Salt Lake Realtor® Magazine

We know even the smallest requests are a big deal. At David Weekley Homes, creating your Clients’ ultimate home isn’t just about custom finishes and high-end materials. It’s about having a personal Team that puts your Clients’ dreams, desires and requests above all else. That’s why we created a website where your Clients can track the progress of their new home as it’s being built. Our Team of experts is deeply committed to making sure you and your Clients have the best possible experience — even before they move in. That’s The Weekley Way!

REALTOR

slrealtors.com

President

Rob Ockey

Presidio Real Estate

First Vice President

Dawn Stevens

Presidio Real Estate

Second Vice President

Claire Larson

Woodside Homes

Treasurer

Jodie Osofsky

Summit Sotheby’s

Past President

Steve Perry

Presidio Real Estate CEO

Curtis Bullock Directors

Carlye Webb

Summit Sotheby’s

Jennifer Gilchrist

KW South Valley Keller Williams

John Lucky

Berkshire Hathaway

Janice Smith

Coldwell Banker

Laura Fidler

Summit Sotheby’s (Draper)

Amy Gibbons

KW South Valley Keller Williams

Jenni Barber

Berkshire Hathaway (N. SL)

J. Scott Colemere

Colemere Realty Assoc.

Hannah Cutler Coldwell Banker

Michael (Mo) Aller Equity RE (Advantage)

Morelza Boratzuk RealtyPath

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

Exercising Civility on the Road: A Call to Transform our Driving Culture

In a society where civility is vital in shaping our interactions, one setting that needs a significant injection of courtesy is our behavior behind the wheel. As Realtors® who typically clock tens of thousands of miles each year, this holds particularly true. However, the call for composure and respectful driving isn’t limited to real estate professionals. It’s an issue that resonates with all drivers.

Utah recently earned an undesirable distinction as the “Road Rage Capital” of the United States, according to a Forbes magazine article. Scoring a perfect 100 out of 100 on the road rage index, Utah has unfortunately positioned itself as the state with the most confrontational drivers.

Managing Editor

Dave Anderton

Publisher Mills Publishing, Inc. www.millspub.com

President

Dan Miller

Art Director

Jackie Medina

Graphic Design

Ken Magleby

Patrick Witmer

Office Administrator

Cynthia Bell Snow

Recent events have underscored this bitter truth. Just this month, a road rage incident led to two men allegedly firing at a semitruck driver, followed by a crash into another vehicle while trying to evade the police. In June, a Salt Lake County couple tragically lost their lives in a vintage Porsche in Eagle Mountain due to a road rage altercation involving two other vehicles. Going back to 2021, a Bountiful man was arrested for allegedly running over and dragging a man about 50 feet after a road rage incident in Centerville.

As Utah County Sheriff Sgt. Spencer Cannon pointedly remarked in a KSL News interview, “This is not a contest. This is not a war, but people turn it into that.”

Sales Staff

Paula Bell

Dan Miller

Road rage, as studies have shown, is often fueled by crowded roads, intensifying anger behind the wheel. It’s noted that young males are the most likely demographic to indulge in road rage. According to an AAA study, psychological factors such as displaced anger and high life stress contribute to this. It was also found that individuals prone to road rage are more likely to misuse alcohol and drugs.

A Colorado psychologist’s findings corroborated these insights, suggesting that “high-anger drivers” often exceed speed limits by 10 to 20 mph, recklessly switch lanes, tailgate, and enter intersections as the traffic light turns red.

Salt Lake Board: (801) 542-8840

e-mail: dave@saltlakeboard.com

Web Site: www.slrealtors.com

status, or national origin.

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

Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR as well as to any writers and photographers whose names appear with the articles and photographs. While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication.

However, all is not lost. The antidote to road rage lies in fostering patience and respect on our roads. Slowing down, letting aggressive drivers pass, avoiding reciprocation of honks or gestures, and effectively de-escalating any potential conflict can help reduce road rage incidents.

The repercussions of road rage extend beyond immediate altercations. They can lead to citations, high fines, or even imprisonment, causing irreversible changes to a person’s life. As we reflect on this, the question emerges – is it truly worth it? The answer is unequivocally no.

Improving our road behavior requires us to exercise more understanding, kindness, and patience when behind the wheel. A single step in the right direction can help transform our driving culture, making the roads safer and more congenial for everyone. So, let’s start today – drive with courtesy, value every life, and promote a culture of civility on the road.

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

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. October 2005

Rob Ockey President

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

Happenings In the News

Top States Feeding Utah’s Population Growth

In 2021, Utah experienced a significant influx of residents, with most newcomers moving from California, according to a new report from the Census Bureau. The report revealed that more than 23,000 individuals from California relocated to Utah during that year, nearly three times the number of people moving from Arizona, which ranked second in terms of migration to Utah. This substantial increase in population was primarily attributed to the Covid pandemic, leading to record-high home prices and intense bidding wars. Notably, the median price of a single-family home in Salt Lake County surged by nearly 60% throughout the pandemic, resulting in a staggering $240,000 increase.

More Entry-Level Homes Needed

The U.S. housing market is short more than 300,000 affordable homes for middle-income buyers, according to a new analysis from the National Association of Realtors® and Realtor.com®. The country's persistent housing inventory crunch impacts middle-income buyers more than any other income bracket.

NAR and Realtor.com®'s housing affordability and supply report examines the number of listings missing by price range in the current market when compared to a balanced market. A balanced market is defined as when half of all available homes fall within the price range affordable for middle-income buyers.

"Middle-income buyers face the largest shortage of homes among all income groups, making it even harder for them to build wealth through homeownership," said Nadia Evangelou, NAR senior economist and director of real estate research. "A two-fold approach is needed to help with both low affordability and limited housing supply. It's not just about increasing supply. We must boost the number of homes at the price range that most people can afford to buy."

Past Presidents Recognized

We honor the remarkable service and unwavering dedication of the past presidents of the Salt Lake Board of Realtors®. These exceptional individuals selflessly contributed their time and energy to advance the association and elevate the Realtor® brand. During their year of service, they balanced their commitments as agents, while championing the highest standards of professionalism and ethics within the profession. Their enduring legacy of service has left an indelible mark, inspiring future generations to follow in their footsteps. Pictured (left to right): Rob Ockey, Scott Robbins, Bill Heiner, Dave Frederickson, Robert Farnsworth, Doug Richards, Cheryl Acker, Steve Perry, Linda Wolcott, Jim Bringhurst, Mary Ann Brady, DeAnna Robbins, Jaren Davis, Jodie Osofsky (2023 treasurer), Angie Nelden, Miriam McFadden, Debra Sjoblom, and Hilea Walker.

At the end of April 2023, approximately 1.1 million homes were available for sale, an increase of 5 percentage points from one year ago. However, the market is missing almost 320,000 home listings valued up to $256,000, the affordable price range for middle-income buyers or households earning up to $75,000. Middle-income buyers can afford to buy less than a quarter (23%) of listings in the current market. Five years ago, this income group could afford to buy half of all available homes. Among the 100 largest metro areas, El Paso, Texas; Boise, Idaho; and Spokane, Wash., have the fewest affordable homes available for middle-income buyers. Three Ohio cities – Youngstown, Akron and Toledo – have the most affordable homes available for that income group.

BULLION PLACE in Murray

New Homes by Brodsky Built

The Brodsky Built team has been building homes for over 50 years. Our Aberlour mixed-use condominium building in The Prestwick community in South Salt Lake has only one townhome left to sell. We have just opened for sales in our newest community in Murray, the Bullion Place community. In Bullion Place, we have two-story single-family homes and offer different floor plans and elevations. The homes feature gourmet kitchens with granite counter tops and a large pantry. The 2nd floor owner’s suite features a walk-in closet and double-sink vanities. LVP laminate flooring throughout the entire main level and bathrooms. Bullion Place is just minutes from the freeway and is 15 minutes to downtown!

CONTACT US

Elizabeth ‘Annie’ Nelson REALTOR®

M: 801.560.3488 annie@ponderosaprop.com

Paula Swenson REALTOR®

M: 435.557.1931 paula@ponderosaprop.com

Mo Wilkerson REALTOR®

M: 801.699.3945

mowilkersonslc@gmail.com

JT Wilkerson REALTOR®

M: 801.699.1662

jtwilkerson@msn.com

Located at 935 W Bullion Street in Murray

Innovative Styles and Designs Mark this Year’s Salt

Lake Parade of Homes

The Salt Lake Board of Realtors® is a major sponsor of the Parade.

Anchor Construction & Design

14328 S Cabin Trail Court, Herriman | 25,792 sq. ft.

Aspen Lane Homes

13417 South Banbury Park Lane, Draper | 6,028 sq. ft.

By Lindie Davis

Parade Director

What is new in this year’s Parade of Homes?

The Salt Lake Parade of Homes is a pioneering spectacle that showcases housing innovation in the United States. This year’s edition features a wide range of exceptional homes, from multimillion-dollar marvels to Stack Homes’ transformation of shipping containers into contemporary dwellings. Additionally, our non-profit subsidiary, HomeAid Utah, will present a compact yet comprehensive Tiny Home for Salt Lake

City’s Tiny Home Village. Our dedication to diversification keeps us ahead of the curve, fulfilling market demands with flair.

The parade invites Realtors® and prospective homeowners to experience the transformative power of architecture and design. It captures the industry’s expansive diversity, with a stunning assortment of homes blending traditional and contemporary styles. From intimate 300 sq. ft. dwellings to majestic 25,000 sq. ft. estates, the parade appeals to varied tastes.

Moreover, the event offers a wealth of knowledge for those seeking to increase their home’s value and comfort through trending enhancements like contemporary kitchen upgrades, fresh paint schemes, and flooring options. The current real estate market presents a prime opportunity for investment, with new home sales surpassing existing ones due to comparable prices, modern features, and economic efficiency.

However, it’s crucial for the Realtor® family to support builders in addressing the housing shortage amidst challenges such as land value, labor shortages, supply chain disruptions, and government regulations. Collective advocacy, education, and united efforts to reduce regulatory costs, promote domestic products, and champion trade professions are vital to bridge the housing deficit. Elected leaders like Lt. Gov. Deidre Henderson are reaching out for ways to assist, signaling a promising shift towards a vibrant housing landscape for future generations. This year’s Salt Lake Parade of Homes goes beyond a celebration of architectural beauty; it serves as a call to action for shaping the future of the housing industry.

What styles and price ranges stand

out this year?

Discover a universe of possibilities in design and architecture at this year’s Parade. We curate a spectrum of styles, sizes, and spaces - from quaint 300 sq. ft. abodes to sprawling 25,000 sq. ft. estates. Whether you’re drawn to classic elegance, modern aesthetics, or the creative rebirth of teardown remodels, prepare to embark on an inspiring journey through the very heart of our industry’s innovations.

What draws so many people to the parade of homes? Our annual Parade of Homes captures the fascination of an expansive, loyal audience. From wide-eyed newcomers to devoted regulars who’ve attended for years, we’re a beloved tradition for more than 200,000 attendees from across 26 states. This year, we expect to shatter records with an even greater number of enthusiastic visitors.

What are the top home remodeling projects that add the most resale value to a home?

The Parade of Homes isn’t just a spectacle—it’s a wealth of insights into raising your home’s value. Get inspiration for transformative improvements, from a freshly painted front door to contemporary kitchen upgrades. Even if selling isn’t on your agenda, these enhancements can bring about a newfound sense of pride and comfort in your living space. See the latest flooring options, color trends, molding styles, and much more at the Parade.

Have higher interest rates affected new home buyers? For the first time, new homes are outpacing existing ones in sales. Numerous factors contribute to this trend, including comparable prices and innovative features that make them economically efficient. With interest rates stabilizing, buyers are reentering the market, making it an excellent time to invest in a new home. As Realtors®, we need to sustain this momentum and support builders in addressing the housing shortage, despite challenges such as rising interest rates. Do we need to incentivize builders to build less expensive homes?

Builders aren’t short of motivation to create affordable homes—we strive daily to drive down costs. Challenges like land value, labor shortages, supply-chain interruptions, and governmental regulation do pose hurdles. Yet, we believe that with the collective advocacy from the Realtor® family, we can influence local, state, and national officials to assist in finding viable solutions. An educated public, counteracting negative social media narratives around housing, can also be instrumental in this mission.

What is the outlook for new home construction?

Looking ahead, the demands of bridging the housing deficit may seem overwhelming, but it’s achievable if all stakeholders unite. It’s encouraging to have elected leaders, like Lt. Gov. Deidre Henderson, actively seeking ways to assist us. Reducing the 25% regulatory cost of a home, advocating for domestic products, promoting trade professions, and championing the benefits of homeownership are just some of the steps needed. With a collective effort, we are confident that we’ll build a vibrant housing landscape for our future generations. In conclusion, The Salt Lake Parade of Homes presents a unique opportunity for Realtors® and prospective homebuyers alike. It’s a vibrant display of architectural innovation, a guide for those seeking to enhance their homes, and an invitation to engage in meaningful discourse about our housing industry’s challenges and opportunities. We believe that through collective efforts, education, and advocacy, we can shape the future of our industry, ensuring every American has a place they can call home.

HomeAid Utah & Steel Biltt Tiny Home

230 W Towne Ridge Pkwy, Sandy | 312 sq. ft.

There’s No Home Like Ivory

At Ivory, our award-winning team operates on the core value that our customers deserve the best homes on the market—incorporating exceptional features and elements that make a home valuable for your lifestyle today while maintaining value for the changing needs of decades to come.

That’s why for over 35 years, Ivory Homes has been Utah’s Number One Homebuilder®, dedicated to building the most exceptional homes in Utah; and with more than 200 floor plans across 70+ communities from Ogden to St. George, you’ll surely find the right home for you.

READY TO GET REAL ABOUT REAL ESTATE?

As part of the legendary Berkshire Hathaway family of companies, we have the depth, strength and brand power to help grow your real estate business. Our network extends globally in reputation and strength. Locally, our company is the largest brokerage in Utah, ensuring that your property reaches a broad audience of real estate professionals and buyers. We are committed to providing you with the resources and support that will create greater success and enjoyment in your real estate career. So, talk with us at Berkshire Hathaway Utah Properties and let’s get you settled without ever settling for less

One-Time Close Benefits

with our Conventional, FHA, and VA One-Time-Close Construction Loans

Available One-Time-Close loan programs:

• Conventional – As Low As 5% minimum down payment

• FHA – As Low As 3.5% minimum down payment

• VA – Up to 100% Financing available (based on borrower’s VA entitlement)

Easy requirements, outstanding benefits:

• Eliminate buyer fallout which reduces the builder’s risk

• Borrower qualifies and closes upfront with no second closing

• Loan is locked up front with no additional appraisal required after construction is completed

• All construction loans are serviced in-house and are made directly to the borrower

• Draws are made directly to the builder and managed by our experienced in-house construction department

• Loans available for primary residence, second home, and investment

• Budget may include closing costs for the construction loan

• Extended locks up to 360 days with Float Down Options

• Upgrade contingency allowed and encouraged

• Interest may be financed - no payments during the construction period or interest-only payments can be made monthly

Demographic Shifts and Inventory Shortages Signal Recovery in

New-Home Market

Between April and May, new home sales increased by 14.5% in the Salt Lake region and 44.1% from the previous year.

By Dejan Eskic Chief Economist, Salt Lake Board of Realtors®

Fortune Magazine recently published an article with a headline that intrigued readers: “Is the housing market recession truly over in the new-home space?” After years of gloomy predictions, it’s time to evaluate whether the housing recession was as severe as portrayed and if recovery is indeed underway. However, in an environment where mortgage rates hover around 7%, and the median monthly payment in Utah has surged by 17% from last year and 61% from two years ago, one might question how this recovery is possible. The answer lies in the interplay of demographic tailwinds and a lack of inventory. Let’s dive deeper into the matter.

Sharp Decline in Prices and Subsequent Rebound

Utah witnessed the steepest decline in real estate prices in its history from May 2022 to January 2023. In just eight months, the median sales price of existing homes across the state plummeted 15.7%, falling from $540,000 in May 2022 to $455,000 in January 2023. In Salt Lake County, the median price fell from $560,000 in May 2022 to $480,000 in December 2022. This decline stands unparalleled in comparison to the short-term drops experienced during the Great Recession or the 1980s. The primary cause of this decline was the rising interest rates, which surged from 3.76% in March 2022 to 6.48% in January 2023. However, as the weather warmed, Utah’s housing market began to recover. Since January, prices have rebounded, witnessing an increase of 7.7% to reach $490,000 by May.

Moreover, the median days-on-market have decreased significantly from nearly 7.5 weeks in January to approximately three weeks. However, while prices have shown signs of recovery, sales activity is still trying to catch up.

Inventory Scarcity Drives Price Acceleration

The scarcity of existing inventory has been the most significant contributing factor to the recent price acceleration. In May, for every one home sold, only two new listings became active on UtahRealEstate. com, a considerable decline from January’s ratio of four new listings for every sale. To provide context, the preCOVID ratio was 2.3 active listings for every sale. The lack of existing inventory is expected to persist in Utah due to nearly 75% of existing residential mortgages being locked in at a 4% or lower interest rate, with approximately 34% below 3% as of Q4 2022. In this market, move-up buyers, leveraging significant equity from their existing homes, are the only ones able to proactively transact. However, due to the scarcity of existing inventory, many buyers are turning to the newconstruction market, which is precisely why economists are optimistic about the recession’s end.

Builders’ Incentives Drive New Construction

Homebuilders have introduced appealing incentives for buyers, including rate buy-downs, free upgrades, and price drops, which have exceeded expectations for the spring season. Notably, a surge in sales was experienced in May. Sales data from Zonda reveals that the Greater Salt Lake market led the nation in new-home sales recovery, with a 14.5% increase in new home sales between April and May and a significant 44.1% increase from the previous year. However, despite the recovery in new home sales, new permits are declining at an annual rate of 23%, posing a challenge to the persisting housing shortage.

Worsening Housing Shortage Expected

Despite notable progress in reducing the housing shortage from 56,000 units in 2017 to 28,000 in 2022, experts anticipate a worsening shortage over the next two years. With new home production expected to decline and household formation projected to increase, Utah’s housing shortage is expected to reach 37,000 units by 2024.

Affordability Challenges to Persist

I anticipate that the housing market will navigate uncharted territory over the next two years. The limited supply of homes for sale will likely persist, as many existing homeowners enjoy low mortgage rates or have paid off their mortgages entirely. Coupled with the growing housing shortage, this situation is expected to fuel a continued upward trend in housing prices. This is particularly favorable for homebuilders. However, affordability challenges are likely to persist at their current levels unless there are significant drops in interest rates. Unfortunately, such drops are unlikely

to occur in the next 24 months without major negative economic shifts. Affordability in our market has significantly worsened over the past year, as indicated by the Housing Opportunity Index (HOI) published by The National Home Builders Association and Wells Fargo. The HOI measures the proportion of homes (both new and existing) sold in a metropolitan area that would have been affordable to a family earning the local median income. In Utah’s four metropolitan areas, the HOI declined throughout 2022 but showed slight improvement in the first quarter of 2023. For instance, in the Salt Lake Metropolitan Area, the HOI dropped from 44.3 in the first quarter of 2022 (meaning the median income family could afford 44.3% of homes sold in that quarter) to 24.9 in the first quarter of 2023. In an affordable housing market, the median income family should be able to afford at least 50% of the homes sold.

Mortgage Rates to Settle in High 5% to Low 6% Range

Ultimately, the mortgage rates will heavily influence residential activity in the short term. In recent months, mortgage rates have exhibited more volatility than a penny stock in the 1980s. It is likely that the Federal Reserve has either concluded or is on the verge of concluding its rate hikes. If market volatility subsides, we can expect the mortgage rate market to narrow the significant gap between the 30-year mortgage rate and the 10-year treasury rate. As a point of reference, the historical spread between the 30-year rate and the 10-year treasury has averaged 165 basis points. From late May to mid-June, that spread ranged between 280 to 313 basis points. Therefore, in a less volatile environment, even with the 10-year treasury in the high 3s, we should anticipate mortgage rates settling in the high-5% to low-6% range.

2023 RPAC Golf Tournament

The annual RPAC Golf Tournament was held June 23 at the Thanksgiving Point Golf Club. Roughly 150 members took part in 18 holes of golf and a catered lunch. Thank you to our many sponsors of this year’s event: UtahRealEstate.com, Utah Rental Housing Association, Ridge Home Loans, Fieldstone Homes, Salt Lake Home Builders Association, Southtowne Mortgage, Mountain America Credit Union, Majestic Home Warranty, Meth Mob, Real Property Management, Union Home Mortgage, Pillar to Post, Utah Association of Realtors®, Millcreek Commercial, and Sandberg Sign and Design.

Photos: Dave Anderton

7 Timeless Skills for Any Real Estate Market

Regardless of how your market is performing, you’ll succeed in real estate if you can master these essential skills.

By Kelle Sparta

The real estate profession changes every day, but the qualities you find in top-performing practitioners do not. The details may shift as technology rolls forward, yet the underlying skills are always the same. If you can master these, you’ll be successful in any market.

Skill 1: Meeting New People

The simple fact is that if you never meet anyone new, you will never have anyone new to sell to. Whether you encounter them for the first time in person, online, or over the phone doesn’t matter. Get one-on-one with them in a conversation about their needs, and you’ve at least started down the path to success.

Skill 2: Making Personal Connections

You don’t have to be the best at everything to succeed in this business. You just have to be competent and likable. People buy from people they like. Develop the ability to connect with your clients and make them trust you, and 90% of your sales process is done. Want a quick way to engender trust? Tell the client something that it’s not in your best interest to tell them. Show them that

honesty is more important than anything to you.

Now, this doesn’t mean to tell them that you got sued last week — that will make people nervous. But it could mean mentioning that the houses in another neighborhood have the same amount of space and are less expensive. They know that you get paid more if you sell them a higher-priced house. Showing them something in their best interest instead of yours makes you trustworthy.

Skill 3: Following Up on Every Lead

Follow-up is a big area where agents fail. If you aren’t going to take every lead you get and work it to death, then you’ll never be a top performer. Working every lead until it either closes or is clearly not a lead anymore is critical to building the solid pipeline that’s required to keep your business continually producing. This means that you need a system to make sure nothing gets dropped or forgotten. Throw away your Post-it notes; they should never be used as a place to write down a lead. All leads need to be kept in one place, and all of

(continued on page 30)

HOUSING WATCH

Salt Lake Home Prices Down from a Year Ago, But Up 11% from December 2022

Rising interest rates have contributed to a dampening effect on home sales in Salt Lake County. With a total of 1,101 units changing hands in May, there was a notable decline of 23% compared to the 1,431 sales recorded in May 2022.

More than two-thirds (73%) of all homes sold in Salt Lake County in May were single-family homes. Twenty-six percent of sales were multi-family units (condominiums, townhomes, twin homes). The remaining 1% of sales were recreational and mobile homes.

In the past year, since the Federal Reserve began increasing interest rates, there has been an average monthly decrease of approximately 450 home sales in Salt Lake County. Additionally, the median sold price of all housing types in May dropped to $535,000, representing a 5% decrease from the previous year’s value of $560,000.

The decline in Salt Lake home prices commenced last summer, coinciding with the Federal Reserve’s decision to raise short-term interest rates. Starting from $560,000 (all housing types) in May 2022, median prices gradually decreased to $480,000 by December 2022.

However, there has been a rebound in home prices since December to May of this year, with an overall increase of 11%. As of June 22, the 30-year fixed-rate mortgage averaged 6.67%, higher than the 5.81% rate seen a year ago, as reported by Freddie Mac.

The days on market until sale in Salt Lake County increased to 38 days in May, up from 13 days in May 2022. Housing inventory levels increased to 2.0 months in May, up from 1.3 month a year earlier.

Nationally, total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – rose 0.2% from April to a seasonally adjusted annual rate of 4.30 million in May. Yearover-year, sales dropped 20.4% (down from 5.40 million in May 2022).

“Mortgage rates heavily influence the direction of home sales,” said NAR Chief Economist Lawrence Yun. “Relatively steady rates have led to several consecutive months of consistent home sales.”

First-time buyers were responsible for 28% of sales in May, down from 29% in April but up from 27% in May 2022. NAR’s 2022 Profile of Home Buyers and Sellers – released in November 20224 – found that the annual share of firsttime buyers was 26%, the lowest since NAR began tracking the data.

them need a minimum amount of information. That includes:

• The person’s name

• Contact information

• What property they contacted you about (or where they came from if it wasn’t from a property)

• Their timeframe is for moving

• If they’re buying, selling, or both

• If they’re buying, what they’re looking for and in what area

• Their emotional hot buttons (what they get excited or angry about)

If you don’t have all of the information you need, don’t be afraid to contact them again for more information. And once you have the information you need, continue to contact them on a regular basis to make sure they stay on track. Don’t worry that you’ll be bothering them—instead, worry that they would otherwise forget who you are or feel ignored by you.

Skill 4: Asking for What You Want

This is typically a big problem with real estate rookies, but you’d be surprised how many veterans forget this piece of the puzzle, too. It’s not always easy, but you have to ask for things to get them. Ask for the sale. Ask for the appointment. Ask for the phone number of the person your client wants to refer.

Don’t wait for people to call you, for the clients to say they’re ready, or for the buyers to tell you that this is the house they want. Be direct. Ask them, “Is this the house you want to buy?” “I’ll get your house on the market tomorrow if you’ll sign right here.” “Which is better for you: Monday at 6 p.m. or Wednesday at 3 p.m.?” “Why don’t you give me your friend’s number, and then you don’t have to think about it anymore?” All of these are great closing questions used by some of the top practitioners in the industry.

Skill 5: Setting Appropriate Expectations

Once you have the contracts signed and your clients are committed to the process, then it’s all about meeting expectations. And make no mistake, there will be expectations—whether you set them or your clients do. This is why it’s important to set those expectations yourself; you don’t want to get blindsided by something the clients decided to expect without consulting you.

The best real estate professionals are masters at setting expectations. They know what reasonable timeframes

are, and they don’t make promises they can’t keep. They let clients know immediately if things need to change, and they set the new expectations quickly and decisively, leaving no room for the clients to wonder (and worry) what happens next.

Skill 6: Taking Care of Details

You must treat your business like a business. This means having a system in place to make sure deadlines get met, appraisals are ordered, home inspection responses come in on time, appointments aren’t forgotten, and problems are solved. You should even have systems to make sure that your clients—and, if you’re really smart, the other side’s clients—have handled all of the details they need to attend to. Hold on to every deal and work it until it closes, letting nothing go. In saving multiple deals from certain death each year, top performers improve their closing ratios and increase their per-hour earnings.

Skill 7: Paying Close Attention to Money

Lots of agents tell me that it’s not about the money for them; it’s about the people. And that’s great. I love helping people, too. But if you don’t focus on making money, you’re not going to make any. Real estate is your business, your livelihood, and you deserve to be compensated for the skills and services you provide. If you stop paying attention to the money, you’ll do things like:

• Negotiate away your commission.

• Not take a referral fee “to be nice.”

• Work on listings that will never pay you anything close to reasonable compensation for the amount of work you do because you “feel bad for the person.”

• Take overpriced listings so that the sellers will like you.

• Not make buyers sign contracts.

• Stay with a broker who pays you a below-market split.

All of these things result in you working too hard and not making what you deserve. It’s not your job to right the wrongs of the world. It’s your job to make a living for yourself, preferably a really good one. It’s not about the number of deals you do; it’s about how much money you get to keep when the deals are done.

You have to focus on the money if you hope to be successful. If you’re not making a profit, you’re running a charity, not a business, and you don’t get grants like charities do to make ends meet.

You have to keep up with changes in technology, industry regulations, buyer and seller priorities, and economic conditions. But the skills that I’ve listed above will take you further than any new flashy marketing plan or social media technique. No matter what’s going on in real estate, these skills will be the difference between a good agent and a great one.

Reprinted from Realtor® Magazine Online, June 2023, with permission of the National Association of Realtors®. Copyright 2023. All rights reserved.

7 Timeless Skills (continued from page 26)

"You have to keep up with changes in technology, industry regulations, buyer and seller priorities, and economic conditions."

All in, for community.

On Friday, June 9th, all Windermere offices across the West Coast closed their doors to give back to the community. In Utah, our agents, staff, and managers lent a hand to the National Ability Center to help further their impact in our community.