And the way you sell. When it comes to selling homes, your name matters. That’s why we stake our reputation on helping you enhance yours. Selling a new David Weekley home to your Clients means more than simply giving a family a place to live. It means providing a rewarding home building journey and creating an inspiring space where their dreams can come true. That’s how reputations are built – one exceptional experience at a time – and it’s why we make our Team a seamless extension of yours. That’s The Weekley Way.
The Carriages at Ridgeview 10031 N.
David Weekley Homeowners Martha, Chad, Parker & Hutchinson Cates
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REALTOR
President Dawn Stevens Real Broker
First Vice President
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Summit Sotheby's
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KW South Valley Keller Williams
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DIRECTORS
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CB Realty (Union Heights)
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J. Scott Colemere Colemere Realty Assoc.
Chris Anderson Windermere Real Estate - Utah
Morelza Boratzuk RealtyPath (South Valley)
Michael Rowe CB Realty (SL-Sugarhouse)
Eric Santistevan Engel & Volkers (Holladay)
Hannah Cutler CB Realty (Union Heights)
Michael (Mo) Aller Equity RE (Advantage)
Linda Mascher Realtypath LLC (Advisors)
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Does Your Value Proposition Speak Loud and Clear?
Realtors® can effectively communicate their value proposition by clarifying the often-overlooked complexities and potential pitfalls of real estate transactions and presenting themselves as the expert solution. Many buyers and sellers may not fully understand the intricacies involved, from legal compliance and paperwork to market trends and pricing strategies. By outlining these complexities, Realtors® can demonstrate the essential role they play in making the process smoother, safer, and more successful. The real estate transaction process is far more than just listing a property or touring homes. It includes navigating intricate contracts, managing negotiations, adhering to local, state, and federal regulations, and understanding the financial implications of mortgage rates and property taxes. Beyond paperwork, there are legal risks if certain disclosures aren’t made or contracts aren’t handled correctly. In addition, market knowledge and local trends require an expert who can interpret data and price properties appropriately, ensuring clients don’t overpay or undervalue their investments.
Realtors® can then position themselves as the solution to these challenges. They can explain how they guide clients through each step of the transaction, bringing valuable skills in negotiation, property evaluation, and legal compliance. Realtors leverage tools like the MLS, comparative market analyses, and relationships within the industry to secure the best deals for their clients. Additionally, they’re equipped to handle unexpected issues—such as financing hurdles or inspection findings—that could derail a transaction if not properly managed. By showcasing these complexities and emphasizing their experience, Realtors® communicate a clear value proposition: hiring a professional minimizes risk, saves time, and often results in better financial outcomes. Realtors® should not assume clients understand this value intrinsically; instead, they should proactively educate them on the risks and responsibilities involved in real estate transactions. When clients recognize the expertise required to navigate these challenges, they see the Realtor® as a trusted advocate and indispensable guide in achieving their real estate goals.
Dawn Stevens 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.
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REALTOR
ASSOCIATION OF REALTORS
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,
Happenings
The Scary Side of Real Estate
The Salt Lake Board of Realtors® hosted a panel on Oct. 30 focused on wire fraud and deep fakes. Deepfakes are realistic, computer-generated media—typically videos or images—created using artificial intelligence (AI) that can make people appear to say or do things they never actually did. Deepfake technology can replicate facial expressions, voice, and movements, making it difficult to distinguish real footage from synthetic. Some Realtors® in the Salt Lake area have been approached by potential buyers who use deepfake technology, often in connection with land deals.
Your Neighbor’s Trash Can Tank Your Property Value
Curb appeal is extremely important when selling a home—and messy neighbors not only send red flags to potential buyers; they can cost you cost you big bucks, according to Realtor.com. More than half of real estate agents (55%) believe that junk or clutter in neighbors’ yards “significantly decreases” your property value, according to a recent study by StorageUnits.com. At least 28% of real estate agents feel it would diminish your property value by 15% to 20%. Another 21% believe the decrease would be more in the 30% to 50% range.
In the News
NAR President Joins Housing Panel
National Association of Realtors®
President Kevin Sears joined national housing leaders Oct. 30 for a panel reception hosted by the National League of Cities and American Planning Association focused on the Housing Supply Accelerator Playbook , a guide that contains more than 40 strategies for state and local governments to deploy in the fight for housing affordability.
“The U.S. is facing an underbuilding gap of 5.5 million units, translating to a $4.4 trillion underinvestment in housing. Addressing the nation’s housing affordability challenges starts with adding to the severely limited inventory, and that is the focus of the Housing Supply Accelerator,” Sears said.
Sears highlighted NAR’s commitment to advocating for solutions to remedy the housing crisis, which is crucial for economic growth and generational wealth. NAR supports various bipartisan legislative efforts to increase housing supply, including the More Homes on the Market Act, Neighborhood Homes Investment Act and The Revitalizing Downtowns and Main Streets Act.
“The ability to afford a home was ranked as a top concern by an almost equal 70% share of Democrat, Republican, and Independent voters alike,” Sears said. “The time to act is now, and this coalition can help lead these efforts over the next year.”
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New RPAC Major Investors Enjoy Evening of Hockey
New major investors in the Realtors® Political Action Committee (RPAC) enjoyed an exclusive evening at the Delta Center to watch the Utah Hockey Club, Salt Lake City’s new NHL team. This team joined the league as an expansion franchise for the 2024–25 season. RPAC plays a vital role in supporting the real estate industry by raising voluntary funds from Realtors®. These funds are used to help elect public officials who champion homeownership and private property rights.
Photos by Dave Anderton
Top 10 Issues That Will Impact Real Estate in 2025
Housing affordability continues to erode due to rising costs and the ongoing inventory shortage of 4.4 million units.
By Melissa Dittmann Tracey
Political uncertainty, soaring insurance costs and the growth of artificial intelligence are among the hot topics that likely will have a big impact on the real estate industry in 2025, according to the Counselors of Real Estate, a global organization of property advisers. Each year, CRE releases its list of the top 10 challenges and opportunities that lie ahead.
“We have seen a significant increase in optimism in the commercial real estate industry following the Fed’s easing of interest rates, the potential for a U.S. economic soft landing and the impact on commercial real estate assets and lending market conditions,” said CRE global
chair Anthony DellaPelle. “However, the commercial real estate industry faces a number of challenges, from geopolitical uncertainty, elections and regional wars to loan maturities and debt repricing. In many of these challenges, there are opportunities, too, like housing affordability and attainability, sustainability and AI.” Here are the issues that topped CRE’s list for 2025:
1. Political uncertainty: “This coming year, elections in more than 70 countries could shake up an already volatile geopolitical landscape, and the U.S. elections, in particular, will have a significant impact on regulation, trade, corporate taxes,
immigration policy and sustainability,” DellaPelle said. Further, debates could brew over rent caps for corporate landlords or 1031 like-kind exchange modifications. “Unpredictability complicates real estate transactions,” CRE cautioned in its report, noting investors could be waiting for greater clarity on economic growth, inflation and interest rates.
2. High financing costs: Interest rates began dropping in the fall but remain elevated, making purchasers cautious. “Deal assessments and market valuations remain complex,” CRE said. “Many owners are hesitant to sell, and potential buyers are wary of high prices, still expecting a surge in distressed asset sales due to upcoming loan maturities.” CRE predicts that buyers will continue to act cautiously, focusing on higher-cap-rate deals. A more aggressive market reentry likely will not materialize for the sector for another two years, the report noted.
3. Loan maturities deadlines: Nearly $1.8 trillion in commercial real estate loans is set to mature before the end of 2026. “While lenders are increasingly extending these loans in hopes of better market conditions, this temporary relief may soon reach its limits as banks grapple with regulatory constraints and insufficient capital reserves,” CRE found, adding that the dynamic could affect competition and tenant retention across property types.
4. Geopolitics and regional wars: Ongoing global turmoil, including the conflicts in Ukraine and Gaza, could contribute to supply chain disruptions, inflation, labor shortages and more. “Expect higher cap rates as investors price in greater risk” and abandon their former reliance on historical cycles, the report said.
5. Insurance costs: Natural disasters caused $380 billion in economic losses in 2023 alone, yet only 31% of those were covered by insurance. Insurance premiums are surging due to extreme weather, inflation and increased property values. “Residential, hospitality and senior living properties are particularly impacted, with rising claims,” the report said. “The old model of buying insurance is fading as owners focus on risk management, rightsizing coverage and exploring alternative risk transfer solutions to control escalating expenses.”
6. Housing affordability: Housing affordability continues to erode due to rising costs and the ongoing inventory shortage of 4.4 million units. Multifamily rent growth has slowed, but rents have still climbed 45% over the past 15 years. “Despite increased construction, development is uneven, concentrated in major metros and insufficient to meet demand,” the CRE report said. Nearly 54% of renters are now considered “cost-burdened,” devoting more than 30% of their income to
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housing. “Declining multifamily construction and growing demand from younger renters suggest affordability challenges will intensify in 2025,” the report cautioned, while pointing to the need to ramp up new-home construction and preserve more affordable units.
7. Artificial intelligence innovations: ChatGPT pushed AI more into the mainstream over the past year, and more real estate professionals are seeking to adopt the technology. “AI’s role in real estate is rapidly evolving, with focus shifting to the accuracy, granularity and timeliness of data inputs that drive algorithms,” CRE said. “While AI can optimize certain processes, commercial real estate still faces challenges with fragmented data and location-specific nuances.” Further, AI algorithms require a huge amount of computing power, likely leading to a boom in data center developments.
8. Sustainability: More frequent hurricanes, wildfires and floods have led to billions of dollars in property damage. Experts have pointed to a need for increased sustainability and climate resiliency in buildings to better protect against the risks. However, U.S. regulations remain mostly fragmented while Europe’s new regulations— like the EU’s Corporate Sustainability Reporting Directive and the U.K.’s Minimum Energy Efficiency Standards—have created stricter sustainability rules. “The urgency for prioritizing sustainability and climate resiliency in real estate strategies has never been more apparent, as we saw massive
economic losses last year due to extreme weather, which is also contributing to sky-high insurance costs,” DellaPelle said.
9. Office conversions: U.S. office vacancy rates are expected to peak at nearly 20% by the end of 2024. These rising vacancies are impacting tax bases, city finances and more. Developers are looking to convert vacant office spaces into housing, although it can be a costly and complex process, the report said. “A generational shift is happening in cities as how people use offices stabilizes into a new paradigm, leaving many office buildings poised for adaptive re-use into residential, healthcare and educational uses with the potential to revitalize urban cores,” the report said.
10. Price gap expectations: Buyers and sellers haven’t been seeing eye-to-eye when it comes to asset prices. But with “the worst of the pricing declines in the past,” pricing gaps likely will narrow and “pricing shock is dissipating,” CRE said. “Pricing declines, especially in sectors like core business districts, are slowing, providing hope for stabilization,” according to CRE’s report, which adds that pricing is trending toward improvement across property types.
Melissa Dittmann Tracey is a contributing editor for Realtor® Magazine and editor of the Styled, Staged & Sold blog. Reprinted from Realtor® Magazine Online, October 2024, with permission of the National Association of Realtors®. Copyright 2024. All rights reserved.
Contract Signings Leap as Home Buyers Reemerge in Fall
Will signs of increased home sales last? NAR Chief Economist Lawrence Yun weighs in with his housing predictions for the rest of the year and into 2025.
By Melissa Dittmann Tracey
More home buyers signed contracts for a home purchase in September, a sign that the housing market may be on the mend after a sluggish summer.
The National Association of Realtors®’ Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—jumped by 7.4% in September compared to August, NAR reported. Contract signings also were up 2.6% from a year ago.
“Contract signings rose across all regions of the country as buyers took advantage of the combination of lower mortgage rates in late summer and more inventory choices,” said NAR Chief Economist Lawrence Yun. Pending sales rose by nearly 10% in the West last
month, followed by a 7.1% gain in the Midwest, 6.7% increase in the South, and 6.5% gain in the Northeast. “Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady.”
Sales of newly constructed and previously owned homes could rise by 10% in each of the next two years, Yun predicted, noting that “sizable pent-up housing demand” is likely to be unleashed in the coming years. First, however, the housing market must dig itself out of a rut: Existing-home sales hit a 14-year low in September as prospective home buyers pulled back due to high prices.
Home buyers in September found more inventory options, which may have helped boost pending home sales last month. Housing inventory was up 23% in September compared to a year ago, although that’s still down by about 25% from pre-COVID levels, according to NAR.
The uptick in contract signings last month also came as the Federal Reserve cut its benchmark interest rate for the first time in four years. The Fed’s rate is not directly tied to mortgage rates, but the cut initially encouraged movement in the market and helped bring mortgage rates down to 6.18% in September (compared to 6.5% in August). The lower rates may have created some urgency among home buyers. The September drop in rates translated to about a $300 savings in monthly mortgage payments on a typical $300,000 mortgage compared to just a few months ago, NAR’s data shows. That said, mortgage rates have moved upwards in recent weeks: The 30-year fixed-rate mortgage averaged 6.72% as of Oct. 31, according to Freddie Mac.
So, Will the Latest Sales Uptick Last?
Yun believes home sales will continue to climb, particularly as home affordability improves. Here’s what he predicts for the housing market over the next two years:
• Higher home sales: “After two years of sluggish home sales in 2023 and 2024, existing-home sales are forecasted to rise,” Yun said. He predicted existing-home sales to increase to 4.47 million in 2025 and to more than 5 million in 2026.
• Slower home price appreciation: “During the next two years, expect a slower rate of growth in home prices that’s roughly in line with the consumer price index because of additional supply reaching the market,” he added. Yun predicts the median sale price for existing homes to increase to $410,700 in 2025 and $420,000 in 2026. However, the pace of home price hikes is slowing, he said
• Falling mortgage rates: Further helping home affordability, Yun also predicted that the 30-year fixed-rate mortgage will decrease to 5.9% in 2025. However, he said mortgage rates likely will increase to a 6.1% average by 2026.
Melissa Dittmann Tracey is a contributing editor for Realtor® Magazine and editor of the Styled, Staged & Sold blog. Reprinted from Realtor® Magazine Online, October 2024, with permission of the National Association of Realtors®. Copyright 2024. All rights reserved.
Home Buyer Age Hits Record High as First-Time Buyers Shrink
The U.S. housing market is split into two groups: first-time buyers struggling to enter the market and current homeowners buying with cash.
By The National Association of Realtors®
The first-time homebuyer market share decreased to a historic low of 24% (down from 32% last year), while home buyers’ ages hit all-time highs of 56 years overall (49 last year), 38 years for first-time buyers (35 last year) and 61 years for repeat buyers (58 last year), according to the National Association of Realtors®’ 2024 Profile of Home Buyers and Sellers.1 This annual survey of recent home buyers and sellers – this year tracking transactions between July 2023 and June 2024 – has been NAR’s flagship report since it first published in 1981, providing industry professionals insight into detailed homebuying and selling behavior.
“The U.S. housing market is split into two groups: firsttime buyers struggling to enter the market and current homeowners buying with cash,” said Jessica Lautz, NAR deputy chief economist and vice president of research. “First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers. Meanwhile, current homeowners can more easily make housing trades using built-up housing equity for cash purchases or large down payments on dream homes.”
The typical home buyer’s median household income for 2023 rose to $108,800 from $107,000 in 2022. First-time buyers had a median household income of $97,000, up from $95,900 the prior year and an increase of $26,000 in the last two years. Repeat buyers had a median household income of $114,300, up from $111,700 the previous year.
The share of married couples increased to 62% of all buyers, with single female buyers seeing a slight rise to 20%. Conversely, the share of single males decreased to 8% and unmarried couples dropped to 6%. In addition, the share of single female first-time buyers jumped by 5%.
Eighty-three percent of recent home buyers identified their ethnicity as White or Caucasian. Seven percent of recent buyers identified as Black/African American, 6% identified as Hispanic/Latino, 4% identified as Asian/ Pacific Islander and 3% as some other ethnicity.
Seventy-three percent of recent home buyers did not have a child under the age of 18 in their home – the highest share recorded.
Seventeen percent of home buyers purchased a multigenerational home, the highest share in the data series. The top reasons cited were cost savings (36%), to take care of aging parents (25%), children over the age of 18 moving back home (21%), and children over the age of 18 who never left home (20%).
“As home buyers encounter an unaffordable housing market, many are choosing to double up as families,” explained Lautz. “Cost savings are a major factor, with young adults returning home – or never leaving – due to prohibitive rental and home prices. Meanwhile, elderly parents and relatives are moving in with family members as home buyers reprioritize what matters most to them.”
Real estate agents played a crucial role in the homebuying process, with 86% of all buyers utilizing their services – the highest of all information sources used. Agents were the most useful information source in the home search process.
Eighty-eight percent of home purchases were made through a real estate agent or broker, demonstrating the continued importance of agents in the homebuying process. Nearly 90% of buyers each expressed satisfaction with their agent’s responsiveness, knowledge of the purchase process, honesty and integrity, knowledge of the real estate market and people skills. Eighty-eight percent of home buyers would use their agent again or recommend to others.
In 2024, the median down payments were 18% for all home buyers, 9% for first-time home buyers and 23% for repeat home buyers – the highest down payments for first-time home buyers since 1997 and repeat home buyers since 2003. First-time buyers continue to rely on savings (69%); however, 25% used loans or gifts from friends and family, 21% used financial assets and an all-time high of 7% used inheritances. A record 26% of home buyers paid cash for their homes.
The typical age of home sellers reached 63 years, the highest ever recorded. The share of married couples selling their homes was 69%, an increase from 65% last year, marking the first increase in four years.
For sellers, the most cited reason for selling their home was the desire to move closer to friends and family (23%), followed by home was too small (12%), home was too large (11%) and neighborhood becoming less desirable (10%).
“Family support systems are influencing buying and selling decisions,” said Lautz. “Being close to friends and family is the top reason to sell, while buying a home convenient to friends and family continues to grow in importance. Today’s buyers are less likely to be concerned with their work locations when purchasing,
perhaps because of a higher share of older repeat buyers and remote work flexibility remaining a factor.”
Ninety percent of sellers sold with the assistance of a real estate agent, up from 89% last year, and only 6% were for-sale-by-owner sales, an all-time low. Most sellers (87%) said that they would definitely (72%) or probably (15%) recommend their agent for future services.
“Most home buyers and sellers find it valuable to use an agent who is a Realtor® to help them maneuver through the complicated homebuying and selling processes, especially in a challenging housing market,” said NAR President Kevin Sears, broker-associate of Sears Real Estate/Lamacchia Realty in Springfield, Massachusetts. “Realtors® provide critical knowledge and expertise that ensure a successful transaction.”
Methodology
Data gathered in the report is based on primary residence home buyers. In July 2024, NAR mailed out a 127-question survey using a random sample weighted to be representative of sales on a geographic basis to 167,750 recent home buyers. The buyers must have
purchased a primary residence home between July 2023 and June 2024. NAR received 5,390 responses from primary residence buyers. After accounting for undeliverable questionnaires, the survey had an adjusted response rate of 3.2%. Per the REALTORS® Confidence Index, 83% of home buyers were primary residence buyers in 2023, which accounts for 4,756,000 homes sold in 2023 (among new and existing homes). Using that calculation, the sample at the 95% confidence level has a confidence interval of plus-orminus 1%.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.
Back to Basics: Social Media Marketing for Your Brokerage Focus
on creating content that provides useful information to your clients.
By Lee Nelson
Your relevance on social media as a brokerage, depends on a plan that’s more robust than simply posting new listings and sold listings or an online welcome for new agents, said social media expert Jenn Herman of Jenn’s Trends in San Diego, Calif. This kind of content, while good at showcasing that your brokerage is full of agents who can get the job done, doesn’t necessarily provide your audience with any value.
“That will actually hurt you,” she said. Instead, focus on creating content that provides useful information to your clients that they can use at any time. Tips for décor, seasonal needs and property maintenance go a long way. You can also focus on local referrals for landscapers, plumbers, cleaners and other homerelated needs.
Posting useful content on a consistent basis is the first step, but it isn’t enough. Social media is a space for cultivating a community, which means engaging.
“Don’t forget to set time aside regularly to engage with
your followers, respond to comments and follow-up on leads,” said Cindy Summer Perez, broker associate at Compass in Miami, Fla. “Connecting with your audience is key. If you’re juggling a lot, having an assistant can really help balance everything out.”
Pick Your Social Media Platforms
“There’s no magic number to success of how many platforms to use,” Herman said. “If you can do them all, that’s great. But if you’re doing them all poorly, then it’s not actually helping you. Instead, do as much as you can while creating quality content and connecting genuinely with your audience while still doing everything else in your job.”
The number of platforms isn’t as important as the quality content you provide. If you can only commit to one or two platforms, then do that—and commit to doing it well—rather than spreading yourself too thin.
“In general, the key is to go where your clients are,” she said.
Perez believes the same philosophy. She’s also noticed that each platform is best suited for a particular kind of content:
• Instagram – Perfect for visually-focused posts like listings, lifestyle posts and behind-the-scenes content.
• Facebook – A place to build community, run local ads and share longer content like blog posts.
• LinkedIn – Great for business-to-business networking, sharing industry insights and connecting with other professionals.
• YouTube – Perfect for longer-form videos like detailed home tours, market updates and educational content.
Get Your Branding Right
A solid brand presence is non-negotiable. Building brand recognition makes you more recognizable to a larger audience. Branding includes logos, colors, fonts and imagery, Perez said.
“The logo should be simple, memorable and reflective of your business’s values,” she explained. “Choose a color palette that conveys trust, professionalism and approachability.” She adds that blue often represents trust and green for growth.
When selecting a font, pick a clean, professional-looking one that is easy to read without being overly decorative. Your branding needs to reflect how people perceive your company, Herman remarks, and the right branding, when used consistently, creates immediate recognition.
“If you are bold, strong, and colorful, don’t pick a logo with dainty script font and light, airy colors. Also, simplicity is better than complexity when it comes to logo,” she said.
Streamline Your Process
If you’re not careful, social media can become allconsuming and take you away from other important aspects of your business that need your attention. It’s important to do what you can to streamline your process. If you don’t have the capacity to hire a social media manager, don’t fret. There are still several ways to optimize your time on social media.
Invest in a Publishing Tool
“One of the best things you can do is utilize a publishing tool or content dashboard that allows you to easily schedule content and post to multiple platforms,” Herman said. “These allow you to easily plan out your content in advance, so you’re not rushing to cram content posting into your busy day every day.”
Publishing tools are plentiful and most of them are cost effective, requiring a reasonable monthly fee depending on your needs. Some examples include Later, Buffer, SocialBee and Sendible. A quick Google search will provide you with myriad reviews and options. The key here is not to get too bogged down in the details. Pick one and get started.
Batch Your Content
Perez likes to create batches of content, so she’ll shoot multiple home tours at once, or she’ll take several photos that can be parsed out into individual posts. This method creates a backlog of options, which “means you always have something ready to go,” she said.
Built Out Templates
Online graphic design tools like Canva give brokerages the opportunity to set branding guidelines and make templates, so you don’t have to start from scratch every time you need to make a post.
Canva is Perez’s go-to for creating customizable templates for social media. “It’s packed with real statespecific templates – everything from open house announcements to just-sold graphics,” she stated.
“It’s one of the most common tools, which is great,” Herman said. “You can also use Photoshop or PowerPoint or other design tools based on your skill set or your support staff’s skills.”
Keep a Repository of Posting Ideas
Perez recommends using tools such as Google
Drive, Dropbox or Trello to store important articles, community events and resources for future use in social media posts.
“Create separate folders for different content types such as new listings, testimonials, and community news,” she remarks. “Testimonials are crucial for building trust. Keep them in your repository to quickly create posts highlighting positive client experiences.”
If your brokerage is sponsoring a community event or celebrating an agent’s 20th year in the business, for example, you can showcase that with photos or videos on social media. A repository also helps when things are slow and you’re having trouble coming up with post ideas
Consider How AI Can Help
If you’re comfortable using it, artificial intelligence can help you streamline your social media work.
“AI can suggest catchy headlines, generate hashtags, or even edit videos quickly, saving hours of manual work,” Perez said. “It can also help analyze engagement data to adjust your strategy and make posts more impactful.”
But she emphasizes that you must always add your personal touch to everything you do. It’s also important to not rely too heavily on AI from start to finish.
“The key right now with AI is to use it as a starting point for your content, not to rely on it exclusively,” Herman said. “Use AI to generate a list of questions or concerns most related to your target clients such as first-time homebuyer questions. Then you can use AI to flesh out detailed answers to those commonly asked questions. You can even ask AI to write you a Facebook post sharing tips for first-time homebuyers.”
However, AI won’t understand the nuances of your neighborhood and your community like you do, she added. Therefore, it’s important to only use it as a starting point and make sure you’re not publishing what AI provides verbatim. Check over everything. Personalize everything.
Keep Things Authentic
Social media should be treated as a vehicle for you to connect with your community. As such, you want to make sure it’s an accurate representation of yourself.
“Sharing your life, your personality, your interests and your flaws allows you to attract the right clients who want to work with you more and give you more referrals,” explained Herman. “Social media allows you to let yourself shine through. But that means showing up looking like you, sounding like you and acting like you.”
Lee Nelson is a freelance journalist from Illinois. She writes for several state REALTOR® association magazines. Reprinted from Realtor® Magazine Online, October 2024, with permission of the National Association of Realtors®. Copyright 2024. All rights reserved.
Image licensed by Ingram Image
Metro Areas Posted Home Price Increases in Third Quarter of 2024
A typical homeowner accumulated $147,000 in housing wealth in the last five years.
By The National Association of Realtors®
Approximately 90% of metro markets (196 out of 226, or 87%) registered home price gains in the third quarter of 2024, as the 30-year fixed mortgage rate ranged from 6.08% to 6.95%, according to the National Association of Realtors®’ latest quarterly report. Seven percent of the 226 tracked metro areas recorded double-digit price gains over the same period, down from 13% in the second quarter.
“Home prices remain on solid ground as reflected by the vast number of markets experiencing gains,” said NAR Chief Economist Lawrence Yun. “A typical homeowner accumulated $147,000 in housing wealth in the last five years. Even with the rapid price appreciation over the last few years, the likelihood of a market crash is minimal. Distressed property sales and the number of people defaulting on mortgage payments are both at historic lows.”
Compared to one year ago, the national median singlefamily existing-home price ascended 3.1% to $418,700. In the prior quarter, the year-over-year national median price increased 4.9%.
Among the major U.S. regions, the South registered the largest share of single-family existing-home sales (45.1%) in the third quarter, with year-over-year price appreciation of 0.8%. Prices also increased 7.8% in the Northeast, 4.3% in the Midwest and 1.8% in the West1.
The top 10 metro areas with the largest year-over-year median price increases, which can be influenced by the types of homes sold during the quarter, all experienced gains of at least 10.6%. Four of the markets were in Illinois. Overall, those markets were Racine, Wis. (13.7%); Youngstown-Warren-Boardman, Ohio-Pa. (13.1%); Syracuse, N.Y. (13.0%); Peoria, Ill. (12.4%); Springfield, Ill. (12.3%); Burlington-South Burlington, Vt. (11.7%); Shreveport-Bossier City, La. (11.5%); Rockford, Ill. (11.1%); Decatur, Ill. (10.9%); and Norwich-New London, Conn. (10.6%).
Eight of the top 10 most expensive markets in the U.S. were in California. Overall, those markets were San Jose-Sunnyvale-Santa Clara, Calif. ($1,900,000; 2.7%); Anaheim-Santa Ana-Irvine, Calif. ($1,398,500; 7.2%); San Francisco-Oakland-Hayward, Calif. ($1,309,000;
0.7%); Urban Honolulu, Hawaii ($1,138,000; 7.2%); San Diego-Carlsbad, Calif. ($1,010,000; 3.2%); Salinas, Calif. ($959,800; 1.5%); San Luis Obispo-Paso Robles, Calif. ($949,800; 6.7%); Los Angeles-Long Beach-Glendale, Calif. ($947,500; 5.6%); Oxnard-Thousand Oaks-Ventura, Calif. ($947,400; 2.8%); and Boulder, Colo. ($832,200; -3.0%).
Nearly 13% of markets (29 of 226) experienced home price declines in the third quarter, up from almost 10% in the second quarter.
Housing affordability slightly improved in the third quarter as mortgage rates trended lower. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $2,137, down 5.5% from the second quarter ($2,262) and 2.4% – or $52 – from one year ago. Families typically spent 25.2% of their income on mortgage payments, down from 26.9% in the prior quarter and 27.1% one year ago.
“Housing affordability has been a challenge, but the worst appears to be over,” Yun said. “Rising wages are outpacing home price increases. Despite some shortterm swings, mortgage rates are set to stabilize below last year’s levels. More inventory is reaching the market and providing additional options for consumers.”
First-time buyers found marginally better affordability conditions compared to the previous quarter. For a
typical starter home valued at $355,900 with a 10% down payment loan, the monthly mortgage payment declined to $2,097, down 5.5% from the prior quarter ($2,218). That was a decrease of $49, or 2.3%, from one year ago ($2,146). First-time buyers typically spent 38% of their family income on mortgage payments, down from 40.6% in the previous quarter.
A family needed a qualifying income of at least $100,000 to afford a 10% down payment mortgage in 42.5% of markets, down from 48% in the prior quarter. Yet, a family needed a qualifying income of less than $50,000 to afford a home in 2.2% of markets, down from 2.7% in the previous quarter.
About the National Association of REALTORS®
The National Association of REALTORS® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.
Halloween Education and Fun
On Oct. 30, the Salt Lake Board of Realtors® hosted an Education Summit, drawing approximately 200 attendees. The event featured a legal panel discussing critical issues like wire fraud and value proposition. Attendees enjoyed a lunch and a costume contest. The afternoon session included an inspiring class led by Sarah Foley, known as the "Vertical Blonde," a transformational speaker and breakthrough coach who empowers individuals to embrace their "Vertical Self" and unlock their potential. In a separate event, the Affiliates Committee organized a "Trunk or Treat" at the Realtor® Campus, bringing members together for some Halloween fun.
Photos by Dave Anderton, Kelley Wright
SEPTEMBER 2024
Salt Lake and Davis County Home Prices and Sales Rise in September Amid Slowing National Market
In September 2023, home sales in Salt Lake County rose by 4.16% to 952 units from 914 units the previous year, although typical September sales over the past five years have averaged 1,094 units.
Total sales volume across the county in September reached $611.8 million, an 11.41% increase from a year earlier. The median sale price for all housing types in Salt Lake County rose to $538,000, up 4.47% from $515,000 in September 2022. For single-family homes, the median price climbed slightly to $614,500, compared to $614,000 the previous year. The median price of multi-family homes increased to $423,000, a 4.44% rise from $405,000 last year.
The average time a Salt Lake County home spent on the market in September was 31 days, up from 23 days in September 2022.
In neighboring Davis County, the median home price (all housing types) increased to $525,000, a 5.63% rise from $497,000 the previous year. Home sales rose to 290 units, marking a 3.94% increase from 279 sales in September 2022. Homes in Davis County were on the market for an average of 34 days, up from 31 days a year ago.
According to the National Association of Realtors® (NAR), existing-home sales nationwide declined in September. Three of four major U.S. regions reported sales decreases, although the West saw a slight increase. Total existing-home sales—transactions including single-family homes, townhomes, condominiums, and co-ops—fell by 1.0% from August, reaching a seasonally adjusted annual rate of 3.84 million. Compared to September 2022, sales declined by 3.5% from 3.98 million.
“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago, and continued job additions to the economy. Perhaps, some consumers are hesitating to make a major expenditure, like purchasing a home, before the upcoming election.”
The monthly Realtors® Confidence Index reported that homes typically stayed on the market for 28 days in September, up from 26 days in August and 21 days in September 2022.
First-time buyers accounted for 26% of September sales, matching the all-time low set in August 2024 and November 2021, and down slightly from 27% in September 2022. According to NAR’s 2023 Profile of Home Buyers and Sellers, released in November 2023, the annual share of first-time buyers was 32%.
All-cash sales made up 30% of transactions in September, up from 26% in August and 29% in September 2022. In Salt Lake County, 18% of September transactions were all-cash.
Individual investors or second-home buyers, who account for many cash sales, purchased 16% of homes in September, down from 19% in August and 18% in September 2022.
Distressed sales—including foreclosures and short sales—represented 2% of September sales, remaining consistent with last month and the prior year.
“There are more inventory choices for consumers, lower mortgage rates than a year ago, and continued job additions to the economy.”
Lawrence Yun
Chief Economist
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
Gary Monk
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
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
Clayton Wilkinson
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
Thomas Wilkinson
Kimball Willey
Douglass Winder
Robert Wiskirchen
James Witherspoon
Linda Wolcott
Cynthia Wood
Sherrill Wood
HOMETOWN: Mapleton, Utah
WHAT DO YOU LOVE MOST ABOUT D.R. HORTON?
(Brad) The People! I love being part of a team that works to help people achieve home ownership. Building a quality home where people can live and grow with their family & friends is very rewarding. Also “We build people too!” I love helping start and build people’s careers with employment that provides for our ourselves, our families, and provides opportunities to do all the fun stuff we enjoy.
(Aspen) The environment & culture here are very motivating and positive! My team is like family to me, and I enjoy working closely with them. The support is unwavering, and I come to work and leave work with a smile on my face knowing I did something that mattered with good people.
Brad (pictured far right) is the Director of Construction for D.R. Horton, Utah Division, and is excited and proud to have family members (Aspen, pictured center and Dallen, far left) working with him at a company where family is first.
