Salt Lake Realtor – June 2018

Salt Lake

REALTOR ÂŽ

Magazine June 2018

Million Dollar Homes Sales Rise p. 12

Professionals Keep Secrets p. 14

Understanding Your Membership Dues p. 20

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Realtors® turn out for annual RPAC Golf Tournament. p.10

Table of Contents Features 10 2018 RPAC Golf Tournament 12 More Million-Dollar Homes Being Sold Dave Anderton

14 Professionals Keep Secrets Brian Swan 20 Understanding Membership Dues Ashley Mordwinow 22 RPAC Supports Realtor®-Friendly Candidates

Marcus Jessop

Columns 7 The American Dream of Owning a Home

Adam Kirkham – 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: 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

June 2018 volume 78 number 6

slrealtors.com

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.

CONGRATULATIONS Ravath “RP” Pok REALTYONEGROUP AFFILIATES REGIONAL DEVELOPER - UTAH REGION

SPOTLIGHT with REALTYONEGROUP’S REGIONAL LEADER AS SEEN IN RISMEDIA

How long have you been in the real estate industry?

It seems like a lifetime. Before getting my license, I owned one of the country’s first and second largest real estate personal marketing company called Jungle Solutions for 7 years. Add that to the 24 years with my real estate license and I’m proud to say it’s been a fun 31 years. Wow, I’’m feeling old with this question.

With such a successful local Signature brand in Utah what made you become a RealtyONEGroup franchise?

Having gone through the many dips and valleys of the real estate cycle, I’ve come to the realization that having the national resource of other successful brokers could really help me with avoiding future obstacles and having the support to help me be better at my job. It’s the classic saying, “you don’t know what you don’t know.”

Why RealtyONEGroup?

I think if you look at this company in the states that have started into their system 3-5 years ago, those brokerages have succeeded beyond their expectation. Besides the commission structure, this company provides a lot of substance in their technology and marketing support. In the past, agents have always had to choose high commissions or great marketing and technology. This franchise offered both and with an amazing high end brand that really fits our image and culture. Our first ad when we became a franchise 2 years ago says it all...”Finally, You Can Have Your Cake and... Well You Know.”

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Although I love selling real estate, what I really enjoy more is “building.” Whether its new homes or new businesses, my passion is to help build. I think I can have an even greater impact by taking my skills and knowledge and helping brokers build agents and their company. And, if you ask any broker this question, you’ll see that truly is the core characteristic of any broker. Their joy is greater when they help others as compared to when they help themselves.

What will be your biggest challenge in your new role?

Utah is such an amazing state with amazing people. There are incredible brokerages and brokers here that have not heard of or are aware of the RealtyONEGroup brand. It’s going to be challenging and fun to build this brand to the level of success seen in other states that have had a head start. I love being at the ground level of something great.

As Utah’s Regional Developer for RealtyONEGroup Affiliates, what do you hope to bring that’s different and better?

I’ve spent many years developing a system, utilizing automation and a one-of-kind marketing suite for our agents to succeed in a competitive market. When you open a RealtyONE franchise in Utah, you will not only receive the suite of tools from the national franchise, but you’ll also receive all the tools and systems that has made Signature Group what it is in the Utah market. It’s a real short cut for new brokerages.

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Salt Lake

REALTOR

® ®

Maga zine

slrealtors.com slrealtors.com

President Adam Kirkham Summit Sotheby’s International First Vice President Scott Robbins Coldwell Banker Residential

Scott Colemere Colemere Realty Associates Kimberly Farber IMPOWER Real Estate Brian Gottfredson Coldwell Banker Residential Tony Ketterling Equity Real Estate

Second Vice President Alicia Holdaway Equity Real Estate

Mike Morgan Realtypath

Treasurer Matthew Ulrich Ulrich Realtors®

Mary Olsen Utah Key Real Estate Jodie Osofsky Utah Key Real Estate

Past President Troy Peterson Equity Real Estate

Steve A. Perry Realtypath Sophie Reece Berkshire Hathaway

Directors Cheryl Acker Utah Key Real Estate

Michael Rowe Berkshire Hathaway

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

Sales Staff Paula Bell Karen Malan Paul Nicholas

T

he Salt Lake Board of Realtors® is giving away another Hawaii trip to a member who invests $15 or more to the Realtors® Political Action Committee (RPAC) when they pay their annual membership dues. You can pay your dues at www.slrealtors.com. Every $15 invested equals one entry in the contest.

The winner will be chosen on Aug. 1.

Clayton Snow, a Realtor® with Integrity Real Estate Services, was the lucky winner of last year’s Maui vacation giveaway. “Our trip to Maui was awesome,” Snow said. “We had a direct flight. The trip covered a rental car and a great resort right on the beach.”

Snow believes investing in RPAC is the right thing to do. “I invest in RPAC because I believe it’s important for each of us to put our resources together,” he said. “Small business people are under siege. Many of us think that we can’t do anything on our own. But as we invest in RPAC we become bigger than ourselves and become part of something that is bigger than ourselves.”

As we elect Realtor®-friendly candidates that support free enterprise and private property rights we strengthen the real estate profession and increase homeownership. This month is National Homeownership Month. It is a time to celebrate and promote the American Dream of owning a home.

President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer

The American Dream of Owning a Home

Office Administrator Cynthia Bell Snow Office Assistant Jessica Snow Administrative Assistant KellieAnn Halvorsen

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.

“Homeownership changes lives and enhances futures, and many Americans see it as one of their greatest hopes,” according to Elizabeth Mendenhall, president of the National Association of Realtors®. “These individuals are counting on the nation’s 1.3 million Realtors® to champion and protect homeownership and help make it more affordable, attainable and sustainable.”

Let’s celebrate and strengthen the real estate profession by investing our fair share to RPAC.

Adam Kirkham 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

June 2018 | Salt Lake Realtor ® | 7

Happenings

In the News

Here’s Where California Residents Want to Move

Image licensed by Ingram Image

©Julien Tromeur / AdobeStock

More People and More Jobs Utah’s labor market continues to expand, according to Robert Spendlove, senior economist for Zions Bank. The state added more than 48,000 new jobs from March 2017 to March 2018. Spendlove’s analysis was part of a local elected officials luncheon in May at the Realtor® Campus. Utah’s year-over-year employment growth in March was tied for the highest in the nation with Idaho, at 3.3 percent.

Nationally, more than 135,000 new jobs were added in March. Utah’s population growth rate in 2017 was 1.9 percent, the third highest rate among all states.

©alex-mit / iStock

Utah Ranks No. 7 in Highest Homeownership Rate At 71.3 percent, Utah tied with Vermont for the No. 7 spot in highest homeownership rates in the first quarter of 2018, according to the U.S. Census Bureau. West Virginia had the highest homeownership rate among states at 74.8 percent. New York had the lowest rate at 50.9 percent. Nationally, the homeownership rate in the first quarter was 64.2 percent. The homeownership rate is the percentage of homes that are owned by their occupants.

8 | Salt Lake Realtor ® | June 2018

W

ith home prices in California continuing to skyrocket, residents of some of the state’s priciest spots are doing the unthinkable—searching for homes in less expensive areas or even (gasp) out of state, according to Realtor.com. For the first time in five years, California metros are no longer dominating the monthly list of the hottest U.S. real estate markets.

“Our research shows many California residents may have reached their breaking point,” said Danielle Hale, chief economist for realtor.com, in a statement. “Affordability is pricing them out of the California home market, and many are searching for more affordable options in other areas.”

So where are they going? Some of the new hot spots include Phoenix, Las Vegas, and Prescott, AZ. Some folks are pulling up stakes and moving to cheaper areas within the state, according to research on listing search patterns in 16 California counties and American Community Survey migration estimates.

Here are the top out-of-state destinations for California residents: 1. Maricopa County, AZ (Phoenix) 2. Clark County, NV (Las Vegas) 3. Yavapai County, AZ (Prescott) 4. Ada County, ID (Boise) 5. Washoe County, NV (Reno) 6. Mohave County, AZ (Lake Havasu) 7. Pima County, AZ 8. Kootenai County, ID (Coeur d’Alene) 9. Travis County, TX (Austin) 10. Hawaii County, HI (Big Island)

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2018 RPAC Golf Tournament

T

housands of dollars were raised for the Realtors® Political Action Committee during the annual RPAC Golf Tournament. Dozens of prizes were given away, including golf clubs, a bicycle and gift cards.

Sharon Spratley, of Berkshire Hathaway Home Services, won one free year of membership dues valued at $805. The Salt Lake Board of Realtors® thanks every member that participated in the event.

10 | Salt Lake Realtor ® | June 2018

Photos: Dave Anderton June 2018 | Salt Lake Realtor ÂŽ | 11

Sales of million-dollar homes are on the rise. This Federal Heights home in Salt Lake City recently was listed for $1.1 million.

More Million-Dollar Homes Being Sold

By Dave Anderton

T

he Wasatch Front’s surging economy and strong housing market are boosting the sale of million-dollar homes.

In 2017, there were 257 homes sold above the million-dollar mark along the Wasatch Front (Salt Lake, Davis, Tooele Utah, and Weber counties), a 59 percent increase from 162 units sold in 2016.

Last year’s sales represent a 101 percent increase compared to just 128 units sold in 2014.

“A roaring economy and wealthy transplants are fueling million-dollar home sales,” said Adam Kirkham, president of the Salt Lake Board of Realtors® and a Realtor® with Summit Sotheby’s International Realty. “However, nearly three of every four homes sold above $1 million were priced from $1 million to $1.5 million. It remains a challenge to sell a home above $1.5 million, even in today’s strong economy.”

Homes sold above $1 million in 2017 had a median price of $1.3 million. Million-dollar homes also are selling faster. In 2017, the typical milliondollar listing was on the market for 88 days, down from 118 days in 2016.

12 | Salt Lake Realtor ® | June 2018

©jeremias munch / Adobe Stock

Professionals Keep Secrets Professionals don’t talk about their clients’ divorce, reason for moving, financial stresses, or deadlines to get out of the house.

By Brian Swan

I

n 1973, Frank Armani and another lawyer, Francis Belge, were appointed to represent Robert Garrow for the murder of Philip Domblewski, an 18-year-old college student.

When Armani and Belge met with their client, Garrow admitted to more than killing just Domblewski, he told them that he had previously murdered three other people and where he dumped their bodies.

The lawyers told no one about the confession for over a year, nor did they disclose the location of the bodies. It wasn’t until the information came out at trial that Armani and Belge were able to publicly acknowledge that they knew all along of the murders and where the victims’ remains were.

The two defenders were hailed in the legal

14 | Salt Lake Realtor ® | June 2018

profession for their staunch and zealous advocacy— their strict adherence to the sacred attorney-client privilege—but they were excoriated in the court of public opinion. Their law practices crumbled.

They received hate mail and death threats. They lost life-long friends. Their lives were turned upside down for keeping their client’s secrets.

Ethics complaints were filed against the lawyers and a grand jury was assembled to indict them. However, the complaints and the indictment were all dismissed because the law honors the attorney—the professional—as the ultimate protector of secrets.

The story is famous in legal ethics classes.

It illustrates how unapologetic and ferociously (continued on page 18)

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Professionals Keep Secrets (continued from page 14) serious the legal profession takes the duty of confidentiality.

While lawyers are required to zealously guard their clients’ secrets, real estate agents also have a duty of confidentiality. This duty of confidentiality for real estate agents is engrained in agency law and codified in most state regulations. Here in Utah, you’ll see the duty etched in stone when you pull up Utah Administrative Code R162-2f401a(1)(d). And although it’s not held to the same ideal as the attorney-client privilege (if your seller tells you they buried a body in the backyard, you’ll probably have to report that), it does carry some serious legal weight.

I have not found any cases where an agent was sued for breaching their duty of confidentiality; however, a case from the Washington Supreme Court sheds some light on how the courts would probably look at the issue. In 1980, Diane Cultum used a local real estate agent to find a home. When she found one, she instructed her agent to prepare the offer and make it subject to her approval of a structural inspection. Because the form contract back then didn’t have such a clause, her agent drafted the following on a blank addendum: “This offer is contingent on a Satisfactory Structural Inspection, to be completed by Aug. 20, 1980.”

When the inspection was completed, the inspector found nothing wrong with the structure of the house but a list of things wrong with everything else. Cultum used the clause to back out of the contract. The sellers then threatened to sue because there was nothing structurally wrong with the property. This caused Cultum to sue the brokerage for their shoddy addendum writing, claiming that the agent didn’t meet the same standard of care in drafting the provision as required of a practicing attorney.

The case went up to the Washington Supreme Court. The Court ruled that whether the agent’s drafting met the same standard as an attorney was irrelevant. The real issue was that the agent didn’t follow the client’s instructions. The client wanted the provision to give her subjective approval of the home’s structure as opposed to objective approval. In other words, had the addendum read “This offer is contingent on Buyer’s approval of a Structural Inspection . . .” the client could’ve cancelled the contract based on her subjective disapproval of the inspector’s report. The Court ruled that because a real estate agent fills in the blank lines on a contract, he or she is practicing law and must be held to the same standard as practicing attorneys. Thus, the Court held: “[a]n attorney is liable for all losses caused by his or her failure to follow the explicit instructions of the client . . .

Therefore, because [the agent] was practicing law and failed to comply with Cultum’s wishes she is liable for all damages . . .”

18 | Salt Lake Realtor ® | June 2018

From that case we see that courts are not afraid to hold the real estate agent’s performance and fiduciary duty to the same standard as an attorney’s. And we know that the real estate agent’s duty to obey the client sits right alongside the duty of confidentiality. Thus, under the Cultum case, we could suppose that a court would hold an agent’s duty of confidentiality to the same standard as a practicing attorney (except in regard to keeping secrets of criminal activity).

I personally have worked deals where I’d call a listing agent to get some info on a listing that my buyer was interested in. I’d ask the listing agent a few questions about the property and situation. I’d then get all I needed to strengthen our negotiating.

“My clients are getting a divorce and need to get the home sold asap.” “The sellers are in a pinch and need to sell before this turns into a short sale.” “Honestly, it’s a fire sale at this point.” And even things like, “The lowest my client will go is $280,000, so send me that and I’ll push it through.”

In my position, I teach hundreds of new agents a month. I say to them, “you will succeed when you understand that real estate is a profession, not an occupation. Getting your license allows you to legally represent someone’s financial and real estate interests. That makes you a professional.

The moment you understand what it means to be a professional and have a client is the moment you start to see greater success.”

Professionals don’t talk about their clients’ divorce, reason for moving, financial stresses, or deadlines to get out of the house. This isn’t a TV show called Real Estate Agents of Salt Lake County, and it’s not a Cosmo gossip column. Clients hire you to do more than sell their home; they hire you to guard their real estate and financial secrets.

With that said, keep in mind the two exceptions to confidentiality. The law requires that you must disclose to the other side: (1) material information about the property; and (2) material information about whether your client can perform. But other than that, just zip it.

If the courts are going to hold your fiduciary obligations to the same standard of care as a practicing attorney, it’s probably a good idea to act like one. And one of the biggest ways to do so is to be like Frank Armani and Francis Belge: start keeping secrets.

Brian Swan is an attorney and director of Stringham Schools.

Restatement (Third) of Agency: Use of Confidential Information §8.05(2) 2 Cultum v. Heritage House Realtors, Inc., 694 P.2d 630, 632 (Wash. 1985).

3 Id. at 635 4 Id. at 636.

5 R162-2f-401a(1)(b).

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Understanding Membership Dues Six frequently asked questions and answers about membership dues.

By Ashley Mordwinow

1. Q: How much are annual membership dues?

A: Annual membership dues are $805. This amount includes dues for The Salt Lake Board of Realtors®, The Utah Association of Realtors®, and the National Association of Realtors®.

(See pie chart for how dues are distributed between organizations.) An optional $100 RPAC contribution is automatically included, so your account balance will show as $905. This amount is editable, once you hit “pay dues.”

2. Q: When do I pay annual membership dues?

A: Our billing cycle is July 1st – June 30th.

Regardless of your original join date, your annual dues of $805 will be billed by June 1st, and must be paid no later than July 31st.

3. Q: What happens if I don’t pay my dues

by July 31st? Is there a “grace period?”

20 | Salt Lake Realtor ® | June 2018

A: Since our billing cycle ends on June 30th, and you have until July 31st to pay dues, the entire month of July is considered a “grace period.” If you don’t pay dues by July 31st, your membership will expire, and there will be a New Member Entry Fee of $350 when you reapply.

4. Q: How can I pay my dues?

A: You can pay dues in person at the Membership & Education Center front desk at the Realtor® Campus building in Sandy, over the phone (801-542-8840), or online at www.slrealtors.com.

Unfortunately, we can’t process split payments.

Please plan to pay the entire $805 with one payment method. We accept cards, check, and cash.

5. Q: What options do I have if I can’t pay my dues right now, or if I want to inactivate my license?

A: If you’re unable to make your dues payment or want to inactivate your license and

membership, you have the option to put your Board membership on “inactive status.” This status requires you to inactivate your license with the Utah Division of Real Estate and pay a yearly fee of $75 to The Salt Lake Board of Realtors. This status can be renewed twice (a total of 3 years on inactive status). When you reactivate, your dues will be prorated according to where we are in the billing cycle. You will not have to repay the $350 New Member Entry Fee when you rejoin if all conditions are met.

6. Q: If I inactivate my membership, do I get a refund on my dues?

A: The local portion of your dues (SLBR $410) is non-refundable. Since UAR and NAR billing cycles run January – December (we precollect for them in July), you may be eligible for a refund of those dues, if you inactivate before Dec. 31st.

Ashley Mordwinow is education director of the Salt Lake Board of Realtors®.

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RPAC Supports Realtor®-Friendly Candidates

By Marcus Jessop

L

ast month, Matt Clewett, from our Government Affairs Department, started off our fivepart series by explaining the reason behind the Realtors® Political Action Committee (RPAC).

In this second installment, I will be diving into how RPAC determines who to support in local elections. As you will soon learn, Realtors®, like yourself, are the ones that determine who we support in all elections.

RPAC

Matt touched on this lightly, but every time you invest in RPAC a portion of those proceeds get deposited into our Salt Lake Board Political Action Committee account. Through the help and guidance of our Realtors®, the Salt Lake Board then donates those funds to Realtor®-friendly candidates running for elected office in Salt Lake and southern Davis counties.

Interviews

Prior to giving any financial resources to a prospective Realtor®-friendly candidate, Realtors®, with the Salt Lake Board, conduct interviews with each candidate running for office.

These interviews are led by our Realtors® and any Realtor® can participate in the candidate interview

22 | Salt Lake Realtor ® | June 2018

process. For example, the chair of our interview sub-committee on elections is Cecil Thompson; a broker with Equity Real Estate.

Currently, and the number varies, our interview committee has roughly 10-15 Realtors® who ask a series of questions intended to solicit a candidate’s views on real-estate. These Realtors® come from brokerages across the Salt Lake Valley: Dwellings Real-Estate, Utah Key Real-Estate, Berkshire Hathaway, Coldwell Banker, Summit Sotheby’s, Century 21, Re/Max, and the list goes on.

Candidate questions can range from their view on sales tax on service, transfer taxes, affordable housing, inventory shortages, regulations at the city level in terms of development, etc. Each interviewee is given a score card to judge each candidate’s responses; determining their level of support for real-estate related issues. Realtors® decide which candidates will receive our support.

RPAC Trustees

Shortly after the candidate interview process has completed, the RPAC Trustees are convened.

The RPAC Trustees is a Realtor® only committee; meaning Realtors® are the only ones that get to vote on the level of funding we provide to each candidate.

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The RPAC Trustees is comprised of members of our Board of Directors, the current President of the Salt Lake Board, the acting President of the Salt Lake Board, members from our Government Affairs Committee (chair and vice chair), and Realtors® interested in politics. Each trustee member serves for two years. There are currently 15 Realtors® serving on the Board of Trustees.

The RPAC Trustees carefully reviews all information gathered from the interview process and then determines support based on the candidate’s views on real-estate. A simple majority is required before any funding is distributed to a particular candidate. Once consensus is reached, then financial resources are allocated to the candidate(s) endorsed by our RPAC Trustees. All financial donations to candidates reported to the Lieutenant Governor’s Office. Most importantly - the process is 100 percent Realtor® driven, and trustee support of Realtor®-friendly candidates is not based on any party affiliation.

How can you get involved?

Any Realtor® can join our Government Affairs Committee and find out more about the interview committee and other opportunities.

Our Government Affairs Committee meets the

24 | Salt Lake Realtor ® | June 2018

first Wednesday of every month at 9 a.m. in our Sandy Auditorium. We would love to have you come and participate in this great process. Please consider participating in our election’s process by joining our Government Affairs Committee.

Conclusion

The third part of the series will be addressing the legislative process and what happens postelection, in terms of policy, affecting Realtors®.

I would like to thank our Realtors® for your constant support of RPAC and getting involved in the elections process. You are the reason why Utah remains one of the friendliest places to build and buy a home. Thank you for protecting the American Dream of homeownership!

Marcus Jessop has been the Government Affairs Director for the Salt Lake Board of Realtors® since November 2016. He recently received the 2017 President’s Award for his work with RPAC fundraising and Government Relations. Marcus previously worked for Senator Mike Lee and Congressman Chris Stewart.

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REALTOR® Connections

On the Move

Utah Realtor® Climbs Kilamanjaro Annie MacDonald, a Realtor® and associate broker with Windermere Utah Real Estate, recently summited Mount Kilimanjaro, Africa’s highest mountain. The trek was five days and covered 46 miles to an elevation of 19,341 feet. “This experience was one of the most incredible things I have ever been able to do,” MacDonald said.

“I feel incredibly blessed that I was able to summit at sunrise with my best friend, love and husband by my side. The world is big and amazing. We should all be out exploring it.”

Cinco De Daybreak

Hundreds of Realtors recently celebrated Cinco de Mayo at Daybreak’s new SpringHouse Community. Pictured: Front: Barbara Breen (left), Marilee Rowley. Back Row: Robyn Buckwalter (left), Sophie Reece, Nicole Quealy, Julie Krushensky, Nicole Borba and DawnRae Wheeler.

28 | Salt Lake Realtor ® | June 2018

Nevada, Delaware, Florida, Colorado, and Virginia lead the nation with the highest share of homeowners likely to move in the second quarter of 2018, according to research firm ATTOM Data Solutions.

“The pre-mover index provides insight into which markets are poised to see a high percentage of homeowners moving this spring and which markets are likely to see a high percentage of homeowners staying put,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Markets with a high pre-mover index tend to be in areas where homes are still somewhat reasonably priced and have a growing job market, allowing for greater upward mobility. Markets with a low pre-mover index tend to be in areas with a struggling job market or with home prices that are out of reach for the average wage earner.” The national average premover index was 100. Salt Lake County’s pre-mover index was 123.

An index above 100 indicates an above-average ratio of homes that will likely be sold in the next 90 days in a given market.

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