Salt Lake Realtor – June 2017

Salt Lake

REALTOR

®

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June 2017

All Hail the Hale p. 10

Three Tips to Avoid Lawsuits p. 30

Better Listing Photos p. 20

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Table of Contents Features 10 All Hail the New Hale Centre Theatre

Dave Anderton 14 U.S. Home Sales on Pace to Hit 5.6 M This Year Robert Freedman

20 Four Surefire Tips for Better

U.S. home sales to reach 5.6 million units this year. p. 14

Listing Photos

Erin Vaughan

30 Three Tips to Avoid a Lawsuit Curtis A. Bullock

Columns 7 RPAC thwarts Hidden Costs of Selling a Home

Troy Peterson – President’s Message

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

On the Cover: Pictured: Steve Fairbanks, Kris Coleman-Nicholl, Chris McCandless Photo: Kelley Anderson Photo left: © bmak / Adobe Stock

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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June 2017 volume 77 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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President Troy Peterson Equity Real Estate

Directors

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

M. Brock Andersen Berkshire Hathaway Kimberly Farber-Bowen IMPOWER Real Estate Brian Gottfredson Coldwell Banker Residential Alicia Holdaway Equity Real Estate Mike Morgan Realtypath Mary Olsen Utah Key Real Estate Jodie Osofsky Utah Key Real Estate Steve A. Perry Realtypath Michael Rowe Berkshire Hathaway Randal Smith Equity Real Estate Matthew Ulrich Ulrich Realtors®

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

Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer Sales Staff Paula Bell Karen Malan Paul Nicholas

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

Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

RPAC Thwarts Hidden Costs of Selling a Home T

he Salt Lake Board of Realtors® was recently recognized with the 2016 Performance Achievement Award by the National Association of Realtors®.

This award recognizes associations for RPAC fundraising achievements and is given to small, medium, large, and mega associations.

Out of 100 large associations (2,000 to 6,999 members) in the United States, the Salt Lake Board came in second place.

The award was based on a composite score that measured the percent of RPAC participation, percent of members who were major investors ($1,000 or more donated), and the percent of members who achieved President’s Circle, a program that allows Realtors® to contribute beyond RPAC dollars.

In 2016, more than four out of 10 members of the Salt Lake Board invested in RPAC. Our association last year included 132 major investors who invested $1,000 or more to RPAC. We also had 17 members who qualified for President’s Circle.

RPAC matters. A recent CNBC story said U.S. home sellers pay an average of $742 in transfer taxes. Seattle was the priciest city at a cost of $8,654 per transaction (based on a 2.03 percent tax and a median home value of $426,300). In Utah, home sellers pay ZERO! According to NAR, since 1969, RPAC has promoted the election of pro-Realtor® candidates across the United States. “The purpose of RPAC is clear: Realtors® raise and spend money to elect candidates who understand and support their interests. The money to accomplish this comes from voluntary contributions made

by Realtors®. These are not members’ dues; this is money given freely by Realtors® in recognition of how important campaign fundraising is to the political process.”

RPAC donations to Realtor®-friendly candidates are a big reason why Utah consumers don’t pay transfer taxes, don’t pay taxes on services, and are not required to hire an attorney at closing. Let’s keep these hidden costs of selling a home out of the pocketbooks of Utah homeowners.

Troy Peterson 2017 President

The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions expressed by writers and persons quoted in articles are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®.

Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs.

While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication.

Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.

October 2005

June 2017 | Salt Lake Realtor ® | 7

Happenings

In the News Inventory Down, Prices Up

Pictured: Sen. Hatch, left, with Ryan Kirkham, past president of the Utah Association of Realtors®.

Realtors® Fight to Keep You in Business and Government Out of Your Business

Utah Realtors® met with Sen. Mike Lee (R-Utah) and Sen. Orrin Hatch (R-Utah) in May to talk about private property rights and homeownership. Other policy issues discussed included tax reform, retaining the mortgage interest deduction, and the 30-year fixedrate mortgage loan.

Pictured: Dustin Frank, left, Eric Benroth, Ryan Gill, and Shawn Stradley.

Lunch and Learn Realtors® enjoyed a free 90-minute hands-on training session May 18th by Apple employees from the City Creek Center. The event focused on apps to stay organized in the real estate business by using the best features of iOS9. The next Lunch and Learn is Thursday, June 22, at the Apple City Creek Center in downtown Salt Lake City. The event will focus on photographs and ways to capture and enhance photos to appeal to customers. To register visit: citycreekbusiness@apple.com.

8 | Salt Lake Realtor ® | June 2017

Pending home sales in April slumped for the second consecutive month and were down year-over-year nationally and in all four major regions, according to the National Association of Realtors®. Only the West saw an increase in contract signings last month.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.3 percent to 109.8 in April from a downwardly revised 111.3 in March. After last month’s decline, the index is now 3.3 percent below a year ago, which is the first year-over-year decline since last December and the largest since June 2014 (7.1 percent).

Lawrence Yun, NAR chief economist, said contract activity is fading this spring because significantly weak supply levels are spurring deteriorating affordability conditions. “Much of the country for the second straight month saw a pullback in pending sales as the rate of new listings continues to lag the quicker pace of homes coming off the market,” he said. “Realtors® are indicating that foot traffic is higher than a year ago, but it’s obviously not translating to more sales.”

Added Yun, “Prospective buyers are feeling the double whammy this spring of inventory that’s down 9.0 percent from a year ago and price appreciation that’s much faster than any rise they’ve likely seen in their income.”

Unfortunately, Yun believes there is little evidence these astoundingly low supply levels are going away soon.

Homebuilding activity has not picked up enough this year and too few homeowners are listing their home for sale.

“The unloading of single-family homes purchased by real estate investors during the downturn for rental purposes would also go a long way in helping relieve these inventory shortages,” said Yun. “To date, there are no indications investors are ready to sell. However, they should be mindful of the fact that rental demand will soften as the overall population of young adults starts to shrink in roughly five years.”

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Photo courtesy of Hale Centre Theatre

All Hail the New Hale Centre Theatre There’s nothing like it anywhere else in the world

By Dave Anderton

S

andy City will be the center of attraction when the new Hale Centre Theatre opens its doors this fall. The $76 million center-stage theater, or theater-in-the-round, will be comprised of small and large theaters, with seating capacities of 467 and 900 respectively, creating what some are calling an “unrivaled theatrical engine.” The new theater will offer more than 700 performances, entertaining 500,000 people annually, a nearly 80 percent increase in the number of people attending the current West Valley location.

The theater is drawing national attention.

David Scott, senior manager of theatrical licensing for Disney Theatrical Group, is planning to attend opening performances this November. Scott oversees the stock and amateur business which grants stage rights to perform Disney plays and musicals in professional and community theaters around the world.

“It’s not just another theater,” according to Mark Dietlein, co-founder, president, CEO, and executive producer of the Hale Centre Theatre.

“This is something that does not exist. With this building we have reinvented center-stage

10 | Salt Lake Realtor ® | June 2017

theater. There is nothing like this anywhere else in the world.” Dietlein added that Alain Boublil, author of the original lyrics for the musical Les Misérables, is planning to make a visit. In addition, Musical Theatre International, one of the world’s leading theatrical licensing agencies, is sending representatives to Sandy to see the theater.

Chris McCandless, Sandy City councilman and a Realtor®, calls the theater a regional asset for the whole community. Roughly 300 actors per year are used for current productions. That will increase to 500 actors, almost all local.

“There’s nothing like it in the entire United States,” McCandless said. “It benefits not only Sandy, but all the communities around here.”

Already, Hale Centre Theatre draws people from 45 states and Canada. Dietlein said 99.5 percent of the current theater’s seats have been filled since 2004. People love coming to Hale Centre Theatre, Dietlein explained, but many can’t get tickets because of sold-out performances. The Sandy location will open the center-stage theater experience to tens of thousands of more people with amazing special effects.

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

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Photo courtesy of Hale Centre Theatre

Big River

TAIT Towers Stage Technologies, the king daddy of professional stage builders, built the theater’s stage, a marvel of new technology costing $10.5 million. The stage was constructed in England and delivered by ship to the United States. The center stage alone weighs 200,000 pounds and has 48 moving pieces.

Just imagine scenes of The Wizard of Oz – tornados, a spinning house that lifts off the ground, flying monkeys. Hale Centre Theatre will make it a reality, complete with giant LED screens surrounding the audience.

“It creates so much more interest on the part of the audience to visualize things and gives them a wow factor,” Dietlein said. “In theater you are trying to create a make-believe world and hopefully stay in the action. The stage technology makes it possible. This just really allows us to present plays and musicals in a seamless fashion.”

Construction started in 2015. The massive structure rises 100 feet above the ground and extends 70 feet underground. Alan Rindlisbacher, director of corporate communications for Layton Construction Company, which was chosen as construction manager of the theater, said he is regularly asked about the sheer size and scope of the theater, and how dominant the towering fortress of concrete walls appear to people traveling on the I-15 corridor.

Because of unstable soil, 220 16-inch steel pylons were driven into the ground 30 to 100 feet deep to keep the building stable. More than 100 people have been working on the structure every day. The building includes nearly 10,000 cubic yards of concrete, 1,800 tons of structural steel, and required 72,400 cubic yards of dirt to be moved.

When completed, the theater will have a softer feel, Rindlisbacher added, with fine architectural finishes of brick and stone, along with the stepped landscaping and features. The theater will be

12 | Salt Lake Realtor ® | June 2017

integrated with an adjoining 11-story Mountain America Credit Union tower and seven-story parking structure.

In fact, Mountain America Credit Union is the theater’s biggest donor and will receive naming rights. The new theater will called the Hale Centre Theatre at the Mountain America Performing Arts Center.

When it was announced a new location was being considered, 17 developers and municipalities expressed interest. Sandy City stepped forward with the most enthusiasm and best location, a prime spot on I-15. Roughly 250,000 people travel daily up and down the freeway. Sandy City Mayor Tom Dolan was very accommodating, Dietlein said. The city bonded $42.7 million. Hale Centre Theatre came up with $30 million from private donations. The theater will make all bond payments, with plans to pay it off in 10 years.

“I think the thing that swayed them to come here is the location,” said Steve Fairbanks, Sandy City councilman and a Realtor®. “This will bring about a half million people a year to Sandy. That’s a lot of people. People will come here to the theater, but they will come here to eat before or after a play. Other people will come from out of town and will stay in our hotels.”

Besides providing entertainment, the theater will go a long ways in keeping property taxes lower, according to Fairbanks. “That’s what everybody wants – low property taxes and good services. This helps us provide that.”

The theater is becoming a central point in Sandy with surrounding office, retail, and residential developments springing up. More than 1,000 apartment units are currently under construction in Sandy, according to the Kem C. Gardner Policy Institute.

“This is probably one of the most accessible locations in the Salt Lake Valley,” said Kris Coleman-Nicholl, Sandy City councilwoman and an appraiser. “We are redesigning our freeway ramps. This area is going to be completely different. We are designing it to be a walkable community. This has really sparked a whole lot of development in here.”

McCandless said people don’t yet realize the scope of what this theater means. “Think of all of the hotels, restaurants, Broadway productions, and the number of jobs that it brings. People that are looking at Hale Centre Theatre and its reputation is exponentially increasing,” he said.

“This will become world-renown. This is not a small venture. I think that a lot of people have yet to grasp that.”

Dave Anderton is the communications director for the Salt Lake Board of Realtors®.

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© beeboys / Adobe Stock

U.S. Home Sales on Pace to Hit 5.6M This Year No signs of recession looming, but noneconomic issues could have big impact on housing.

By Robert Freedman

P

olicy issues coming out of Washington rather than economic factors could have the most consequential impact on home sales over the next few years, NAR Chief Economist Lawrence Yun told thousands of Realtors® at the Legislative Meetings & Trade Expo in Washington.

Yun predicts existing-home sales will reach 5.6 million units this year, up about 200,000 units from 2016, and new-home sales of 620,000 units, up from 560,000. Steady GDP growth of 2.2

14 | Salt Lake Realtor ® | June 2017

percent, new jobs of 2.1 million, and relatively low inflation of 2.3 percent are behind the gains.

“There are no signs of recession” on the horizon, he said.

Home sales would be higher but rapidly rising home prices, fueled by low inventories in markets around the country, are keeping sales constrained, he said. Home prices are expected to rise far ahead of wage gains, exacerbating a (continued on page 18)

The Jessica

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36

WOODS CROSS Map not drawn to scale.

SALT LAKE CITY AIRPORT

80

15

SALT LAKE CITY

215

GREAT SALT LAKE

80

89 40

80

WEST VALLEY

36

215

154

WEST JORDAN

13 1 3 2

Bangerter Highway

STANSBURY PARK

Bacchus Highway/SR -111

10

215

15

7

SANDY

SOUTH JORDAN

HERRIMAN TOOELE

4

RIVERTON DRAPER 154

BLUFFDALE 68 15

92

LEHI

6

SARATOGA SPRINGS

EAGLE MOUNTAIN 73

8

DEER CREEK RESERVOIR

5

189 145

73

92

PLEASANT GROVE 89

9 UTAH LAKE

189

11

68 15

12 PROVO

Lawrence Yun

mismatch that’s plagued the market since the recovery began. He predicted price gains of 5 percent this year, about the same as last year.

Wall Street investors who swept into the housing markets after the downturn to snap up foreclosed homes and turn them into rentals are part of the reason so few homes are available for sale, he said.

The other reason is the slew of hurdles builders face in getting new homes on the market. These include shortages of land and construction labor and the difficulty builders face in getting construction loans.

With economic factors relatively stable, the biggest unknowns facing markets in the near term are likely to be the non-economic factors that could come out of Washington, he said. These include any changes to the tax code that could affect housing.

More immediate, though, is deregulation.

The Trump administration is reviewing what changes to make to environmental rules and the Dodd-Frank banking reform law that was enacted after the housing crisis.

Yun said Dodd-Frank changes that reduce the regulatory burden on small banks could help ease the constraints builders face getting construction loans for projects. “That would be a positive from NAR’s viewpoint,” he said. So would responsible changes to environmental rules that make the permitting process more efficient for builders.

More of a problem for NAR would be changes to the secondary mortgage market companies Fannie Mae and Freddie Mac that would take the federal guarantee out of the conventional market.

“That would be a negative,” he said.

Also appearing at the session were Mark Calabria, chief economist for Vice President Mike Pence, and Jonathan Spader, an analyst with the Harvard University Joint Center for Housing Studies.

Calabria said the Trump administration is planning to release its recommendations for deregulating financial services companies in June.

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

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Give Homebuyers a Number to Shop With

By Academy Mortgage Corp NMLS #3113 | Corp State Lic. 5491140-MLCO

R

eal estate agents meet potential homebuyers every day. Some of these buyers say they are not quite ready to buy. They say it’s about the down payment, or timing the move, or a credit issue, or… (and the list goes on). Most agents tuck the future buyer’s name away with a plan to reach out when they are actually “ready” to buy.

The problem with this strategy is you may be missing out on potential buyers who are really saying, “I want to buy a home, but I don’t think I can manage it right now.” What they need is a lender who can actually fund their home loan right now, or in the near future with a specific loan qualification plan. They also need a NUMBER (purchase price) to shop with.

Your Academy Mortgage Loan Officer can help your client get ready to buy now or in the near future with a pre-qualification letter or plan and a NUMBER they can start shopping with. When you send your clients to us at any stage of their home purchase decision, we can help them move towards a home purchase quicker than you or your client may think. Not to mention, we will help keep the homebuyer on the line until they are actually ready to buy.

Why is a NUMBER so important to a homebuyer? When a homebuyer has a target purchase price and a pre-qualification letter (or plan) from Academy Mortgage, they are A LOT more likely to start shopping for homes that fit their budget. Once potential homebuyers start browsing with a NUMBER in mind, their “I’m ready to buy!” date can move up considerably.

So the next time you meet a potential homebuyer that says, “I want to buy a home, but I’m not quite ready,” encourage them to contact their Academy Mortgage Loan Officer. We will give your client a pre-qualification letter or a specific loan qualification plan and a NUMBER they can shop with. Together we can help more people realize their dream of home ownership.

Academy Mortgage Loan Officers can be found throughout Utah and can be reached by visiting https://academymortgage.com/search or by calling (801) 233-3700.

This is an advertisment sponsored by the Academy Mortgage Corporation. All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts.

Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend. MAC517-1445682

© terng99 / Adobe Stock

Four Surefire Tips for Better Listing Photos Simply understanding how to use a few key camera settings and pieces of equipment can make all the difference.

By Erin Vaughan

I

t can’t be stressed enough: Great photos help sell homes. The National Association of Realtors®’ own research shows that well over 90 percent of home shoppers look online for at least a part of their search. For almost half of all buyers, accessing digital listings is the very first step in their process. And while there’s been much speculation as to the home buying behaviors of millennials, this much is known for sure: Digital natives are much more comfortable with browsing home listings from mobile devices.

None of this is breaking news, but it does highlight just how important digital representation can be when you’re trying to show a home.

One industry study found that when listings were accompanied by high-quality photos taken with professional equipment, they spent significantly less time on the market and fetched a premium of $3,400 on average.

Unfortunately, interior shots pose a variety of photographic challenges that are difficult for amateur photographers. Real estate pros shouldn’t be expected to transform overnight into professional camera wielders, but you can certainly benefit

20 | Salt Lake Realtor ® | June 2017

from a few tricks up your sleeve and some decent equipment.

Don’t Turn Toward the Light

This scenario might feel familiar: You want to show off the new windows in your client’s living room, but every time you snap a photo, the image is totally blown out. Photos with dark foregrounds and overexposed windows are a common problem that happens when ambient light from the outdoors tricks the camera’s light meter into overcompensating. A flash will balance out the lighting in the room, giving you a better shot.

Alternatively, you can use your camera’s manual controls and settings. The right settings depend on the kind of equipment you have, however. For many point-and-shoot digital cameras, it’s mainly a matter of adjusting the ISO, although you may want to set the aperture to f/2.8 as well, if your camera offers that flexibility. For shots near a window, typically an ISO setting of around 400 to 800 works well, although you may want to go higher if you have particularly low light in the foreground. If you have full manual control of your

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camera, you can increase the shutter speed, which will allow less light into the camera sensor.

Try HDR Tonemapping

The main problem with photographing daylit interiors is that it’s difficult to balance between ambient daylight, artificial lighting, and dark shadows behind walls and in rooms away from the foreground. This situation presents a range of different exposures, and while the human eye automatically adjusts for the various levels, the camera will have a hard time making sense of it all. HDR, which is short for high dynamic range, is a common tool for handling such lighting situations. In essence, the photographer takes three or four photos in rapid succession, which are then combined into one image using specialized software like HDRSoft. Usually, one shot is at normal exposure, one is overexposed, and one underexposed. When those three exposures are combined into one, you’ll see all the details that the human eye can perceive. This results in photos with a vibrant, luminous quality.

Many point-and-shoot cameras have an exposure value meter, which can help you compose under- and overexposed shots. Generally, the meter reads a value of zero on the normal setting, +1 or +2 for overexposed shots, and —1 or —2 for underexposure. Use a tripod so you can play with different exposures while maintaining the same angle on each shot. You’ll also want to make sure automatic flash is turned off for this method. It takes time to perfect this technique, of course, but it can help you capture more detail in challenging settings.

Buy the Right Equipment Unless you have a surgeon’s steady hands, you’re going to need a tripod in some situations.

A tripod helps compose poised shots and avoid blurry photos, but it’s also incredibly important

22 | Salt Lake Realtor ® | June 2017

if you’re dabbling in HDR or mixing up shutter speeds. The longer your exposure time, the more likely it is that subtle movements will show up in the final product. You should use a tripod anytime you nudge the ISO to a higher range. Also, if you’re taking wide shots of the home’s exterior or enlarging your photos, even the tiniest shake will be a lot more obvious. In certain conditions, even the slightest breath can create a shaky shot. Avoid this dilemma with a lightweight foldable tripod.

You may also want to invest in a point-andshoot with a wide-angle lens. When buyers are browsing through real estate listings, they really want to get a sense of the space. But that’s difficult to translate into photos unless you have a wide-angle option. This is important not just for exterior shots but for indoor compositions as well.

A wider lens in the interior gives rooms a sense of luxury and space that you just can’t get with a regular shot. Point-and-shoot cameras that have a large range in their focal length specification are ideal; the lower the value at that end of the range, the wider the shot will be.

If you’re really interested in refining your shots, you’ll want a camera with manual controls that allow you to adjust shutter speeds on your own. Or it may be time to graduate to a digital single-lens reflex camera, especially if you want to experiment with wide-angle lenses (with focal lengths under 35mm, used for very wide shots). DSLRs have come down in price recently, especially since manufacturers like Canon and Nikon have introduced entry-level DSLRs aimed at beginner photographers. Usually these run for around $300 to $700, and they are available with bundled lens kits to get you started trading out lens lengths for sharper photos.

Get Rid of the Clutter

Staging photos ahead of time by cleaning off counters, tabletops, and floors can turn an ordinary listing into a real stunner. Clear your photography appointment with your client before you arrive, and tell them to clean, clean, clean. Even a detail as minute as a crooked picture frame or a rolled carpet edge can detract from your photos, so be sure to run over your shots with a finetoothed comb. Decluttering means no power cords or vacuum cleaners in the shot—but it doesn’t mean completely sterile surfaces. A few welcoming touches like a stack of books, a vase of flowers, or a set of candles will make the space feel livedin and homey. After all, that’s what you’re really selling anyway: a vision of buyers’ future lives in a new and welcoming abode.

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

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

$50 DINNER: 5:30 p.m.

GAME: 6:30 p.m.

FIREWORKS After Game

Register Today at www.slrealtors.com

rpac upcoming events

Real Salt Lake vs. Sporting Kansas City Saturday, July 22, 2017

U of U vs. BYU

RPAC Major Investor Event Saturday, September 9, 2017

Register Today at www.slrealtors.com

Only members of the Salt Lake Board of REALTORS速 may contribute to RPAC. Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may refuse to contribute without reprisal and the National Assocaiton of Realtors速 or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates.

Only members of the Salt Lake Board of REALTORS速 may contribute to RPAC. Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may refuse to contribute without reprisal and the National Assocaiton of Realtors速 or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates.

Housing Watch Home Sales Take a Tumble; Inventory Levels Fall Below Two Months

S

alt Lake home sales fell 8 percent in April as the spring home buying season got underway.

For the month there were 1,441 closings (all housing types) in Salt Lake County, roughly 120 fewer homes sold compared to the same month in 2016. Davis County saw home sales drop 20 percent year-over-year.

The limited supply of housing inventory is having a direct impact on overall sales. In Salt Lake County, the months-supply of housing inventory in April dropped to 1.7 months, down 26 percent from 2.3 months last year at the same time. Home builders are struggling to find enough workers to meet demand and new home orders are taking nearly the double the time to complete.

Troy Peterson, president of the Salt Lake Board of Realtors® and owner of Equity Real Estate Solid, said housing inventory has dropped to critical levels. “For the first time in 40 years, the number of new housing starts is below the number of new households forming,” Peterson said. “In addition, net immigration to Utah is accelerating. Housing will soon be the No. 1 issue facing Utahns.”

6

3

Salt Lake County Sales (all housing types) Year-Over-Year (Down 8%)

1,559

26 | Salt Lake Realtor ® | June 2017

1,441

Nationally, stubbornly low supply levels held down existing-home sales in April and also pushed the median number of days a home was on the market to a new low of 29 days, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said every major region except for the Midwest saw a retreat in existing sales in April. “Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market,” he said. “Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase.”

Across the country, all-cash sales were 21 percent of transactions in April, down from 23 percent in March and 24 percent a year ago.

Individual investors, who account for many cash sales, purchased 15 percent of homes in April, unchanged from March but up from 13 percent a year ago. Fifty-seven percent of investors paid in cash in April.

Salt Lake County Median Price (all housing types) Year-Over-Year (Up 13%)

$258,000

$292,000

2 - C OL OR

1

Salt Lake County Days on Market (all housing types) Year-Over-Year (Down 18%)

2 27

5

Davis County

Median Price (all housing types) $273,000 Year-Over-Year (Up 11%)

$247,000

Pending Sales (Down 8%)

1,697

1,836

33

Sales $

Salt Lake County

4

Sales

Davis County Sales (all housing types) Year-Over-Year (Down 20%)

403

505

June 2017 | Salt Lake Realtor ® | 27

REALTOR® Connections

On the Move

Q&A: Troy Peterson, Justin Allen Troy Peterson is president of the Salt Lake Board of Realtors® and is the managing broker and owner of Sandy-based Equity Real Estate Solid. Justin Allen is a consultant to the Salt Lake Board of Realtors®.

He works for Washington, D.C.-based REAL Strategies assisting state and local Realtor® associations around the country with advocacy and election projects. Last month Peterson and Allen were recognized by the National Association of Realtors® for achieving Hall of Fame status. Each one has invested over their lifetimes $25,000 or more to the Realtors® Political Action Committee. Nationally, there are currently 773 Hall of Fame members.

Q: Troy, how long did it take you to reach Hall of Fame?

Troy Peterson

A: I’ve been slowly investing in RPAC over the past 22 years. During the last six years I made it a huge priority. Without RPAC our industry and profession goes away. There are too many thirdparty disrupters that are trying to get into our profession. RPAC is a simple way to protect us.

Every dollar counts.

Q: Justin, why is RPAC important to you?

A: I wanted to invest in RPAC because I genuinely believe that it plays an important role in promoting good government in Utah—not just for Realtors®, but for all Utahns. For Salt Lake Board members, it should be a no-brainer to invest in RPAC because the money goes directly toward supporting the election and re-election of reasonable elected officials and candidates from both parties (and no Justin Allen party in the case of our non-partisan city elections in Utah) who support reasonable development of housing inventory to meet our complex housing needs. Those are the candidates who get the support from the Realtor® Party in Utah and those are the types of candidates I support.

Monica Draper

Windermere Utah Real Estate welcomes Monica Draper. Monica moved to Salt Lake City with her two beautiful children in 2013. She is passionate about design, family, amazing food, and working toward the authentic expression of herself.

She has more than 15 years of experience with 460 units sold and grossing sales of over $115 million.

She has experience with commercial leasing and purchasing, new development, as well as new home sales. Her philosophy is to meet the needs of her clients above all else, and brings her warmth and personable spirit to every aspect of her business.

She was a principal broker for a St. George real estate company for seven years. Windermere is also pleased to welcome the following Realtors®: Virginia Ulibarri, Claudia Conder, Taylor Lake, and Trenton Hall.

Q: Justin, you are likely the first non-Realtor®, former staff member of the Salt Lake Board of Realtors®, to achieve Hall of Fame status. Your thoughts?

A: I may be the first Salt Lake Board staffer to hit RPAC Hall of Fame, but I am sure I will not be the last. It is an honor to be a part of the SLBR Realtor® Team. Again this year, members have an opportunity to invest in better government and a stronger real estate market by investing in RPAC. The Board will use all RPAC funds this year to support reasonable candidates who will hopefully approve more of the housing inventory we need to meet our housing needs going forward. RPAC does make a difference in our housing inventory.

Again this year, we have an aggressive RPAC goal to meet. We would love to include even more members in our RPAC investors group, and especially to the RPAC Major Investors Group.

28 | Salt Lake Realtor ® | June 2017

Robin Perry

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Three Tips to Avoid a Lawsuit

By Curtis A. Bullock CEO, Salt Lake Board of Realtors® To Disclose or Not Disclose, That is the Question

A Kansas appellate court had to rule on the following brief set of facts. Buyer No. 1 goes under contract to purchase Seller’s home. Through a home inspection, Buyer No. 1 discovers $25,000 in termite damages. Buyer No. 1 cancels the purchase contract as a result.

Seller hires a separate independent inspection company for a second opinion who determines that there is only $5,000 in termite damage. Buyer No. 2 makes an offer and Seller is faced with deciding which report to disclose to Buyer No. 2. Which report do you think was disclosed? You guessed it, the second report that showed the lower $5,000 in termite damage. The Seller and Listing Agent didn’t want to scare off Buyer No. 2.

Which report would you have disclosed?

Long story short. Buyer No. 2 closes and finds out later that the damage is more extensive and that the Seller concealed the results of the first report showing the $25,000 in termite damages.

Court ruling - The appellate court ruled in favor of Buyer No. 2 on her fraudulent concealment allegations stating that the first report was a material fact and should have also been disclosed.

Moral of the story, if in doubt, always disclose.

Use the Buyer Due Diligence Checklist Another simple legal tip, but this one is so important. I know of one attorney that has successfully defended real estate brokerages on

30 | Salt Lake Realtor ® | June 2017

more than one occasion with motions for summary judgment using this important form. The classic case involves a buyer who fails to conduct a home inspection, survey, or other test later to find out there is a problem with the home. They often want to blame someone.

That’s where the BDD Checklist comes in handy. This form explains to the buyer many of the important and complicated aspects of purchasing a home. Such things as surveys, home inspections, radon, mold, meth, geological issues, HOA issues, square footage inconsistencies, etc. All of these issues and more are discussed in some detail in this form and are designed to better educate your client about the complexities of purchasing real estate.

If you ever represent buyers, be sure to spend some time explaining this form to your client. Be sure to send them a copy of this form and have them sign it. Emphasize the importance of reading it closely and be available to answer their questions.

It may come back to save you in the future!

Got DocuSign?

DocSign and other similar electronic signature products are excellent tools used by Realtors®. It makes getting signatures and organizing contracts and paper work much easier.

The one drawback to using these eSignature services is that your buyers and sellers often don’t read much of anything they are signing and simply scroll down to the various signature lines and eSign the document. As a Realtor® you might even notice situations when your client will send you back the signed document just minutes after you just sent it to them. When this happens you will certainly know he/she didn’t review much of anything you sent. That can create problems later on in the transaction.

With that in mind, here’s a simple legal tip. Emphasize to your client the importance of reading or at least skimming through the most important parts of the contract, disclosure form, etc. You might even verbally highlight some of the more important areas to be aware of so there are no surprises later (i.e., important deadlines, when earnest money goes hard, etc).

One good Realtor® I spoke to often saves the document as a PDF first, then sends it to his client for he/she to review for a few hours or more.

Once reviewed, then he sends the document using DocuSign in order to get signatures.

The above legal updates are not intended to represent legal advice as it relates to any set of facts. If you have a legal question about a specific case, consult your attorney.

EST.ďż˝ 2003

KRIS BOWEN REAL ESTATE

kw SOUTH VALLEY KELLERWILLIAMS.

DISRUPT OR BE DISRUPTED

We Are Pleased To Announce KW South Valley's Team Merger With T he Kris Bowen Real Estate Team!

Located on the vibrant street of SoDa Row in Daybreak lies a real estate office filled with excited, motivated, educated, and expert agents who are establishing their foothold alongside the top producers in Utah... Meet the Kris Bowen Real Estate Team.

No less than four months ago, the team merged with f0/V South Valley Keller Williams in Riverton, and they knocked down the doors of the f0/V Daybreak office and is now what they call home.

Every morning starts with a team meeting that ends with complete enthusiasm and high-fives.

The day then moves into prospecting, games of ping-pong, networking, more prospecting, and additional high-fives.

"We live in an age where office culture and career fulfillment is first on the priority list of young professionals. Stagnant businesses suffer from high turnover as their employees feel like working robots. My objective with my team is to continually inspire them by collectively working towards a greater purpose with a clear direction.

Having a healthy team culture and a constant push for excellence results in excitement to come to the office each day. Aligning with Keller Williams allows us to surround ourselves with other top producers as well as a proven plan for us to expand into other markets around - Kris Bowen North America."

As of right now, there are more agents than there are listings on the market, so we feel it's

incredibly important that we stand out among the competition. Disrupt or be Disrupted has been our "Raw-Raw" mantra for the past month and we feel it fits our focus.

If you're looking to join a team that takes nothing but pure motivation, discipline, professionalism, and a big dream, then we'll be looking forward to your call. "Moving forward as a team is of vital importance to our success. We're not looking for lone wolfs. We're always looking to educate and grow ourselves beyond our own comfort," Kris told us when asked about his "Love Your Job" marketing campaign aimed towards bringing more agents onto the team. The team's dreams of growth include moving into other markets by bringing in more agents as part of expansion teams and bringing other services and products to market.

Look out world, here comes the hungry lion.

Windermere Real Estate’s local reputation and expertise are backed by its selection as a member of Leading Real Estate Companies of the World,® a global community of over 550 real estate companies awarded membership based on rigorous standards for service and performance. This distinction ensures that Windermere clients are working with exceptional local professionals who also deliver connections to buyers and quality real estate companies across the country and around the world.

Our strength in the Utah market is mirrored by our fellow Leading Real Estate Companies of the World® members. From London to Beijing to Johannesburg and beyond, Windermere is proud to work with the very best companies across the globe. Every five minutes a quality client introduction is made within Leading Real Estate Companies of the World.® As a member of Leading Real Estate Companies of the World,® Windermere Real Estate combines authentic, local expertise with global connections to the highest quality real estate firms worldwide. We’re Local. We’re Global.®

For more information about Windermere, contact our principal broker, Grady Kohler, at (801) 815-4663.

SUGAR HOUSE | UNION PARK | LAYTON | 9TH & 9TH | PARK CITY | COALVILLE