Salt Lake Realtor – January 2017

Salt Lake

REALTOR

®

slrealtors.com

Maga zine

January 2017

Meet Troy Peterson p. 12

Post Closing Issues p. 14

THE BEST OF CITY & MOUNTAIN LIVING FOR YOUR CLIENTS A $500 CITY CREEK GIFT CARD FOR YOU City Creek homeowners enjoy doorstep access to world-class shopping and the new Eccles Theater. Start showing your clients the magic of City Creek Living today.

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So What’s Next?

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NMLS# 3116

Table of Contents Troy C. Peterson was sworn-in as president of the Salt Lake Board of Realtors® at the Holiday Social. p. 10

Features 10 Holiday Social 12 Troy Peterson President of the Salt Lake Board of Realtors® 14 Post-Closing Issues,

Professionalism & Relevancy Curtis A. Bullock

18 RPAC Major Investors 22 The REALTOR® Party Thrives Again in 2016 Justin Y. Allen

Columns 7 Refresh and Renew in 2017

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: Chris Kyler (left), Troy Peterson and Brock Andersen.

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

January 2017 volume 77 number 1 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.

SEE WHAT’S NEW AT IVORY IN 2017 NEW CATALOGUE, NEW PLANS, NEW COMMUNITIES For nearly three decades Ivory Homes has been the number one homebuilder in the state of Utah. This incredible record is possible because the entire Ivory team comes together to serve each client, you and your client, one home at a time. At Ivory Homes we have more options, value, and experience than anyone else in the market.

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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 Equity 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 Ken Magleby Patrick Witmer Sales Staff Paula Bell Karen Malan Paul Nicholas

Office Administrator Cynthia Bell Snow Office Assistant Jessica Snow Administrative Assistant Ruth Gainey

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.

Refresh and Renew in 2017

A

famous general once remarked that you’re as “young as your faith, as old as your doubt; as young your selfconfidence, as old as your fear; as young as your hope, as old as your despair.”

As we move into a new year, I am optimistic over the limitless possibilities and potential the real estate profession offers each of us. For starters, home sales will continue to gain momentum in 2017 despite the small rise in mortgage interest rates. Rates are still at 45-year lows. When I first got into this business, rates were 7.5 percent and everyone thought that was a bargain!

With Utah being named by the U.S. Census Bureau as the “Fastest Growing State” we can expect more people, more household formations, and more home sales. Utah’s population is now at 3.1 million people, nearly 300,000 more people than in 2010. More than two-thirds of those people live along the Wasatch Front.

The demand for housing will continue to accelerate as more companies and families choose to make Utah home.

Other positive fronts include the Federal Housing Finance Agency’s recent announcement that the maximum conforming loan limits for mortgages acquired

by Fannie Mae and Freddie Mac in 2017 will increase. In most of the country, the 2017 maximum loan limit for one-unit properties will be $424,100, an increase from $417,000. This will be the first increase in the baseline loan limit since 2006. In higher-cost areas, higher loan limits will be in effect.

While home prices have seen steep increases, 70 percent of all homes sold in the third quarter of 2016 in Salt Lake City were affordable to families earning the area’s median income of $74,000, according to the National Association of Home Builders.

Compare that to San Francisco, where only 10 percent of families earning the city’s median income can afford a home in that area.

There is much to look forward to this year and I am excited to meet new opportunities and challenges that will come our way. It’s going to be a fantastic year!

Troy Peterson 2017 President

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

January 2017 | Salt Lake Realtor ® | 7

Happenings

Pictured: Dave Mansell (left), Doug Richards, Troy Peterson (2017 president), Donna Pozzuoli, Russ Booth, Mary Ann Brady, Dave Frederickson, Hilea Walker, Angie Nelden, Robert Farnsworth, Miriam McFadden, Bill Heiner, Deanna Dipo, Sharon Spratley, Ryan Kirkham, Cheryl Acker, Debra Sjoblom, George Richards, Vicki Fulkerson, Dave Robison, Curtis Bullock (CEO), Gary Cannon, and Al Mansell.

Past Presidents Recognized Past presidents of the Salt Lake Board of Realtors® were honored in December at a special luncheon for their service and dedication to the real estate profession. Presidents serve a one-year term and are elected to the position by the Board of Directors.

Double-Digit Rise in Home Sales

U.S. home sales in November were the highest since February 2007 (5.79 million) and were 15.4 percent higher than a year ago (4.86 million).

Lawrence Yun, NAR chief economist, says it’s been an outstanding three-month stretch for the housing market as 2016 nears the finish line. “The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months,” he said. “Furthermore, it’s no coincidence that home shoppers in the Northeast — where price growth has been tame all year — had the most success last month.” In Salt Lake County, home sales in November increased 21 percent compared to November 2015.

8 | Salt Lake Realtor ® | January 2017

In the News Return of the Split-Level House?

R

ealtor.com recently reported that the split-level house (think Brady Bunch) is making a comeback. Although they had their heyday in the ’60s and ’70s, split-levels may soon enjoy a resurgence, some real estate experts say, as homeowners start to move away from the open floor plan that has dominated home layouts for the past decade. Open floor plans, after all, are spacious but lack definition. The various spaces of a split-level allow homeowners to keep that “open” vibe but with a bit more hierarchy built in.

“At some point people became disenfranchised with open floor plans,” said T.J. Pierce, a real estate agent with Moniker Real Estate in Boise, ID. He sees split-levels as the next logical trend to catch on as the popularity of MidCentury Modern also starts to wane.

“People interested in the ‘60s will start entertaining and engaging with the idea of making an early ‘70s split-level home really cool,” he added. “Over the next three to five years, I think they will find a new popularity.”

Is a split-level house for you?

Split-levels aren’t for everyone, however. If you’re not into the ’70s vibe—think conversation pits and low ceilings—these homes may not appeal to you. But if they do, you can still score a deal. Since their popularity is still in its infancy, these homes are readily available and affordable.

Not surprisingly, split-level homes are found mainly in the suburbs.

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Holiday Social T

roy Peterson, a broker with Equity Real Estate Solid, was sworn-in as the 2017 president of the Salt Lake Board of Realtors® at the December Holiday Social and Directors Inauguration. Peterson’s goal this year is to improve the member experience. The Board thanks its outgoing directors this year: Dave Robison, Jared Booth, and Kevin Larsen. This year’s 16-member Board of Directors includes: Troy Peterson, president, Adam Kirkham, president elect, Scott Robbins, second vice president, Scott Colemere, treasurer, Cheryl Acker, past president, Brock Andersen, Kimberly Farber-Bowen, Brian Gottfredson, Alicia Holdaway, Mike Morgan, Jodie Osofsky, Steve Perry, Michael Rowe, Randal Smith, and Matthew Ulrich.

10 | Salt Lake Realtor ® | January 2017

Photos: Dave Anderton

January 2017 | Salt Lake Realtor ® | 11

Troy Peterson President of the Salt Lake Board of Realtors® Age: 43 Became a Realtor®: 1995 Current Position: Managing Broker of Equity Real Estate Solid Girlfriend: Jodi Gleave Hobbies: Skiing and Harleys Thoughts about Social Media? “There’s no privacy anymore. It will be the end of society.”

First phone: Motorola brick phone Specialties: Residential, commercial, land, office, construction, retail Recently Said by Troy: “I’ll sell anything in real estate. I’ll sell a tough shed.”

Goal as president? Improve the member experience

shook my hand but wouldn’t let go. He said, ‘Guys like me don’t get buildings. Now I have a thriving business and own my own home.’ That experience made me think about what I really do. I realized I’m a Realtor®. I believe in private property rights. I believe in keeping government out of our industry. We are advocates. I’m providing places for people to work and places for people to live and raise their families.

I believe in giving back to the community. I’ve never seen an organization that gives so much back to their community.”

Favorite Star Wars Character? Hans Solo

Favorite Vacation Spot? Hawaii

Thoughts about the Board: “When I first got in the business I really didn’t care about the Board. I had to join the Board to get the MLS. Then I sold a commercial building to an Italian guy. He was grinning ear to ear and

Favorite Quote? “I view the world as a giant amusement park. Before I die I want to go on all the rides.”

Outlook for 2017? Opportunity Past Jobs: “One semester of college and I knew it was not for me.” Troy has been a bar tender, owned a t-shirt company, and was a car salesman.

Introduced to the Real Estate Profession: A friend. Troy was 21 years old when he earned his real estate license.

What has selling real estate taught you about life?

Patience

What advice for new agents? Get educated, be professional, and communicate.

Secret to being successful as an agent? Don’t be afraid to fail. Don’t give up.

Advice for older agents: Communicate, get educated.

Pay attention to deadlines.

Lessons Learned: “When I first started it was all about the money. When I didn’t care about the money I made more money.”

Realtors® and the Economy: “We are the backbone of the economy. Without the housing market our economy does not exist. In 2007, when we had a major housing correction. What did we do as Realtors®? We went to work. Realtors® helped to get us out of that rut. We are the largest trade association in America. That’s huge.”

Life Advice: “You don’t get to go back again. You get one shot at this. Then it’s over. So try every day to be your best.”

12 | Salt Lake Realtor ® | January 2017

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

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S A LT L A K E C I T Y

s N

215

Great Salt Lake 80

SLC International Airport Lincoln Highway

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1

S. 700 E.

71

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Fo r t

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t

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West Jordan

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

Union Boulev ard

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ch

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untain View Corridor Mo

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an d ghl Hi

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5

From the $380s Call for an Appointment See a David Weekley Homes Sales Consultant for details. Prices, plans, dimensions, features, specifications, materials, and availability of homes or 801-810-2575 communities are subject to change without notice or obligation. Illustrations are artist’s depictions only and may differ from completed improvements.

7. Daybreak

Copyright © 2016 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLCA82802)

From the $380s Call for an Appointment 385-232-2999 Cottage Courts From the $275s Creekside Village 60’ From the $360s Lake Village 60’ From the $430s 385-232-2999

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Post-Closing Issues, Professionalism & Relevancy In today’s competitive marketplace, it is more important than ever to provide the best possible service to your clients.

By Curtis A. Bullock CEO, Salt Lake Board of Realtors®

S

uppose you represent the buyer and have just attended Settlement. Shortly after the buyer gets the keys and takes possession of the home, they find a few problems with the property that were not discovered when doing the walkthrough. The refrigerator is missing, there is a small hole in the drywall in the stairway and the prior owner has left a bunch of trash in the garage.

Your buyer calls you and asks for help. You say, “sorry that’s not my problem, call the seller, it’s between you and them. I have a good lawyer you can call.” Your buyer hangs up the phone frustrated at your response and goes on their way.

Does this sound familiar? Have you ever done that? I suppose there are legal answers to this problem, but my message here goes beyond that. What is the practical and smart thing for you as the Realtor® to do when faced with this situation?

One thing is certain is that in today’s competitive marketplace, it is more important than ever to provide the best possible service to your clients. Increasing the level of your professionalism and maintaining your relevancy in the transaction is vital. There are many industry disruptors out there that would love to automate the real estate transaction and make the real estate professional less important. The best way to combat that is to show the tremendous value you provide.

Situations like the one above can actually be

14 | Salt Lake Realtor ® | January 2017

a good thing for you as a Realtor®. It can really turn into an opportunity for you to shine and set yourself apart as a vital component to any real estate transaction. Remember, just because the transaction has closed and you have received your check does not mean you should forget about your client. Maintain a good relationship with them. Take this kind of situation as an opportunity and turn it into a positive thing for your client. It might even be good to look for and seek out situations like this because you can do so much good with it and can leave a positive impression with your client.

I highly doubt the buyer in this situation would refer you to a friend if you left them hanging and conversely I’m sure that if you helped them actually solve the problem, they would remember you more for that than anything else that happened during the transaction.

Having said all that, as the professional, there are some things you can do to minimize classic post-closing problems like these. Here are a few that come to mind: (1) When you are with your buyer during the walk-through, pay attention for common problems and advise your client accordingly. The classic problem of missing appliances can be dealt with in the REPC and you can remind the Seller that such things must stay in the home. Who knows, maybe the Seller isn’t even aware that the fridge was supposed to stay. (continued on page 24)

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RPAC 2016 MAJOR INVESTORS

HALL OF FAME

$25,000 or more LIFETIME INVESTMENT

Justin Allen

Jim Bringhurst

Gary Cannon

Chris Kyler

Tuiono Malakai

Al Mansell

Kenny Parcell

George Richards

Dave Robison

President’s Circle $50K HALL OF FAME President’s Circle President’s Circle

Jeffrey Jonas

Troy Peterson

President’s Circle

President’s Circle

President’s Circle

Platinum R

Joel Carson

Platinum R President’s Circle

Butch Dailey

John Gonzales

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President’s Circle

H. Blaine Walker President’s Circle

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President’s Circle

Congratulations to the New 2016 Hall of Famers: Justin Allen, Joel Carson, and Troy Peterson

CRYSTAL R ($2,500)

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The REALTOR® Party Thrives Again in 2016 The Salt Lake Board in 2016 surpassed the 40 percent RPAC participation mark for the first time ever.

By Justin Y. Allen Government Affairs Consultant justin@slrealtors.com

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ne of the most valuable benefits of Realtor® membership is Realtor® Party Advocacy on behalf of SLBR members and their clients. The Salt Lake Board of Realtors® Government Affairs/ RPAC Committee members and Salt Lake Board staff play an important role in advocating to local governments on behalf of Realtors® and their clients by educating local elected officials about housing issues and then lobbying them to promote home ownership, encouraging Realtors® to get involved politically, supporting Realtor®-friendly political candidates, and raising money for our political and policy initiatives. The UAR and Salt Lake Board are recognized by NAR and among our peers as having one of most sophisticated and effective advocacy and elections programs in the country.

2016 An EPIC Year in REALTOR® Political Action Committee (RPAC) Fundraising

Utah has had one of the strongest RPAC and advocacy cultures in the entire country for

22 | Salt Lake Realtor ® | January 2017

many years. We fundraise through various events and initiatives to increase the number of our members who are invested in the Realtor® Party effort. Thanks to the leadership and example of SLBR President Cheryl Acker, the Salt Lake Board surpassed the 40 percent RPAC participation mark for the first time ever. Our RPAC Golf Tournament and Real Salt Lake RPAC Event were great successes again this year.

We were very pleased to reach our UAR assigned goal of $296,000 in early December and finished the fundraising year with over $320,000 raised. The Salt Lake Board ended the year with an amazing 148 total RPAC Major Investors ($1,000 or more invested), by far the most of any local Realtor® association in the U.S. and more than 35 states have in total. We sincerely appreciate all of our members who invest in RPAC throughout the year to strengthen the Realtor® Party effort.

We celebrated these great accomplishments at our annual RPAC Major Investor Appreciation Event, which this year was held in conjunction with a screening of the Rogue One Star Wars movie. RPAC Major Investors and their invited guests filled the 500-seat theater to cap off another fantastic RPAC fundraising year.

Issue Advocacy and Community Outreach The Salt Lake Board conducts issue advocacy in a variety of ways. Each member of the Government Affairs/RPAC Committee is assigned a city within Salt Lake and south Davis counties to be responsible for monitoring issues that might affect housing and private property rights.

In August, we hosted our annual Elected Officials Appreciation Lunch and Issues Forum where over 40 mayors and city council members from Salt Lake and Davis counties heard a presentation from Dave Anderton on the Housing Market. We then had a discussion about the negative effect of impact fees on housing affordability, the lack of affordable housing for first-time home buyers, the need for a variety of housing types to meet all housing needs in their city, and the importance of continued smart, longterm planning in their community.

Very Effective Local Election Involvement Members of the Government Affairs/RPAC Committee’s Elections Subcommittee and the RPAC Trustees spent countless hours working on city and county elections this year. We engage in local elections by conducting a transparent Candidate Interview Process, RPAC Disbursement by a RPAC Trustee group consisting of current and past SLBR leadership, and offering Campaign Services assistance to Realtor®- and Realtor®friendly candidates. We partnered with UAR and NAR to put on a candidate training academy

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that included several of our endorsed county candidates. In all, we provided over $50,000 in direct and in-kind support for our candidates. We were pleased to see all of our endorsed general election candidates win in November. The RPAC Trustees provided significant RPAC support to former Democratic County Mayor Ben McAdams, Republican Councilman Richard Snelgrove, and Realtor® Republican Councilman Max Burdick.

We also supported all of the successful general election city council candidates in the first-ever Millcreek City elections held this year.

A New, Stronger Government Affairs Team in 2017

Last month, after 10 years as the Government

(continued from page 14) (2) Use your intuition as you go through the transaction and anticipate problem areas. Most likely you’ve dealt with similar situations so learn from your experience and solve the problem before it even happens.

(3) Refer your client to a good contractor that could help with the small hole in the drywall (which was likely made when the piano was being carried out by the moving company). Maybe even send a text to your contractor friend to give him a heads up that your client might be calling them.

(4) Take an hour and offer to help clean the garage of all the trash that was left by the former owner. There is nothing more powerful than

24 | Salt Lake Realtor ® | January 2017

Affairs Director with the SLBR, I announced that I would be taking a position as a Senior Strategic Consultant with TargetSmart Communications, a D.C.-based Political Data and Consulting firm that works with NAR and state and local Realtor® associations all over the country. I will be based in Utah and will continue to work as a Government Affairs Consultant to the Salt Lake Board and UAR on a limited basis. It has been an absolute honor to be a part of the Salt Lake Board of Realtors® Family in my full-time Government Affairs Director role for the past 10 years and represent so many wonderful Realtors® who give so much of their time and resources to strengthen the industry through government advocacy and political involvement. I am grateful to be able to continue to work closely with you in a new capacity as a Government Affairs Consultant.

Last month, the SLBR hired Marcus Jessop to be the new full-time Government Affairs Director. Marcus brings valuable experience in politics and even some background in real estate.

Most importantly, he already has some great relationships with city and county elected officials that will prove beneficial now as the SLBR GAD. Moving forward, the SLBR Government Affairs staff team is the strongest it has ever been.

2017 is likely to be a critical year for Realtor® advocacy, especially at the federal level as NAR works to preserve the tax benefits that promote home ownership. The SLBR Government Affairs/ RPAC Committee is always open to all members.

The committee meets on the first Wednesday of each month at 9 am at the REALTOR® Campus in Sandy. The next meeting will take place on Wednesday, Feb. 1st. For more information about SLBR Government Affairs or RPAC, please contact SLBR Government Affairs Director Marcus Jessop at marcus@slrealtors.com.

serving your client and having them see you roll up your sleeves and go to work. That small investment of time will pay back in dividends.

Let’s make 2017 a great year. Take your business to the next level and provide the best possible service to your clients. It will be well worth the investment and will help promote the Realtor® value.

Curtis A. Bullock is the CEO of the Salt Lake Board of Realtors®.

SAT | 2.4.17 |4:50PM

Includes Dinner in the Clubhouse

& 1 Ticket to Utah Jazz vs. Hornets

Housing Watch Home Sales Surge as Buyers Try to Beat Rising Mortgage Rates; Cash Sales Drop

N

ovember home sales surged locally and nationally as buyers rushed to beat rising mortgage interest rates. In Salt Lake County, nearly 1,400 homes were sold, a 21 percent increase over sales in November 2015.

Davis County also saw home sales climb to 413 units, 71 more sales compared to November 2015.

The U.S. 30-year fixed-rate monthly mortgage average rose to 3.77 percent in November, up from 3.47 percent in October, according to Freddie Mac. In the last week of December rates had climbed to 4.3 percent.

Nationally, November home sales increased to 5.61 million, the highest since February 2007 (5.79 million) and 15.4 percent higher than a year ago (4.86 million). As of Dec. 22, the average rate had climbed to 4.3 percent.

In a prepared statement, Lawrence Yun, chief economist for the National Association of Realtors®, said it’s been an outstanding three-month stretch for the housing market. “The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months,” he said. “Furthermore, it’s no coincidence that home shoppers in the Northeast — where price growth has been tame all year — had the most success last month.”

Total existing home sales (all housing types) in Salt Lake County in the first 11 months of 2016 increased 4 percent compared to the same January through November period in 2015.

6

3

Salt Lake County Sales (all housing types) Year-Over-Year (Up 21%)

1,140 26 | Salt Lake Realtor ® | January 2017

1,381

The median home price in November for homes sold in Salt Lake County increased to $268,125, up 6 percent from a median price of $253,425 a year ago.

In Davis County the median home price in November climbed to $265,000, up 7 percent from a median price of $248,000 in November 2015. Utah home prices continue to outpace the national median price. In November, the U.S. median home price was $234,000.

Total housing inventory at the end of November dropped 8.0 percent to 1.85 million existing homes available for sale, and is now 9.3 percent lower than a year ago (2.04 million) and has fallen year-over-year for 18 straight months. Unsold inventory is at a 4.0-month supply at the current sales pace, which is down from 4.3 months in October.

“Existing housing supply at the beginning of the year was inadequate and is now even worse heading into 2017,” added Yun. “Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country.”

All-cash sales across the country were 21 percent of transactions in November, down from 22 percent in October and 27 percent a year ago. Individual investors, who account for many cash sales, purchased 12 percent of homes in November, down from 13 percent in October and 16 percent a year ago. Fifty-eight percent of investors paid in cash in November, which matches the lowest share since August 2009.

Salt Lake County Median Price (all housing types) Year-Over-Year (Up 6%)

$253,425

$268,125

2 - C OLOR

1 Salt Lake County Days on Market (all housing types) Year-Over-Year (Down 26%)

17

2

5

Davis County

Median Price (all housing types) $259,990 Year-Over-Year (Up 9%)

$238,599

Pending Sales (Down 1%)

1,234

1,242

23

Sales $

Salt Lake County

4

Sales

Davis County Sales (all housing types) Year-Over-Year (Up 21%)

413

342

January 2017 | Salt Lake Realtor ® | 27

REALTOR® Connections

On the Move

Q&A: Dave Anderton Dave Anderton is the director of communications for the Salt Lake Board of Realtors®.

Q: When is the 2017 Salt Lake Housing Forecast Breakfast?

A: This year’s Housing Forecast is Friday, Feb. 3 from 9 a.m. to 11 a.m. at the Little America Hotel in downtown Salt Lake City. Registration is free for members and will open on Friday, Jan. 13 at 10 a.m. The Forecast Breakfast draws more people to it than any other event.

Q: Who is this year’s keynote speaker?

A: Lawrence Yun, chief economist of the National Association of Realtors®, will be our main speaker. In addition, James Wood, Ivory-Boyer Senior Fellow at the Kem C. Gardner Policy Institute, will be a featured speaker and present the 2017 Salt Lake Housing Forecast report.

Q: What will Dr. Yun address?

A: With mortgage interest rates on the rise and the ushering in of a new American president, change is inevitable for this year’s housing market. Dr. Yun will cover national housing sales trends, housing inventory levels, and what the future holds for Realtors® and their clients.

In Memoriam

Karen Davis Emberton

28 | Salt Lake Realtor ® | January 2017

Karen Davis Emberton, a Realtor® with Aubrey and Associates Realty, passed away Nov. 24, 2016. She was 39 years old.

Karen earned her real estate license in September 2006. Karen had a big heart, according to her broker Rob Aubrey. Last year she invited a family from the homeless shelter to live in a property she owned. She covered the family’s expenses until they could earn enough to make it on their own. She also organized a drive with agents of the Wasatch Front Agents Facebook Group, and was able to buy the family new beds. Agents also donated furniture, dishes and other items. A college fund for Karen’s son, Davis, has been established. Contact Rob Aubrey for more information at 801.999.8209.

Mark Shepherd

Windermere Utah Real Estate announced that Mark Shepherd has joined the firm as branch manager and will lead a team of 10 agents in the company’s new Layton office. Shepherd is currently the mayor of Clearfield City, a community with a population of 31,000 people. He has been a real estate agent for 12 years. He previously was the broker and owner of RE/MAX Unlimited. Shepherd serves as regional vice president of the Council of Residential Specialists, the largest not-for-profit affiliate of the National Association of Realtors®. In addition, he was recently elected to the Council’s Board of Directors. In 2014, he was president of the Northern Wasatch Association of Realtors®, and has served on the Board of Directors for the Utah Association of Realtors®.

The Salt Lake Board of Realtors® reached 7,520 members as of Dec. 22. Of the Board’s total membership, 93 percent were Realtors® and Brokers. The remaining members were affiliates. Total membership is up 7 percent compared to December 2015.

Many of the amazing people who call Equity home work

tirelessly to increase the professionalism and longevity of the Real Estate Industry.

We’re proud to be able to congratulate our very own Troy C. Peterson on his election as President of the Salt Lake Board of Realtors.

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Map not drawn to scale.

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).

Dates and times are subject to change without notice. ©2016 Richmond American Homes, Richmond American Homes of Utah, Inc. (866-400-4131).

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