Meet the 2020 Board of Directors Nominees Renovations with the Worst ROI
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Unlocking More Housing Inventory p. 20
Table of Contents Features 10
Meet the Board of Directors Nominees
18
Renovations with the Worst ROI
20
Unlocking More Housing Inventory Melissa Dittmann Tracey
30
‘This Can Kill a Sale No Matter How Beautiful the Home’
Columns 7
Mid-Year Market Report Scott Robbins – President’s Message
Departments 8
Happenings
8
In the News
26
Housing Watch
28
Realtor® Connections
28
On the Move
On the Cover: Cover: ©iStock Photo left: ink drop©/ Adobe Stock
This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.
Salt Lake
REALTOR slrealtors.com
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Maga zine
August 2019 volume 79 number 8
slrealtors.com
The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.
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1-National Association of Realtors® • 2-According to Jessica Lautz, vice president of demographics and behavioral insights and research at the National Association of Realtors® • 3- Based on rankings from Scotsman Guide® Top Originators List, 2018. • Guaranteed Rate is an Equal Opportunity Employer that welcomes and encourages all applicants to apply regardless of age, race, sex, religion, color, national origin, disability, veteran status, sexual orientation, gender identity and/or expression, marital or parental status, ancestry, citizenship status, pregnancy or other reason prohibited by law. Julia G. Borst NMLS ID: 275440; CA - CA-DBO275440, IL - 031.0038963, TX - 275440, UT - 5495305 • 9350 South 150 E., Suite 140 Sandy, UT 84070 • NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • CA - Licensed by the Department of Business Oversight, Division of Corporations under the California Residential Mortgage Lending Act Lic #4130699 • IL - Residential Mortgage Licensee - IDFPR, 122 South Michigan Avenue, Suite 1900, Chicago, Illinois, 60603, 312-793-3000, 3940 N. Ravenswood Ave., Chicago, IL 60613 #MB.0005932 • TX - Licensed in TX: Licensed Mortgage Banker & Licensed Residential Mortgage Loan Servicer- TX Department of Savings & Mortgage Lending • UT - Licensed in UT: Utah-DRE Mortgage Entity License #7495184 & Utah-DFI Residential First Mortgage Notification – Utah Department of Financial Institutions
Salt Lake
REALTOR
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President Scott Robbins Summit Sotheby’s
Michael Morgan Realtypath LLC
Mid-Year Market Report
Scott Colemere Colemere Realty Associates
First Vice President Alicia Holdaway Summit Sotheby’s
Jodie Osofsky Signature Real Estate Utah Mary Olsen Utah Key Real Estate
Second Vice President Matt Ulrich Ulrich Realtors®, Inc.
Sophie Reece Berkshire Hathaway
Treasurer Steve Perry Wise Choice Real Estate
Rob Ockey Century 21 Everest Dawn Stevens RealtyOne Group Signature
Past President Adam Kirkham Summit Sotheby’s
Brian Gottfredson Coldwell Banker
CEO Curtis Bullock
Tony Ketterling Equity Real Estate
Directors
Ryan Henderson Realtypath LLC
Michael Rowe Berkshire Hathaway Advertising information may be obtained by calling (801) 467-9419 or by visiting www.millspub.com
Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Katie Steckler Patrick Witmer
Sales Staff Paula Bell Paul Nicholas Chad Saunders
Office Administrator Cynthia Bell Snow
Administrative Assistant Caleb Deane
Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
U
tah’s real estate market/economy is one of the best in the nation, but with so many new jobs and people moving into the state the market is hitting an “emotional threshold on pricing,” according to Dejan Eskic, senior associate for the Kem C. Garnder Policy Institute at the University of Utah. Eskic, who spoke at the Salt Lake Board of Realtors® annual Business Meeting in July, offered a mid-year report on the state of the Wasatch Front housing market.
The good news is Utah is finally building more new housing units than the number of households being created. In 2018, there were nearly 25,000 new housing units built, approximately 1,060 more units built than the number of new households formed. Yet, we still have a deficit that may take years to balance. Between 2011 through 2017 there were roughly 111,000 housing units built. In that same period there were 162,000 households created. According to The Salt Lake Tribune, “Utah now ranks No. 1 in the nation for building new housing, but needs even more of it to help lower prices.” With 39 percent of today’s listings priced at $500,000 or above, Utah’s real estate market is top heavy, Eskic maintained. That is leading to more people buying condos and townhomes. The sale of condos/townhomes set a record in 2018, with nearly 9,000 multifamily units changing hands. The median price of those condos/ townhomes was $234,900, more than $115,000 less than last year’s median price of a single-family home, which was $350,000. Going forward we can expect increasing house-price pressures as Utah’s economic expansion continues, now in its 10th year of expansion and the longest in the state’s history. Utah is No. 1 in the nation in the percent change in new job growth, outpacing Nevada, Washington, Idaho and Texas. With more people and more jobs, the opportunities as a Realtor® are tremendous. Managing and shaping that growth will be a bigger challenge as we move ahead.
Scott Robbins President
The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions expressed by writers and persons quoted in articles are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®. Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs. While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication. Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.
OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. October 2005
August 2019 | Salt Lake Realtor ® | 7
Happenings
In the News More People Sign Contracts to Buy Homes
Pictured (clockwise): Curtis Bullock, left, CEO of the Salt Lake Board of Realtors®; Jim Bringhurst, past president of the Salt Lake Board of Realtors®; 2019 Board President Scott Robbins, Marty Carpenter, moderator; PR consultant Peter Watkins, Cheryl Acker, past president of the Salt Lake Board of Realtors®; and Amy Gibbons, vice chair of the Board’s Grievance Committee. Go to the podcast app on your iPhone or Android and search for “Salt Lake Board of Realtors®.”
New Podcast Tackles Sharing Sales Data with Third-Party Sites A new podcast by the Salt Lake Board of Realtors® addresses the issue of why Realtors® should not share sold-price data with third-party websites like Zillow or Trulia. “When we share our sold data we diminish the value of our own MLS,” said Scott Robbins, president of the Salt Lake Board of Realtors®. “We want our clients to go to UtahRealEstate.com rather than third-party websites. When Realtors® give sold data to third-party websites they are really hurting our profession.”
Utah Has Youngest Median Age; U.S. Population Grows Older The nation as a whole continues to grow older with the median age increasing to 38.2 years in 2018, up from 37.2 years in 2010, according to a new report by the U.S. Census Bureau. Half of the U.S. population is now over the age of 38.2. In 2018, Utah had the lowest median age at 31.0 years. Maine had adrenalinapura©/ Adobe Stock the largest increase in median age this decade, going from 42.7 years in 2010 to 44.9 years in 2018, making it the state with the highest median age in the country. North Dakota was the only state to see a decline in its median age, from 37.0 years in 2010 to 35.2 in 2018. In the U.S. there is one birth every 8 seconds, one death every 12 seconds, and one international migrant every 33 seconds. That translates to a net gain of one person to the U.S. population every 14 seconds.
8 | Salt Lake Realtor ® | August 2019
Pending home sales continued to ascend in June, marking two consecutive months of growth, according to the National Association of Realtors®. Each of the four major regions recorded a rise in contract activity, with the West experiencing the highest surge. The Pending Home Sales Index, a forward-looking indicator based on contract signings, moved up 2.8 percent to 108.3 in June, up from 105.4 in May. Year-over-year contract signings jumped 1.6 percent, snapping a 17-month streak of annual decreases. Lawrence Yun, NAR chief economist, said the 2.8 percent increase can be attributed to the current favorable conditions and predicted the rise is likely the start of a positive trend for home sales. “Job growth is doing well, the stock market is near an all-time high and home values are consistently increasing. When you combine that with the incredibly low mortgage rates, it is not surprising to now see two straight months of increases,” he said. Yun noted June’s contract signings indicated that buyers are both enthusiastic about the market and of the potential wealth gain, but he added that home builders need to increase inventory. “Homes are selling at a breakneck pace, in less than a month, on average, for existing homes and three months for newly constructed homes,” he said. “Furthermore, homeowners’ equity in real estate has doubled over the past six years to now nearly $16 trillion. But the number of potential buyers exceeds the number of homes available. We need to see sizable growth in inventory, particularly of entry-level homes, to assure wider access to homeownership.”
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MEET THE BOARD OF DIRECTORS NOMINEES Nine Realtors® are running for four open positions on the Board of Directors this year. Online voting takes place Aug. 19-25 at www.utahrealestate.com. All Realtors® are invited to vote. Nominees appear in order of application received.
BRIAN SUMMERS
I
am seeking this position because I have enjoyed serving on several committees at the Board thus far! I want to serve the membership at a higher capacity as a member of the Board of Directors. I have served on the Young Professionals Network Committee for four years and on the Grievance Committee for the last two years. I served as the chair of the YPN Committee in 2018 and as the Vice Chair in 2017. I have been a “Sterling R” RPAC investor since 2017. I enjoy helping other agents excel in their career. I run a small team within my brokerage. I really encourage agents to get educated and take CE classes seriously. I normally renew my license with three times the amount of required credit. I find that being educated and being involved at the Board is one of the best ways that the membership can bring those careers to the next level. I hope as a director that I can help the membership become more professional, more involved, and more productive. Brian is with K2 Realty and has been a Realtor® member for 10 years.
10 | Salt Lake Realtor ® | August 2019
JENN KIKEL-LYNN
B
y many of my peers, I’m known by my passion for collecting and donating shoes but more importantly, I also have a passion for the real estate industry and serving my community. I’m the broker of K Real Estate and also founder for a local nonprofit for suicide awareness. I have 15 years in the real estate industry, four years as a broker/ owner of a small brokerage, and three years actively involved in Board committees. Whether I’m a volunteer on a committee or a monetary sponsor, I firmly believe in giving back to the Salt Lake Board of Realtors® and also our community. I enjoy being a positive role model to my agents and teaching the importance of involvement with the Board, as well as, donating to RPAC. I have several mentors who are longtime members of the Board and at this point in my career, I would like to give back to others in the industry in the same manner that they have to me over the years. By being elected as one of the Directors, it would allow me to fulfill that role and also learn from my peers at a leadership level. I would be honored to serve and represent my fellow Realtors® as one of the Directors! Jenn is with K Real Estate and has been a Realtor® member for 15 years.
JODIE OSOFSKY
I
have lived in Utah my whole life and spent the last two decades helping people with their real estate needs locally. Real estate is in my blood. I can’t imagine doing anything different. My goal is to give back to my Realtor® family, as I have gotten so much from them. We serve our clients every day in our industry, whether that is helping them buy or sell a home, or advocating for their personal property rights and other community issues like affordable housing. We need to work diligently to protect the public as well as the integrity in our own community. I have served on many committees over the years including: Grievance and Professional Standards, Government affairs, and the Charity committee. I have loved every opportunity to be involved in helping protect, improve and educate our fellow Realtors® and affiliates in our industry. I welcome feedback, suggestions and concerns from our members. I will bring those topics forward to the board of directors in a thoughtful conversation that looks at all perspectives and possible outcomes. Education and continuing to grow our community is crucial to our future as an industry. I seek out the opportunity to advocate for my fellow Realtors® and our community every chance I get. I look forward to working hard for you all! Jodie is with Signature Real Estate Utah and has been a Realtor® member for 19 years.
NETWORK NETWORK FUNDING FUNDING TOP TOP UTAH UTAH PRODUCERS PRODUCERS
Tina Hogan Tina LoanHogan Officer
Kathy Kassel Kathy Kassel Loan Officer
Loan Officer
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Mike Sorensen Mike Sorensen Loan Officer Loan Officer
Network Funding Network Funding Now Serving the Salt Lake Valley Now Serving the Salt Lake Valley Our team is proud to serve the Salt Lake Valley! We are family-owned, family-focused and seek to change Our team is proud to servewith theour Saltcore Lakevalues Valley!ofWe are family-owned, family-focused and seek to change the mortgage experience integrity, reliability, and simplicity. the mortgage experience with our core values of integrity, reliability, and simplicity.
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Tina Hogan Tina Loan Hogan Officer Loan Officer NMLS#228236 NMLS#228236 Email: tina.hogan@nflp.com Email: Phone:tina.hogan@nflp.com (801) 910.2689 Phone: (801) 910.2689 nflp.com/tinahogan nflp.com/tinahogan
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Mike Sorensen Mike Sorensen Loan Officer Loan Officer NMLS# 174580 NMLS# 174580 Email: mike.sorensen@nflp.com Email: Phone:mike.sorensen@nflp.com (801) 696-4195 Phone: (801) 696-4195 nflp.com/mikesorensen nflp.com/mikesorensen
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Kathy Kassel Kathy Kassel Loan Officer Loan Officer NMLS# 323917 NMLS# 323917 Email: Kathy.kassel@nflp.com Email: Phone:Kathy.kassel@nflp.com (801) 652-5676 Phone: (801) 652-5676 nflp.com/kathykassel nflp.com/kathykassel
Cottonwood Branch- 2890 E Cottonwood Parkway, Ste 225 Cottonwood Heights, UT 84121 Cottonwood Branch- 2890 E Cottonwood Parkway, Ste 225 Cottonwood Heights, UT 84121 1 1
Based on Mortgage Executive Rankings. 2 See nflp.com/10-day-closing-program for full details. 3 When applying on the SIMPL App. Actual times may vary. Based on Mortgage Executive Rankings. 2 See nflp.com/10-day-closing-program for full details. 3 When applying on the SIMPL App. Actual times may vary.
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JENNIFER GILCHRIST
O
ver 20 years ago, I left my profession as a middle school teacher and entered the world of real estate, first as the marketing director for a mortgage company, and later as a Realtor®. Everyone thought I was crazy when I decided to become a Realtor® in 2007 right as the infamous “housing bubble” was beginning to burst and we were slipping into a national recession. I realized that if I was going to make this work, I was going to have to work hard–and smart. In the 12 years since, I have continued this philosophy, and I have been able to consistently grow my business ever since. Maybe it is my background as a former teacher, but my focus has always been on education—both for my clients, myself, and for my fellow members. Education is critically important in our profession—both for our members and for the general public. We need to stay ahead of the trends, especially in the current environment of rapid change that just seems to be continuously accelerating. My involvement in Board activities early in my career has helped me to better understand the impact that Realtors® can have in protecting private property rights. My involvement began by simply supporting some of the Board’s activities and has increased throughout the years. I have been able to truly make a difference by being involved with both the Grievance Committee and the Government Affairs Committee. I have learned the importance of being an RPAC investor. As my business has grown, I have been able to contribute more often, and have (Continued on page 14)
12 | Salt Lake Realtor ® | August 2019
JOHN LUCKY
H
i I’m John Lucky and I am running for Salt Lake Board of Realtors® Board of Directors. I am passionate about serving and giving back to our industry. For the past 16 years, I have been involved in numerous committees on the state and local board level. I have consistently donated to RPAC and am currently a “Sterling R” designation. I feel it is important to give back to an industry that allows me to live the lifestyle that I enjoy so much. Here are some of the things that I have been fortunate to be involved with: · 2014 – Present: Government Affairs/RPAC · 2017 – Present: UAR Legislative Committee, 2018 co-wrote Water Policy, 2019 working on Impact Fees. · 2018: Commercial Alliance Committee · 2015 – 2017: Grievance Committee · 2008: RPAC Chair · 2007: RPAC Vice Chair · 2006: UAR Leadership Graduate · 2004 – 2007: Shrimpfest Committee · 2004 – 2005: Kidsfest Committee I believe the Salt Lake Board of Realtors® has been led by some amazing leaders and I want the opportunity to follow in their footsteps. I would consider it an honor to serve as one of your Board of Directors and need your vote. Please mark the box next to John Lucky as one of your choices for your incoming Board of Directors. John is with Coldwell Banker Residential and has been a Realtor® member for 16 years.
BABS DE LAY
I
served for almost a decade as a Director on the Board back when we wrote contracts on bark and had to use pay phones to call people and paper maps to find addresses! I have served on virtually every committee and chaired several of them over my 35 years and I do contribute to RPAC. Our business is changing fast. More than ever small brokers like myself (and one-person offices) need a voice in our future decisions… but also to listen to and understand the trends that may negatively affect our business. We are partners in UtahRealEstate.com, and almost every day there’s competition arising for our valuable information that we work so hard to keep current and accurate. Fraud is rampant with hackers stealing clients’ money at closing, and business models for listings and marketing are changing rapidly. We have to be the voice of both small and large brokerages in the community and I often have found that I’m the one the news channels and newspapers call for quotes on the spur of the moment. I’d like to be a unified voice for all of us when I’m called upon as a teacher, a broker and member of our great community. Babs is with Urban Utah Homes and Estates and has been a Realtor® member for 35 years.
A POINT TO PONDER
Do you believe your income
per hour is fixed regardless of your company? Or, do you believe that your income per hour is
influenced by your environment, the people you work with and the systems and services available to you? Many Sales Associates have not considered this question. They assume that they will make the same income per hour regardless of where they work, so Sales Associates look for a company where they can pay less. We encourage you to consider the possibility of how your income could change with the support of a full-service brokerage.
summitsothebysrealty.com
©MMXIX Sotheby’s International Realty Affiliates, Inc. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit Sotheby’s International Realty 2019. All rights reserved.
JANICE SMITH
CARLYE WEBB
I
am so honored to be selected as a nominee for a position on the Board of Directors for the Salt Lake Board of Realtors®. My service in this industry has become a part of my identity, and I believe that giving back to our community is not only essential, but also one of my greatest achievements. I’ve dedicated countless hours to Board committees and charity events over the years and feel that being a member of the Board of Directors would be the greatest honor to date. On a personal note, I am the proud mother of three not-so-little boys and have been married to my wonderful husband for 18 years. I continuously strive to model for them a positive example of professionalism, hard work and service. I thank all of you for your contributions to the Salt Lake Board and hope that I can earn your trust, confidence and vote as a member of the 2020 Board of Directors. Some of my accomplishments include: 2018 Distinguished Service Award recipient – Salt Lake Board of Realtors®, 2018 Signature Premier Award recipient – RealtyONEGroup Signature, 2017 Realtor Gold Hall of Fame recipient – Salt Lake Board of Realtors®, 2017 Presidential Award recipient – RealtyONEGroup Signature, 2016 Signature Premier Award recipient – RealtyONEGroup Signature, serving on the Salt Lake Board of Realtors® Education Committee since January 2015, member of Women’s Council of Realtors®, Sterling R–RPAC major investor since 2017. Carlye is with RealtyOneGroup Signature and has been a Realtor® member for 15 years.
14 | Salt Lake Realtor ® | August 2019
A
fter serving on the Governmental Affairs Committee for the last several years I’ve come to realize the importance of being involved in all aspects of our industry. My concern for promoting professionalism in our industry also gives me reason to continue my involvement to another level. I have served on many committees over the years including Grievance, Professional Standards, Education Committee and UAR. I love being involved and ”giving back” to an industry that has given me so much. Our industry is constantly changing and if chosen to be on the Board of Directors I’d like to work on providing communication on pertinent issues to all members. I’m passionate about protecting personal property rights and addressing issues like affordable housing, taxes on services and transfer taxes. I encourage all the membership to get involved, be educated and support RPAC. Aside from real estate I love spending time with my kids, grandkids and playing tennis. I look forward to the opportunity to continue to serve the membership. Thanks in advance for your trust and support. Gilchrist (Continued from page 12) grown to become a major investor. As a Director, I will bring the same level of commitment and service that I have brought to my clients to our members. I will continue to emphasize and work to expand educational opportunities for our members and for the public. I will
LISA O’BRYAN
I
believe in the mission of the Salt Lake Board of Realtors® and would be honored to represent the small brokerages making sure their voices are heard at the Director level. I am broker/owner of Salt Lake City Realty, a small company. I have 18 years working in all aspects of the real estate industry. I’m privileged to be serving on the Professional Standards Committee. I’ve also served on the Grievance, RPAC, and Commercial Alliance committees. Helping educate members on the importance of protecting homeownership rights by contributing to RPAC is a priority, as well as showcasing the benefits to becoming more involved with all the Board has to offer. I am a proud mother of two children. I live and work in beautiful Holladay. I enjoy being involved and giving back to my community, serving as president for the Holladay City Arts Council. With my diverse life experiences, including being a two-time cancer survivor, I have the strength, dedication, and enthusiasm to serve the membership! I humbly ask for your vote. Lisa is with Salt Lake City Realty and has been a Realtor® member for 15 years.
continue to support RPAC and encourage others to get involved to help elect candidates that encourage and support private property rights. I hope I can serve our members as a Director for the Salt Lake Board of Realtors®. Jennifer is with Utah Key Real Estate and has been a Realtor® member for 12 years.
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A major mistake sellers make when undertaking home improvement is tailoring the project to their own personal tastes without considering potential resale value.
S
ome of the most popular renovations, such as a kitchen remodel or landscape upgrade, are likely to cost your sellers more than they’ll get back at resale. And a major mistake sellers make when undertaking home improvement is tailoring the project to their own personal tastes without considering potential resale value, Alex Lavrenov, a broker with Warburg Realty in New York, told Forbes.com. Some costly renovations may even hurt your sellers’ chances of attracting offers at all. Removing the Bathtub. Large, luxurious standing showers are trendy, but getting rid of a bathtub altogether could prove to be a costly mistake. “Families with small children will most likely want a bathtub,” says Jean Brownhill, CEO and founder of Sweeten, which matches homeowners with contractors. “Older homeowners will more likely want a walk-in shower for accessibility’s sake. Think about your neighborhood demographics and who has been moving in and out. If it’s largely an older demographic, building a walk-in shower is probably a good idea. If it skews younger, keep that bathtub.”
18 | Salt Lake Realtor ® | August 2019
Hobby Rooms. “Specialized hobby spaces will only appeal to other hobbyists who share your passions, whether jewelry making, pottery, or woodworking,” says Gerard Splendore, another broker with Warburg Realty. “I don’t know if anyone includes a home darkroom anymore, but if it is in the listing description, it may deter buyers from even coming to see the property.” Over-Customization. Wallpaper, fixtures made from high-priced materials, or painting the walls with designs can be a turnoff to buyers. “These types of features tend to be very personal to the current homeowner and don’t necessarily translate into added value for the next homeowner,” Lavrenov says. “My recommendation would always be for the seller to save their energy and money because these cosmetic renovations probably will not add any resale value.” Beware of adding fixtures, such as shelving, media consoles, and Murphy beds. “You want to steer clear of adding fixtures that the buyer might actually want to do away with as soon as they move in or renovations that they feel actually take away from the living space.” NoDownPayment-realtormag.pdf
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In addition, real estate referral company HomeLight recently produced the following infographic detailing some of the best and worst renovation projects as they relate to ROI. HomeLight found that simply deep-cleaning your house could have a significant return on investment compared to high-end landscaping. Reprinted from Realtor® Magazine Online, July 2019, with permission of the National Association of Realtors®. Copyright 2019.
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August 2019 | Salt Lake Realtor ® | 19
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Unlocking More Housing Inventory New-home construction levels have failed to keep pace with population growth, shifting demographic preferences, and the aging housing stock. By Melissa Dittmann Tracey
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our sales volume should be higher. To some extent, the reason it isn’t lies with the persistent housing shortages nationwide—an issue the National Association of Realtors® and other groups have been talking about for years.
Additional inventory, he added, will also help contain rapid home price growth and open up markets around the country to more prospective home buyers who have been priced out.
New-home construction levels have failed to keep pace with population growth, shifting demographic preferences, and the aging housing stock. Evidence of the shortage: The deficit of homes for sale is fueling higher home and rental prices. The median existing-home sales price in March was $259,400, which marked 85 consecutive months of year-over-year price gains.
How Deep Is the Shortage?
What about increases in rental prices? “We have a growing population, and we need more housing to accommodate it,” said NAR Chief Economist Lawrence Yun. “There is a good probability for solid home sales growth once the supply issue is addressed.”
20 | Salt Lake Realtor ® | August 2019
The U.S. is about 2.5 million units short based on long-term growth projections, Freddie Mac estimates. Laurie Goodman, vice president of housing finance policy at the Urban Institute, calls the housing shortage a crisis. The Institute has found a shortfall of about 350,000 units per year due to underbuilding since 2009. The result will be “a huge deficit in housing over the next decade,” she said. To be sure, some markets are seeing improved inventory levels. But it’s largely skewed to one segment: upper-end housing. In April, the number of homes listed at or above $750,000—more than double the national median
price—rose by 11 percent year over year; homes priced $200,000 or below dropped 8 percent. Lower-priced housing inventories remain tight. As of March, according to NAR, nearly a year’s worth of luxury home supply was for sale compared with barely a three-month supply in the lowest end of the market, homes priced below $100,000. No Simple Fix for Inventory Shortfalls But real estate pros are working to make a dent in the housing gap using multiple approaches: teaming with builders to create more inventory, overcoming not-in-my-backyard mindsets, or becoming stronger voices for the zoning and regulatory changes many governments are weighing as a way to increase housing density and affordability. Partner Up With Builders Increasing new-home construction sounds like the obvious solution to inventory shortages, but obstacles such as impact fees and regulations that limit new-construction densities are
numerous. Builders also face ongoing labor and land shortages and rising building costs. In addition, the bulk of new construction has been in the higher price brackets for years, but that’s changing. In March, the average cost of a new home dropped to $302,700. That’s nearly 10 percent below one year ago and the lowest average cost since February 2017, the U.S. Commerce Department reported. And more affordable, entry-level housing is coming, said economists at the 2019 NAHB International Builders’ Show. Townhouse starts are up 24 percent on an annual basis. “If we can find a way to zone greater density in communities, townhouses could be a good way to bridge renters into homeownership,” said Robert Dietz, chief economist of the National Association of Home Builders. Another possible route: prefabricated housing— homes partially built in factories—that would allow builders to add inventories at lower costs and possibly trim construction time by half. But the public must be able to get beyond the stigma that prefab housing sacrifices quality and style, presenters said at IBS 2019.
August 2019 | Salt Lake Realtor ® | 21
Buyers also may need to warm up to “new” as an option. The long wait until move-in day can be off-putting (the average single-family home takes seven months to complete), as can the higher cost compared with comparably sized existing homes. And some find the countless decisions to be made about fixtures and finishes to be daunting. Real estate professionals can help, said Quint Lears, a real estate pro with RE/MAX Classic Real Estate in Las Cruces, N.M. “Builders and real estate professionals need each other—we need more inventory, and builders need more buyers of their new homes,” said Lears, author of Partnering With Brokers to Win More Sales (National Association of Home Builders, 2018). Builders have avoided overbuilding and limited spec building since the Great Recession and are waiting for buyers to come to them first. Lears urges agents to connect with builders and learn about their floor plans and available inventory and then present options to buyers, even those who initially resisted buying new. Training as a new-home specialist is available through the Real Estate Buyer’s Agent Council. Real estate pros need to overcome any reluctance they may have about pursuing new-home sales opportunities given the longer timetables and potential concerns about working with the builder’s sales agents. “As brokers, we’re missing a huge opportunity if we dismiss new-home sales, and we miss a competitive edge from showing buyers inventory that isn’t even on the MLS yet,” Lears said. Turn One Home into Two Accessory dwelling units—which are independent units or “granny flats” added to existing homes—are another way to build inventory. Fannie Mae selected ADUs as one of three innovative ideas to tackle housing shortages. The company is funding a pilot program in Denver to add ADUs to low- and middle-income housing and also generate extra income for homeowners. This infill housing helps support multigenerational living and allows aging homeowners to stay put longer, since they can rent the ADU or primary residence to earn extra income and gain help with home maintenance. Kassidy Benson, owner of Living Room Real Estate in Denver, created an online database showing properties for sale that are zoned as ADUs in her market. She has carved out a niche in ADUs as a way not only to respond to inventory shortages but also to educate clients about zoning and permitting issues and the costs of building ADUs. “I help them learn the
22 | Salt Lake Realtor ® | August 2019
ins and outs before they build one or buy a property for an ADU,” she said. “ADUs can be a great solution. We could effectively double the inventory in Denver with them. But as Realtors®, we need to help our clients figure out if they can even finance one and guide them in understanding the zoning codes so they don’t make bad decisions.” ADUs can be costly to build, commonly $150,000 to $250,000 in Benson’s market. Prefabricated ADUs could cut costs in half, but homeowners need to know about the limits of what cities allow. Many cities are adopting ADU ordinances or are considering them. “In places like Austin, Texas; Portland, Ore.; and Denver, we don’t have enough inventory,” Benson said. “But we still need to crack the (zoning) code on them and work out the financing part if they’re going to a viable solution. I believe they can be once we do.” (Read “The Rise of the Accessory Dwelling Unit”). Find an Opportunity Zone Some real estate pros are leveraging “opportunity zones”—one of the biggest tax breaks in decades—to show investors how to add housing and revitalize areas that were once cast aside. The opportunity zone program, spawned by the 2017 federal income tax overhaul, offers tax breaks to investors who purchase and improve property in one of about 8,700 areas nationwide. Investors can reduce or postpone taxes on their profits from stocks, businesses, or investment partnerships by reinvesting those funds into these areas. If they make “substantial improvements” and hold the investments for at least 10 years, they may avoid taxes on future profits. Designated zones have been identified by states and certified by the U.S. Treasury Department as ripe for revitalization, with poverty rates averaging more than 30 percent and an unemployment rate 1.5 times the national average. Brett Theodos, a senior fellow at the Urban Institute, is studying the potential impact. “The incentive is linked to appreciation, so it’s more likely to be used to build property assets that will appreciate over time,” like bringing in new businesses or multifamily housing, he said. It also could bring in greater housing supply to alleviate low-inventory pressures elsewhere, but most likely will aid middle- to higherprice brackets more than affordable housing, Theodos said. “We will know within three or four years how much capital communities are accessing” in these zones and whether the program is having an impact on revitalization and stimulating extra housing, he said.
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Be a Voice for Change Taking a long view of the housing pipeline, Realtors® are playing a critical role in guiding the conversation and offering assistance. NAR’s Community Outreach and Smart Growth grants can be used to fund community or association workshops or conduct studies to pinpoint what’s inhibiting housing production and define solutions. “Realtors are uniquely positioned to be change agents in their communities,” said Hugh Morris, NAR’s manager of smart growth. “Because Realtors® have connections that are both broad and deep, they have the ability to bring together stakeholders like city officials, the business community, housing nonprofits, and others to have the kinds of conversations that can solve problems,” added Wendy Penn, manager of NAR’s housing opportunity program. ®
The Maine Association of Realtors® has used NAR grants to conduct three-day problemsolving workshops known as charrettes in 2017 and 2018. The workshops brought together Realtors®, city leaders, architects, and residents to address the state’s aging housing stock and its lack of affordable housing. Leaders at the gatherings took a specific area, drew up plans for revitalization, and then presented the plans to lawmakers. Because of the charrettes, plans for affordable housing and retail are underway to revitalize an abandoned mill area in Sanford, Maine. “In real estate, we have an obligation to find a home for everyone,” said Greg Gosselin, owner of Gosselin Realty Group in York, Maine, who
24 | Salt Lake Realtor ® | August 2019
helped plan the meetings. Gosselin said people should be alarmed if they have to drive 20 or 30 miles outside a city center just to find housing they can afford. “We need to have a balanced, vibrant community that supports all types of income levels, and we need to have housing for those—like firefighters and teachers—who make our cities work,” he said. Also using Community Outreach grants, the Richmond Association of Realtors® has made headway on several long-term solutions. It created the Partnership for Housing Affordability, a nonprofit group that works alongside lawmakers and city leaders to develop more affordable housing in the city, from creating long-term city planning documents to raising funds and advocating for zoning changes. The association also helped create a community land trust, a land bank holding tax-delinquent properties that are turned over to nonprofit organizations to remodel and sell. The land trust retains ownership of the land parcel. When the properties are sold to incomequalified buyers, to keep costs down, the cost of land isn’t included in the purchase price. When the home is sold years later, the owner keeps half of the equity created by the home’s appreciated value; the other half is returned to the land bank. When the home is sold again to new owners, they pay less than the market’s home value again. “That keeps the home affordable for years to come,” said Laura Lafayette, CEO of the Richmond Association of Realtors®, adding they plan to help 871 families meet housing
needs with the housing bank alone over the next two decades. Some real estate professionals also are identifying populations most starved for housing. About four years ago, Navy veteran and real estate pro Mark Solomon, with Keller Williams, Kansas City North, teamed with fellow vets to create a tiny-home village in a once-empty city lot to house homeless vets. About 200 vets sleep on the streets in Kansas City, Mo., on any given night, Solomon said. The Veterans Community Project will have 49 furnished 240-square-foot homes available to homeless vets by the end of the year. Vets can live in the homes rent-free while also accessing onsite services to address extra needs, such as employment and health, as they transition into permanent housing.
has helped raise nearby property values. “We want to change the narrative,” Solomon said. “Done correctly, you can build homes with dignity for vets and others—and if you do it correctly, it can even help raise local values.” Addressing the need for affordable housing has become a personal mission for these impassioned real estate pros. “There is a regulatory impediment to housing affordability,” Lafayette said. “We need to get more people joining our pack. We need lenders, city officials, lawyers, everyone in this fight with us. We have a part in engaging in education on this and making a lasting change.” Reprinted from Realtor® Magazine Online, July 2019, with permission of the National Association of Realtors®. Copyright 2019.
“It was an idea scribbled on a napkin about five years ago. Now it’s turned into a nationwide multimilliondollar charity,” Solomon said. The project also serves as a model for other cities and aims to counter not-in-mybackyard attitudes about affordable housing. For example, Solomon is consulting with developers about adding tiny homes to house homeless veterans in a new subdivision in Longmont, Colo. The tiny homes with mountain views will be built among 500 homes priced between $400,000 to $900,000. Solomon is also working to commission a study to confirm his anecdotal evidence that the Kansas City tinyhome community
August 2019 | Salt Lake Realtor ® | 25
JUNE HOUSING WATCH Low Housing Inventory Leads to a Drop in Home Sales Home sales (all housing types) in June fell in both Salt Lake and Davis counties, down 8 percent and 5 percent respectively, compared to June 2018. The drop followed two consecutive months of rising sales this spring (April and May). The median price of a home in Salt Lake County sold in June was $347,000, up 6 percent compared to the June 2018 median price. In Davis County, the median price increased 7 percent to $335,000. The median days a listing remained on the market in June ticked up in Salt Lake and Davis counties to 15 days year-over-year for each county. Based on current sales trends over the past 12 months there is currently 3.6 months of housing inventory in Salt Lake County – meaning if no additional listings were put on the market, the current inventory would all sell within 3.6 months. Inventory levels of less than 6 months indicate a seller’s market. In addition, if it takes homes less than six months to sell, that’s usually a sellers’ market. In the second quarter, single-family home sales in Salt Lake County fell 1 percent to 3,648 units sold, down from 3,680 units sold a year earlier during the same period. In Davis County, sales were flat at 1,247 units sold, down from 1,251 units sold a year ago. Nationally, sales as a whole are down 2.2 percent from a year ago (5.39 million in June 2018), according to the National Association of Realtors®. “Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country,” said Lawrence Yun, NAR’s chief economist. Yun says the nation is in the midst of a housing shortage and much more inventory is needed. “Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices,” he said. Yun said other factors could be contributing to the low number of sales. “Either a strong pent-up demand will show in the upcoming months, or there is a lack of confidence that is keeping buyers from this major expenditure. It’s too soon to know how much of a pullback is related to the reduction in the homeowner tax incentive.” The national median existing-home price for all housing types in June reached an all-time high of $285,700, up 4.3 percent from June 2018 ($273,800). June’s price increase marks the 88th straight month of year-overyear gains. First-time buyers were responsible for 35 percent of sales in June, up from 32 percent the month prior and up from the 31 percent recorded in June 2018. NAR’s 2018 Profile of Home Buyers and Sellers – released in late 20184 – revealed that the annual share of first-time buyers was 33 percent. As the share of first-time buyers rose, individual investors, who account for many cash sales, purchased 10 percent of homes in June, down from 13 percent recorded in both May 2019 and June 2018. All-cash sales accounted for 16 percent of transactions in June, down from May and a year ago (19 percent and 22 percent, respectively). Distressed sales – foreclosures and short sales – represented 2 percent of sales in June, unchanged from May but down from 3 percent in June 2018. Less than 1 percent of June 2019 sales were short sales.
26 | Salt Lake Realtor ® | August 2019
Salt Lake & Davis County HOME SALES
Salt Lake County DOWN 8% 1,894
Davis County DOWN 5%
1,749
543
JUNE 2018
JUNE 2019
JUNE 2018
MEDIAN PRICE
JUNE 2018
$347,000
JUNE 2019
$312,000
JUNE 2018
MEDIAN CDOM
UP 36%
$335,000
JUNE 2019
UP 67% 15
11
JUNE 2018
JUNE 2019
UP 7%
UP 6% $327,500
514
15 9
JUNE 2019
JUNE 2018
JUNE 2019 August 2019 | Salt Lake Realtor ® | 27
REALTOR® Connections Advice from a Past President Cheryl Acker 2015 President of the Salt Lake Board of Realtors® Associate Broker Utah Key Real Estate Q: The National Association of Realtors® has launched a new endorsement called Committed to Excellence or C2EX. What is it? A: Committed to Excellence is a new program that empowers Realtors® to evaluate, enhance and showcase their highest levels of professionalism. It’s not a course, class or designation—it’s an endorsement that Realtors® can promote when serving consumers and other Realtors®. We already have 18 people in Utah with this endorsement and I challenge Realtors® and Brokers to get involved. It doesn’t take a lot of time but it has great information! Q: Why is it important? A: It is an opportunity for us to raise the bar of professionalism. Realtors® defined professionalism in this industry more than 100 years ago when they created the Code of Ethics. C2EX takes professionalism to the next level by enabling NAR members to assess their expertise in 10 (11 for brokers) elements of professionalism ranging from customer service to use of technology. Q: What are the requirements? A: It is free! C2EX is an innovative engagement tool that encourages participation in all levels of the Realtor® organization. Users start with a self-assessment that measures their proficiency in each of the elements of professionalism, known as the C2EX Competencies. Based on their results, the platform will generate customized learning paths, recommend experiences, and provide tools and resources to increase knowledge and enhance skillsets. You can get started at www.C2EX.realtor. Login with your NAR login and password.
Children’s Charity Carnival Utah Key Real Estate and Academy Mortgage recently hosted the Children’s Charity Carnival at The Road Home shelter and YWCA battered women’s shelter. Both events were aimed at giving those in a hardship a reprieve from their troubles. Along with the fun, $4,000 was given to YWCA for school clothes. Each child at The Road Home received a nice new toy, underwear, haircut and books. In addition, there were carnival games, super hero and princess characters, face painting, performances by the Jazz dunk team, Snowie cones, Apollo Burger and the Unified Fire Department.
28 | Salt Lake Realtor ® | August 2019
On the Move Wise Choice Real Estate is pleased to welcome the following new agents to its brokerage: Gina Bacalski, Issac KK Davis Vigil, Tyler Wissler, Denise White, Leslie Rodeback, Gabe Garcia, Charles Nelson, Mike Crowder, KK Davis, Trazee Boyd, Beth Harper, Rodolf “Rudy” Arthur, Jared Estrada, Justin Zesiger, Shane Healy, Amanda Stanley, Cletus Degboe, Marinda Bean, Ken Barrett, Maritie Lanza, and Stacy Fife. Windermere Real Estate Utah welcomes the following new Realtors®: Rachael Burk, James Burroughs, Jessica Despain, Hillary Walker, Kylee Affleck, and Preston Tait.
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One of the most commonly searched for financial topics on Google in the United States is “income taxes,” according to a report by TermLife2Go. Arizona, Colorado, Utah, and Washington all googled “mortgage” the most, possibly because they’re among the top 10 fastest growing states. Retirement was the most googled term in Wyoming, the state with the fastest growing senior population. New York’s most googled term was estate planning. That’s probably partly because the state ranks among the top ten worst for estate tax laws. It’s also likely because New York City is home to more millionaires than any other place in the world.
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‘This Can Kill a Sale No Matter How Beautiful the Home’
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he home may look great, but if you don’t get this one thing right, buyers won’t be buying, real estate pros say. And that all centers around the smell—the sense that too many home sellers neglect to pay attention to. Some home sellers may be noseblind to their home’s scent, and they need the real estate professional to offer a fresh unbiased opinion.
“One of the easiest ways to evoke pleasant feelings about a space is to enhance the way it smells,” Ben Creamer, a managing broker in Chicago, told realtor.com®. “It’s often the first thing a person will notice upon entering a space—and it’s one of the things that, when done poorly, can kill a sale no matter how beautiful the home.” To freshen up the smell, scrub all surfaces, wash all rugs, and have the carpets cleaned, suggests Barb Boehler, a real estate professional in Madison, Wis. “Until this is done, you’ll only be masking smells,” she said. Real estate professionals offer some of the following tips: Clean the Fridge: Clean out the refrigerator, which could be a culprit of any bad scents. Lisa Jacobs, an organizing professional and founder of Imagine It Done, suggests leaving a fresh box of baking soda on a shelf to help remove any lingering odors.
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Carpet Cleaning: Carpets and rugs can be a culprit of smells. Get carpets and rugs shampooed or steam-cleaned regularly, and particularly prior to an open house, suggests Jennifer Snyder, owner of Neat as a Pin Organizing & Cleaning. Bake for a Smell: Cedric Stewart, a residential sales consultant in Washington, D.C., told realtor. com® that he likes to take out pumpkin or banana bread from the oven prior to an open house. “This provides a great smell and treats seem to stick in the buyers’ mind after they leave,” he said. He said he’ll sometimes brew a fresh pot of coffee to go with it too. Use Soap: Gather up all those unused bars of fancy soap over the years and place them in a pretty bowl on a bathroom counter, suggests Creamer. “It can fill a room with a remarkably clean, fresh scent for weeks,” he said. “You can even hide a bar or two in a walk-in closet to freshen the space.” Another trick to freshen up confined spaces: Use laundry dryer sheets, suggests Ben Mizes, a real estate professional in St. Louis. Tuck a dryer sheet in closets or other confined spaces to help make them smell like fresh laundry, he said. Source: “The One Thing That Can Make or Break How People Feel About Your House,” realtor.com® (July 31, 2019)
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