Salt Lake Realtor – May 2017 by Mills Publishing Inc.

Salt Lake

REALTOR

slrealtors.com

Maga zine May 2017

Strongest Seller’s Market Ever p. 12

Five Rules for Realtors® p. 20

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Table of Contents Features 10 RPAC Golf Event 12 The Strongest Seller’s Market Ever Dave Anderton 16 Commercial Alliance Committee

Introduces the Certified Commercial Advisor Designation

20 Five Rules Every Realtor® Should Follow

Curtis A. Bullock

Columns 7 The Human Element

Troy Peterson – President’s Message

Departments 8 Happenings

Fewer listings makes competition fierce for those looking to buy a home p. 12

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

On the Cover: Scott Robbins, second vice president of the Salt Lake Board of Realtors® Photo: Dave Anderton Photo left: © Edler von Rabenstein / 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.

Salt Lake

REALTOR slrealtors.com

Maga zine

May 2017 volume 77 number 5 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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slrealtors.com slrealtors.com

President Troy Peterson Equity Real Estate

Directors

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

M. Brock Andersen Berkshire Hathaway Kimberly Farber-Bowen 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

President Dan Miller Art Director Jackie Medina

Sales Staff Paula Bell Karen Malan Paul Nicholas

ore than 25 years ago as the Internet was coming to life some predicted that real estate agents would go the way of the dinosaur.

Fast forward to 2017. Not only are agents still around, their necessity has intensified as the real estate transaction has grown more complex. In fact, while travel agents, stock traders, and taxi drivers have taken hits to the fees they charge, the traditional real estate commission remains mostly unchanged, according to a recent story by The Washington Post. “The average commission paid to real estate agents has gone up slightly since 2005,” according to the Post, citing a Real Trends analysis. “In 2016, it stood at 5.12 percent.” Last year, 88 percent of home buyers across the country used a real estate agent, according to the 2016 Profile of Home Buyers and Sellers by the National Association of Realtors®. That same percentage said they would use their agent again or recommend their agent to others. Only 8 percent of recent home sales were “for sale by owner” or FSBO, the lowest share recorded since the report started in 1981.

Publisher Mills Publishing, Inc. www.millspub.com

Graphic Design Ken Magleby Patrick Witmer

The Human Element

The staying power of agents baffles critics, who can’t understand why home owners bother to hire someone to buy or sell a home. What they don’t factor in is the human element. Realtors® are experts when it comes time to buying or selling a home, the largest financial transaction most people will make in their lifetime.

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. 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®. ®

A Realtor’s® expertise involves communication, knowledge, guidance, and trust. Those qualities can’t be replaced by a website, an app, or a robot. One national brokerage recently drove this message home in a TV commercial when it exclaimed, “They say robots will replace us, but when it comes to making dreams come true, humans win every time.” The challenge of Realtors® is to make sure the human qualities shine through. Professionalism, hustle, awareness, and insight are qualities home buyers and sellers value. Make sure you are that kind of Realtor®.

Troy Peterson 2017 President

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

May 2017 | Salt Lake Realtor ® | 7

Happenings

In the News Disclose Defects, Act Truthfully

Listings at Four-Year Low New listings of single-family homes in Salt Lake County in the first quarter hit a four-year low and were 45 percent lower than the all-time peak record for a first quarter. In the first three months of this year there were 3,583 new listings, the lowest new number of listings for a first quarter since 2014. It was also the second lowest number of new listings for a first quarter in the past 10 years. New listings for a first quarter peaked in 2008, when 6,552 homes were listed for sale.

Brokers Meet at the Realtor® Campus Brad Bjelke, CEO of UtahRealEstate.com, recently addressed brokers at a special Town Hall at the Realtor® Campus. Bjelke talked about listing syndication and the policies surrounding syndication agreements. The MLS can send data to a syndication company when the syndicator agrees to an approved licensing agreement that protects the data. In addition, James Wood, Ivory-Boyer Senior Fellow at the Kem C. Gardner Institute, talked about Utah’s limited supply of housing inventory and the effect on home prices.

8 | Salt Lake Realtor ® | May 2017

Article 2 of the Realtor® Code of Ethics was one of the most cited of the violated articles in the complaints that were filed with the Salt Lake Board of Realtors® last year. Rarely, from those complaints that were passed on to a hearing with the violation, did the Professional Standards hearing panel find the respondent(s) guilty. Below are a few helpful dos and don’ts to help clarify the meaning of Article 2. Do: Act truthfully and honestly in communications with clients and/ or customers within your capacity as a Realtor®. Disclose “known” defects about a property that have been revealed by the client or customer. Avoid using false information in any document to a real estate transaction. Don’t: Advise on matters outside of your expertise as Realtors®. Intentionally hide or misrepresent any relevant details that may affect the outcome of a property being brought or sold. Intentionally give advice that may mislead or deceive any party or institution throughout a real estate transaction. Article 2 most follows alongside the Golden Rule “Do unto others as you would have others do unto you.” Remember they are relying on you for your knowledge, education, experience and professionalism when buying or selling their home. Following the dos and don’ts as shown above will help lead to a successful closing and discourage the need to file an Ethics Complaint. Holly Robbins, professional standards administrator, handles all ethics complaints and arbitration requests for the Salt Lake Board of Realtors®. Please contact her with your complaint at holly@slrealtors.com or 801.542.8856.

FOR EVERY SEASON, FOREVER MEMORIES. At Victory Ranch, year-round recreation and amenities await those seeking a Park City vacation home to call their own. It is a place for your family to escape the everyday, and where great moments in the great outdoors become memories to treasure for a lifetime.

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Come summertime, our Rees Jones Golf Course challenges your game while a 4,000-acre backcountry offers miles of mountain biking trails, yurt camping and 5-stand shooting. Hit the legendary slopes of Park City and Deer Valley in the winter or fly fish along the Upper Provo year-round.

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6,700 Pristine Acres Near the Legendary Ski Resorts of Deer Valley and Park City • 18-Hole Rees Jones Golf Course • The Post Clubhouse & Pool • The Barn Activity Clubhouse & Spa • Ski-in/Ski-out Park City Clubhouse • World-class Fly Fishing • Freestone Lodge Riverside Dining • 20 Miles of Hiking and Mountain Biking Trails • 5-Stand Shooting • 4x4 ATV Adventures • Jordanelle Water Sports • Backcountry Yurts

Realtor Incentive Program Ask about our 3% broker commission on cabin & custom homes sales. Call 435.785.5000 Find yourself at VictoryRanchUtah.com Homesites from $475,000, Cabin Homes from $1,695,000 Victory Ranch does not discriminate on the basis of race, color, religion, sex, handicap, familial status, or national origin. Read the property report for Victory Ranch before signing anything. No federal or state agency has judged the merits or value, if any, of property in Victory Ranch. Access to golf and other amenities is restricted to Victory Ranch Club members and subject to applicable membership fees and other limitations. Each office is independently owned and operated.

A Tee to Remember he Affiliates Advisory Board in April sponsored and T organized the annual Top Golf event. Roughly 100 members of the Salt Lake Board of Realtors participated. ®

The event raised more than $5,000 for the Realtors® Political Action Committee.

Photos: Kent Shelton, Kent Shelton Photography

Nette Ray, Michael Aller

Robert Farnsworth

Emily Norris, DeAnna Dipo, Steve Perry, Heather Nelson, Cheryl Acker, Marcus Jessop, Terrie Lund, and Curtis Bullock. Photo by Terrie Lund

Rae Jeanne McCutcheon, Dawn Stevens, Bill Heiner, Terrie Baker Lund

10 | Salt Lake Realtor ® | May 2017

Alicia Holdaway, Tony Ketterling, Christa Hyde, Megan Kessimakis, Walt Vandenberg, Candice Rigtrup

Cassandra Banks, Linda Mascher, Sara Bechard

Jolene Lehman, DeAnn Taylor, Melissa Williams Julie Krushensky, Nette Ray

Rob Ockey, Marcus Jessop, Jared Booth, Russ Booth

Sara Bechard

May 2017 | Salt Lake Realtor ÂŽ | 11

The Strongest Seller’s Market Ever It’s a brutal environment for potential home buyers. Trying to compete for a home without using a Realtor® puts them at a large disadvantage. By Dave Anderton

ight inventories and multiple offers are making the Wasatch Front’s current real estate market the strongest seller’s market perhaps in the history of Utah. Multiple offers on homes priced under $500,000 are routine. Fewer listings and a lag in new-home construction leaves few options for those looking to buy a home. The combination resulted in falling home sales across the Wasatch Front in the first three months of 2017 compared to the same period a year earlier, according to the Salt Lake Board of Realtors®. In the first quarter, sales of single-family homes along the Wasatch Front dropped 5 percent compared to the first quarter of 2016. Troy Peterson, president of the Salt Lake Board of Realtors® and broker and owner of Equity Real Estate Solid, said sales would be climbing if there were more listings. New listings in the first quarter are down 6 percent from a year ago. That represents more than 500 fewer homes for sale along the Wasatch Front this year compared to last year.

12 | Salt Lake Realtor ® | May 2017

“This is the strongest seller’s market ever,” Peterson said. “To be a buyer right now is just brutal. Competition is fierce for homes priced under $500,000. Many sellers are making the sale of their home contingent on them finding another property.” Scott Robbins, second vice president of the Salt Lake Board of Realtors® and an associate broker with Coldwell Banker Residential, agrees with Peterson. Robbins said potential home buyers that are trying to compete for a home without using a Realtor® are at a large disadvantage. For homes listed at $350,000 or less, Robbins recommends a full price offer or above. Agents should make sure their clients offer more in earnest money and are prepared for tight deadlines when it comes to home inspections and appraisals. Robbins recalled a listing with multiple offers on it. The buyer decided he wanted to represent himself and wrote an offer using the REPC. However, the buyer didn’t know what dates to put down and even marked that he would pay for a home warranty himself instead of the seller.

Collaboration Collaborationisisnot notananoption. option.It’s It’sa apromise. promise.

When Whenwewework workwith withHomebuyers, Homebuyers,wewebuild buildhomes homesaround aroundtheir theirlives lives–– not the other way around. The same is true when we work with you. not the other way around. The same is true when we work with you.AtAt David DavidWeekley WeekleyHomes, Homes,wewework workhand-in-hand hand-in-handwith withyou youand andyour yourTeam Team totoensure ensurethat thatyour yourClients’ Clients’path pathtotohomeownership homeownershipisisasasseamless seamlessand and fulfilling fulfillingasaspossible possible––and andsosoisisyour yourexperience experienceininhelping helpingthem themget getthere. there. That’s That’sThe TheWeekley WeekleyWay. Way. AtAtDavid Weekley Homes, David Weekley Homes,wewelove lovetaking takingcare careofofyou youand andyour yourClients Clientsby: by: ••Encouraging you to register your Clients with us – we promise it Encouraging you to register your Clients with us – we promise it will willbebeeasy easy ••Paying you Paying youcomplete completecommissions commissionsbased basedonona ahome’s home’sfull fullsales salesprice, price, not just the base price VISIT US ININ ALL OUR FINE COMMUNITIES not just the base price VISIT US ALL OUR FINE COMMUNITIES ••Making Makingyou youlook lookgood goodbybyguiding guidingyour yourClients Clientsthrough throughthe thebuilding building process and beyond process and beyond

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Image licensed by Ingram Image

“He wrote a full price offer but with only $1,000 earnest money when it should have been $2,500,” Robbins said. “He also wrote 21 days for due diligence which in this market should be 10 to 14 days. By not having a professional to advise him, he lost out on the deal. The seller went with another offer.” Utah’s hot economy, strong net migration, and new household formations are making it difficult for first-time buyers to find homes. Competition even exists for higher-priced homes, according to Peterson, who added he’s never seen anything like the current market in his 22 years of selling real estate. A recent $950,000 listing received three offers, each offer coming in at $1 million. The competition is especially hard for first-time buyers. Peterson recently represented one buyer who offered $215,000 on a $190,000 listing. Vanessa Corbin, a Realtor® with Windermere Utah Real Estate, said she currently represents a young couple who are first-time buyers looking in the $250,000 range. So far, they have written five offers on homes within Salt Lake County. “Every one of them was a multiple offer situation,” Corbin said. “We went above list price on every single one. We lost out on all five. It’s tough to compete when you’re an FHA buyer in this market. We are losing out to cash offers and conventional loans.” Corbin, who started her real estate career 10

14 | Salt Lake Realtor ® | May 2017

years ago during the Great Recession, said the current market is harder than the recession years. “In the recession we had inventory,” she added. “Today, home owners are nervous about listing their homes because they are afraid they can’t find another home.” While sales of single-family homes are showing slight declines, condominium sales are on the rise. In Salt Lake County condo sales climbed 6 percent in the first quarter year-overyear. Typically, condos are less expensive than single-family homes, driving many first-time buyers to consider them. The median price of a single-family home on the Wasatch Front increased to $280,000, up from $255,000 a year ago. Salt Lake County had the highest single-family home price of the five counties along the Wasatch Front at a median of $300,000 in the first quarter, up 10 percent from a year ago. Utah County home prices were the second highest at a median of $287,000, an 8 percent year-over-year rise. Homes in Weber County were the most affordable along the Wasatch Front at a median price of $205,000. The average cumulative days homes and condos were on the market in the first quarter in Salt Lake County fell to 48 days, down from 59 days in the first quarter of 2016. Dave Anderton is communications director of the Salt Lake Board of Realtors®.

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Commercial Alliance Committee Introduces the Certified Commercial Advisor Designation

he Commercial Alliance Committee of the Salt Lake Board of Realtors® has achieved some great successes over the past few years. Many people don’t realize that almost half of all commercial transactions are done by members of the Salt Lake Board of Realtors®. Two of the primary achievements of the Commercial Alliance Committee have been the introduction of new commercial input forms on the Multiple Listing Service (MLS) and the creation of a series of commercial real estate courses designed to educate Realtors® on how to broker commercial properties. In 2015, the Commercial Alliance Committee asked Ken Holman, president of the National

16 | Salt Lake Realtor ® | May 2017

Association of Real Estate Advisors (NAREA), a licensed real estate instructor with the Utah Division of Real Estate and a member of the committee, to prepare a series of classes on commercial real estate brokerage. NAREA is an affiliate member of the Salt Lake Board of Realtors®. Although challenging, in 2016, under the guidance of the Commercial Alliance Committee, NAREA created a new commercial real estate designation, Certified Commercial Advisor (CCA) and rolled out 12, three-hour continuing education courses all focused on commercial real estate brokerage. To earn the designation requires that a Realtor®

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Visit RichmondAmerican.com or call our Homebuyer Resource Center at 801.545.3429 for more information. Prices, specifications and availability are subject to change without notice. Actual homes as constructed may not contain the features and layouts depicted and may vary from image(s). ©2017 Richmond American Homes, Richmond American Homes of Utah, Inc. (866.400.4131).

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take 12 required courses and participate in three commercial transactions within a 12-month period. If a Realtor® does not have any commercial real estate experience, the experience requirement can be waived by taking an additional four elective courses all designed to give the Realtor® hands on experience in handling four types of commercial real estate transactions. The response has been overwhelming with 115 members having taken one or more of the courses over the year. A total of nine members have completed all 12 required courses and will be earning their CCA designation. The nine members who have completed all 12 Certified Commercial Advisor (CCA) courses are:

• Sheila Simpson, Principal Broker/Owner of Bridgeway Realty and 2017 Chairperson of the Commercial Alliance Committee of the Salt Lake Board of Realtors • Elena Cook, Realty Path, LLC • Nancy Franz, Bridgeway Realty, LLC • Mel Hill, Equity Real Estate - Advantage • Lila Jessop, Century 21 Everest Realty Group • Gregory Misener, Value Real Estate & Iuvo Law, Inc. • Frank Tuan Ngo, Realtypath Pro • Bryce Ross, Community Solutions & Sales • Edee Wilson, Serendipity Place According to Sheila Simpson, 2017 Chairperson of the Commercial Alliance Committee, “I’ve practiced real estate for over 35 years now, and I’ve always been an avid proponent of education, but I’ve rarely seen any class—let alone a large set of classes like CCA— that had the excellent content and the wonderful reference materials…the other students who took these classes with me also had nothing but accolades…for the classes.” The next series of CCA classes are scheduled for June 28-29 being taught in the auditorium at the Realtor® Campus in Sandy. Those interested can sign up for the classes on NAREA’s website at www.NAREAGroup.org.

Friday, June 9th, 2017 9-11am| 2 CE

Develop Your Value As a Realtor® Come and learn from our panel of Expert Realtors® as they discuss how to best prove your value to your clients in every transaction. 18 | Salt Lake Realtor ® | May 2017

Utah consistently ranks highest for family prosperity and is the nationâ&#x20AC;&#x2122;s fastest-growing state. Growing families will be depending on you to find their forever homes.

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Five Rules Every Realtor® Should Follow To avoid legal pitfalls follow these suggestions. By Curtis A. Bullock CEO of the Salt Lake Board of Realtors®

Rule No. 1 – Disclose, Disclose, Disclose The Utah Supreme Court recently ruled on an interesting case involving a licensed agent who failed to disclose his personal interest in a complex real estate transaction. Here is a quick synopsis of the case. The Agent introduced some Investors to a land Developer. They signed a REPC that included a $705,000 deposit. The Developer was to develop a tract of land into separate lots and once completed the Investors would pay the final contract price. The Agent received over $150,000 which went directly to the Agent and did not pass through his brokerage first. This was not a real estate commission. The Agent did not disclose to the Investors that he was going to receive money as part of the deal in exchange for bringing the Developer a buyer. The transaction failed and the Investors sought a return of their $705,000 only to find out it had been spent and that the Agent had received over $150,000 of the money. Lower Court Ruling - The Investors obtained a judgment of over $1 million (representing the Investors $705,000 plus interest) against the Agent for “negligence” stating the Agent was liable for “failing to clarify his role in the transaction, and failing to disclose a personal interest in the

20 | Salt Lake Realtor ® | May 2017

transaction.” This ruling was later settled between the parties. The Supreme Court later ruled on a technical issue dealing with E&O Insurance.

Rule No. 2 – Deadlines Matter I recently testified as a trial witness in District Court in a real estate case involving the REPC. Defense Counsel’s purpose in having me testify at trial was to help explain to the court the meaning and rationale behind section 7 of the REPC. More specifically section 7(e) that requires the seller to provide a copy of lease agreements to the buyer as part of the seller disclosures. Here are the facts of the case - The Buyer and Seller go under contract on the purchase and sale of a duplex. Buyer is an investor who is interested in owning a rental property. The Seller Disclosure Deadline was July 7, the Due Diligence Deadline was July 15 and Settlement was July 31. Seller provides buyer with a copy of the Seller Property Condition Disclosure Form before the deadline but does not provide the two tenant leases for the duplex until July 24th (well after the contract deadlines). Buyer is uncomfortable with the leases, cash flow and other issues and decides to cancel on July 28th. Seller files a lawsuit against the Buyer for monetary damages as a result of Buyer’s failure to close. The Buyer argues that the

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Seller breached the contract by failing to provide the lease agreements in accordance with Section 7(e) of the REPC. The Seller argues the Buyer cancelled too late in the transaction. Court Ruling - Buyer wins. The failure of Seller to provide the lease agreements in accordance with section 7(e) (among other reasons) was enough to allow Buyer to cancel the contract even late in the transaction. Takeaway - Deadlines matter! Make sure your sellers provide all the disclosures noted in section 7 of the REPC prior to the Seller Disclosure Deadline (i.e., SPCD form, Title Commitment, leases, CC&R’s etc).

Rule No. 3 – Display Your Brokerage Name on All Advertising Whether you are on a real estate team or on your own, don’t forget to prominently display your brokerage name on all your real estate signs, flyers, business cards or any other advertising. A good rule of thumb is to clearly and conspicuously identify the brokerage name in the advertisement such that anyone looking at the advertisement would understand you or your Team are affiliated with a brokerage.

Rule No. 4 – Market All Residential Listings on the MLS (UtahRealEstate.com) As a member of Utahrealestate.com (URE), brokers agree to market all residential listings on the MLS. Exceptions include commercial properties, residential properties with more than five units and Exclusive Office Listings. Residential listings must be submitted to the MLS within five business days of the effective date of the listing agreement, or when the listing is first advertised on any website accessible to the general public, whichever occurs first. Exclusive Office Listing - if the seller decides not to market the property on the MLS, the seller and broker must sign the “MLS Listing Exclusion Form” and that form needs to be submitted to URE within five business days after signing of the listing agreement. If the property is “coming soon” and there is not a listing agreement signed, the MLS rules do not prevent pre-marketing (but there are state laws that require a listing agent to have a written agency agreement with the seller in order to represent the seller). If there is a valid listing agreement signed, then all the MLS rules including the timeframe for submitting a listing to the MLS, listing photo requirements, etc apply. Coming Soon listings which are on the MLS, but not available for showings, should be placed in the “Off-Market” status so the “Days on Market” do not accumulate and the public is not led to believe that the property can be shown.

Rule No. 5 – Conversations in a Property May Be Recorded

In the latest Utah Division of Real Estate Newsletter, several agents were fined for not including their brokerage name in their advertising. So don’t get caught in this trap.

Do you have a reasonable expectation of privacy while touring a property for sale? Probably not. It is not uncommon for a Seller to use a nanny camera or other recording device to record what buyers are saying and/or doing while touring their property. In Utah, a seller most likely has the right to do this since the property is privately owned. The buyer should not expect his/her conversations to remain private.

Across the country there are other states dealing with this issue as well as it relates specifically to team advertising. The California Real Estate Commission recently issued an alert to all agents and brokers urging real estate teams to make sure they include their brokerage name in any advertising so the public isn’t misled into

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.

22 | Salt Lake Realtor ® | May 2017

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• 5 Day Stay at the Sheraton Maui Resort & Spa (Ocean View) • 2 Round Trip Flight Tickets to Maui • 5 Day Car Rental in Maui • $500 Visa Gift Card *Multiple entries accepted with no cap on the number of entries. Every $15 dollars invested = 1 entry. Example: $100 invested at dues = 100/15 = 7 entries. Winner will be drawn on August 1st. Only members of the Salt Lake Board of REALTORS® 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 Association of REALTORS® or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed.

Housing Watch Tight Inventories, Falling Sales 2 - C OLOR

ight inventories resulted in falling home sales across the Wasatch Front in the first three months of 2017 compared to the same period a year earlier, according to the Salt Lake Board of RealtorsÂŽ. In the first quarter, sales of single-family homes along the Wasatch Front dropped 5 percent compared to the first quarter of 2016. New listings across the Wasatch Front in the first quarter are down 6 percent from a year ago. That represents more than 500 fewer homes for sale along the Wasatch Front this year compared to last year. In Salt Lake County, new listings are down 8 percent year-over-year. Utahâ&#x20AC;&#x2122;s strong economy is making it difficult for first-time buyers to find homes. Multiple offers are now the routine, not the exception. Higher prices are pushing more people to buy condominiums. In Salt Lake County condo sales climbed 6 percent in the

26 | Salt Lake Realtor ÂŽ | May 2017

first quarter year-over-year. Typically, condos are less expensive than single-family homes, driving many first-time buyers to consider them. The median price of a single-family home on the Wasatch Front increased to $280,000, up from $255,000 a year ago. Salt Lake County had the highest singlefamily home price of the five counties along the Wasatch Front at a median of $300,000 in the first quarter, up 10 percent from a year ago. Utah County home prices were the second highest at a median of $287,000, an 8 percent year-over-year rise. Homes in Weber County were the most affordable along the Wasatch Front at a median price of $205,000. The average cumulative days for homes (all housing types) on the market in the first quarter in Salt Lake County fell to 48 days, down from 59 days in the first quarter of 2016.

COUNTY ZIP CITY 2017 HOUSE % +/- 2017 Q1 MEDIAN % +/- 2017 CONDO % +/- # SOLD CHANGE SALES PRICE CHANGE # SOLD CHANGE

2017 Q1 % +/- CONDO MEDIAN CHANGE SALES PRICE

2017 Q1 % +/AVERAGE CHANGE CDOM

S.L. CO

84006

COPPERTON

-66.67%

$209,900.00

19.94%

n/a

$0.00

n/a

200.00%

S.L. CO

84020

DRAPER

103

3.00%

$471,000.00

8.92%

35.14%

$287,965.00

33.94%

248

-12.68%

S.L. CO

84044

MAGNA

-21.93%

$199,000.00

5.32%

-33.33%

$113,450.00

-8.14%

124

0.81%

S.L. CO

84047

MIDVALE

-28.77%

$238,500.00

2.36%

0.00%

$236,500.00

18.84%

124

-5.34%

S.L. CO

84065

RIVERTON

139

20.87%

$365,000.00

5.83%

117.95%

$255,000.00

8.79%

270

-3.57%

S.L. CO

84070

SANDY

0.00%

$298,900.00

19.18%

12.00%

$179,000.00

7.90%

121

19.80%

S.L. CO

84081

WEST JORDAN

-9.43%

$316,000.00

6.67%

-7.69%

$193,000.00

2.12%

172

-3.91%

S.L. CO

84084

WEST JORDAN

-15.74%

$252,000.00

7.23%

8.82%

$184,000.00

8.91%

134

-34.95%

S.L. CO

84088

WEST JORDAN

-27.43%

$279,450.00

5.06%

166.67%

$204,750.00

7.23%

115

-25.81%

S.L. CO

84091

SANDY

n/a

$0.00

n/a

$0.00

n/a

S.L. CO

84092

SANDY

38.81%

$495,000.00

23.78%

200.00%

$627,000.00

47.56%

149

33.04%

S.L. CO

84093

SANDY

2.08%

$410,000.00

19.73%

-100.00%

$0.00

-100.00%

4.49%

S.L. CO

84094

SANDY

13.43%

$288,750.00

11.49%

50.00%

$240,950.00

25.49%

101

0.00%

S.L. CO

84095

SOUTH JORDAN

-31.21%

$397,000.00

5.87%

-26.09%

$245,000.00

9.38%

225

-38.02%

S.L. CO

84096

HERRIMAN

149

-13.87%

$350,000.00

6.09%

3.77%

$236,988.00

4.40%

479

14.87%

S.L. CO

84101

SLC

-50.00%

$142,500.00

-3.39%

-31.71%

$272,250.00

5.08%

7.84%

S.L. CO

84102

SLC

23.53%

$335,500.00

0.18%

-21.88%

$230,000.00

26.28%

-9.68%

S.L. CO

84103

SLC

2.13%

$461,125.00

2.25%

5.00%

$175,000.00

-2.01%

107

9.18%

S.L. CO

84104

SLC

-23.53%

$188,000.00

17.50%

133.33%

$77,000.00

17.56%

-8.96%

S.L. CO

84105

SLC

-10.45%

$375,000.00

5.63%

-100.00%

$0.00

-100.00%

5.00%

S.L. CO

84106

SLC

105

15.38%

$310,000.00

5.44%

27.59%

$186,000.00

20.78%

158

-13.66%

S.L. CO

84107

MURRAY

0.00%

$280,500.00

17.12%

-11.54%

$170,000.00

23.01%

115

-2.54%

S.L. CO

84108

SLC

5.00%

$502,000.00

14.74%

37.50%

$250,500.00

-3.64%

-18.81%

S.L. CO

84109

SLC

52.17%

$415,000.00

15.28%

0.00%

$167,500.00

-36.76%

-32.08%

S.L. CO

84111

SLC

-6.25%

$280,000.00

19.66%

-17.65%

$242,000.00

6.37%

10.64%

S.L. CO

84115

S SLC

0.00%

$245,500.00

23.60%

15.38%

$162,000.00

8.00%

102

-4.67%

S.L. CO

84116

SLC

21.57%

$220,000.00

10.00%

100.00%

$93,000.00

9.41%

-8.99%

S.L. CO

84117

HOLLADAY

4.88%

$441,000.00

17.60%

-21.43%

$208,453.00

13.60%

127

14.41%

S.L. CO

84118

TAYLORSVILLE/ KEARNS 170

-13.27%

$213,980.00

7.26%

-66.67%

$199,900.00

12.30%

219

-9.13%

S.L. CO

84119

WVC

-11.34%

$210,500.00

6.05%

21.05%

$158,900.00

10.54%

158

-23.67%

S.L. CO

84120

WVC

115

-4.96%

$225,000.00

11.94%

-29.41%

$144,000.00

-24.21%

143

-13.86%

S.L. CO

84121

COTTONWOOD

101

7.45%

$382,500.00

3.13%

-23.53%

$272,750.00

22.58%

172

-16.50%

S.L. CO

84123

TAYLORSVILLE/ KEARNS 40

-24.53%

$255,000.00

2.93%

29.63%

$151,000.00

17.51%

-10.28%

S.L. CO

84124

HOLLADAY

-9.43%

$437,300.00

5.37%

80.00%

$162,900.00

30.42%

-18.27%

S.L. CO

84128

WEST VALLEY

-2.53%

$234,000.00

5.41%

-50.00%

$185,000.00

12.12%

-21.93%

S.L. CO

84129

TAYLORSVILLE

18.46%

$239,900.00

7.58%

-14.29%

$171,250.00

37.00%

27.27%

S.L. CO TOTALS

2503

-4.54%

$300,000.00

10.03%

787

5.78%

$215,000.00

14.21%

4570

-8.31%

DAVIS CO 84010

BOUNTIFUL

0.00%

$291,000.00

11.92%

-13.79%

$155,000.00

14.81%

119

-31.61%

DAVIS CO 84014

CENTERVILLE

-32.00%

$285,000.00

-9.52%

127.27%

$188,900.00

-15.25%

10.71%

DAVIS CO 84015

CLEARFIELD

215

-10.79%

$224,900.00

11.89%

-42.31%

$135,000.00

0.97%

254

-19.62%

DAVIS CO 84025

FARMINGTON

36.36%

$370,000.00

-4.88%

150.00%

$217,000.00

6.77%

-5.77%

DAVIS CO 84037

KAYSVILLE

-8.33%

$333,100.00

3.37%

20.00%

$255,500.00

42.74%

120

-5.51%

DAVIS CO 84040

LAYTON

7.25%

$299,950.00

11.09%

100.00%

$228,000.00

17.88%

118

18.00%

DAVIS CO 84041

LAYTON

143

-2.05%

$219,900.00

9.13%

-42.11%

$186,000.00

11.44%

172

-3.91%

DAVIS CO 84054

N. SALT LAKE

-27.45%

$279,900.00

3.71%

6.25%

$209,200.00

12.78%

-25.40%

DAVIS CO 84075

SYRACUSE

-17.71%

$299,900.00

13.17%

n/a

$191,000.00

n/a

152

-5.59%

DAVIS CO 84087

WOODS CROSS

2.70%

$265,600.00

10.90%

-16.67%

$227,400.00

8.80%

5.88%

806

-6.60%

$268,700.00

10.35%

143

11.72%

$197,901.00

16.57%

1243

-10.83%

DAVIS CO TOTALS

May 2017 | Salt Lake Realtor Â® | 27

REALTOR® Connections Q&A: Marcus Jessop Marcus Jessop is the government affairs director of the Salt Lake Board of Realtors®. Q: What is the Hawaii Trip Give Away? A: When members pay their annual dues online at slrealtors.com beginning on June 1, they will have an option to invest in RPAC. If they invest at least $15 they will automatically be entered to win a trip to Hawaii. Q: Can I enter more than one time? A: Multiple entries will be accepted. Every $15 invested will be considered an entry and increase chances of winning. The winner will be selected on Aug. 1. Q: What does the prize include? A: The winner will receive two round-trip tickets to Maui, a five-day stay at the Sheraton Maui Resort and Spa with an ocean view room, five-day car rental, and $500 Visa gift card.

Pictured: Bryan Colemere, left, chairman of the Government Affairs Committee, Bill Heiner, past president of the Salt Lake Board of Realtors®, Mayor Dolan, and Cecil Thompson, committee member.

Mayor Dolan Visits the Realtor® Campus Sandy Mayor Tom Dolan spoke earlier this month to Realtors® and members of the Government Affairs Committee. Dolan gave an overview of several commercial projects being built in the city, including the Hale Centre Theatre, which will be completed later this year. Roughly 85 percent of Sandy is made up of residential housing. The 2010 population of Sandy was 87,461 residents. At build-out, there were will be roughly 125,000 residents, Dolan said.

28 | Salt Lake Realtor ® | May 2017

On the Move Impower Real Estate is excited to announce that David Salazar has opened the Impower Utah Branch and Matt David Salazar Wells has opened up the Impower Unity branch. Both of these Brokers bring a willingness to help, share their knowledge and enthusiasm to the team! Impower also welcomes the Matt Wells following agents: Kambria Davis, Coleman Larsen, Dawn Talbot-Southwick, Andrea Romney, Amanda King, Moses Sanchez, Josh Mills, Tobin Prince, Adrian Diaz, Tim Learned, Christopher Ames, Andy Christiansen, Kiesha Thieling, Rodney Mills, Jared Beckstead, Joy Cosby, Kari Herron, Liriola Fawcett, Charlene Sperry, Jason Brewer, Jen Murano, Jason Kidman and Linsey Harkness. Realtypath welcomes the following new agents: Tony Mcdonough, Natasha Alves, Kory Williams, Alexander Guerrero, Carol Hutchinson, Jeffrey Dennis, Diana Romo, Rodolfo Arthur, Somchit Alexus Chansamone, Don Rushing, Donna Simasingh, Mike Helm, Roslyn Edgington, Maria Veronica Gutierrez, Susan Sanders, Trevor Sandberg, Rick Jones, Jeremiah Fitzgerald, Jessica Cooley, James Brown, Stephen Romero, Susy Foster, Luke Stutz, Chad Austin, Diana McIntyre, Karl Ward, Staniel Bakalov, Karlie Peterson, Jorge Ortiz-Rivero, Douglas Park, Brittany Tuckfield, Shannon Russell, Keith Thomas, Marina Alexandrescu, Zachary Williams, George Paar, Andrea Sawatzki, Jose Paredes, Monte Eggers, Kevin Lou, Joel Guerrero, Nicole Isom, Kate Dixon, Walter Andrew Romney, Shannon Carlson, Patrick Hernandez, Simon Matthews, Tesla Welch, Heather Groom, and Robert Yeganeh.

Golf Tournament For RPAC

Friday, June 23rd, 2017

River Oaks Golf Course Registration Opens: 7:30a.m. Breakfast: 7:30a.m.-8:30a.m. Shotgun Start: 8:30a.m.

Single Player $125 Foursome $500 Only members of the Salt Lake Board of REALTORSÂŽ 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 RealtorsÂŽ 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.

*NINE OUT OF TEN HOMES ARE SOLD BY REALTORS®

“Extreme Target Marketing” Hit 8,000 Transaction Makers with

Salt Lake Realtor® Magazine Exclusive July Parade of Homes Preview. Space limited. Space reservation – June 15

801-467-8833 info@millspub.com

*In the Mountain State Region (which includes Utah), 94 percent of sellers used an agent to sell their home, According to the National Association of Realtors® research.

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