Salt Lake Realtor – June 2016 by Mills Publishing Inc.

June 2016

Four New Hall of Fame Investors p. 14

Salt Lake City Makes Another Top 10 List p. 20 Making a Listing Attractive to Young Families p. 22

AN APPLE iPAD PRO & DINNER FOR YOU! MUSIC, MEMORIES, MOUNTAINS & MORE FOR THEM. City Creek combines the best of city and mountain living—beautifully designed living spaces and Salt Lake City’s most stunning views. Homeowners experience a sparkling creek running through canyon-like walkways and doorstep access to world-class shopping, fine dining, NBA basketball and the new Eccles Theater. The magic of City Creek living can’t be matched. Realtors® whose clients go under contract from May 1 through August 31, 2016 will receive a 32GB iPad Pro and dinner at BRIO* upon closing. *Awarded in the form of Apple and BRIO gift cards.

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Life happens fast. New job. New baby. A new chapter. When the Williams family grew out of their starter home, my job as their Windermere agent was to do more than find them a house that worked. My job was to find them a home that fit. A home to create new memories and tell old stories. Iâ&#x20AC;&#x2122;m honored to have found the Williams family their new home. And proud to have their story as part of my story.

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Limited Housing Inventory Slows Local Home Sales p. 26

Table of Contents Features 12 Food, Sun and Golf 14 Champions of Home Ownership

Dave Anderton

20 Top Purchase Markets for Millennial Homebuyers

The National Association of Realtors® 22 Make Your Listing Attractive to Young Families

Bryn Huntpalmer Columns 7 Realtors® … and Then Some! Cheryl Acker – President’s Message

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

On the Cover: Photo: Dave Anderton Photo left: Image licensed by Ingram Image

This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.

Salt Lake

REALTOR slrealtors.com

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June 2016 volume 76 number 6 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 Lake

REALTOR

® ®

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President Cheryl Acker Realtypath

Directors

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

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

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

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

Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Karen Malan Paul Nicholas

Administrative Assistant Ruth Gainey

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.

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

Realtors® … and Then Some!

know this fast-paced market brings its own challenges and problems but part of our nature as Realtors® is to be flexible and adaptable. Realtors® love to help clients with all their real estate needs. Sometimes we take things for granted and may not understand all the aspects that may affect our industry. On a nationwide scale, government regulations may jeopardize the way we do business. Early in my career, I know I did not understand the “big picture” and why should I worry about legislative changes. I am so thankful for the people who took an active role years ago so that I could have the opportunity to continue to help clients buy and sell real estate today. I hope we can do the same for future Realtors®. Each year in May, the National Association of Realtors® holds mid-year meetings in Washington, D.C., where Realtors® nationwide take an active role to advance the real estate industry and to protect property rights. I thought it might be beneficial to share some of the recent concerns and links where you can get more information. There were four issues that Realtors® shared with Members of Congress – we need more voices to continue to contact our elected officials. 1. Open Access to Condominiums – Recently the U.S. House of Representatives passed H.R. 3700 with a surprising vote of 427-0. Now we need to encourage our Senators to bring this bill to the floor of the Senate. H.R. 3700 would bring reform to Rural Housing Service loan programs and ease FHA loan restrictions on condos as well as streamline the condo recertification process. It would provide more flexibility for mixed use buildings. Currently, less than 10 percent of all condos have FHA approval. Condominiums are a more affordable option for first-time homebuyers. 2. Don’t Raise the Cost of Homeownership – We to need ensure that qualified borrowers have access to safe and affordable mortgage financing. Some lawmakers believe revenue, regardless of where it is generated from, is needed to keep the government fiscally sound. Others believe Fannie Mae and Freddie Mac should not be involved in the mortgage market and believe free market competition will provide better pricing. NAR is asking the guarantee fees (G-fees) to remain low and not be diverted for unrelated government spending. Any G-fee increase will maintain a higher cost and may cause homebuyers to reconsider their purchase or delay a potential home purchase or refinance. 3. Provide Private Flood Insurance Options – The House of Representatives passed H.R. 2901, “Flood Insurance Market Parity and Modernization Act” overwhelmingly with a vote of 419-0. We need to encourage the Senate to bring up and consider passing this bill. Current law limits the flood insurance options available to property owners. Expanding choices is a good first toward a comprehensive National Flood Insurance Program. 4. Real Estate Related Tax Policies are Vital to the Economy – Although no viable tax reform legislation has been introduced in the current Congress, House and Senate leaders are developing plans for tax reform for next year. Items being looked at are mortgage interest deduction, property tax deductions, and 1031 exchanges. All three of these items would have varying impacts on the homeownership and investment property purchases. More detailed information can be found at realtor.org. Let’s all roll up sleeves and do our part to fight the fight property rights!

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

Happenings

In the News Move, Inc.-Zillow Lawsuit Settled

Pictured: Jodie Osofsky, left, Salt Lake Board of Realtors® liaison to the Charity Challenge Committee; Lisa Jungemann, Salt Lake Board of Realtors® representative to UARHOF; Robyn Buckwalter, chairwoman of the Charity Challenge Committee; and Laura Fidler, chairwoman of the UARHOF Committee.

UARHOF Gives $23,000 to Charity Challenge The Utah Association of Realtors® Housing Opportunity Fund Committee announced a generous $23,000 grant to Charity Challenge, a cause to raise money to build a Habitat for Humanity home for a Salt Lake family. UARHOF monies are generated when a real estate broker converts his or her trust account to an interest-bearing one. The bank takes the interest and sends a check monthly to UARHOF, which tracks the contributions.

The National Association of Realtors® released a statement on the lawsuit settlement of Move, Inc. and Zillow. “We are pleased that Zillow has agreed to a settlement amount of $130 million in damages instead of going to trial, and that the parties have reached an amicable resolution,” NAR said. “NAR’s relationship with Move, Inc., and realtor.com® is based on a mutual respect for Realtors® and their efforts to bring online home buying and selling resources to consumers. Move will receive the bulk of these funds; it is NAR’s hope that they will invest this money in initiatives that enhance the consumer experience on realtor. com® and benefit our members in support of the Realtor® brand.” NAR will receive 10 percent of the settlement payment after Move deducts its legal fees; Move covered the costs of the lawsuit. After this amount is determined, NAR’s Leadership Team will consider how best to apply those funds in service of NAR’s Realtor® members; we will share that information as soon as a decision is made.

Daybreak Celebrates Cinco de Mayo Daybreak recently hosted Realtors® and home builders to a Cinco de Mayo celebration and tour of several new model homes. Daybreak, a master-planned community in South Jordan, reported that its home sales are up 20 percent from a year ago, with roughly 40 homes selling each month. In terms of new home permits, South Jordan is Utah’s fastest growing city. “I don’t think people realize that Daybreak has million-dollar homes,” said Barbara Breen, marketing outreach advisory for Daybreak. “Prices start in the $200,000 range for condominiums and single family homes range from $300,000 to more than $1 million.”

8 | Salt Lake Realtor ® | June 2016

Pictured: Robyn Buckwalter, Nicole Quealy, Cheryl Acker, president of the Salt Lake Board of Realtors®, and Gina Johnson.

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*D.R. Horton is America’s #1 Homebuilder per Builder Magazine. This is not an offer to purchase, nor does it constitute an obligation or contract of any kind. Actual terms of sale may vary and all information is subject to change without notice. Photographs or other graphics, prices, designs, plans lot size, square footage and other features are approximate and should be considered estimates only. In particular, prices shown, are base prices and do not include taxes, fees, modifications and custom features which may substantially affect dimensions and final cost. All homes, products and features are subject to availability and applicable laws and other restrictions. For specific information or to consider purchasing a home, please contact a community sales representative.

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Food, Sun and Golf N

early 100 members of the Salt Lake Board of Realtors® on May 26 joined in an exciting game of Top Golf. The new golf entertainment complex in Midvale involves players hitting golf balls containing computer microchips that track each shot’s accuracy and distance while also awarding points for hitting targets on the outfield. Part of each participant’s registration fee benefitted the Realtors® Political Action Committee (RPAC). Roughly $1,000 was raised for RPAC. The event was organized by the Affiliates Advisory Board.

12 | Salt Lake Realtor ® | June 2016

June 2016 | Salt Lake Realtor Â® | 13

Champions of Home Ownership Four members achieve Hall of Fame status by each giving $25,000 in lifetime investments to RPAC. By Dave Anderton

otorcycle riders share a common bond. So it was no surprise as Kenny Parcell, an avid biker, stopped for gasoline in Kingman, Ariz., that another rider approached him. Parcell, a regional vice president for the National Association of Realtors®, recalled the rider asked him about a peculiar Realtor® flag attached to his bike. “I’m a plumber,” the man said, “but I would

14 | Salt Lake Realtor ® | June 2016

never fly a plumber’s flag on my motorcycle.” Parcell explained that being a Realtor® was more than just about selling homes. Realtors® he said, are champions of homeownership and believe in building communities. Parcell pointed to NAR’s recent fight to lower mortgage insurance premiums on Federal Housing Administration mortgages. The higher premiums, which were

raised five times since 2008, priced out hundreds of thousands of qualified home borrowers who relied on FHA financing. The plumber confided to Parcell that he had been trying to buy a home for years but could never qualify. Then in 2015, after FHA announced it would reduce annual mortgage insurance premiums by 0.5 percentage points, he was finally able to buy a home. “I’m a home owner because of what you did,” he said. “When you talk to Realtors® tell them thank you from Rick the plumber in Kingman, Ariz.” Parcell said the Realtors® Political Action Committee (RPAC) made it possible. “That’s a real person who benefited from our efforts,” said Parcell, who has invested more than $25,000 to RPAC over his lifetime. Julian Castro, secretary of the Department of Housing and Urban Development, which oversees FHA, said in a statement that the reduced premiums would make home ownership more affordable for more than 2 million Americans through 2017. The National Association of Realtors® is helping to win the fight for reduced fees and

regulations on behalf of the nation’s 1 million Realtors® and 75 million property owners. NAR is widely considered one of the most effective advocacy organizations in the country. Its strength comes from Realtors® who make personal investments to RPAC. “It is the responsibility of all brokers to educate their agents on the benefits of RPAC to the consumer,” said Gary Cannon, former president of the Salt Lake Board of Realtors® and principal broker of West Jordan-based Cannon & Company. “One of the biggest benefits of RPAC is no transfer or service fees in the purchase or sale of real estate in the state of Utah. These fees would add another 2 to 7 percent in costs to the consumer to sell or purchase any real estate.” Utah is only one of a handful of states that has successfully blocked transfer and service fees. However, it takes money to back elected officials who are willing to fight proposed taxes and fees tied to real estate transactions. “RPAC is used to support good candidates for office,” said Chris Kyler, CEO of the Utah Association of Realtors®. “You can tie all the great things about Utah and our governance structure to RPAC.” (continued on page 18)

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Many Salt Lake Realtors® invest in RPAC. Yet, a few Realtors® go above and beyond a minimum contribution. These four Realtors® in 2015 achieved Hall of Fame major investor status, each giving $25,000 or more in lifetime contributions to RPAC. Nationally, only 667 Realtors® are Hall of Famers.

John Gonzales

Tuiono Malakai

Aaron Marshall

Dave Robison

Many Salt Lake Realtors® invest in RPAC. Yet, a few Realtors® go above and beyond a minimum contribution, giving thousands of dollars. Four such members stand out when it comes to RPAC investments. They are John Gonzales (Bank of Utah Mortgage Services), Tuiono Malakai (Equity Real Estate), Aaron Marshall (Keller Williams), and Dave Robison (goBE Realty). In 2015, each of these individuals joined the elite class of Hall of Fame, each achieving a $25,000 lifetime investment to RPAC. Less than 20 members of the Salt Lake Board of Realtors® have achieved Hall of Fame status. Nationwide, 667 Realtors® are Hall of Famers. Malakai, branch broker with Equity Real Estate South Valley, believes RPAC is a great cause. “I know they go to bat for us,” he said. “It took me five years to reach the Hall of Fame level.”

18 | Salt Lake Realtor ® | June 2016

Dave Robison, past president of the Salt Lake Board of Realtors®, said every Realtor® has an inherent duty to invest in RPAC every year to combat over regulation of private property rights. “I’m seeing neighbors that believe they should dictate what someone else should do with their property even if it is within zoning and restriction laws/rules,” Robison said. “Giving to RPAC is an investment in our business, our community, our economy and in human rights.” Cannon said the first time he made a donation to RPAC was in 1989. “It took me almost 20 years to reach Hall of Fame status,” he said. “Congratulations to these four people who have reached this level in less than 10 years.” Dave Anderton is the communications director at the Salt Lake Board of Realtors®.

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Top Purchase Markets for Millennial Homebuyers Salt Lake City and Ogden make Top 10 list of best purchase markets for millennials. By The National Association of Realtors®

flurry of financial obstacles and lifestyle choices are stalling the journey to homeownership for many young adults, but becoming a homeowner is currently more feasible in some less expensive metro areas with steady job growth and lower qualifying incomes needed to buy, according to new research by the National Association of Realtors®. NAR analyzed employment gains, population trends, income levels and housing conditions in the largest 100 metropolitan statistical areas1 across the country to identify the best purchase

20 | Salt Lake Realtor ® | June 2016

markets for millennial2 homebuyers. Lawrence Yun, NAR chief economist, says although millennials have made up the largest share of buyers for three consecutive years, sales to first-time buyers and the homeownership rate for young adults under the age of 35 remain depressed at levels not seen in decades. This is despite historically low mortgage rates, escalating rental costs and low unemployment levels among those with a college education. “Even with potentially higher incomes, prospective millennial homebuyers residing in

Seattle

some of the most expensive cities in the country face the onerous task of paying steep rents while trying to save for an adequate down payment,” he said. “However, for those currently living in or looking to move to a more affordable part of the country, there are metro areas right now with solid job growth and that offer a smoother path to homeownership.” The top 10 metro areas NAR identified were chosen for their above-average share of current millennial residents and recent movers, favorable employment opportunities and relatively low qualifying incomes needed to purchase a home. NAR’s study found that the best purchase markets for millennials buyers currently are (listed alphabetically): Austin, Texas Charleston, South Carolina Denver Minneapolis, Minnesota Ogden, Utah Portland, Oregon

Image licensed by Ingram Image

According to Yun, during the early stages of the economic recovery some of the largest metro areas – such as New York and parts of California – were attractive to millennials for their strong job markets, but their higher costs of living made it difficult to buy. Now that many more affordable, middle-tier cities have mostly recovered from the downturn and are once again experiencing robust job growth, millennials moving to some of these cities will likely realize they’re earning enough to purchase their first home. “An overwhelming majority of young renters recently said they eventually want to buy a home,” added Yun. “As long as new and existing-home supply keeps up to meet demand and holds prices from rising too quickly, these identified areas are poised to lead the way in helping millennials realize their American Dream of becoming a homeowner.” The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Raleigh, North Carolina Salt Lake City Seattle Washington, D.C. Other markets NAR identified for having promising potential for millennial homebuyers include: Boston Dallas Des Moines, Iowa Jacksonville, Florida Nashville, Tennessee

Boston

Image licensed by Ingram Image

June 2016 | Salt Lake Realtor ® | 21

Make Your Listing Attractive to Young Families Take time to understand the needs and wants of today’s young families to succeed in getting their attention. By Bryn Huntpalmer

any young home buyers have the romantic and creative impulse to purchase a home that needs significant renovations. They are willing to spend weekends painting or refinishing original wood floors in order to truly make their mark on their home. However, families with children are often short on both time and money, and they may not have enough of either to see these dreams come to fruition in a home that requires serious work. That’s why listings that will truly attract these young buyers need to encapsulate that doit-yourself spirit without also communicating a

22 | Salt Lake Realtor ® | June 2016

potential to send budding families spiraling into debt. These tips will help prospective buyers see your listing as a space where they can comfortably raise their family without breaking the bank. Balance Financials With DIY Appeal Typically, younger buyers tend to be more budget-conscious. Your average under-35 couple isn’t going to be well suited, financially speaking, to a fixer-upper. But that doesn’t mean they don’t want one. Research indicates that younger buyers are still opting for fixer-uppers — at least 62 percent of young home owners have renovated,

according to a 2015 study from Houzz. This generation has a DIY attitude and, as real estate agents can attest, this approach translates to home ownership as well. Buyer’s reps should take care to lead younger clients with limited financial wiggle room to listings that can balance their desire to remake the space with their fiscal reality. They’ll do well in homes that need a cosmetic update but not a total renovation, and they can benefit greatly from your experience. Young buyers may come in loaded with their own research, but they still need your professional opinion, especially when it comes to making sound financial investments and estimating their families’ capacity for remodeling. Advise Sellers to Handle Smaller Repairs While it’s true that younger buyers are drawn to repair projects, a huge list of small, unrewarding tasks isn’t likely to get their creative juices flowing. Some projects may seem trivial or simple to your sellers, like reattaching a loose gutter or putting new childproof covers on electrical sockets. But if you can help them imagine the stress of adding those projects onto the already long to-do list common to young families, it could go a long way in convincing them of the need to tackle some of these pesky tasks.

Take your sellers on a room-by-room tour of their home with a list of necessary repairs, from windows that are painted shut to light switches that no longer work. Explain that taking the time to make these simple, inexpensive repairs will go a long way to putting prospective home buyers’ minds at ease. Additionally, while every home grows infinitely more appealing after a deep cleaning, parents in particular are drawn to a spotless interior — the kind of place where they can picture their children growing up, instead of those that conjure up the fear of mold hiding under baseboards. Invest in a Fence for the Yard Your listing’s backyard doesn’t need to include a full jungle gym in order to appeal to a family with young kids. Installing a privacy fence can yield a 50 percent return on the seller’s investment, according to a recent article at Realty Times. Meanwhile, prospective home buyers will see a space where their children and pets can play freely without worrying about passing cars or strangers. Staging the backyard with items like patio furniture, a fire pit, or even a hammock will help young buyers imagine relaxing weekends spent making memories with their families.

Image licensed by Ingram Image

June 2016 | Salt Lake Realtor ® | 23

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buyers than, say, a wide kitchen island with bar seating. Of course, not every house comes complete with an open-plan kitchen, but adding recessed storage, open shelving units, and extra light can do a lot to make a cramped space feel more inviting for the whole family. Be sure to mention small details in this important room, such as the view of the backyard from the window over the kitchen sink. That way, buyers can imagine themselves watching their children play while preparing meals. Remember: For young families, buying a home is an emotionally fraught time. They aren’t just investing in a house, they are envisioning what their whole family will look like in the coming years, or even putting down roots in a new city. As a real estate professional, you know that walls can be easily repainted and light fixtures updated. But your understanding of how these minor issues impact first-time buyers brings added value that cannot be quantified. Bryn Huntpalmer is a mother of two young children living in Austin, Texas. Reprinted from Realtor® Magazine Online, March 2016, with permission of the National Association of Realtors®. Copyright March 2016. All rights reserved.

Draw Attention to Energy-Efficient, Eco-Friendly Features Virtually all home shoppers appreciate energy-efficient features that can provide monthly budget relief, but young parents may be especially focused on providing a healthier environment where their children can grow and live. Even little items like a smart thermostat can be surprisingly important selling points to a young family, thanks to the low-effort opportunities it provides to reduce a growing family’s footprint. Create a narrative in your listing that highlights spaces for gardens and a rain collection barrel. Many parents today are looking for ways to teach their children about healthy food choices and conservation. Older kids might have a greater appreciation for new chores when parents encourage them to take on the responsibility of caring for plants. Highlight Open Kitchens in Your Listings When recitals and soccer practice have to be fit in between growing work demands, a formal dining room may be less appealing to younger Image licensed by Ingram Image

24 | Salt Lake Realtor ® | June 2016

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Cedar City • Layton • Lehi • Logan • Midvale • Old Mill • Orem • Salt Lake South Ogden • South Valley • St. George • Sugar House • Union Heights • Woodland

Housing Watch Limited Housing Inventory Slows Local Home Sales

he biggest barrier facing home buyers today is a limited supply of housing inventory. While monthly home sales remain robust, there is a limited supply of housing inventory that is slowing sales. In April, there were 1,533 homes (all housing types) sold by Realtors® in Salt Lake County. That’s just 2 percent higher than 1,506 sales a year ago during the same month. Based on sales trends in Salt Lake County over the past 12 months, there is a 3.95-month supply of housing. The “months of supply” is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. A normal housing market is typically characterized by a five- to sixmonth supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months. Lawrence Yun, chief economist for the National Association of Realtors®, noted in a statement that housing gains in the South and West propelled pending sales in April to their highest level since February 2006. “The ability to sign a contract on a home is slightly exceeding expectations this

Salt Lake County Sales (all housing types) Year-Over-Year (Up 2%)

1,506

26 | Salt Lake Realtor ® | June 2016

1,533

spring even with the affordability stresses and inventory squeezes affecting buyers in a number of markets,” he said. “The building momentum from the over 14 million jobs created since 2010 and the prospect of facing higher rents and mortgage rates down the road appear to be bringing more interested buyers into the market.” Nationwide, all-cash sales were 24 percent of transactions in April, down from 25 percent in March and unchanged from a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in April (matching the lowest share since October 2015), down from 14 percent in both in March and a year ago. Sixtynine percent of investors paid cash in April. The median price of all units sold in April in Salt Lake County was $259,800, a 6 percent rise yearover-year. In Davis County, the median home price increased to $248,200, up 12 percent from a year earlier. The cumulative median days on the market for a listing in Salt Lake County in April fell to 10 days, down from 20 days a year ago. In Davis County, listings were on the market a median of 8 days, down from 24 days last year.

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

$244,750

$259,800

Salt Lake County Days on Market (all housing types) Year-Over-Year (Down 50%)

2 - C OLOR

Salt Lake County

Pending Sales (Up 9%)

506

Sales $

5 Davis County $248,200 4 Median Price (all housing types) Year-Over-Year (Up 12%)

552

Sales

Davis County Sales (all housing types) Year-Over-Year (Up 9%)

492

452

$222,400

June 2016 | Salt Lake Realtor Â® | 27

REALTOR® Connections Q&A: Fred Larsen Fred Larsen is the owner of Pillar to Post Home Inspections. He is a founding Board member of the Utah Real Estate Inspector’s Guild (UREIG), past president of the Utah Chapter of the American Society of Home Inspectors (ASHI), and is a past recipient of the Affiliate of the Year Award from the Salt Lake Board of Realtors®. Q: What is the Utah Real Estate Inspectors Guild? A: We are an association of professional home inspectors and affiliated industry professionals. The mission of the Utah Real Estate Inspector’s Guild (UREIG) is to promote professionalism in the real estate inspection industry. We support continuing education, technical training, and encourage professional development of all real estate inspectors. We also provide a forum for collaboration with real estate inspectors, affiliated industry professionals and industry associations. Q: What are benefits of UREIG to Realtors®? A: Our goal when we created UREIG was to provide continuing education and training for home inspectors. We want to improve the knowledge and professionalism of our members. We provided our members with more than 50 hours of home inspection related training last year. Q: How do you find a good home inspector? A: The same way you would in trying to find any professional. Ask Realtors® for references. Who have they had good service from? Pick up the phone and call the inspector. Do they communicate well? Are they professional? Some questions to ask: Do they do home inspections full time? How many inspections have they done? Do they have errors and omissions and general liability insurance? Are they members of UREIG and get regular education? How fast do they deliver the inspection report?

Coldwell Banker Residential To Open New Park City Office

Coldwell Banker Residential Brokerage announced that Park City’s top real estate sales team, which includes three-time Olympic skier Erik Schlopy, has affiliated with the company and will be heading up Coldwell Banker’s new Park City brokerage office. The highly regarded Team Schlopy are comprised of agents Marny Schlopy, her husband Kent Schlopy, their son Erik Schlopy, and their son-in-law, Kevin Crockett. The Schlopy family is among the best known residents in the Park City area given their business success and their tremendous athletic accomplishments. Erik was a member of the U.S. Ski Team, a World Cup ski racer, and a three-time Olympian and a bronze medalist at the World Championships. Erik’s wife is former Olympic swimming medalist Summer Sanders. And the Schlopy’s daughter, Keri, was an NCAA skiing champion. “Having Team Schlopy make this move to Coldwell Banker Residential Brokerage and help launch our new Park City office is a tremendous coup,” said Chris Jensen, president of Coldwell Banker Residential Brokerage. “They are arguably some of the most successful Realtors® in all of Utah.”

28 | Salt Lake Realtor ® | June 2016

On the Move Brent Scott, a Realtor® with Realtypath Success, was recently named by Utah Housing Corp. as one of five recipients of the “Utah Housing Realtor® of the Year” award. Other Realtors® receiving the award included: Jerome Bennett, Realty Experts, Inc.; Jarad Winterton, KW Success Keller Williams Realty; Matthew Williams, Rocky Mountain Realty; and Ivan Navincopa, Blue Key Realty. “Each of these Realtors® were recognized for their commitment to help home buyers achieve affordable homeownership and their work with participating lenders to help many home buyers purchase a home that they may not have been able to afford without the help of Utah Housing programs,” said Deon Spilker, vice president of mortgage banking at Utah Housing Corp. “Utah Housing congratulates the 2015 Utah Housing Realtors® of the Year and thanks them for their continued support and efforts to help Utahns obtain homeownership.” Utah Housing Loan Programs offer mortgage loans to qualified first-time home buyers and home buyers who have previously owned a home. The organization provides down payment and closing cost assistance, helping home buyers without the required funds to purchase a home. Salt Lake Realtor® Magazine welcomes announcements on new Realtors®, affiliates, awards and professional accomplishments. Items received are printed at the discretion of Salt Lake Realtor® Magazine on a first-come, firstserve basis. Send your news to dave@slrealtors.com.

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