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REALTOR
President Claire Larson Woodside Homes of Utah LLC
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OFFICIAL
It is an incredible honor to serve as the 2025 President of the Salt Lake Board of Realtors®. This opportunity allows me to give back to a profession that has profoundly shaped my life. My journey here has been anything but linear—marked by challenges and deep gratitude.
In 2016, I received the ultimate gift of life: a heart transplant. After living with heart failure for 16 years, my time was running out. Thanks to a selfless organ donor, I was given a second chance. Every day since has been a gift, and my motto remains: “You miss all the shots you don’t take, so take the shot!”
My journey began in 1980 when my family emigrated from Beirut, Lebanon. At just 10 years old, I witnessed my parents prioritize homeownership despite facing 18% interest rates. For them, owning a home symbolized stability and opportunity. That experience planted the seed for my passion for real estate.
Ten years later, I started working as a receptionist at Ramsey Group Real Estate. Surrounded by inspiring women who were shaping the industry, I earned my license and became a Realtor® in 1994. Since then, I’ve dedicated myself to giving back—serving on committees, contributing to RPAC, and supporting organizations like the Women’s Council of Realtors®.
In 2020, after two prior attempts, I was elected to the Board of Directors—a testament to the power of perseverance. These experiences have taught me resilience, wisdom, and a deeper appreciation for life and service.
Adversity, though challenging, pushes us to grow. Over the past year, like many of you, I’ve faced my share of challenges. Yet, I firmly believe that these trials unite us and help us achieve greatness together.
As I look ahead to 2025, my goal is to learn from each of you while sharing my own experiences. As a Realtor® family, we must continue to encourage, celebrate, and support one another. Together, with kindness, humility, and courage, we can accomplish incredible things.
Thank you for the honor of serving as your president. Here’s to a remarkable 2025!
Claire Larson President
The Salt Lake Board of REALTORS®
Happenings
Grants Help First-Time Homebuyers
Congratulations to the Rigoberto Acevedo Lemus family, one of the recent recipients of the Salt Lake Board of Realtors® American Dream Grant! Each grant provides $7,500 to assist with closing costs or a down payment. Since 2019, the Board has awarded $345,000 in grants to first-time homebuyers. In 2025, an additional $180,000 will be distributed. To qualify, recipients must be first-time homebuyers and work with a Realtor® who is a primary member of the Board. Funds for the American Dream Grants come from three sources: direct donations from Realtors®, a portion of the Realtor® license plate fee, and interest from the trust accounts of participating real estate brokerages.
Kelley Wright – 2024 President's Award
Kelley Wright was honored with the 2024 President’s Award by Dawn Stevens, president of the Salt Lake Board of Realtors®. As Director of Operations and Assistant to the CEO, Kelley has been a cornerstone of the organization for 14 years. She excels in event planning, serves as the liaison for SLBR Charities, and contributes her graphic design talents to communications and public relations efforts. Outside of work, Kelley is a devoted mother of two who enjoys sports, movies, concerts, and singing. With a master’s degree in education and fluency in Spanish, Kelley brings exceptional skill and passion to her role. “Kelley Wirght is an indispensable member of the Salt Lake Board of Realtors®, embodying dedication, creativity, and heart in everything she does,” said Curtis Bullock, CEO of the Salt Lake Board of Realtors®.
The sputtering U.S. housing market is taking a toll on businesses that rely on Americans spending to renovate and furnish their new homes, according to The Wall Street Journal.
In 2024, U.S. retailers announced more store closures than openings, according to data firm Coresight Research, reversing a two-year trend of net openings. Home retailers were among the hardest hit, with companies like Big Lots and Conn’s filing for bankruptcy and planning to shutter hundreds of locations.
Subdued home sales pushed some already struggling businesses over the edge, even as the housing market showed signs of improvement late in the year. Existing-home sales rose in November, marking their largest year-over-year increase in more than three years.
However, overall purchases of previously owned homes in 2024 were projected to hit their lowest level since 1995. With mortgage rates returning to elevated levels last seen in the summer of 2024, sales activity is expected to slow further in the months ahead.
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To us, closing a seamless transaction is an art form. From the initial steps to the final signature, we have the expertise to handle every detail, ensuring that the job gets done right, every time.
Recognizing a New Leadership Team and Realtor® Service Award Recipients
The annual Holiday Social celebrated the 2024 Realtor® Service Award recipients and welcomed the 2025 President, Claire Larson, along with the incoming Board of Directors. Five new elected members joined the Board: Kristel Gough, Lori Khodadad, Kim Farber, Russ Orchard, and Donna Pozzuoli. Kat Granderath was honored as Realtor® of the Year (opposite page, top photo). Deea Hobbs and Lacey Loop received Good Neighbor Awards for their exceptional community service, while Izabelle Reece was recognized as the Affiliate of the Year. Matt Clewett was presented with the Cecil Thompson Advocacy Award, and Kelley Wright received the President’s Award. Additionally, approximately 350 individuals were acknowledged with the Distinguished Service Award for their contributions to the Salt Lake Board of Realtors® and/or advocacy efforts for the Realtors® Political Action Committee.
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Insurance and Taxes Now Cost More Than Mortgages for Many Homeowners
Ballooning expenses rewrite the math of homeownership.
By Nicole Friedman The Wall Street Journal
Soaring costs for home insurance and property taxes are busting homeowners’ budgets.
Insurers have pushed big rate increases because of losses from natural disasters and rising costs to repair homes. Surging home values in recent years, meanwhile, have lifted property taxes for many homeowners.
These ballooning expenses are rewriting the math of homeownership. In September, 32% of the average single-family mortgage payment went to property taxes and home insurance, the highest rate ever for
data going back to 2014, according to Intercontinental Exchange.
Due to limited rights, this story is only available in the print issue of the Salt Lake Realtor® magazine. A copy of this article is available on the Wall Street Journal website but charges amy apply.
The analysis is based on borrowers who use escrow accounts to pay their taxes and insurance as part of their monthly mortgage payments.
For a small but increasing share of households, the burden is far more significant. In five major metro areas—Rochester and Syracuse, N.Y.; Omaha, Neb.; New Orleans and Miami—at least a quarter of borrowers spend more than half their monthly mortgage payment on taxes and insurance, according to ICE.
Those most at risk are older homeowners on fixed incomes, said Joshua Stewart, director of federal policy and advocacy for Fahe, a network of more than 50 nonprofit housing organizations across six states.
“Even if their mortgage payment went away 10, 15, 20 years ago, they’ve done the math for their retirement based on increases of some kind, but not these massive ones,” Stewart said. “That really eats into their housing burden.”
Some homeowners are questioning their purchases after feeling the pinch of higher costs. When Lisa and Michael Landry bought their New Orleans home in 2015, their property taxes, home insurance and flood insurance cost about $725 a month.
Due to limited rights, this story is only available in the print issue of the Salt Lake Realtor® magazine. A copy of this article is available on the Wall Street Journal website but charges amy apply.
Now they pay $2,448 a month for property taxes and wind and hail insurance. That exceeds the monthly payment for principal and interest on their mortgage, which has a fixed 3.5% rate. They pay another $2,000 a year for flood insurance and home insurance for other perils.
They can afford the rising costs as long as he is working, but they will likely need to move once Michael Landry, who is 70, retires.
“Had I known what I know today, we would not have moved here,” he said.
An increase in home-insurance premiums makes it more likely that a borrower will fall behind on mortgage payments, according to a recent working paper by researchers at New York University, Rice University and the Federal Reserve Bank of Dallas.
These metro areas have high property taxes or pricey home insurance relative to typical home costs, or both. Nationwide, taxes and insurance make up more than half of the monthly mortgage payment for 9% of singlefamily mortgages. That is up from less than 4% at the end of 2014.
Rising taxes and insurance premiums intensify the lack of affordability home buyers already face because of record-high home prices and elevated mortgage rates. Those deterrents have led many home shoppers to give up this year, putting sales of existing homes on pace for their worst year since 1995.
But while mortgage rates fluctuate, climbing property taxes and insurance costs show no sign of reversing.
These costs also pose a growing and often unexpected burden for homeowners, even those who purchased or refinanced when mortgage rates were near historic lows.
Image
The jump in home-insurance premiums between mid-2022 and mid-2023 led to an additional 149,000 mortgages becoming delinquent than would otherwise have happened, said Stephanie Johnson, an assistant professor of finance at Rice and one of the paper’s authors.
Janet Raggi, who is retired, said she is selling her home in Bradenton, Fla., because her property tax, home insurance and homeowners’ association costs have all risen since she moved in four years ago.
But the three-bedroom house has sat on the market for more than a year. Raggi said the high mortgage rates and recent hurricanes in Florida have deterred buyers.
Raggi wants to move back to Nevada for a lower cost of living. “We got a great house for a great price with great interest rates, and now that’s all turned on its head,” she said. “I’m looking to get out.”
homeowners went without home insurance in 2023, up from 14.5% in 2021.
Home prices currently hover around all-time highs, but rising property tax and insurance premiums could eventually translate to lower prices in some areas, said Andy Walden, Intercontinental Exchange’s vice president of research and analysis.
Due to limited rights, this story is only available in the print issue of the Salt Lake Realtor® magazine. A copy of this article is available on the Wall Street Journal website but charges amy apply
Homeowners with mortgages are typically required to purchase home insurance, but some without mortgages are opting to go without, especially in places where costs have risen sharply. While that could save them money, it could also make it prohibitively expensive to rebuild if their homes are damaged by natural disasters.
About 6.8% of homeowners reported going without home insurance in 2023, down from 7.4% in 2021, according to an analysis of Census Bureau data by Sharon Cornelissen, director of housing at the Consumer Federation of America.
But the proportion of uninsured owners rose in some major metro areas, especially in Miami, where 21.2% of
“It creates an environment where you have less of your budget” to spend on the mortgage itself, he said. “That drives down the price that people are willing to pay.”
Homeowners who bought in the past two years at higher mortgage rates might already be stretched thin in terms of what they can afford, Walden said. Those borrowers likely plan to refinance if rates go down, but they might not be able to qualify for a new loan if their tax or insurance costs have risen significantly, he said.
Christopher Moynihan got a pay raise last year when he moved with his family from Utah to Nebraska to take a new job. Nearly the entire increase has been eaten up by higher expenses, he said.
Their current mortgage rate is more than double the rate they had on their prior home, and property taxes and home insurance account for 34% of their new mortgage payment.
“It was kind of a bitter pill to swallow,” he said.
Real estate professionals are building client loyalty and responding to needs among a quickly growing Hispanic demographic.
By Carol Weinrich Helsel
Homeownership among Hispanic Americans is at an all-time high of 51%, according to NAR’s 2024 Snapshot of Race and Home Buying in America. Over the past decade, some 3.2 million Hispanics have become homeowners—a 5.4% increase since 2012. Today, nearly 10 million Hispanic households own their own homes.
The Hispanic market represents a significant business opportunity for real estate agents who understand how to serve this diverse group of clients. NAR estimates that in several regions, at least a third of renter households could afford to become homeowners.
While there is no singular Hispanic or Latino experience, shared cultural values often impact homebuying decisions. Agents (Hispanic and non-Hispanic) share insights and tips to support this growing market segment.
Shifting Demographics
Rates of U.S. Hispanic homeownership have consistently risen over the past decade, ranging from 28% in New York to 71% in New Mexico. However, many states with high Hispanic homeownership rates, including
Vermont and Wyoming (both 65%), Iowa (61%), Michigan (59%), and Kansas (58%), rank low for Hispanic population percentage. Based on 2022 census numbers, Michigan, Wyoming and Kansas, for example, have Hispanic populations under 13% compared with the national level of 19%. The data suggests there is a considerable buying proportion in some states where agents traditionally haven’t been working with this demographic.
“It’s all about affordability,” said Alex Carbajal, brokerowner of RE/MAX Associates in Wichita, Kan. “Unlike the coasts, you can buy a brand-new home in the $200,000s in Kansas and enjoy lower taxes and cost of living.”
Renter affordability. In 28 states, the percentage of Hispanic renter households that can afford to buy a typical home exceeds the national rate of 19%. Among the states with the greatest affordability are West Virginia (55% of Hispanic renters can afford the median-priced home in the state), Mississippi (53%) and Vermont (48%). Affordability is high in most Midwest states, where about 30% of Hispanic households on average could be future buyers. In the Southeast,
South Carolina stands out at 31%. Renter affordability among Hispanics is lowest in the West, with most states in the single digits. Wyoming is the exception at 23%, according to the NAR 2024 Snapshot report.
Median homebuying age. Another factor driving Hispanic homeownership is the U.S. median homebuying age, now 36. The National Association of Hispanic Real Estate Professionals’ 2023 homeownership report identifies Hispanics as the youngest U.S. racial or ethnic demographic with many reaching the median homebuying age in the next five years. New Hampshire and Alabama have the highest percentage of Hispanics in this age group, followed by Alaska, Minnesota, Oklahoma, Oregon and Tennessee, NAR said.
Importance of Homeownership
In a realtor.com® and HarrisX survey of Hispanic Americans in 2022, 39% of respondents were looking for a home. Homeownership is the primary source of wealth-building for many Hispanics, with home equity representing the largest share of total wealth at 33.3%, compared to the general population at 21.1%, according to the Hispanic Wealth Project. NAHREP, which allies with NAR to advocate for systems that elevate homeownership opportunity, reports Hispanic homeowners have 26.4 times the wealth of Hispanic renters.
Opportunities exist nationwide for agents who take the time to build bridges with Hispanic clients. “Trust is important because many Latinos have been taken advantage of because of the language barrier,” Carbajal said, giving the example of a couple who recently reached out for advice after discovering their new mortgage had a variable rate. The real estate agent and lender who spoke only English, had failed to ensure the couple fully understood the terms of their mortgage.
Donna Hency, ABR, AHWD, with Main St. Real Estate in Warrenton, Mo., began working with Hispanic clientele almost by happenstance when a Spanish-speaking family called her with questions about their mortgage preapproval. She helped build trust by finding them a lender who could answer their questions. Because she doesn’t speak Spanish, Hency purchased a Spanish language learning program and downloaded a translation app. “I generally haven’t needed them because clients usually bring a family member to translate,” said Hency, but such an effort alone can help forge trust. She recently recruited a bilingual agent. It’s common for family members, often children, to serve as a translator, said Rafael Perez, an agent with Axia Real Estate Group in San Diego. “Treat that child with the same respect as the adult buyer,” he said. “Showing a property is a universal language, but if you don’t speak the [buyer’s] language well and there is no family member to assist find someone familiar with the nuances of buying a home to be part of the team, for example, a lender.”
Perez also recommended curating a set of documents
in Spanish to educate clients with limited English skills, such as information on buying a home “This type of information can help close the language gap,” Perez said.
Culture
Connection
“Familiarity with the culture can open doors,” said Perez, adding, “Give first. Volunteer in the community to learn the customs and culture of the group.”
Carbajal spends time in local marketplaces serving Latinos. “Being part of the community is important,” he said. “I can reassure them that I’m a professional who will help them confidently navigate the process.”
A shared value among many Hispanic groups is the importance of family, as evidenced by family involvement in the purchase decision. “It’s a community decision—kids, parents, grandparents all weighing in,” Perez said. Also, many Latino buyers look for property to accommodate multiple generations living in the same household.
NAR research shows that 22% of Hispanic/Latino homebuyers purchased multigenerational homes, compared to 12% of white buyers. The top reason cited was to care for aging parents, according to the 2023 Profile of Home Buyers and Sellers. In such cases, agents should familiarize themselves with zoning restrictions to ensure a multigenerational household is permitted.
Financing Know-How
A 2023 NAHREP study found a “noticeable increase” in co-borrowers among Hispanic homebuyers in response to high prices and high interest rates. In some cases, co-borrowers choose to buy and live together, while others offer support, intending to come off the loan at some point.
“There is a bias against families who pool their resources to purchase a home,” said Gary Acosta, NAHREP’s chief executive and co-founder. “Lenders may consider these loans riskier because if a family member who joined the loan to secure financing does not live in the property or moves out, the person is not as vested in that property.”
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Carbajal recommends identifying a lender familiar with loans to assist first-time buyers and with the documentation and requirements for non-citizens to counter lending challenges. “So long as you have a tax ID, you can buy a home,” Carbajal said.
Be Prepared, But Don’t Make Assumptions
Familiarizing yourself with the local Hispanic culture, identifying other professionals to assist with the transaction, and curating Spanish-language resources to overcome language barriers are helpful steps to prepare yourself to serve the Hispanic market. Perez offers one more important step: Don’t make assumptions.
“Refine your standard new client interview questions to get the information you need upfront to meet people where they are at,” Perez said. “Ask about their language preference and comfort with English. Ask if a translator is needed, if they will bring someone, or if they are comfortable with someone else joining the team to assist.” He continued, “Ask your qualifying questions, but listen carefully for non-traditional responses around things like source of funds.”
Loyalty Reward
Agents serving a diverse, multicultural community are typically rewarded with loyalty and referrals. “I got my first Hispanic client by chance; then they referred me to another family,” Hency said. “Since then, I’ve gotten several more referrals.” Hency credits her training from NAR’s At Home With Diversity certification for helping prepare her to work with buyers from diverse backgrounds. “The biggest takeaway for me was to be mindful of differences,” she said. “No one client is the same as another.”
Carbajal estimates that 15% of his residential business
is Latino. He occasionally receives referrals from competitors who are unprepared to serve the client but says most of this business comes to him directly, including via client referrals. He maintains loyalty by being a source of trusted contacts.
“I’m their source for a plumber, accountant, everything,” said Carbajal, who vets his contacts carefully, including for customer-service standards. “By being a trusted resource, I earn the confidence of the Latino community when they’re ready to buy or sell.”
“Reliance on referrals for professional services is strong in the Latino community,” Perez said. “Learning about a different culture gives you credibility and shows you’re committed to delivering homeownership for all backgrounds. If you do right by the Latino community, the Latino community will do right by you.”
Tools From NAR
NAR offers translated resources to help members serve primarily Spanish-speaking clients. In 2019, NAR launched NAR en Español, delivering Spanish language con-tent, tools and resources. Featured are step-by-step guides explaining the home buying and selling process and how working with an agent who is a Realtor® adds value. Also available are the Code of Ethics, ways agent fees cover professional services, and Realtor® branding information.
Ana Villarreal, an agent with KW Luxury in Austin, Texas, extensively uses the site. “Ninety percent of my clients are Hispanic,” Villarreal said. “The resources from NAR help me build trust with my clients and trust in the Realtor® name.”
Carol Weinrich Helsel is a freelance writer who specializes in helping companies meet their marketing and communication goals.
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The State of the Housing Market in 2025: A Comprehensive Analysis
The housing market in 2025 is expected to navigate a complex landscape of modest price growth, gradually declining mortgage rates, and a rebound in sales activity.
By Dejan Eskic Chief Economist, Salt Lake Board of Realtors®
As we step into 2025, the housing market is expected to perform similarly as it did in 2024. While prices and sales activity are expected to outperform their 2024 figures, volatility in the mortgage market is likely to keep rates elevated. Affordability challenges will continue to plague the market.
Housing Prices: Modest Growth Ahead
After several years of rapid appreciation, housing prices in 2025 are expected to grow at a more modest pace. Nationally, home values are forecast to increase by approximately 2.6%, while in Utah we can expect similar growth of about 3%. Utah’s median sales price for 2024 hit $505,000 and is expected to reach $520,000 for 2025. This slowdown in price growth is a welcome relief for buyers who have faced affordability challenges
in recent years. The moderation in price appreciation is attributed to a combination of stabilizing mortgage rates and an increase in housing inventory.
Mortgage Rates: Gradual Decline but Persistent Volatility
Mortgage rates have been a significant factor influencing the housing market. In 2025, rates are expected to remain relatively high but show a gradual decline. The average rate for a 30-year fixed mortgage is projected to hover around 6.3%. While this is a slight improvement from the peaks seen in 2024, it remains above pre-pandemic levels. The Federal Reserve’s monetary policy and economic conditions will continue to play a crucial role in determining the trajectory of mortgage rates.
Sales Activity: A Gradual Rebound
The housing market is anticipated to experience a gradual rebound in sales activity. The National Association of Realtors (NAR) projects a 9% increase in home sales for 2025, I suspect Utah to follow a similar path. This uptick is driven by improved consumer confidence, stabilizing mortgage rates, and a modest increase in housing inventory. However, the market will still face challenges, including the “lock-in” effect, where homeowners with low mortgage rates are reluctant to sell and take on higher rates.
Things to Watch: Impact of Potential Tariffs and Deportation of Undocumented Workers
The potential imposition of tariffs on imported goods could have a mixed impact on the housing market. On one hand, tariffs could lead to higher costs for construction materials, driving up the overall cost of building new homes. This could exacerbate the existing housing shortage and put upward pressure on home prices. On the other hand, if tariffs are targeted at specific goods, the impact might be more contained. The overall effect will depend on the scope and scale of the tariffs implemented.
The deportation of undocumented workers could have a profound impact on the housing market, particularly in the construction sector. Undocumented immigrants make up a significant portion of the construction labor force, with estimates suggesting they account for about 15% of the workforce. Removing these workers could lead to a severe labor shortage, driving up labor costs and slowing down the pace of new home construction. This would further strain the already tight housing supply and potentially lead to higher home prices.
Conclusion
Both the Utah and US housing market in 2025 is expected to navigate a complex landscape of modest price growth, gradually declining mortgage rates, and a rebound in sales activity. However, potential tariffs and the deportation of undocumented workers pose significant risks that could disrupt the market. Policymakers and industry stakeholders will need to carefully monitor these developments and implement strategies to mitigate their impacts. As always, prospective buyers, sellers, and investors should stay informed and be prepared to adapt to the evolving market conditions.
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More Home Buyers Expect Rosier 2025 Housing Outlook
If mortgage rates fall to 6%, homeownership could be made more affordable to about 6.2 million more prospective buyers than when rates were near 7%.
By Melissa Dittmann Tracey
The housing market could open more opportunities to home buyers in the new year and lead to a housing rebound after two years of sluggish sales, housing economists said in December during the National Association of Realtors®’ Real Estate Forecast Summit.
“Home buyers will have more success next year,” said Lawrence Yun, NAR’s chief economist. “The worst of the affordability challenges are over as more inventory, stable mortgage rates and continued job and incoming growth pave the way for more Americans to achieve homeownership.” NAR research shows that if mortgage rates fall to 6%—as NAR predicts they likely will in 2025—homeownership could be made more affordable to about 6.2 million more prospective buyers than when rates were near 7%.
Already, some early signs are popping up that more home buyers are re-emerging: Sales activity picked up this fall as mortgage rates began to slightly ease from multi-decade highs that surpassed 7% to a drop in the mid to upper 6% ranges.
“I’m optimistic about the spring of 2025—all the factors are lining up that we could really see increases … with the increase in inventory really being one to focus
on,” said Michael Frantantoni, chief economist at the Mortgage Bankers Association.
More Listings, But Is It Enough?
Housing inventories have been making sizable gains, with listings up about 20% annually in October.
Economists predict that the upswing will continue in 2025 as more homeowners—who may have delayed selling—finally get more motivated, due to stabilizing mortgage rates and improving market conditions.
“I’m most optimistic about the growing inventory,” said Danielle Hale, chief economist for realtor.com®.
“That’s going to make the market better not just for buyers but also sellers—many of whom turn around and become buyers, too. Sellers will still be in a good position with home prices expected to go up but that improving market balance should help to facilitate more transactions.”
The expected increase in listings also likely will come from an increase in new home construction, which NAR projects to reach the historical annual average of 1.5 million units over the next couple of years.
About two-thirds of builders are using sales incentives
to attract buyers, including mortgage rate buydowns and amenity upgrades, Dietz said. “Any frustrated home buyer who is unable to find what they’re looking for in the [resale market] should shop for a new home to see if the upgrades and amenities” and incentives could make homeownership more attractive, he said.
Mortgage Rates Set a New Normal as ‘Lock-in Effect’ Lessens
NAR is anticipating mortgage rates to moderate, hovering near 6% in both 2025 and 2026. That may prompt more prospective home buyers to finally give up on the return of ultra-low rates in the 2% and 3% range from the pandemic. “The new normal for mortgage rates will be around 6%,” Yun said. “By historical standards … it’s still below the long-term average of 7%.”
Hale said realtor.com® research shows that 84% of homeowners have a mortgage rate under 6% and that likely will fall to 75% by the end of 2025. “The lock-in effect is likely waning … and will be less impactful for the housing market,” she said. Life changes—marriages, growing families, job changes, retirements, deaths and more—may take precedence over keeping a lower mortgage rate, Yun said.
Echoing that sentiment, Frantantoni expects a shift to more “repeat home buyers” in the marketplace. “They
have the equity to fuel those purchases,” he said, adding that first-time home buyers likely will continue to face affordability challenges. MBA predicts a 20% growth in mortgage originations from 2024 to 2025, coming off low volume levels and based on projections that home sales will increase in the new year.
Home Prices Still Increasing but on a Smaller Scale
Home prices are expected to continue to rise, albeit at a slower pace than in previous years. NAR predicts a 2% increase next year, reaching a $410,700 median existing-home price.
After years of appreciation, homeowners have accumulated record-high amounts of equity in real estate. That has put homeowners’ median net worth surging above renters’—projected in 2024 to be $415,000 median net worth for homeowners versus $10,000 for renters, Yun said. About one-third of repeat home buyers are leveraging the equity from a home to pay all cash on their next purchase, a growing portion that is also part of the record high of all-cash buyers who dominated the 2024 market, at 26%, said Jessica Lautz, NAR’s deputy chief economist.
Melissa Dittmann Tracey is a contributing editor for Realtor® Magazine and editor of the Styled, Staged & Sold blog.
THANK YOU AGAIN 2024 DISTINGUISHED SERVICE WINNERS
THANK YOU AGAIN 2024 DISTINGUISHED SERVICE
Tonja
10 Qualities to Hone as a Real Estate Leader
If you do what you say you’ll do—when you say you’ll do it and at the cost you promised—you’ll rank in the top 1% of your industry.
By Dina Cheney
Some of the traits defining great leadership—like empathy, charisma and vision—are universal, no matter what kind of industry you lead in. Much of the time, these qualities are innate, but it’s also true that with time and effort, they can be cultivated. Here’s a look at what defines the best leaders and why it’s so important.
Empathetic
“A pillar of good leadership is healthy emotional intelligence,” said Dr. Elias Aboujaoude, author of A Leader’s Destiny: Why Psychology, Personality and Character Make All the Difference. “This refers to qualities, such as empathy, self-awareness, social awareness and the ability to take one’s psychological temperature and that of others.” Robert Morris, a Tennessee-based selling broker who leads real estate seminars, agrees. “Brokers wear a lot of hats,” he said. “We’re everything from psychologist to confidant and friend. There’s more going on than just real estate. We’re managing people and their emotions and the things in their lives. If you’re a good manager, you’re plugged in to all those pieces.”
Visionary
“Most leaders get paralyzed feeling they need to be clairvoyant and see 10 years ahead,” said William Vanderbloemen, who authored Be the Unicorn; 12 Data-Driven Habits that Separate the Best Leaders from the Rest. But that kind of foresight is unrealistic, he reassures. Instead, try to predict six months out, then act to be “a half-step ahead of your competition.”
Charismatic
An attractive personality is a must to earn trust, said Cindi Bulla, GRI, broker-owner of Realty Central Services in Amarillo, Texas. That’s because charisma helps “inspire followers to translate a leader’s vision into reality,” added Aboujaoude. Although you can’t completely change your personality, you can tweak behaviors to improve how you come across. For instance, when speaking with someone, remove all distractions like your phone to show them you’re engaged, suggested Ruth Gotian, author of The Success Factor and The Financial Times Guide to Mentoring. Try to make more eye contact, use accessible language everyone can understand and vary the pitch and tone of your voice.
“The most successful people chase a North Star or a high goal,” said Vanderbloemen. “The higher your North Star, the farther you’ll go.” To motivate agents, elevate their inspiration beyond exceeding last year’s sales, he suggested. Instead, center them around a purpose, like “we’re a people company that sells homes to let families lead great lives.”
Supportive
Good leaders feel “a genuine desire to lift others, rather than enshrine oneself or fulfill a God-given ‘right’ to lead,” said Aboujaoude. To bring out the best in agents, provide clear directions and expectations and offer resources and assistance, counseled Morris. Then, tell them they can do it and let them do it—don’t micromanage, he urged. By encouraging agents, you’ll help build their confidence, which will lead to better work performance.
Respectful
“Leadership starts with respect,” said Bulla. She doesn’t refer to herself as a boss or CEO, but rather as a leader or business owner. “My agents are fully capable of being brokers but have decided to focus on the consumer side and let me focus on the brokerage side,” she said. “By doing that, we are no less equal. I see it as them hiring me versus me hiring them. There’s no other explanation for our business model except they hired me for a service. They pay me what I convince them I’m worth.”
Communicative
Naturally, you need to be able to clearly and effectively share information. But listening is just as important. In fact, every great leader Vanderbloemen has encountered centers their conversations on others rather than talking about themselves. “Smart people ask more questions,” he said. To show agents you’ve heard them, try summarizing what they said and asking if you understood them correctly, suggested Gotian.
Dependable
When he managed a large team of agents, Morris kept regular office hours and was always available by phone or text. “It’s important to be in the office where agents can reach you,” he emphasized. “Otherwise, why are you managing if you’re not there?” On a related note, always keep your commitments, Vanderbloemen added. “Most people are horrible at following up on promises. So, if you do what you say you’re going to do when you say you’re going to do it and at the cost you promised, you’ll be in the top 1% of your industry.”
Honorable
One of Morris’ favorite quotes is “the speed of the leader determines the speed of the pack.” That’s because leaders are role models, he explained. So, make sure your agents see you following the rules and continuing to further your professional education. “I live by the golden rule,” he revealed. “I treat people the way I want to be treated and never ask them to do something I’m not willing to do.”
Competent
Along with her years in the field, Bulla has held multiple leadership roles at the local, state and National Association of Realtors®. As a result, she’s aware of industry trends and potential threats and opportunities—knowledge she passes on to agents. Such skill and competence are especially imperative in challenging markets, when agents need leaders who can quickly diagnose and solve problems, she said. Have situations under control and then make sure you project that you do. That way, agents will know you’re the great leader you are.
As a professional writer for 20-plus years, Dina Cheney has authored six books for several publishers.
Image licensed by Ingram Image
NOVEMBER 2024
Home Sales Continue to Rise
Home sales in Salt Lake County increased to 853 units in November, reflecting a 5.96% rise compared to 805 units sold in November 2023. Neighboring Davis County experienced a significant surge in sales, jumping 21.72% to 269 units sold, up from 221 units year over year. Utah, Tooele, and Weber counties also reported double-digit percentage growth in home sales during November.
“Home sales momentum is building,” said Lawrence Yun, Chief Economist at the National Association of Realtors (NAR). “More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers acclimate to the new normal of mortgage rates between 6% and 7%.”
Nationally, total existing-home sales in November—including single-family homes, townhomes, condominiums, and co-ops—rose by 6.1% to an annualized rate of 3.91 million, up from the previous year.
The median price of homes sold in Salt Lake County during November was $510,000, an increase of 2.00% from $500,000 in November 2023. Single-family homes were sold at a median price of $591,000, reflecting a 3.68% increase year over year.
Under-contract listings in Salt Lake County surged to 1,169 in November, up 9.66% from 1,066 a year earlier. The typical home spent 37 days on the market in November, compared to 30 days during the same period in 2023.
Nationally, properties remained on the market for an average of 32 days in November, up from 29 days in October and 25 days in November 2023.
First-time buyers accounted for 30% of home sales in November, an increase from 27% in October but a slight decrease from 31% in November 2023. NAR’s 2024 Profile of Home Buyers and Sellers, released in November 2024, found that the annual share of first-time buyers was at an all-time low of 24%.
Cash transactions made up 25% of home sales in November, down from 27% in both October 2024 and November 2023. Individual investors and second-home buyers, who often rely on cash purchases, represented 13% of transactions in November, compared to 17% in October and 18% in November 2023.
Distressed sales, including foreclosures and short sales, accounted for 2% of transactions in November, a figure that remains consistent with the previous month and year.
“More buyers have entered the market as the economy continues to add jobs, and housing inventory grows compared to a year ago.”
Lawrence Yun
Chief Economist National Association of
Salt Lake County
Pamela Abbott
Barton Allan
Judy Allen
Suzanne Allred
George Anastasopoulos
Brent Anderson
Clay Anderson
Diane Anderson
Kay Ashton
Sue Avalos
Margaret Averett
Laurence Bailess
Les Bailey
Brent Barnum
Veda Barrie-Weatherbee
Edward Belka
Ken Bell
Raymond Bennett
Richard C. Bennion
Steven Benton
Michael Black
Gregg Bohling
Russell Booth
Virginia Bostrum
Robert Bowles
Mary Ann Brady
Janet Brennan
Steve Brown
Stephen Bryant
Barbara Burt
Hedy Calabrese
Gregory Call
Tracey Cannon
Julie Carli
Carol Cetraro
Scott Chapman
Garn Christensen
Brian De Haan
Babs De Lay
Lynn Despain
Jerard Dinkelman
Darlene Dipo
Sally Domichel
Rebecca Duberow
James Dunn
Randy Eagar
Carol Edgmon
Douglas Edmunds
Michael Evertsen
Bijan Fakjrieh
Robert Farnsworth
Alan Ferguson
Jack Fisher
Gale Frandsen
David Frederickson
Howard Freiss
Brent Gardner
Heidi Gardner
Paul Gardner
Linda Geer
Sheila Gelman
J. Carolyn Gezon
Larry Gray
Richard Grow
D. Brent Gudgell
Klaire Gunn
James Haines
John Hamilton
Mark Handy
Grant Harrison
Stephen Haslam
Michael Hatch
Thomas Haycock
Bill Heiner
Gary Huntsman
Blake Ingram
Kent Ingram
Esther Israelson
Jackson Jensen
Kevin Jensen
Ron Jenson
Jeffrey Jonas
Steve Judd
David Kenney
Kay Kenyon
Henry Kesler
Douglas Knight
Peggy Knight
Wayne Knudsen
Karl Koenig
Randall Krantz
Leah Krueger
Kathryn Kunkel
Gary Larson
Teresa Larson
Vann Larson
Fred Law
Michael Lawrence
Clark Layton
Shauna Leake
Kaye LeCheminant
Daniel Lindberg
Michael Lindsay
Martin Lingwall
Mildred Llewelyn
Don Louie
Ted Makris
Margaret Malherbe
Al Mansell
David Mansell
Dennis Marchant
Russell McKague
Andrew McNeil
Margene Wrigley
Henry Youngstrom
Elizabeth Memmott
Uwe Michel
Gordon Milar
Kyle Miller
Preston Miller
David Moench
Richard Moffat
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H.Craig Moody
Randal Moore
Thomas Morgan
Thomas Mulock
Charles Mulford
Melanie Mumford
Jacqueline Nicholl
John Nielson
Michael Nielson
Robyn Nielson
Van Nielson
Victor Oishi
Joseph Olschewski
Brent Parsons
Joan Pate
Yvonne Pauls
Derk Pehrson
Douglas Pell
Robert Plumb
Noel Quinton
Helen Rappaport
David Read
Jerry Reed
George Richards
W. Kalmar Robbins
Jeff Sidwell
Kent Singleton
Debra Sjoblom
Elizabeth Smith
Kenneth Smith
Rick Smith
Skip Smith
Jeffrey Snelling
Lorenzo Spencer
Kenneth Sperling
Anna Grace Sperry
Robert Spicer
Trudi Stark
Lee Stern
Sandra Straley
Gary Strang
John Strasser
Kevin Strong
Thomas Swallow
Sonny Tangaro
Joan Taylor
Rosanne Terry
Martin Vander Veur
Craig Vierig
Peter Vietti
Hilea Walker
H. Blaine Walker
Richar dWalter
Dana Walton
Sally Ware
Jerry Webber
William Wegener
David Weissman
Jeffrey Wells
Wayne Whetman
Jeff White
Darlene Whitney-Morgan
Byron Christiansen
David Clark
Deborah Clark
Terry Cononelos
Jeffery Cook
Philip Craig
Dan Davis
Robert Davis
Jeffrey Helotes
Marvin Hendrickson
Terry Hill-Black
Lynda Hobson
Ted Holmberg
Sheryl Holmes
Rhys Horman
Carol Howell
Susan Mark-Lunde
Paul Markosian
Ronnald Marshall
Susie Martindale
Christopher McCandless
Curtis McDougal
Miriam McFadden
John McGee
Stan Rock
Emilie Rogan
John Romney
Marie Rosol
Christopher Ross
David Sampson
Mark Schneggenburger
Gary Shiner
Clayton Wilkinson
Thomas Wilkinson
Kimball Willey
Douglass Winder
Robert Wiskirchen
James Witherspoon
Linda Wolcott
Cynthia Wood
THE UPCHURCH’S NATIONAL BUILDER - LOCAL FAMILY
HOMETOWN:
Layton, Utah
WHAT DO YOU LOVE MOST ABOUT D.R. HORTON?
(John) “I love working at D.R.Horton! It's a family affair where we help people find their dream homes. Seeing the excitement on a new homeowner's face is the best reward. I even get to work with my daughter and son-in-law! The company feels like family, and we're all dedicated to bringing the best locations and value homes to our customers. Being from Utah, we all are dedicated to our community.”
John (pictured center) is the V.P. of Sales & Marketing at D.R. Horton, Utah and is excited to have family members Tytianna, (pictured far left) and Josh, (pictured far right) working with him at a company where family is first.
