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January 2015
2015 Strategic Plan p. 18 Soaring Home Prices p. 20
Hot Housing Trends p. 22
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U.S. Home Sales Lose Momentum p. 12
Table of Contents Features 10 Holiday Social 12 Existing-Home Sales Down
National Association of Realtors®
18 A Strategic Plan for the New Year Curtis A. Bullock 20 Soaring Home Prices Warn of Price Bubbles Dave Anderton
22 21 Hot Housing Trends for 2015
Barbara Ballinger
Columns 7 Avoiding the Bad Dune Buggy Experience Dave Robison – President’s Message
Departments 8 Happenings 8 In the News 26 Housing Watch 28 Realtor® Connections 28 On the Move
On the Cover: Aerial view of Salt Lake City Photo: iStockphoto.com/anouchka Photo left: Cache Valley, Utah 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.
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January 2015 volume 75 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.
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Salt Salt Lake Lake
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President Dave Robison goBE Realty
Directors Managing Editor Dave AndertonM. Brock Andersen Copy Editor
Prudential Utah Real Estate
Jared Booth Georgia Cuthbert Coldwell Banker First Vice President Cheryl Acker Communications Committee Tom Colemere Realtypath LLC (Success)Lori Lee – Chairwoman Colemere Realty Annie Hedberg – Vice Chairwoman Kim Farber Equity Real Estate Second Vice President Publisher Adam Kirkham Mills Publishing, Inc.Kevin Larsen Kirkham Real Estate Coldwell Banker Residential www.millspub.com Mike Morgan President Sales Staff Keller Williams Treasurer Dan Miller Paula Bell Lisa Jungemann Steve Perry BillLLCLines Windermere Real Estate Realtypath (Community Branch) Office Administrator Karen Malan Cynthia Bell Snow Troy Peterson PaulEquity Nicholas Real Estate Past President Art Director Don Nothdorft Angie Domichel Nelden Michael Rowe Jackie Medina Coldwell Banker Residential Prudential Utah Real Estate Administrative Assistant Magazine Designer ChloéRandy Herrman Smith Real Estate CEO OfficeEquity Assistant Curtis Bullock Graphic Design Matthew Jessica SnowUlrich Ulrich Realtors® Ken Magleby Patrick Witmer Advertisinginformation informationmay maybe beobtained obtainedby bycalling calling Advertising (801)467-9419 467-9419ororby byvisiting visitingwww.millspub.com www.millspub.com (801)
Managing Editor Directors President DeAnna Dipo Dave Anderton Cheryl Acker Distinctive Properties
At Home Realty
First Vice President Publisher Jillinda Bowers Purdential Utah Donna PozzuoliMills Publishing, Inc. Daniel Christensen Prudential Utah www.millspub.com Coldwell Banker
Second Vice President President Sarah M. Colbert Dave Frederickson Dan Miller Summit Sotheby’s Keller Williams Art Director Tom Colemere Treasurer Jackie Medina Colemere Realty Charlotte Thomas Kim Farber-Lynch OfficeEquity Administrator Graphic Design Keller Williams Real Estate Cynthia Bell Snow Leslie Hanna Lisa Hyte PastKen President Magleby RE/MAX Canyons Office Assistant Bill Heiner Patrick Witmer JessicaJacobson Snow Shirley RE/MAX Associates
Sales Staff Chief Executive Officer Paula Bell Bryan Kohler Karen Malan Paul Nicholas
Windermere
Administrative Assistant Fred Law Kyrsten Holland Law Real Estate Angie Domichel-Nelden Coldwell Banker
Troy Peterson Equity Real Estate
Salt Lake Board: (801) 542-8840 Salt Lakee-mail: dave@saltlakeboard.com Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.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 equal housing opportunity the nation. We The Saltachievement Lake Board ofofREALTORS is pledged to thethroughout letter and spirit of U.S. policy encourage and support the affirmative advertising throughout and marketing for the achievement of equal housing opportunity the program nation. Wein which thereand are support no barriers obtaining advertising housing because of race, color, religion, encourage thetoaffirmative and marketing program in sex, handicap, familial or national origin. which status, 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 ® persons quoted in articles are their own and do not necessarily expressed by writers is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions The Salt Lake REALTORand reflect positions of theand Saltpersons Lake Board of REALTORS expressed by writers 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 well and photographs this issue, provided proper is given to The Salt Lake REALTOR®, as Permission will beingranted in most cases, uponcredit written request, to reprint or reproduce articles ® as any writers and photographers whose names appear withtothe andREALTOR photographs. , as well andtophotographs in this issue, provided proper credit is given Thearticles Salt Lake While unsolicited original manuscripts and photographs related to the real estate profession as to any writers and photographers whose names appear with the articles and photographs. are welcome, no payment is made for their in the publication. While unsolicited original manuscripts and use 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 ® ® not necessarily by theand Saltadvertising Lake Board content of REALTORS REALTOR Views andare opinions expressedendorsed in the editorial of the. However, The Salt Lake advertisers do not make publication of this magazine so consideration products and necessarily endorsed by the Saltpossible, Lake Board of REALTORS®.ofHowever, REALTOR® are services listed greatly appreciated. advertisers doismake publication of this magazine possible, so consideration of products and services listed is greatly appreciated.
Avoiding the Bad Dune Buggy Experience O
n New Year’s Day, my family wanted to start the year off right with a fun adventure. The advertisement read, “Dune buggy tours! Water, shades, sunscreen, and a great time.” Along with some close family friends, we were eager to sign up. Always wanting to be on time, we showed up ten minutes early and to our surprise, the tour guide got mad at! Then he disappeared and reappeared 15 minutes after our tour was scheduled to start. Finally we jumped in the dune buggy, excited for a good time. However, during the tour he would stop and get out and talk. And talk. And talk. We asked him if we could keep riding and he said that apparently this was a part of the tour. None of us remembered reading that on the advertisement. Overall, we rode in the dune buggy for a mere 20 minutes out of what should have been an hour and a half tour. While looking up reviews, someone just the day before had posted a comment regarding the exact same experience we had… except he had to push his dune buggy a couple of times! The New Year is upon us and it is our goal to avoid a dune buggy situation by first ensuring the public is having a good experience and then by correctly advertising according to state law. One of the ways is to listen to what is going on around us and to our own client’s concerns. There are a few experiences occurring that I know we can improve on. First, with social media, there are a lot of agents asking ‘what to do’ questions online. It worries me that agents are giving advice to other agents regarding specific transactions, even though the broker has liability and should have full knowledge of the transaction. Agents, be sure to call your broker first. Brokers, be sure to encourage your agents to keep you involved before decisions are made that could harm your reputation or increase your liability. Second, the Utah Division of Real Estate is receiving a lot of complaints regarding blind ads in publications or online. It’s the responsibility of the agent to consult with their broker on all advertising before it’s posted, and the responsibility of the broker to make sure that advertisement is compliant with state law. By doing these things we can ensure that we don’t have a bad dune buggy experience. Let’s make it a great year!
Dave Robison 2015 President
OFFICIAL PUBLICATION OF THE OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ®® SALT LAKE BOARD OF REALTORS REALTOR is a registered mark which identifies a professional in real estate who subscribes ®
® . toREALTOR a strict®Code of Ethics asmark a member of the NATIONAL ASSOCIATION REALTORS is a registered which identifies a professional in realOFestate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.
October 2005
October 2005
January 2015 | Salt Lake Realtor ® | 7
Happenings
In the News
Image licensed by Ingram Image
Where the Baby Boomers are Moving
Pictured: Emily Norris, director of operations at the Salt Lake Board of Realtors®; Dave Robison, president of the Salt Lake Board of Realtors®; Curtis A. Bullock, CEO of the Salt Lake Board of Realtors®.
The 2015 Leadership Team
Dave Robison, principal broker and founder of goBE Realty, was recently sworn-in as the 2015 president of the Salt Lake Board of Realtors®. Robision, 40, obtained his real estate license when he was 24 years old and three years later became a broker. He was born and raised in South Jordan. As this year’s president Robison hopes to strengthen relationships with home builders and work toward a builder-friendly product on the MLS. His leadership team includes: Cheryl Acker, first vice president; Adam Kirkham, second vice president; Lisa Jungemann, treasurer; and Angie Nelden as past president. Robison is married to Dawn and they have four children.
U.S. Home Sales in 2015 Forecasted to Rise 7% Existing-home sales are forecasted to rise about 7 percent in 2015 behind a strengthening economy, solid job gains and a healthy increase in home prices, according to National Association of Realtors® Chief Economist Lawrence Yun. “Home prices have risen for the past three years cumulatively about 25 percent, which boosts confidence in the market and traditionally gives current homeowners the ability to use their equity buildup as a down payment towards their next home purchase,” Yun said. “Furthermore, first-time buyers are expected to slowly return as the economy improves and new mortgage products are made available in the marketplace with low down payments and private mortgage insurance.”
FHA Lowers Mortgage Costs The Federal Housing Administration is reducing its annual mortgage insurance premiums by 0.5 percentage points in a move “to expand responsible lending to creditworthy borrowers,” the White House said in a statement in January. FHA also said it would take added steps over the next few months to “cut red tape and clarify lending standards” in reducing mortgage costs for hundreds of thousands of creditworthy borrowers, according to the White House.
8 | Salt Lake Realtor ® | January 2015
Metro areas with a lower cost of living and sunnier weather are poised to see an increased number of baby boomers moving in and buying a home as some delay retirement and remain participants in the labor market, according to new research by the National Association of Realtors®. NAR analyzed current population trends, housing affordability and local economic conditions in metropolitan statistical areas across the U.S. to determine housing markets most likely to see a boost in sales from leading-edge baby boomers. Boise, Idaho and Raleigh, North Carolina were identified as top standouts for baby boomers for their solid job growth, share of self-employed workers and affordable home prices. Lawrence Yun, NAR chief economist, says Florida and Arizona cities attract many baby boomers. In addition, the share of men and women working after their 65th birthday has increased, setting the stage for elevated baby boomer buying activity in metro areas with a dynamic local economy, adequate housing supply and a lower cost of living. The top markets positioned to see an influx of baby boomer homebuyers are (listed alphabetically): Albuquerque, New Mexico; Boise, Idaho; Denver; Fort Myers, Florida; Greenville, South Carolina; Orlando, Florida; Phoenix; Raleigh, North Carolina; Sarasota, Florida; and Tucson, Arizona. According to a NAR generational study of homebuyers and sellers released earlier this year, baby boomers represented 30 percent of all buyers, had a median household income of $92,400 and bought a home that cost $210,000.
Welcome to our team We are excited to announce that Ace Allak has joined Guaranteed Rate
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Ace Allak
Branch Manager Midvale, Utah
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Holiday Social M
ore than 600 members of the Salt Lake Board of Realtors® gathered on Dec. 12 at the Little America Hotel in downtown Salt Lake City for the Holiday Social and Director Inauguration. Dave Robision (pictured opposite page top left), principal broker at goBE Realty, was sworn in as 2015 president. He succeeds Angie Nelden, 2014 president (pictured at top). Newly appointed and elected directors this year included: Kim Farber (Equity Real Estate), Kevin Larsen (Coldwell Banker Residential), Steve Perry (Realtypath LLC), Randy Smith (Equity Real Estate), and Matthew Ulrich (Ulrich Realtors®). The Board offers a special thanks to this year’s sponsor: City Creek Living.
10 | Salt Lake Realtor ® | January 2015
January 2015 | Salt Lake Realtor 速 | 11
Image licensed by Ingram Image
Existing-Home Sales Down Fewer people bought homes in November despite interest rates being at their lowest levels of the year. By The National Association of Realtors®
A
fter hitting their highest level of the year, existing-home sales slid in November as housing supply showed some tightening, according to the National Association of Realtors®. All major regions experienced a decline in sales compared to a month earlier. Total existing-home sales, which are completed transactions that include singlefamily homes, townhomes, condominiums and co-ops, fell 6.1 percent to a seasonally adjusted annual rate of 4.93 million in November from a downwardly-revised 5.25 million in October. 12 | Salt Lake Realtor ® | January 2015
Sales dropped to their lowest annual pace since May (4.91 million) but are above year-over-year levels (up 2.1 percent from last November) for the second straight month. Lawrence Yun, NAR chief economist, says sales activity was choppy throughout the country in November and housing inventory began its seasonal decline. “Fewer people bought homes last month despite interest rates being at their lowest levels of the year,” he said. “The stock market swings in October may have impacted some consumers’ psyches and therefore led to
fewer November closings. Furthermore, rising home values are causing more investors to retreat from the market.” The median existing-home price for all housing types in November was $205,300, which is 5.0 percent above November 2013. This marks the 33rd consecutive month of year-over-year price gains. Total housing inventory at the end of November fell 6.7 percent to 2.09 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace – unchanged from last month. Despite the tightening in supply, unsold inventory remains 2.0 percent higher than a year ago, when there were 2.05 million existing homes available for sale. “Lagging homebuilding activity continues to hamstring overall housing supply and is still too low in relation to this year’s promising job growth,” says Yun. “Much faster price and rent appreciation – easily exceeding wage growth – will occur next year unless new construction picks up measurably.” All-cash sales were 25 percent of transactions in November, down from 27 percent in October and 32 percent in November of last year. Individual investors, who account for many cash sales, purchased 15 percent of homes in November, unchanged from last month and below November 2013 (19 percent). Sixty-one percent of investors paid cash in November.
“Lawrence
Yun, NAR chief economist, says sales activity was choppy throughout the country in November and housing inventory began its seasonal decline. ”
The percent share of first-time buyers in November climbed to 31 percent, up from October (29 percent) and is the highest share since October 2012 (also 31 percent). First-time buyers have represented an average of 29 percent of buyers through November of this year. NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says Fannie Mae and Freddie Mac’s new low downpayment program should improve access to credit for responsible buyers. “NAR applauds Fannie and Freddie’s commitment to homeownership by serving creditworthy borrowers who lack the resources for substantial downpayments plus closing costs with its new downpayment program,” he said. “The new program mitigates risk with strong underwriting and ensures that responsible buyers have access to safe and affordable mortgage credit. Furthermore, NAR believes lenders must do their part to ensure loans are prudently underwritten and are made available to qualified borrowers.” According to Freddie Mac, the average
Image licensed by Ingram Image
January 2015 | Salt Lake Realtor ® | 13
Image licensed by Ingram Image
commitment rate for a 30-year, conventional, fixed-rate mortgage in November dropped to 4.00 percent, its lowest level since May 2013 (3.54 percent), and down from 4.04 percent in October. Distressed sales – foreclosures and short sales – were unchanged in November from October (9 percent) and remained in the single digits for the fourth month this year; they were 14 percent a year ago. Six percent of November sales were foreclosures and 3 percent were short sales. Foreclosures sold for an average discount of 17 percent below market value in November (15 percent in October), while short sales were discounted 13 percent (10 percent in October). Properties typically stayed on the market in November longer (65 days) than last month (63 days) and a year ago (56 days). Short sales were on the market the longest at a median of 116 days in November, while foreclosures sold in 65 days and non-distressed homes took 63 days. Thirtytwo percent of homes sold in November were on the market for less than a month.
Single-family and Condo/Co-op Sales Single-family home sales dropped 6.3 percent to a seasonally adjusted annual rate of 4.33 million in November from 4.62 million in October, but remain 2.4 percent above the 4.23 million pace a year ago. The median existing single-family home price was $206,200 in
14 | Salt Lake Realtor ÂŽ | January 2015
November, up 5.6 percent from November 2013. Existing condominium and co-op sales declined 4.8 percent to a seasonally adjusted annual rate of 600,000 units in November from 630,000 in October, and are unchanged from a year ago. The median existing condo price was $199,000 in November, which is 1.2 percent higher than a year ago.
Regional Breakdown November existing-home sales in the Northeast declined 4.2 percent to an annual rate of 680,000, but are still 4.6 percent above a year ago. The median price in the Northeast was $246,100, which is 1.3 percent above a year ago. In the Midwest, existing-home sales fell 8.9 percent to an annual level of 1.13 million in November, and are now 1.7 percent below November 2013. The median price in the Midwest was $160,500, up 7.0 percent from a year ago. Existing-home sales in the South decreased 3.2 percent to an annual rate of 2.09 million in November, but remain 5.0 percent above November 2013. The median price in the South was $176,500, up 5.2 percent from a year ago. Existing-home sales in the West dropped 9.6 percent to an annual rate of 1.03 million in November, and remain 1.0 percent below a year ago. The median price in the West was $292,700, which is 3.5 percent above November 2013.
NMLS# 252108
**For Immediate Release**
Veritas Funding issues its first “Ginnie Mae” Mortgage-Backed Security (MBS) Midvale, UT Veritas Funding, Utah’s largest residential mortgage lender by loan volume is excited to announce it successfully issued its first “Ginnie Mae” (GNMA) Mortgage-Backed Security (MBS) in November. Mortgages securitized as Ginnie Mae mortgage-backed securities (MBSs) are those guaranteed by FHA,VA and USDA transactions which are typically home loans for first-time home buyers and low-income borrowers. “This is a big milestone for Veritas Funding and its importance cannot be overstated. Our loan officers now have the ability to greatly expand their FHA, VA, and USDA product and pricing offerings in ways other mortgage lenders cannot. We’re excited to offer our sales team and referral partners the best tools available to help as many Utah families achieve the dream of homeownership. Our growth outlook looks amazing”, said Tim Roush, President and CEO of Veritas Funding.
About Veritas Funding Veritas Funding is Utah’s largest residential mortgage lender by loan volume serving the financing needs of Utah families. Veritas is an approved Fannie Mae and Freddie Mac “seller/servicer”, GNMA “issuer”, and the company currently has 15 retail branch locations throughout Utah and Arizona. The Company is licensed to conduct business in 7 western states including the Northwest and California. Veritas Funding will fund over $1 billion in residential loans in 2014, and the company maintains a substantial Agency loan servicing portfolio. Veritas has been recognized by Utah Business Magazine as one of Utah’s fastest growing companies in each of the past 5 years, it’s won the coveted Best of State ® award in mortgage banking, and the company has received numerous other accolades from industry insiders. Veritas Funding’s impressive growth is due to its ability to attract and retain the highest quality sales and operations staff in a highly competitive market. Veritas Funding is proudly celebrating its “10 years in business” anniversary this year.
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MORTGAGE BANKERS ASSOCIATION
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There’s never been a better time to buy a move-in ready Ivory home! Our selection is incredible and I will make buying an Ivory Home a wonderful experience for you and your client! Register your client with me and your commission* is protected regardless of what Ivory homes they tour or buy without you. * Please contact Lisa Seeborg to register your client in advance or accompany your client on their first visit to the Ivory model home. For Ivory’s traditional mainline catalog homes you’ll receive 3% commission on both spec (move-in ready) and new build homes. For California Collection homes, you will receive a 3% commission on spec (move-in ready), and 2% on new build homes. For Ivory townhome sales, you will receive a 2% commission. Commission rates subject to change at any time without notice. For updated commission information, please refer to each individual listing on the WFRMLS.
Lisa Seeborg Senior Sales Consultant Ivory Homes
I look forward to serving you! (801) 718-4892 lisa@ivoryhomes.com
Photo: © dolphfyn / Dollar Photo Club
A Strategic Plan for the New Year
By Curtis A. Bullock
A
s 2015 gets underway, this year will be a remarkable year for those in the real estate profession. There are many reasons why I believe this. Salt Lake City was recently named the No. 8 best city in the nation to find a job. More jobs and more people will naturally create more demand for housing. In addition, Millennials (those under the age of 35) will overtake Gen X (35-50 years old) to become the largest group of home buyers. With rising rents and continued low mortgage interest rates, more people will make the switch to homeownership. The Wasatch Front has a diversified and growing economy. Utah’s construction industry is currently the fastest growing job sector in the state, adding roughly 7,500 jobs over the past year. Major employers continue to expand and
18 | Salt Lake Realtor ® | January 2015
make Utah their base of operations, attracted to the area’s well-educated workforce, expansive infrastructure and low utility costs. It is an exciting time to be a Realtor®. Last month I highlighted some of the Salt Lake Board of Realtors’® major accomplishments in my Annual Report to the Members. In this article, I would like to share with you the Board’s Mission and Vision statements along with six specific goals that the Board has set for 2015. These goals reflect the mission, vision and core values of the Board.
MISSION STATEMENT The mission of the Salt Lake Board of Realtors® is to be the leader in providing support to the professional Realtor® through Advocacy, Knowledge, Communication and Service.
Service Directory
VISION STATEMENT The vision of the Salt Lake Board of REALTORS® is that real estate professionals receive value from and participate in Board membership. Advocacy: The Salt Lake Board of REALTORS is the principal advocate and representative for its members. All elected officials, counties, cities and other regulatory bodies acknowledge the Board as such and consult with us when changing, considering, drafting and/or implementing industry related ordinances, laws and regulations. The Board will raise political funds and develop relations to protect private property rights. ®
Knowledge: The Salt Lake Board of REALTORS® empowers its membership to effectively serve their clients and communities by providing every member with the most current training and information on the ever-changing environmental, legal, technological, and social issues as they relate to the professional growth of today’s REALTOR®. Communication: The Salt Lake Board of REALTORS® effectively communicates with members. Everyone will better understand who we are, what we do and why we do it. The Salt Lake news media will acknowledge the Board as The Voice of Real Estate® and will consult with us when gathering or reporting information. Service: The Salt Lake Board of REALTORS® delivers contemporary and relevant services, including programs, business and technological tools, information, charitable opportunities and resources custom tailored to meet community and individual member needs.
2015 Salt Lake Board of Realtors® Goals 1. Operate the Board in a transparent, fiscally sound and responsive manner for benefit of the Realtor® members. 2. Promote and support through collective action and effective advocacy, a favorable legislative, political, and regulatory environment at the local level. 3. Provide timely information and quality, cost effective education products and services to increase the members’ knowledge, skills, productivity, profitability, and professionalism. 4. Ensure the highest level of ethical and fair business practices in a manner consistent with the Code of Ethics, fair Business practices, and Fair Housing practices.
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5. Effectively communicate on a regular basis the mission and vision of the Salt Lake Board of Realtors® to the members and the general public. 6. Community Outreach. Promote the Board and its members’ to the public as the professional organization and community resource for information and expertise concerning real estate, and to be recognized as the “Number One Voice for Real Estate in Salt Lake County.” Enhancing the positive perception and public awareness of Realtors® and the value and benefit of their services. Provide financial support to relevant charities and community programs. If you would like to see more on these goals and the entire 2015 Strategic Plan for the Board, feel free to visit slrealtors.com. Thank you for your dedication and commitment to the real estate profession. We value your membership and look forward to serving you this year. Curtis A. Bullock is the CEO of the Salt Lake Board of Realtors®.
January 2015 | Salt Lake Realtor ® | 19
photo: iStockphoto.com/mj0007
Soaring Home Prices Warn of Price Bubbles Salt Lake County’s median home price is still below the peak price reached during the 2005-2008 housing bubble, but the gap is narrowing. By Dave Anderton
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urging home prices in the Salt Lake area have first-time home buyers shaking their heads, but Salt Lake County continues to be an affordable housing market, according to a newly released report tracking national home prices. However, the report’s conclusion may be somewhat misleading. The RealtyTrac report analyzed 475 U.S. counties and concluded that 98 of those counties, or 21 percent of U.S. housing markets, are now less affordable than their historic averages and warned of possible house-price bubbles. In
20 | Salt Lake Realtor ÂŽ | January 2015
reaching this assessment, RealtyTrac compared home prices in October 2014 to peak prices during the 2005 to 2008 housing bubble. Yet because Utah is a non-disclosure state the RealtyTrac report compared median list prices rather than actual sold prices in determining affordability. The report compared an October 2014 Salt Lake list home price of $259,900 to a list price of $499,950 in June 2008, the bubble peak price. The difference between the two list prices showed a price variance of more than $240,000, indicating current Salt Lake home prices were
nearly half of what they were prior to the Great Recession. Jay Garlick, a former Realtor®-developer and currently a real estate researcher at the University of Utah, said the RealtyTrac conclusion is bogus. “You have to question the RealtyTrac data when it comes to non-disclosure states,” Garlick said. “When you’re dealing with nondisclosure states you are dealing with very limited data. The MLS (UtahRealEstate.com) data is going to be the most accurate source in a non-disclosure state.”
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n fact, Salt Lake County’s peak median singlefamily sales price (not list price) was nowhere near the RealtyTrac price of $499,950. Instead, Salt Lake home prices peaked in June 2007 when they reached a high of $268,900, according to UtahRealEstate.com. In October 2014, Salt Lake’s median sales price was $255,000, showing a variance of roughly $14,000, a much narrowing gap than what RealtyTrac reported, but still below the peak price reached during the 2005-2008 housing bubble. Still, Garlick sides with the report’s overall conclusion that housing affordability is a concern. The best evidence he said is in the share of firsttime home buyers, which hit a nearly 30-year low in November. Just 33 percent of primary residences sold in 2014 were purchased by first-time buyers, down from 38 percent last year to the lowest level since 1987, the National Association of Realtors® reported. The NAR says that the first-time-buyer share of home sales has typically hovered around 40 percent since 1981. “You have a generation that is arriving late into the market,” Garlick said. “They are living with their parents longer. They have more student debt and they are forming households later. Their first jobs coming out of college are low paying. We are pushing against an unaffordable market right now.” Garlick doesn’t believe the Wasatch Front is in a traditional housing bubble, like during the Great Recession when speculative housing starts soared as loose lending practices fueled demand. Instead, he said, today’s home prices are skyrocketing because of a lack of housing inventory. But Garlick is quick to point out that compared to other major U.S. cities, Salt Lake housing is very affordable. And, he added, with mortgage interest rates at record lows, buying makes more sense over renting. That said, Garlick believes Wasatch Front home prices are becoming unaffordable. “Just ask yourself this question,” he said. “What does it feel like to be a first-time buyer out there? It’s unaffordable and it’s becoming more difficult for a first-time buyer to get into the market.”
“The report noted that 12 percent of all U.S. counties now have higher median home prices than peak prices reached during the 2005 to 2008 bubble – places like New York City; Austin, Texas; Honolulu; Charlotte, N.C.; and San Francisco.”
Fueling rising home prices are purchases of single-family homes by institutional investors. From 2012 through 2014 nearly 5 percent of all home sales in Salt Lake County were purchased by institutional investors, ranking Salt Lake No. 411 in the highest percent of purchases by institutional investors of more than 1,800 counties across the nation, according to RealtyTrac. “A lot of this is caused by really tight credit markets,” Garlick said. “It’s difficult for people with credit issues or self-employed people to qualify. Down payments by first-time home buyers are difficult. Banks have not been willing to loan to smaller home builders. Builders have no incentive to build for first-time home buyers. Incomes are not rising at the rate of inflation and can’t keep up with housing prices.”
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he report noted that 12 percent of all U.S. counties now have higher median home prices than peak prices reached during the 2005 to 2008 bubble – places like New York City; Austin, Texas; Honolulu; Charlotte, N.C.; and San Francisco. Of more concern is the report’s findings that 37 percent of all U.S. counties have rising foreclosure rates on loans originated in 2014 compared with loans the previous year. Salt Lake County wasn’t among the group. Its foreclosure rate dropped 35 percent from 2013 to 2014. “Affordability and foreclosure rates by loan vintage are two key metrics that will help consumers, investors, institutions and policy makers identify if a housing market is at risk for another price bubble,” said Daren Blomquist, vice president at RealtyTrac. “While 99 percent of markets have not returned to the irrational affordability levels during the previous housing bubble, one in five markets have now exceeded their historical affordability norms, which is a strong sign that either a new home price bubble is forming in those markets or that home price appreciation will soon plateau until incomes can catch up. Dave Anderton is director of communications for the Salt Lake Board of Realtors®.
January 2015 | Salt Lake Realtor ® | 21
Photo: © 3darcastudio / Dollar Photo Club
21 Hot Housing Trends for 2015 By Barbara Ballinger
Everyone wants to be hip, and the latest trends in design can help distinguish one home from another. And it’s not all flash; many new home fads are geared to pare maintenance and energy use and deliver information faster. Here’s a look at what’s coming. 22 | Salt Lake Realtor ® | January 2015
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his time of the year, we hear from just about every sector of the economy what’s expected to be popular in the coming year. Foodies with their fingers on the pulse of the restaurant industry and hot TV chefs will tell us to say goodbye to beet-and-goat cheese salad and hello roasted cauliflower, and there’s no end to the gadgets touted as the next big thing. In real estate, however, trends typically come slowly, often well after they appear in commercial spaces and fashion. And though they may entice buyers and sellers, remind them that trends are just that—a change in direction that may captivate, go mainstream, then disappear (though some will gain momentum and remain as classics). Which
way they’ll go is hard to predict, but here are 21 trends that experts expect to draw great appeal this year: 1. Coral shades. A blast of a new color is often the easiest change for sellers to make, offering the biggest bang for their buck. Sherwin-Williams says Coral Reef (#6606) is 2015’s color of the year because it reflects the country’s optimism about the future. “We have a brighter outlook now that we’re out of the recession. But this isn’t a bravado color; it’s more youthful, yet still sophisticated,” says Jackie Jordan, the company’s director of color marketing. She suggests using it outside or on an accent wall. Pair it with crisp white, gray, or similar saturations of lilac, green, and violet. 2. Open spaces go mainstream. An open floor plan may feel like old hat, but it’s becoming a wish beyond the young hipster demographic, so you’ll increasingly see this layout in traditional condo buildings and single-family suburban homes in 2015. The reason? After the kitchen became the home’s hub, the next step was to remove all walls for greater togetherness. Design experts at Nurzia Construction Corp. recommend going a step further and adding windows to better meld indoors and outdoors. 3. Off-the-shelf plans. Buyers who don’t want to spend time or money for a custom house have another option. House plan companies offer myriad blueprints to modify for site, code, budget, and climate conditions, says James Roche, whose Houseplans.com firm has 40,000 choices. There are lots of companies to consider, but the best bets are ones that are updating layouts for today’s wish
lists—open-plan living, multiple master suites, greater energy efficiency, and smaller footprints for downsizers (in fact, Roche says, their plans’ average now is 2,300 square feet, versus 3,500 a few years ago). Many builders will accept these outsiders’ plans, though they may charge to adapt them. 4. Freestanding tubs. Freestanding tubs may conjure images of Victorian-era opulence, but the newest iteration from companies like Kohler shows a cool sculptural hand. One caveat: Some may find it hard to climb in and out. These tubs complement other bathroom trends: open wall niches and single wash basins, since two people rarely use the room simultaneously. 5. Quartzite. While granite still appeals, quartzite is becoming the new hot contender, thanks to its reputation as a natural stone that’s virtually indestructible. It also more closely resembles the most luxe classic—marble—without the drawbacks of staining easily. Quartzite is moving ahead of last year’s favorite, quartz, which is also tough but is manmade. 6. Porcelain floors. If you’re going to go with imitation wood, porcelain will be your 2015 goto. It’s less expensive and wears as well as or better than the real thing, says architect Stephen Alton. Porcelain can be found in traditional small tiles or long, linear planks. It’s also available in numerous colors and textures, including popular one-color combos with slight variations for a hint of differentiation. Good places to use this material are high-traffic rooms, hallways, and areas exposed to moisture.
Photo: Dave Anderton
January 2015 | Salt Lake Realtor ® | 23
Image licensed by Ingram Image
7. Almost Jetson-ready. Prices have come down for technologies such as web-controlled security cameras and motion sensors for pets. Newer models are also easier to install and operate since many are powered by batteries, rather than requiring an electrician to rewire an entire house, says Bob Cooper at Zonoff, which offers a software platform that allows multiple smart devices to communicate with each other. “You no longer have to worry about different standards,” Cooper says. 8. Charging stations. With the size of electronic devices shrinking and the proliferation of Wi-Fi, demand for large desks and separate home offices is waning. However, home owners still need a dedicated space for charging devices, and the most popular locations are a corner of a kitchen, entrance from the garage, and the mud room. In some two-story Lexington Homes plans, a niche is set aside on a landing everyone passes by daily. 9. Multiple master suites. Having two master bedroom suites, each with its own adjoining bathroom, makes a house work better for multiple generations. Such an arrangement allows grown children and aging parents to move in for longor short-term stays, but the arrangement also welcomes out-of-town guests, according to Nurzia Construction. When both suites are located on the main level, you hit the jackpot. 10. Fireplaces and fire pits. The sight of a flame—real or faux—has universal appeal as a signal of warmth, romance, and togetherness. New versions on the market make this amenity more accessible with more compact design and fewer venting concerns. This year, be on the
24 | Salt Lake Realtor ® | January 2015
lookout for the latest iteration on this classic: chic, modern takes on the humble wood stove. 11. Wellness systems. Builders are now addressing environmental and health concerns with holistic solutions, such as heat recovery ventilation systems that filter air continuously and use little energy, says real estate developer Gregory Malin of Troon Pacific. Other new ways to improve healthfulness include lighting systems that utilize sunshine, swimming pools that eschew chlorine and salt by featuring a second adjacent pool with plants and gravel that cleanse water, and edible gardens starring ingredients such as curly blue kale. 12. Storage. The new buzzword is “specialized storage,” placed right where it’s needed. “Home owners want everything to have its place,” says designer Jennifer Adams. More home owners are increasingly willing to pare the dimensions of a second or third bedroom in order to gain a suitably sized walk-in closet in their master bedroom, Alton says. In a kitchen, it may mean a “super pantry”—a butler’s pantry on steroids with prep space, open storage, secondary appliances, and even a room for wrapping gifts. “It minimizes clutter in the main kitchen,” says architect Fred Wilson of Morgante-Wilson. 13. Grander garages. According to Troon Pacific, the new trends here include bringing the driveway’s material into the garage, temperature controls, sleek glass doors, specialized zones for home audiovisual controls, and a big sink or tub to wash pets. For home owners with deeper pockets, car lifts have gone residential so extra autos don’t have to be parked outside. (continued on page 30)
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2015
Housing Watch Salt Lake Home Sales Show Single-Digit Decline in November
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ollowing a strong sales month in October, home sales in Salt Lake County in November slid 6 percent year-over-year, according to the Salt Lake Board of Realtors®.
Less than 1,000 homes were sold in November in Salt Lake County compared to 1,052 sales the same month in 2013. There were just three months in 2014 marking a rise in year-over-year sales. Interestingly, pricier homes showed an increase in sales in November. There were 72 homes in Salt Lake County in November that sold above the halfmillion dollar mark, a 9 percent increase compared to 66 sales in November 2013. The median home price in November in the Salt Lake area increased to $237,500, a 6 percent rise compared to a median price of $224,917 in November 2013. Pending home sales in Salt Lake County showed a 7 percent rise in November compared to the same month last year. In Davis County, home sales in November climbed to 354 sales, an increase of 22 percent compared to 291 sales in November 2013. The median home price in Davis County in November
6
3
Salt Lake County Sales (all housing types) Year-Over-Year (Down 6%)
1,052 26 | Salt Lake Realtor ® | January 2015
993
rose to $215,000, up 3 percent. Nationally, existing-home sales slid in November as housing supply showed some tightening, according to the National Association of Realtors®. All major regions experienced a decline in sales compared to a month earlier. Across the nation, total existing-home sales, which are completed transactions that include singlefamily homes, townhomes, condominiums and coops, fell 6.1 percent to a seasonally adjusted annual rate of 4.93 million in November from a downwardlyrevised 5.25 million in October. Sales dropped to their lowest annual pace since May (4.91 million) but are above year-over-year levels (up 2.1 percent from last November) for the second straight month. Lawrence Yun, NAR chief economist, said sales activity was choppy throughout the country in November as housing inventory began its seasonal decline. “Fewer people bought homes last month despite interest rates being at their lowest levels of the year,” he said. “The stock market swings in October may have impacted some consumers’ psyches and therefore led to fewer November closings. Furthermore, rising home values are causing more investors to retreat from the market.”
Salt Lake County Median Price (all housing types) Year-Over-Year (Up 6%)
$224,917
$237,500
2 - C OLOR
1
Salt Lake County Days on Market (all housing types) Year-Over-Year (Up 3%)
2 38
37
5
Sales $ Davis County Median Price (all housing types) Year-Over-Year (Up 3%) $215,000
$207,900
Salt Lake County
Pending Sales (Up 7%)
1,061
994
4
Sales
Davis County Sales (all housing types) Year-Over-Year (Up 22%)
354
291 January 2015 | Salt Lake Realtor 速 | 27
REALTOR® Connections Q&A: Laura Harrison
Laura Harrison is the director of events for the Salt Lake Board of Realtors®. She is a Certified Meeting Professional and previously was the director of meetings and events at the National Association of County and City Health Officials in Washington, D.C. Q: What are the Best of 2014 Awards? A: Each year we hold an Awards and Recognition Ceremony to honor the achievements of outstanding Realtors® and Affiliate members. We are looking for those members that have not only excelled in providing professional service to countless families and individuals, but have given of their time, talent and energy to this profession and our community. Q: What’s new about the Awards this Year? A: There are several new and exciting changes to the Awards this year. The entire submission process has been streamlined and is now completely online! We hope that this will make the submission process easier and quicker for you (and save a lot of trees). We have also added two new awards, the Commercial Salesperson of the Year and the Platinum Hall of Fame. Q: How do I apply or nominate someone? A: All Award applications are on www.slrealtors.com/awards. You may apply for an award for yourself or nominate a colleague. Take a few minutes to read the general instructions and the award specific eligibility requirements before you start the application. There is not a save feature so you may want to review the application and collect your information before you begin. The deadline to submit an application is 5 p.m. on Wednesday, Jan. 21.
ListHub to Stop Sending Listings to Zillow Inman News is reporting that Realtor.com operator Move Inc.’s subsidiary, ListHub, is set to stop sending listings to realtor.com rival Zillow in 90 days, potentially cutting off the flow of hundreds of thousands of listings to the most highly-trafficked real estate portal on the Web. Zillow said it’s already receiving direct feeds from “dozens of MLSs” and 4,000 brokers. By the time the ListHub agreement expires in April, the company expects to have photo: iStockphoto.com/amriphoto the vast majority of its listings — at least 1.6 million of the 1.8 million for-sale listings on its site — transmitted through the Zillow Data Dashboard directly from MLSs and brokers. There’s long been speculation that ListHub — which is owned by realtor.com operator Move Inc. — might cut off the flow of listings to rival sites like Zillow and Trulia. In the past, Move CEO Steve Berkowitz has said cutting off the flow of listings to other sites would not be in the best interests of ListHub’s broker and agent clients. But Move was acquired by Rupert Murdoch’s News Corp. in November, and Berkowitz was scheduled to hand over the company’s reins in January to News Corp. veteran Ryan O’Hara.
28 | Salt Lake Realtor ® | January 2015
On the Move Gary Cannon, principal broker of Cannon & Co., will be offering a profession course “Master Mind… Raising the Bar.” The class will cover professionalism, service to the real estate industry and techniques in better serving your clients’ needs. The course is offered the third Wednesday of every month at the Realtor® Campus in the Snowbird room from 8 a.m. to 9 a.m. No registration is required. All members are welcome. Cannon has taught the course for the past seven years and because of growing popularity has expanded the experience to the Realtor® Campus. For questions email: gary@thecannonteam.com. Equity Real Estate reported it added free ProAgent websites and free personalized MobilityRE apps for each of its agents. In addition, the company has introduced the Equity Partner Program within which a Realtor® can achieve a phenomenally low $100 transaction fee and yearly bonuses. The firm also has evolved the Equity Gratitude Program to include more offerings, modernized and improved its branding and marketing materials, built strategic relationships that provide its Realtors® with more resources and appointed an entirely new leadership team. Equity reported another record-breaking year in transactions on both sides of the table – more than 10,000 nationwide. The number of Realtors® at Equity has climbed to over 2,200 and the company has paid out more than $2 million in profit share to its Realtors®. Aubrey and Associates Realty welcomes the following Realtors ® : Samuel Nelson, Heidi Decker, Robert Draper, Amy Swensen, Gary Parker, Deborah Love, Steve Love, Timothy Hoffman, Stephanie Johnson, Amy Webb, Tuan Tran, Christine Beesley, Karen Emberton.
In 2014 we brought you... Your very own free ProAgent Website; Your very own free, personalized MobilityRE app; New and improved branding and marketing materials; The Equity Partner Program with $100 Transaction Fees; A New and Improved Equity Gratitude Program; Over $2.2 million in Profit Share; New strategic vendor relationships; And a new, highly qualified leadership team! Imagine what we’ll bring you in
2015!
chic, which Restoration Hardware’s iconic style has helped promote, says designer Tom Segal. 18. Return to human scale. During the McMansion craze, kitchens got so big they almost required skates to get around. This year we’ll see a return to a more human, comfortable scale, says Mark Cutler, chief designer of design platform nousDecor. In many living or family rooms that will mean just enough space for one conversation grouping, and in kitchens one set of appliances, fewer countertops, and smaller islands.
Photo: Dave Anderton
21 Hot Housing Trends (continued from page 24)
14. Keyless entry. Forget your key (again)? No big deal as builders start to switch to biometric fingerprint door locks with numerical algorithms entered in a database. Some systems permit home owners to track who entered and when, says Malin of Troon Pacific. 15. Water conservation. The concerns of drought-ravaged California are spreading nationwide. Home owners can now purchase rainwater harvesting tanks and cisterns, graywater systems, weather-controlled watering stations, permeable pavers, drought-tolerant plants, and no- or low-mow grasses. 16. Salon-style walls. Instead of displaying a few distinct pieces on a wall, the “salon style” trend features works from floor to ceiling and wall-to-wall. Think Parisian salon at the turn of the century. HGTV designer Taniya Nayak suggests using a common denominator for cohesiveness, such as the same mat, frame color, or subject matter. Before she hangs works, she spaces them four to five inches apart, starting at the center and at eye level and working outward, then up and down. She uses Frog Tape to test the layout since it doesn’t take paint off walls. Artist Francine Turk also installs works this way, but prefers testing the design on the floor like a big jigsaw puzzle. 17. Cool copper. First came pewter; then brass made a comeback. The 2015 “it” metal is copper, which can exude industrial warmth in large swaths or judiciously in a few backsplash tiles, hanging fixture, or pots dangling from a rack. The appeal comes from the popularity of industrial
30 | Salt Lake Realtor ® | January 2015
19. Luxury 2.0. Getting the right amount of sleep can improve alertness, mood, and productivity, according to the National Sleep Foundation. With trendsetters such as Arianna Huffington touting the importance of sleep, there’s no doubt this particular health concern will go mainstream this year. And there’s no space better to indulge the desire for quality rest than in a bedroom, says designer Jennifer Adams. “Everyone is realizing the importance of comfort, quality sleep, and taking care of yourself,” she says. To help, Adams suggests stocking up on luxury bedding, a new mattress, comfortable pillows, and calming scents. 20. Shades of white kitchens. Despite all the variations in colors and textures for kitchen counters, backsplashes, cabinets, and flooring, the all-white kitchen still gets the brass ring. “Seven out of 10 of our kitchens have some form of white painted cabinetry,” says builder Peter Radzwillas. What’s different now is that all-white does not mean the same white, since variations add depth and visual appeal. White can go from stark white to creamy and beyond to pale blue-gray, says Radzwillas. He also notes that when cabinets are white, home owners can choose bigger, bolder hardware. 21. Outdoor living. Interest in spending time outdoors keeps mushrooming, and 2015 will hold a few new options for enhancing the space, including outdoor showers adjacent to pools and hot tubs along with better-equipped roof decks for urban dwellers. Also expect to see improvements in perks for pets, such as private dog runs and wash stations, says landscape architect Jean Garbarini of Damon Farber Associates. While it’s fun to be au courant with the latest trends, it’s also wise to put what’s newest in perspective for your clients. Remind them that the ultimate decision to update should hinge on their needs and budgets, not stargazers’ tempting predictions. Reprinted from Realtor® Magazine Online, December 2014, with permission of the National Association of Realtors®. Copyright 2014. All rights reserved.
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