.”

Palace—who sells in Florida, Oregon, and California—uses the app to show clients how large a mortgage properties would require. He says the accuracy of the calculator is what sets it apart from the pack.

Other free apps that offer similar services include Mortgage Calculator FREE and Quicken Loans’ Mortgage Calculator (both are available for Android and Apple devices). The latter, however, does not have the capability to calculate FHA loans.

Organization Station: Accessible Files and Note Taking

Because real estate pros are so often on the go, having access to important files and to-do lists on a mobile device is a smart move. Google Keep and Evernote are two services available

MAKE MILLENNIALS

LIFE LONG CLIENTS OUR SEMINAR WILL SHOW YOU HOW TO: Market and Sell to Millennials Leverage Buy vs. Rent Comparisons Turn first-time homebuyers into life long clients

www.lifelong-clients.com

T H U R S D A Y, SEPTEMBER

21

339 W 13490 S, Draper, UT 84020 s 801-233-3700 Equal Housing Lender | Corp NMLS #3113 | Corp State Lic #5491140-MLCO | MAC717-1447018

Image licensed by Ingram Image

for Apple and Android devices that top producers use to stay organized.

“Everything goes into Evernote,” said Eli Karon, a top-producing real estate pro with Teles Properties in Los Angeles. Though he estimates he only uses around 10 percent of the app’s full potential, he says better organization was one factor that helped him hit $25 million last year and $31 million in 2015. “When I eat with a client, I can take a picture of the receipt and put it in Evernote.” Karon uses a paid version of the app, which offers features like scanning and digitizing business cards and the ability to annotate PDFs. (Evernote’s premium options cost from $35 to $70 per year.)

Google Keep is similar to Evernote, though as a free app it is more basic. “The reason I like Google Keep is that I can choose who to share items with from the office,” explained Rachel Adams, CEO and founder of The Rachel Adams Group at Keller Williams Realty in San Francisco.

Adams says the live functionality of Google Keep makes it useful in both her personal and professional life, allowing her to collaborate with others on everything from office tasks to shopping lists “in real time.”

Get Social: Develop Relationships With Prospective Clients If you don’t have at least one social media app on your phone, you’re missing out on an opportunity to connect. Agents can easily find a few moments at an open house or waiting in line at the grocery store to send a quick message or post a status update that will keep them top-of-mind with prospective and past clients.

“We post seven to eight times a day,” explained Johnson, who also says that her group seeks to tell

24 | Salt Lake Realtor ® | August 2017

unique stories that foster a human connection and allows clients to get a glimpse into her life.

Choosing which app to concentrate on might take a little research into your target demographic.

Today’s millennial buyer is more likely to be on Facebook and Instagram, but the following generation Z loves Snapchat, according to SproutSocial.

“I use Instagram’s app to connect with our clients past and present on a more personal level,” said Mandy Mills, a top-producing Realtor® with the Mandy and David Team serving Washington, D.C., Maryland, and Virginia. For Mills and her team, Instagram is a powerful storytelling tool that allows them to share both and striking interior shots of new listings and glimpses into the personalities of various agents on the team.

Facebook continues to be popular across demographics, according to data from the Pew Research Center. “In 2016, I closed on 58 homes from Facebook referrals,” said Adams, noting that number rose from 23 in 2015 largely due to her response time. She’s always on and ready to reply, she said, because her phone is always on her. “A five-minute response means a 90 percent higher rate of conversion.” Adams also loves that the Facebook Pages app enables her to post targeted advertisements from her mobile device.

Map It! Apps That Help You Get Where You Need to Go In states both large and small, a good GPS connection helps to get from point A to B quickly is key. The two map apps favored by top producers are free and available on both Android and Apple devices: Google Maps and Waze.

“I love Google Maps, because it has saved me so much time,” explained Palace. “It gives the user live traffic updates and reroutes the user to the quickest possible route.”

While Google Maps is the biggest player in this market, Waze, from an Israel-based company owned by Google, is particularly well-liked because it incorporates user feedback to update the app.

One mobile task that’s especially relevant for real estate agents is the ability to quickly share a location with others. While Apple devices allow users to share GPS coordinates via email or text by turning on GPS coordinates, there’s an app that offers this particular functionality more directly on Android phones. Both Mills and Getson love the fact that Compass App (available for free in Google’s Play Store) allows them to easily share their coordinates with others. “It helps us to be able to look up properties on the go and send them quickly to our clients,” said Mills.

Reprinted from Realtor® Magazine Online, June 2017, with permission of the National Association of Realtors®. Copyright 2017. All rights reserved.

$250 PER TICKET

Housing Watch Rising Prices, Falling Sales

H

ousing prices in Salt Lake County continued to climb in the second quarter even as home sales dropped. The median single-family home price increased to $327,000, up 10 percent compared to a $296,250 a year ago. The same pattern of rising prices and falling sales also extended to other Wasatch Front areas including Utah, Davis, Weber and Tooele counties.

The top five most expensive housing ZIP code areas across the Wasatch Front included: Emigration Canyon (84108) at $561,000, the Avenues (84103) at $502,000, Eden (84310) at $501,000, Alpine (84004) at $497,000, and Draper (84020) at $482,250.

Limited housing inventory and multiple offers continue to make it a challenge for home buyers. Utah is projected to add 28,000 new households this year, but home builders will only be able to add roughly 21,000 homes (all housing types), according to the University of Utah’s Kem C. Gardner Policy Institute.

Nationally, home sales in June increased 0.7 percent above a year ago, but it was the second lowest of 2017, according to the

26 | Salt Lake Realtor ® | August 2017

2 - C OLOR

National Association of Realtors®.

Across the country, first-time buyers were 32 percent of sales in June, which is down from 33 percent both in May and a year ago. NAR’s 2016 Profile of Home Buyers and Sellers – released in late 20164 – revealed that the annual share of first-time buyers was 35 percent.

“It’s shaping up to be another year of below average sales to first-time buyers despite a healthy economy that continues to create jobs,” said NAR Chief Economist Lawrence Yun. “Worsening supply and affordability conditions in many markets have unfortunately put a temporary hold on many aspiring buyers’ dreams of owning a home this year.”

All-cash sales were 18 percent of transactions in June, down from 22 percent both in May and a year ago, and the lowest since June 2009 (13 percent). Individual investors, who account for many cash sales, purchased 13 percent of homes in June, down from 16 percent in May and unchanged from a year ago. Fifty-six percent of investors paid in cash in June.

COUNTY ZIP CITY 2017 HOUSE % +/- 2017 Q2 MEDIAN % +/- 2017 CONDO % +/-

# SOLD CHANGE SALES PRICE CHANGE # SOLD CHANGE

2017 Q2 % +/- CONDO MEDIAN CHANGE SALES PRICE

2017 Q2 % +/AVERAGE CHANGE CDOM

S.L. CO

84020

DRAPER

176

-10.66%

$482,250.00

8.01%

66

-14.29%

$250,000.00

4.21%

43

-15.69%

S.L. CO

84044

MAGNA

114

-15.56%

$220,000.00

10.00%

14

75.00%

$120,200.00

4.75%

11

-56.00%

S.L. CO

84047

MIDVALE

73

-16.09%

$270,000.00

10.20%

77

-18.09%

$254,000.00

14.41%

15

-53.12%

S.L. CO

84065

RIVERTON

176

16.56%

$365,786.00

2.86%

84

110.00%

$264,018.00

11.64%

32

-38.46%

S.L. CO

84070

SANDY

96

43.28%

$299,950.00

13.19%

43

2.38%

$210,000.00

21.56%

20

-25.93%

S.L. CO

84081

WEST JORDAN

181

11.73%

$327,000.00

17.65%

32

45.45%

$200,500.00

5.53%

23

-23.33%

S.L. CO

84084

WEST JORDAN

104

-27.27%

$262,750.00

6.38%

32

-47.54%

$187,000.00

8.09%

16

-15.79%

S.L. CO

84088

WEST JORDAN

122

-23.75%

$308,000.00

10.59%

7

-50.00%

$210,000.00

7.14%

30

36.36%

S.L. CO

84091

SANDY

1

n/a

$262,250.00

n/a

0

n/a

$0.00

n/a

7

n/a

S.L. CO

84092

SANDY

138

26.61%

$429,000.00

7.25%

3

50.00%

$380,000.00

-12.14%

53

1.92%

S.L. CO

84093

SANDY

97

10.23%

$429,000.00

12.03%

2

0.00%

$924,000.00

144.02%

52

92.59%

S.L. CO

84094

SANDY

93

-25.00%

$304,000.00

6.76%

18

5.88%

$263,500.00

20.87%

16

-15.79%

S.L. CO

84095

SOUTH JORDAN

159

-34.30%

$470,000.00

17.59%

55

-38.20%

$259,900.00

13.99%

54

-5.26%

S.L. CO

84096

HERRIMAN

264

6.02%

$361,957.00

5.22%

103

-0.96%

$239,991.00

3.96%

32

-23.81%

S.L. CO

84101

SLC

3

50.00%

$195,000.00

0.03%

35

0.00%

$317,700.00

15.32%

105

84.21%

S.L. CO

84102

SLC

30

3.45%

$405,000.00

19.82%

35

-16.67%

$218,000.00

5.09%

33

22.22%

S.L. CO

84103

SLC

72

26.32%

$502,000.00

2.66%

37

2.78%

$209,200.00

-4.37%

34

-42.37%

S.L. CO

84104

SLC

65

-1.52%

$190,000.00

13.10%

4

-55.56%

$129,750.00

95.41%

17

-29.17%

S.L. CO

84105

SLC

132

24.53%

$422,500.00

7.26%

0

-100.00%

$0.00

-100.00%

27

92.86%

S.L. CO

84106

SLC

166

-11.70%

$344,500.00

9.19%

40

-31.03%

$165,500.00

-4.86%

21

-30.00%

S.L. CO

84107

MURRAY

58

-9.38%

$298,200.00

10.46%

79

23.44%

$189,000.00

27.27%

20

-39.39%

S.L. CO

84108

SLC

79

2.60%

$561,000.00

19.36%

19

-32.14%

$331,500.00

13.55%

66

-1.49%

S.L. CO

84109

SLC

102

-22.14%

$412,125.00

4.87%

8

-11.11%

$233,700.00

46.06%

27

-47.06%

S.L. CO

84111

SLC

34

25.93%

$298,500.00

19.88%

23

15.00%

$232,500.00

-16.03%

15

-81.01%

S.L. CO

84115

S SLC

87

-12.12%

$265,000.00

14.22%

31

0.00%

$187,000.00

19.11%

26

-3.70%

S.L. CO

84116

SLC

75

-20.21%

$225,000.00

7.66%

10

-23.08%

$139,000.00

17.80%

19

11.76%

S.L. CO

84117

HOLLADAY

72

22.03%

$444,250.00

4.28%

58

-9.38%

$200,700.00

32.91%

43

13.16%

S.L. CO

84118

TAYLORSVILLE/ KEARNS 205

-12.39%

$230,000.00

8.52%

8

-38.46%

$229,934.00

9.49%

16

-38.46%

S.L. CO

84119

WVC

122

10.91%

$241,000.00

13.41%

57

-27.85%

$163,000.00

8.67%

20

-25.93%

S.L. CO

84120

WVC

133

-13.64%

$240,000.00

12.18%

15

-31.82%

$235,000.00

5.38%

16

-33.33%

S.L. CO

84121

COTTONWOOD

139

-17.75%

$421,500.00

9.48%

47

46.88%

$253,750.00

23.06%

46

-4.17%

S.L. CO

84123

TAYLORSVILLE/ KEARNS 83

3.75%

$280,500.00

2.00%

56

24.44%

$145,000.00

16.00%

20

-47.37%

S.L. CO

84124

HOLLADAY

88

10.00%

$457,000.00

18.39%

23

21.05%

$295,500.00

15.88%

39

-30.36%

S.L. CO

84128

WEST VALLEY

95

-20.17%

$250,000.00

9.17%

15

-6.25%

$185,000.00

4.70%

15

-48.28%

S.L. CO

84129

TAYLORSVILLE

106

37.66%

$260,000.00

9.70%

8

-38.46%

$149,000.00

-29.05%

15

-59.46%

S.L. CO TOTALS

3745

-4.90%

$327,000.00

10.38%

1144

-6.61%

$224,000.00

10.62%

30

-18.92%

DAVIS CO 84010

BOUNTIFUL

107

-36.31%

$305,000.00

10.91%

41

10.81%

$208,000.00

37.75%

30

-28.57%

DAVIS CO 84014

CENTERVILLE

36

9.09%

$320,767.00

8.73%

37

48.00%

$203,000.00

10.93%

19

-42.42%

DAVIS CO 84015

CLEARFIELD

318

-5.64%

$239,900.00

10.55%

18

-37.93%

$149,000.00

8.84%

22

-29.03%

DAVIS CO 84025

FARMINGTON

84

2.44%

$385,000.00

12.94%

22

-8.33%

$226,000.00

8.13%

42

2.44%

DAVIS CO 84037

KAYSVILLE

115

-10.16%

$360,000.00

10.60%

9

200.00%

$228,600.00

-11.40%

36

-40.00%

DAVIS CO 84040

LAYTON

104

-14.75%

$306,750.00

4.71%

26

85.71%

$220,950.00

41.57%

42

-27.59%

DAVIS CO 84041

LAYTON

194

10.86%

$255,000.00

13.89%

28

64.71%

$192,750.00

11.42%

24

-7.69%

DAVIS CO 84054

N. SALT LAKE

80

-22.33%

$306,250.00

10.96%

18

-45.45%

$215,000.00

2.38%

27

-34.15%

DAVIS CO 84075

SYRACUSE

133

-21.76%

$323,000.00

8.30%

5

400.00%

$216,559.00

25.25%

40

14.29%

DAVIS CO 84087

WOODS CROSS

48

-4.00%

$284,500.00

6.75%

7

40.00%

$240,000.00

13.74%

23

21.05%

1219

-10.89%

$288,000.00

8.70%

211

12.23%

$208,000.00

15.56%

30

-21.05%

DAVIS CO TOTALS

August 2017 | Salt Lake Realtor ® | 27

REALTOR® Connections Q&A: Allison Call Allison Call is the special projects coordinator for the Salt Lake Board of Realtors®.

Q: What is the Homerun for Habitat for Humanity Salt Lake Bees event?

A: This year the Salt Lake Board of Realtors® is inviting members to enjoy an evening of food and baseball to benefit the Salt Lake Valley Habitat for Humanity at Smith’s Ballpark (77 West 1300 South) when the Salt Lake Bees take on the Tacoma Rainiers.

Q: What is the cost?

A: Tickets are $50 each. Because of a tremendous response from our sponsors, all proceeds of the ticket price will be donated to Habitat for Humanity and help a local family achieve homeownership. Habitat homes are not giveaways, but are zero-interest, 30-year loans and require the family to work on the home for 225 hours in sweat equity before qualifying for a loan.

Homeowners are selected based on their need for housing, their ability to repay a mortgage and their willingness to work in partnership with Habitat.

Q: When is the event?

A: The game takes place on Friday, Aug. 18. Please arrive at 5:30 p.m. for dinner. You can register for the event at www.slrealtors.com.

Momentum Development Group Gives Away Free Vacation Sherile Rickman, a Realtor® with Keller Williams, and her daughter-in-law Kenadey Bohne were the winners of a $2,000 vacation courtesy of Momentum Development Group. The prize was part of the Parade of Homes Realtor® Days held on July 27 in Herriman.

28 | Salt Lake Realtor ® | August 2017

On the Move Equity Real Estate is pleased to welcome the following agents into the largest local real estate company in Utah! J. Fenton, Tracy Davis, Michelle Dickey, Anne Vidic, Jon Lindsey, Arlene Gauss, Diana Robertson-Noall, sBrett Schwartz, Nick Rastopchin, Jake Edson, Steven Elliff, Michelle Tychsen, Dane Bollwinkel, Nancy Harris, Misty Welch, Lauren Wenn VanCott, Kristine Oldroyd, Inez Allridge, Thomas Williams, Erich Seal, Scott Neilson, LuAnn Nelson, Gaylene Bullock, Curtis Hyde, Brandie Goodson, Heidi Christiansen, Cari Thompson, Donna Denell-Pouch, Kylie Burton, Tim Learned, Adrian Diaz, Kristy Holt, Doug Mansell, Troy Butcher, Stacia Barton, Christopher Fetterman, Gavin Ryan, Amanda Crane, Kory Mortimer, Jeffrey Gomez, Eric Jones, Valerie Osborn, Venessa Birschbach, Scott Tanner, Frederick Stagbrook de Clairmont, Carrie Washburn, Dalin Larsen.

David Weekley Homes recently partnered with 18 local nonprofit organizations across the country through the company’s CARE Build Month projects. In Salt Lake City, the project benefited Ronald McDonald House Charities of the Intermountain Area, an organization that provides housing and resources for families of seriously ill or injured children, allowing them to remain close to their children during treatment. Approximately 30 Weekley team members from the company’s Salt Lake City division joined together with family members and several vendors to stain the facility’s fence, weed and plant in the existing flower beds, and build and plant two grow boxes for vegetables. This project benefited the more than 35,000 individuals who reside in the facility annually.

The project included donations of more than $600 in materials and tools and 100 volunteer hours.

Homerun For Habitat for Humanity Friday, August 18th, 2017

$50 DINNER: 5:30 p.m.

GAME: 6:30 p.m.

FIREWORKS After Game

Register Today at www.slrealtors.com

© fuxart / Adobe Stock

Foreign U.S. Home Sales Dollar Volume Surges 49 Percent to Record $153 Billion Half of all foreign sales were in three states: Florida, California and Texas.

By The National Association of Realtors®

F

ueled by a substantial increase in sales dollar volume from Canadian buyers, foreign investment in U.S. residential real estate skyrocketed to a new high, as transactions grew in each of the top five countries where buyers originated.

This is according to an annual survey of residential purchases from international buyers released by the National Association of Realtors®, which also revealed that nearly half of all foreign sales were in three states: Florida, California and Texas.

NAR’s 2017 Profile of International Activity in U.S. Residential Real Estate, found that between April 2016 and March 2017, foreign buyers and recent immigrants purchased $153.0 billion of residential property, which is a 49 percent jump from 2016 ($102.6 billion) and surpasses 2015 ($103.9 billion) as the new survey high1. Overall, 284,455 U.S. properties were bought by foreign buyers (up 32 percent from 2016), and purchases accounted for 10 percent of the dollar volume of existinghome sales (8 percent in 2016).

“The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year,” said Lawrence Yun, NAR chief economist. “While the strengthening

30 | Salt Lake Realtor ® | August 2017

of the U.S. dollar in relation to other currencies and steadfast home-price growth made buying a home more expensive in many areas, foreigners increasingly acted on their beliefs that the U.S. is a safe and secure place to live, work and invest.”

Although China maintained its top position in sales dollar volume for the fourth straight year, the significant rise in foreign investment in the survey came from a massive hike in activity from Canadian buyers. After dipping in the 2016 survey to $8.9 billion in sales ($11.2 billion in 2015), transactions from Canadians this year totaled $19.0 billion – a new high for Canada.

Yun attributes this notable rise in activity to Canadians opting to buy property in U.S. markets that are expensive but still more affordable than in their native land. While much of the U.S. continues to see fast price growth, home price gains in many cities in Canada have been steeper, especially in Vancouver and Toronto.

“Inventory shortages continue to drive up U.S. home values, but prices in five countries, including Canada, experienced even quicker appreciation2,” said Yun. “Some of the acceleration in foreign purchases over the past year appears to come from the combination of more affordable property choices in the U.S. and foreigners deciding to buy now knowing that any further weakening of their local currency against the dollar will make buying more expensive in the future.”

Foreign buyers typically paid $302,290, which was a 9.0 percent increase from the median sales price in the 2016 survey ($277,380) and above the sales price of all existing homes sold during the same period ($235,792). Approximately 10 percent of foreign buyers paid over $1 million, and 44 percent of transactions were all-cash purchases (50 percent in 2016).

Buyers from China exceeded all countries by dollar volume of sales at $31.7 billion, which was up from last year’s survey ($27.3 billion) and topped 2015 ($28.6 billion) as the new survey high.

Chinese buyers also purchased the most housing units for the third consecutive year (40,572; up from 29,195 in 2016).

Rounding out the top five, the sales dollar volume from buyers in Canada ($19.0 billion), the United Kingdom ($9.5 billion), Mexico ($9.3 billion) and India ($7.8 billion) all increased from their levels one year ago.

This year’s survey once again revealed that foreign buying activity is mostly confined to three states, as Florida (22 percent), California (12 percent) and Texas (12 percent) maintained their position as the top destinations for foreigners, followed by New Jersey and Arizona (each at 4 percent). Florida was the most popular state for Canadian buyers, Chinese buyers mostly chose California, and Texas was the preferred state for Mexican buyers.

Your clients can buy a home with

ONLY 1% DOWN!

A few reasons “spring” to mind: Through our Double Match program, they put 1% down... and we’ll kick in the other 2% of their down payment.*

Getting your clients into the home of their dreams has never been easier.

Stacey Dille VP of Mortgage Lending

Download my mobile app today!

O: (801) 890-7621 C: (801) 232-4484 Stacey@rate.com Rate.com/staceydille

6900 South 900 East, Suite 150 Midvale, UT 84047

NMLS ID: 225641 UT - 5497125 - 7495184 • NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • UT - Licensed in UT: Utah-DRE Mortgage Entity License #7495184 & Utah-DFI Residential First Mortgage Notification – Utah Department of Financial Institutions *It is important for you to know that the smaller your down payment percentage, typically, the higher your interest rate. Down payment assistance cannot exceed 2% of the purchase price. Minimum credit score and debt-to-income (DTI) requirements, annual income limits and purchase price limits apply. Not all applicants will be approved. Receipt of application does not represent an approval for financing or interest rate guarantee.

Example: Sample monthly Principal and Interest (P&I) payment of $1,175 is based on a purchase price of $250,000, down payment of 3% (1% provided by borrower and 2% provided by Guaranteed Rate), 30 year fixed rate mortgage (360 monthly payments) and rate of 4.125%/4.892% APR (annual percentage rate). Advertised rates and APR effective as of 07/14/17 and are subject to change. Above scenario assumes a first lien position, 740 FICO score, 55 day rate lock, based on a single family home in Utah and are subject to change without notice. Subject to underwriting guidelines and applicant’s credit profile. Sample payment does not include taxes, insurance or assessments. Private Mortgage Insurance (PMI) will be required for all FHA loans as well as conventional loans where the LTV is greater than 80%. Actual payment obligation will be greater. Not all applicants will be approved. Applicant’s interest rate will depend upon the specific characteristics of applicant’s loan transaction, credit profile and other criteria. Contact Guaranteed Rate for more information and up to date rates.

Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google Inc.

Even the smallest of gestures can mean so much to others

Every year since 1984, Windermere associates have dedicated a day away from work to complete neighborhood improvement projects. Creating vibrant communities is one of the things that inspire our network to be involved in service projects that make things a little brighter for all our neighbors.

For our Community Service Day this year, we were able to assist The Family Support Center by helping them put on a new roof, giving and building them a new play set, as well as painting and constructing walls to convert an unused area into a safe space for parenting classes and inexpensive counseling.

Thank you for working with Windermere and helping us support our local communities.

wi n d e r m e re . co m

To become a part of the largest regional real estate company in the Western U.S., contact our Principal Broker Grady Kohler at (801) 815-4663 or GradyKohler@Windermere.com