Salt Lake Realtor – June 2019

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Table of Contents Thank you to our members and sponsors of this year’s RPAC golf tournament. p. 10

Features 10 2019 RPAC Golf Tournament 12 10 Skills You Have to Calm

Commission Gripes Tonya Eberhart and Michael Carr

18 The 10 Hottest Cities for Young Millennials Lance Lambert 25 Professionalism Matters: Fairness of the Professional Standards Process Holly Rawson

Columns 7 Be Grateful for Being a Utah Realtor®

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: Aerial view of Travers Mountain.

Photo: Dave Anderton Photo left: Dave Anderton

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.

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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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President Scott Robbins Summit Sotheby’s

Michael Morgan Realtypath LLC 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.

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Treasurer Steve Perry Wise Choice Real Estate

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Past President Adam Kirkham Summit Sotheby’s

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

Managing Editor Dave Anderton

Be Grateful for Being a UTAH REALTOR®

L

ast month I went to the NAR Midyear meetings where we lobbied our representatives to promote the American Dream of Homeownership.

During these meetings, I was able to meet many different Realtors® from across the nation. In doing so, I was able to collaborate with leadership from other states across our country. What I can tell you is that we are very fortunate to be Realtors® in the state of UTAH. Here are some things that we should be thankful for.

1) A strong, active and financially sound Board of Realtors®. Many boards are not able to offer all of the services we provide our members.

2) One MLS that allows us to sell from Ogden to Moab. Can you imagine what it would be like if you had to join an MLS in Sandy, then another in Salt Lake, then another in Bountiful? Many states have multiple MLSs that you have to join if you want to do business in those areas.

Publisher Mills Publishing, Inc. www.millspub.com

3) Cooperating neighboring Boards. The Utah Central, Northern Wasatch, and surrounding boards are wonderful organization and we all support each other.

President Dan Miller Art Director Jackie Medina

4) Strong Legislative Voice - We are a voice at the Captial. Our legislative committees and leadership are heavily involved in what goes on at the state legislature. We should be thankful to have such strong leadership. Thank you to all of those who contribute to RPAC allowing us to be so effective.

Graphic Design Ken Magleby Katie Steckler Patrick Witmer Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Karen Malan Paul Nicholas Chad Saunders 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.

5) Cost of doing business - The cost of doing business as an independent contractor in our state is significantly lower compared to other states. For less than $1000.00 a year, you are able to potentially run a multi-million dollar business.

6) Strong Realtor® Family - we have a great community of Realtors® who constantly give back to our community. Their countless hours and commitment are powerful and inspiring to us all. I am grateful for them.

It is easy in the daily grind of real estate to forget how fortunate we are to be Realtors® in Utah. This trip was a great reminder to me of how good we have it here. I am proud to be a Realtor®. And I am grateful to be a UTAH REALTOR®.

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®.

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June 2019 | Salt Lake Realtor ® | 7

Happenings

In the News More ADUs Being Built

Commercial Town Hall Focuses on Growth after Prison Relocation

Image licensed by Ingram Image

More than 200 Realtors and affiliate members recently attended a Commercial Realtor® Town Hall that featured Bluffdale Economic Development Director Grant Crowell, pictured above left, Draper Mayor Troy Walker, Herriman Councilwoman Nicole Martin, and Riverton Mayor Trent Staggs. The meeting focused on how the relocation of Utah State Prison will shape growth in the coming decade. The prison sits on nearly 700 acres of land adjacent to Interstate 15 and could open new development for a tech center or mixed-use development with residential options. “Draper may soon have high-rises; Herriman’s population is expected to nearly double over the next dozen years; Riverton is set to break ground on a massive commercial project by the end of this year, and Bluffdale officials expect new ways to be the connecting city between Salt Lake and Utah counties,” a KSL.com article said about the meeting. The Realtors® Commercial Alliance Committee planned and hosted the event.

Home improvement professionals say they’re fielding more inquiries from homeowners about adding accessory dwelling units—often nicknamed “granny flats.” A fifth of remodeling contractors say they undertook projects over the last year to create an ADU by converting an existing space, and a similar number say they created an ADU by building a new addition to a property, according to a new survey released by the National Association of Home Builders.

Pictured: former Board president Sharon Spratley, left, discusses professionalism with Salt Lake Board of Realtors® President Scott Robbins, PR consultant Peter Watkins, Board Treasurer Steve Perry and moderator Marty Carpenter.

ADUs have been cited by industry experts as one possible solution to low inventory, and that has prompted some cities to explore ordinances or programs to add more ADUs to existing properties. For example, Fannie Mae last year picked an ADU program in Denver as one of its three “innovative ideas” for tackling housing shortages. Through this program, city officials and community development nonprofits work together to educate low-income homeowners about how to build ADUs that they can then rent out to earn extra money.

Podcasts to Make You a Better Realtor® The Salt Lake Board of Realtors® recently launched its very own podcast series on Realtor® issues. These podcasts feature expert guests and topics to make you a better Realtor®. Go to the podcast app on your iPhone or Android and search for “Salt Lake Board of Realtors®.”

8 | Salt Lake Realtor ® | June 2019

ADUs are smaller units added to a property, and they can be pricey to build. Only 6 percent of remodeling contractors report completing an ADU project for less than $25,000. Threefourths say ADU projects cost at least $50,000, and 28 percent report projects costing at least $150,000.

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2019 RPAC Golf Tournament

T

he Salt Lake Board of Realtors recently held its annual RPAC Golf Tournament at the River Oaks Golf Course in Sandy. More than 150 members and sponsors participated in the event. Rolando Gill of Equity Real Estate won a free year of membership dues ($895 value). The Board thanks the many sponsors and members for participating in the tournament.

Photos: Dave Anderton

10 | Salt Lake Realtor ÂŽ | June 2019

June 2019 | Salt Lake Realtor ® | 11

©rocketclips/ iStock

10 Skills You Have to Calm Commission Gripes One of the reasons you’re worth the commission is because you’re there when your clients need you. Your clients should know that access is invaluable.

By Tonya Eberhart and Michael Carr

E

ven if you’re armed with vast amounts of knowledge of the industry, it isn’t very valuable without experience. To use a sports analogy, imagine that Michael Jordan had all the skills necessary to be a basketball phenomenon in his early teens but never put them to use. Would he be the hoops superstar he is today? Without the experience of playing the game, the short answer is no.

You are no different. Without experience dealing with the ups and downs of the real estate market, you wouldn’t have the answers to the critical questions your clients seek. Is a certain obstacle to the transaction really a deal breaker? Why are certain homes selling faster than others in a particular area? Which marketing tools have been proven to work best to attract a specific customer? Which negotiating tactics are likely to move things to the closing table faster? Let’s look at how your experience supports your commission with tips drawn from our book, 31 Reasons Your Real Estate Agent Is Worth Their Commission.

1. You’ve got tools your clients don’t have. You could pull your own bad tooth

12 | Salt Lake Realtor ® | June 2019

with a pair of pliers, but the dentist—who went to school to learn and practice the skills of dentistry—has all the right tools. And after the procedure, the dentist knows the next step.

Similarly, when it comes to real estate, only you know all the rules, pitfalls, and expectations.

Display confidence about your real estate skills in every conversation you have with potential clients. Back that confidence up with stories or data that demonstrate your skills.

2. You’ve got relationships your clients don’t have. You use the skills of your job as a real estate agent every day. You meet with buyers and sellers who are looking for the right property or opportunity. That means you form acquaintances and relationships that also prove invaluable over time. And you work to foster those relationships and stay on top of what matters to them. Many times, you will have a buyer in mind before you even attain a listing.

Your prospects need to know this.

3. You’ve turned objections into opportunities. You hear “no” every day.

While buyers and sellers might think that is an

A POINT TO PONDER

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absolute answer, you can see what is flexible and fixable. You can confidently navigate treacherous waters because you have overcome obstacles in transactions before, many of which your clients didn’t even know existed. Experience is often unveiled by answering questions your clients didn’t even know they needed to ask.

4. You’re more efficient at solving problems. Most people are not aware of the time that can be wasted when issues arise, unnecessarily prolonging a closing. But they definitely feel the frustration when it happens.

You, however, can see through 99 percent of those issues (many of which are simply excuses) and know how to circumvent them or bypass them completely, saving your clients time and often saving the deal.

5. You bring education and modern technology. Strategy is paramount in real estate sales. Experience provides that extra 5 percent difference that often leads to the 26 percent better return on your client’s investment.

You take continuing education courses every year to learn the latest guidelines, techniques, and tactics to do your job like a pro. Through your associations, you have access to every gadget or tool that gives your client’s property

a competitive edge, and many of them are exclusive to your industry or brokerage.

6. You’re loyal to a fault—and that’s priceless. Once your client contracts with you, you are not only required by law to look after their best interests but you also willingly offer them your loyalty. Take the story of Tenzing Norgay. When Sir Edmund Hillary became the first person on record to reach the top of Mt. Everest, Tenzing Norgay was the Sherpa who was pushing him while carrying his backpack.

Even when you don’t receive the credit, you remain loyal and steadfast. And this loyalty wins you more than the deal—it wins lifelong customers.

7. You act as your clients’ “broker.”

“Broker” can be a noun that describes a person in a lot of industries—stock broker, franchise broker, mortgage broker—and it’s the definition most consumers think of. However, “brokering,” as it pertains to doing deals in real estate, is a verb that, by definition, describes why all real estate professionals are worth a commission.

Just ask any investor whose agent was able to use their experience to navigate a multiple-offer deal by negotiating terms rather than price. The average buyer or seller may not realize how

PROTECTING YOUR PROFESSIONALISM As a real estate professional your reputation is everything. We are proud to be advocates for real estate practitioners including realtors, appraisers and mortgage licensees who are faced with industry licensing actions or criminal prosecution. Counseling includes, but is not limited to:

Left to Right: Matthew Cox, Amanda Mendenhall, and Richard Van Wagoner

Compliance with the law, rules, and ethical obligations Subpoenas and document requests from government agencies License and criminal investigations Notices of Agency Action (e.g. Division of Real Estate) Professional Standards Hearings at the UAR or local board Lawsuits arising out of alleged unprofessional conduct Criminal charges stemming from your role as a real estate professional

Contact Amanda Mendenhall 801.322.9258, Richard Van Wagoner 801.322.9168, or Matthew Cox 801.322.9182 | www.scmlaw.com

14 | Salt Lake Realtor ® | June 2019

much your brokering experience can affect the bottom line of their investment. It’s imperative to communicate it early in the process.

8. You’re the first to know. You often get the first peek at properties that are off-market or hitting the MLS soon. You know about planning and development for your area, as well as the players who are making it happen. You know about market changes that can directly affect pricing, timing, and speed of sale. This edge can put your buyers and sellers in an advantageous position that they would never realize without your experience. Many times, agents have sold a property before it even hits the MLS because of this experience.

9. You’re always accessible. Many of you are accessible seven days a week, 52 weeks a year. And most of you have your family trained to expect a little interruption on occasion. There are few industries where this accessibility is expected more than in real estate. Obviously, everyone needs down time and to properly prioritize, but one of the reasons you’re worth the commission is because you’re there when your clients need you. Most of you have sacrificed both professionally and personally at one time or another to meet this expectation.

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Your clients should know that access is invaluable.

10. The statistics are on your side. There are more than 500,000 active full-time agents and more than 6 million housing units sold each year in the U.S. That represents the vast majority of buyers and sellers who utilize and pay for an agent to help them navigate the highly competitive and complicated real estate process.

In fact, 88 percent of buyers purchased their home through a real estate agent, but among those who used the internet to search for homes, that share goes up to 90 percent, according to the National Association of Realtors®’ Real Estate in a Digital Age 2017 Report. Hiring someone with your experience can save your clients both time and money, a fact that has been proven time and again with sound statistics.

Tonya Eberhart is the founder of personal branding firm BrandFace, LLC. Michael Carr is a former BrandFace client-turned-co-author and partner. They focus on helping real estate professionals become the face of their business and a star in their market.

Reprinted from Realtor® Magazine Online, June 2018, with permission of the National Association of Realtors®. Copyright 2018.

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The 10 Hottest Cities for Young Millennials The biggest years for millennial births were between 1989 and 1993, and over the next five years those folks will all be hitting their 30s— the core first-time home-buying years.

By Lance Lambert

A

s much as pigeonholing millennials has become widely accepted sport (Selfie sticks!

Avocado toast! Gross entitlement!), you can’t really squeeze the ginormous mass of Americans born between 1981 and 1996 into one ecofriendly, sustainably produced basket. Maybe two baskets. There are the older ones in their 30s who graduated straight into the hellscape of the Great Recession, and then the youngsters in their 20s who caught a break and got out of school when the economy was booming again.

It’s no surprise then, that when it comes to home buying, the older half tends to be jaded and a bit battle-scarred, while the younger group is more optimistic.

18 | Salt Lake Realtor ® | June 2019

But here’s the thing: While millennials have been the biggest chunk of U.S. home buyers already for a few years, we’re about to see the younger half hit the housing market en masse. The biggest years for millennial births were between 1989 and 1993, and over the next five years those folks will all be hitting their 30s—the core first-time home-buying years. This group will help determine where the next “hot” markets are and what the most desirable homes of the future will be. Their tastes and preferences will shape the housing market for years to come.

So the realtor.com® data team set out to find the metropolitan areas* with the most home buyers still in their 20s—not just younger millennials, but

also the first vestiges of the next demo group, the ominously titled Generation Z. Get ready for some changes, folks.

“Younger Americans don’t have the baggage of the recession and are better positioned to become home buyers—and reverse some of that narrative that millennials aren’t buyers,” said Jason Dorsey, president of the Austin, Texas,–based research group Center for Generational Kinetics.

So where are they going? “Cost is still the driving factor” of where they want to settle down, said Dorsey. “They need to be in a place where they think there are enough job opportunities and job security for them to make the commitment to buy a home.”

But they don’t want to go to the middle of nowhere just because it’s cheap. And they aren’t necessarily settling down to accommodate growing families yet, as the median age for a first-time parent was 26 in 2016—up from 23 in 1994, according to a Pew Research Center analysis of U.S. Census Bureau data. They want jobs and fun. Stability and nightlife. Affordability and culture. And they don’t mind taking on a fixer-upper or a less traditional neighborhood to make it happen.

To figure out where 20- to 29-year-olds are buying the most homes, we calculated where they took out the highest percentage of mortgages in 2018** in the 200 largest metropolitan areas. The ranking was limited to one metro per state to ensure geographic diversity.

So what are the top hot spots for buyers in their 20s?

1. Evansville, IN Median list price: $155,000 Percentage of mortgages issued to buyers aged 20 to 29**: 33.2% This Midwestern river town is striving to become a place where young folks want to live and hang out on the weekends. The city purchased a private lot downtown with plans to turn it into a park, music venue, and maybe even an ice rink.

Events like the Evansville Food Truck Festival, in its third year, and the buzzy Evansville Donut Festival are stemming the flow of 20-somethings to Louisville, two hours east, and Indianapolis, about three hours northeast.

Baked treats aside, the biggest draw here is affordability. Median-priced homes cost about $100,000 less than in those bigger metros.

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June 2019 | Salt Lake Realtor ® | 19

3. Clarksville, TN Median list price: $226,800 Percentage of mortgages issued to buyers aged 20 to 29: 31.8% Clarksville is known for Fort Campbell, an Army base that sits just outside of town. For decades young military families have been the top home buyers in town—but recently they’re competing with an influx of 20-somethings priced out of Nashville.

Image licensed by Ingram Image

Duluth, MN

“These younger buyers are realizing they can get homes they actually own and spend less on a mortgage than they would on rent,” said local real estate agent Trae Dauby of Keller Williams Capital Realty. “Most are locals who were born and raised in the area.”

The city doesn’t have a lot of new condo developments, so many buyers in their 20s are grabbing 100-year-old, single-family homes that need work. The hottest spot for these buyers is just west of downtown along the Ohio River in the 47712 ZIP code. They can score four-bedroom beauties for about $130,000 in neighborhoods such as Poplar Grove and Bunny Grove within the ZIP. About half of those taking out mortgages in this area were under 30.

2. Duluth, MN Median list price: $178,600 Percentage of mortgages issued to buyers aged 20 to 29: 32.5% Located in northern Minnesota and right on the banks of Lake Superior, Duluth attracts outdoorsy folks looking for a low-key lifestyle with lots of fresh air, kayaking, and cross-country skiing.

“We attract a certain younger demographic: the micro-beer-drinking bike rider,” said Jonathan Thornton, managing broker of Coldwell Banker East-West Realty in Duluth. (Nice targeting!)

Prices have soared in the Music City to $350,000.

So Clarksville, about 45 minutes away, has become an appealing alternative.

“People can find more affordable housing and a lot more house here,” said local real estate agent Valerie Hunter-Kelly of Keller Williams. “Those younger buyers don’t want to deal with the stress of a competitive market, so they come to Clarksville instead.”

Younger buyers are usually looking for three-bed, two-bath, newly constructed houses or remodeled bungalows in the $150,000 to $220,000 range, Hunter-Kelly says. On the weekends they go out in Nashville, or stay in town and maybe tour Old Glory Distilling, a whiskey distillery. (G’head, try the Smooth Shine Moonshine. Straight up, please.)

4. Lafayette, LA Median list price: $210,100 Percentage of mortgages issued to buyers aged 20 to 29: 31.7% Young folks looking for a good time have no need to drive the two hours from Lafayette to New Orleans. Known for its southern charm and cajun eats, this Louisiana city hosts its own Mardi Gras celebration every March complete with elaborate costumes and masked balls.

But it’s all of the good-paying oil jobs in this Gulf Coast community that are the real draw for 20-something residents.

Shocking as it may seem to denizens of East or West Coast cities, it’s common for Lafayette locals to be on their second home before they even hit 30.

That’s because two-bedroom, starter homes sell for less than $140,000.

These days these sudsy cyclists have plenty of options, including Ursa Minor Brewing, opened last fall by a former high school chemistry teacher and his brother and serving signature ales such as Hazy Bastard and Porcupine Pilsner.

They’re popular with the college set (21-plus, of course) since the city is home to the University of Minnesota Duluth and its roughly 10,000 students.

Median list price: $288,500 Percentage of mortgages issued to buyers aged 20 to 29: 31.1%

Home prices here are much cheaper than in Minneapolis, a two-hour hour drive away.

Twenty-somethings are gravitating toward singlefamily fixer-uppers priced under $100,000 in Lincoln Park, a historic neighborhood right on the lake’s shoreline and where most of the breweries are opening.

When it comes to Midwest real estate, Des Moines, which has been grappling with flooding in recent days, is actually on the more expensive side. Places such as Detroit, Indianapolis, and St. Louis all have lower prices. So why are folks under 30 buying in the state capital of Iowa?

They’re drawn to good-paying jobs at companies

20 | Salt Lake Realtor ® | June 2019

5. Des Moines, IA

in the northern section of the metro. Home to Utah Valley University, the ZIP has more than 40 percent of buyers under 30.

7. Youngstown, OH Median list price: $119,300 Percentage of mortgages issued to buyers aged 20 to 29: 30.2% When the American steel industry started going belly up in the ‘70s, Youngstown went down with it. The area hasn’t fully recovered to this day.

Des Moines, IA

f11photo©/ Adobe Stock

such as Wells Fargo, Nationwide, and Principal Financial and the quaint music and arts scenes.

“We’re getting young workers from Chicago and the East Coast and the West Coast who want the lifestyle of a smaller town,” said Paul Walter, a real estate agent with Re/Max Real Estate Group in Des Moines. The region’s population jumped 13 percent from 2010 to 2017, with lots of those newcomers being on the younger side.

Many of these buyers are trying to snag condos in the heart of downtown. But if price is an issue, they’re looking at Beaverdale, a quiet suburban neighborhood with lots of renovated homes priced around $200,000.

“A lot of those folks are at the point where they’re tired of renting or living at home with Mom and Dad. They’re eager to get out on their own,” Walter said.

6. Provo, UT Median list price: $380,000 Percentage of mortgages issued to buyers aged 20 to 29: 30.4% When 20-somethings buy a home, it’s usually because they’re getting a bargain. That isn’t the case in Provo, the most expensive market on our ranking. Instead Provo offers a booming job market with employers such as Ancestry.com and Brigham Young University, as well as a startup scene that punches above its belt.

Simply put: Folks have more money to spend on homes here. Plus, it’s a little cheaper than Salt Lake City, about 45 minutes north.

Buyers are getting a helping hand from the city, too. Provo offers down payment assistance up to $10,000 for first-timers. Just last month realtor.com named Provo one of the best places in America for folks looking to snag a starter home.

The biggest group of home buyers in their 20s can be found in the 84058 ZIP code, in Orem,

22 | Salt Lake Realtor ® | June 2019

Despite revitalization efforts and a drop in crime, the city is still battling persistent poverty with the median household income just under $26,300, according to Census data. In an attempt to stem the brain drain, the city invested in the Youngstown Business Incubator, providing funding and office space to tech and 3D printing companies.

Most of all, the low home prices, even by Rust Belt standards, are an incentive to stick around. Folks can snag three-bedroom homes with front porches for under $60,000.

While many of the most expensive housing markets are seeing home prices fall, median home prices are so low in Youngstown that they had room to jump 12.1% over the past year.

That’s by far the largest increase among the places we ranked.

8. Wichita, KS Median list price: $197,500 Percentage of mortgages issued to buyers aged 20 to 29: 29.4% Wichita State University grads don’t need to head to the bigger cities to start their careers. The area is home to large employers such as Koch Industries and Cessna. A strong local economy combined with reasonable home prices makes it easier to save up for a first down payment.

There are also plenty of things for 20-somethings to do in the Great Plains college town. Enjoy imbibing? There’s Aero Plains Brewing, where the bar is made out of an old airplane wing, festivals like Autumn & Art, where folks can drink wine while walking through the open-air gallery, and the Midwest Beerfest, where attendees taste craft beers from more than 400 breweries.

Home buyers get a lot for their money as we ranked the city No. 5 for having the most homes over 3,000 square feet.

9. Utica, NY Median list price: $130,000 Percentage of mortgages issued to buyers aged 20 to 29: 29.2% Utica was once known as the Sin City of the

East thanks to the strong presence of the mob.

But thankfully, the former textile manufacturing town is now better known for low prices than organized crime.

Homes in this upstate New York metro are way cheaper than those in Albany, about 90 minutes east, which carry median list prices of $300,000.

And because Utica is so cheap, first-time buyers tend to be young.

Most 20-something homeowners are purchasing three-bed, one-bath homes for $100,000 or less— about a third of the national median home price, said local real estate broker David Paciello of One Realty Partners “That age group is our bread and butter,” said Paciello.

10. Grand Rapids, MI Median list price: $286,500 Percentage of mortgages issued to buyers aged 20 to 29: 29.1% This old former industrial town has transformed into something of a Midwest hipster haven. By design.

“The city made a plan a few years ago to really market itself toward young people. They made improvements to downtown and brought

in employment opportunities,” said Trisha Cornelius, a real estate agent with Keller Williams in Grand Rapids. “They built those loft condos downtown ... specifically marketed toward younger buyers.”

Those who can’t afford those lofts, which can easily top $350,000, can scoop up cheaper fixeruppers in up-and-coming neighborhoods like Eastown. The walkable community is filled with cafes and local restaurants populated by the younger set.

And these young buyers are helping to keep the housing market strong here. Indeed, realtor.com projected earlier this year that Grand Rapids would be the second-hottest real estate market in 2019. * A metropolitan statistical area is a designation that includes the urban core of a city and the surrounding smaller towns and cities.

Allison Underhill contributed to this report. Lance Lambert is a data journalist for realtor.com. He previously wrote for Bloomberg Businessweek and the Chronicle of Higher Education. Reprinted from Realtor.com online, March 2019, with permission of the National Association of Realtors®. Copyright 2019.

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4/30/19 3:31 PM

June 2019 | Salt Lake Realtor ® | 23

EXCLUSIVE PARADE OF HOMES PREVIEW ISSUE – JULY 2019

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Target Your Market Reach 9,000 Transaction Makers through

Salt Lake Realtor® Magazine RESERVE YOUR PAGE NOW - Space is Limited *Nine Out of Ten Homes are Sold by Realtors®.

801-467-8833 info@millspub.com

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

PROFESSIONALISM MATTERS

Fairness of the Professional Standards Process

By Holly Rawson

O

nce in a while I get the comment that our professional standards process seems unfair.

Realtor® associations have adopted policies and procedures as set forth in the National Association of Realtors® manual for handling ethics complaints and arbitration requests. The process is a great alternative to civil dispute resolution and is designed to make our members more professional.

Rather than dragging the issue through the judicial system, our process is free, expedited and conducted and decided by colleagues. Article 17 in the Code of Ethics requires Realtors® to mediate or arbitrate contractual, monetary disputes through their local Realtor® association.

By applying the standards of professionalism that Realtors® voluntarily agree to through the Code of Ethics, we help to maintain the public’s trust and

confidence in using a Realtor®.

The biggest part of the professional standards process is to ensure all parties due process or fairness in every proceeding. Filing an ethics complaint or arbitration request costs no money; filings are handled in an expedited manner; all parties are given the opportunity and adequate time to provide any information or evidence they feel is relevant; parties provide their own testimony at a hearing before their peers; and a decision is rendered that is reasonable in which possible sanctions or fines correlate with the offense.

When disputes occur, the Code of Ethics and Realtor® arbitration process protects the integrity and professionalism of all those involved.

Holly Rawson oversees professional standards at the Salt Lake Board of Realtors®.

Image licensed by Ingram Image

Improve Your Knowledge of HOA’s and Make More Money Community Solutions & Sales, “Utah’s Premier Association Management Solution” is looking to hire real estate professionals: Realtors®, sales assistants, transaction coordinators, and possibly an outstanding broker to service our growing list of buyers and sellers in associations.

Homeowner associations are growing nationally and in Utah as well. If you would like to service this growing segment of the real estate marketplace and are looking for a great opportunity contact Jeff G. Wheeler, President, C.E.O. Realtor® at (801) 230-1043 or via e-mail jeff@csshoa.com. Community Solutions & Sales is an equal opportunity employer.

12371 South 900 East, Suite 200 Draper, Utah 84020 Office: (801) 955-5126 www.csshoa.com June 2019 | Salt Lake Realtor ® | 25

APRIL HOUSING WATCH April Home Sales on the Upswing After six consecutive months of falling home sales, April’s sales turned positive. There were 1,571 total housing units (all housing types) sold in Salt Lake County in April, up 2 percent compared to 1,533 units sold in April 2018. In Davis County, sales in April increased 8 percent year-over-year.

“Utah is the No. 1 state for new housing units built, according to the Census Bureau,” said Scott Robbins, president of the Salt Lake Board of Realtors®. “This increase in new housing units is giving sellers and buyers more options and helping to alleviate a housing shortage we’ve been experiencing over the past several years.”

Based on sales trends over the past six months in Salt Lake County, there is currently a 4.1-month supply of housing inventory. Inventory levels of less than six months indicate a seller’s market. In April, homes were on the market a median of 16 days, up from 9 days a year earlier.

Meanwhile, housing prices continued to climb higher in both Salt Lake and Davis counties with increase of 9 percent and 5 percent respectively. The median home price in Salt Lake County in April was $339,000.

Nationally, total home sales were down 4.4 percent in April from a year ago, according to the National Association of Realtors®. The median U.S. existing-home price for all housing types in April was $267,300, up 3.6 percent from April 2018 ($257,900). April’s price increase marks the 86th straight month of yearover-year gains.

“We see that the inventory totals have steadily improved, and will provide more choices for those looking to buy a home,” said NAR Chief Economist Lawrence Yun. He noted that sellers have to realize that price growth has moderated. “When placing their home on the market, home sellers need to be very realistic and aware of the current conditions.”

Nationally, first-time buyers were responsible for 32 percent of sales in April, down from the 33 percent reported last month and one year ago. NAR’s 2018 Profile of Home Buyers and Sellers—released in late 2018—revealed that the annual share of first-time buyers was 33 percent.

All-cash sales accounted for 20 percent of transactions in April, down from March and a year ago (21 percent in both cases). Individual investors, who account for many cash sales, purchased 16 percent of homes in April, down from March’s 18 percent, but up from a year ago (14 percent).

Distressed sales—foreclosures and short sales—represented 3 percent of sales in April, equal to the 3 percent in March and down from 4 percent in April 2018. One percent of April 2019 sales were short sales.

26 | Salt Lake Realtor ® | June 2019

Salt Lake & Davis County HOME SALES

1,600

0

Salt Lake County UP 2%

MEDIAN PRICE

1,571

1,533

APRIL 2018

427

APRIL 2018

APRIL 2019

UP 5%

$339,000 $309,900

270K APRIL 2018

$303,000

APRIL 2019

APRIL 2018

UP 78%

25

MEDIAN CDOM

APRIL 2019

397

UP 9%

340K

0

Davis County UP 8%

APRIL 2019

UP 86% 16 7

9

APRIL 2018

$317,000

APRIL 2019

APRIL 2018

13

APRIL 2019 June 2019 | Salt Lake Realtor ® | 27

REALTOR® Connections

On the Move

Advice from a Past President Jillinda Bowers President 2008 Associate Broker, Coldwell Banker Residential Q: Good communication skills are the key to success in relationships, business and achieving successful outcomes. How can agents better communicate with one another?

A: Good communication skills go a long way in creating a successful outcome in any transaction. I can’t tell you how many times I have been told by both agents and clients, “Thank you for answering your phone in a timely manner. It is so helpful to talk to someone in person.” I believe this is the best way to show that you are interested and on top of doing the best job possible. It really does matter.

Q: Many buyer’s agents complain that listing agents don’t answer them when they try to schedule an appointment for a home showing. This lack of response makes agents look unprofessional to their clients. What can be done?

A: These agents have no room in our business. If as an agent you are boasting a broad range of services such as the Multiple Listing Service when obtaining the listing, as a professional, you need to do exactly that! It is so important to allow our fellow members the opportunity to show the listing to their potential buyers. Is trying to double-end the transaction really putting your clients best interest in the forefront? I have always believed that it is our responsibility to both our clients and to our profession to always follow up quickly.

Q: Are social media apps and texting acceptable forms of communication when issues arise? Should agents speak to each other more on the phone?

A: Thank heavens for texting and social media. These tools have aided us in selling more homes and much faster. However, don’t forget the personal touch! Personally reaching out with a phone conversation or a visit has always been the best way to solve a problem, avoid a misunderstanding, and create lasting relationships with both clients and other agents. History in real estate has proven that this is how we grow our future business and have clients for life. We all rely on referrals.

Windermere Foundation Gives $5,000 to AFSP Lisa Jungemann and Grady Kohler of Windermere Real Estate Utah presented a $5,000 check to Taryn Hiatt, area director of Utah and Nevada for the American Foundation for Suicide Prevention. Utah ranks in the top three states in suicide among 10 to 17-year-olds, according to the Centers for Disease Control. Suicide is now the leading cause of death in Utah for that age group.

28 | Salt Lake Realtor ® | June 2019

Alyssa Taylor

Rikki Santillanes

Windermere Real Estate Utah is excited to welcome the following new Realtors® to the Windermere family: Anthony Borba III, Casey Williams, Keri Mcwhirter, Sarah Marsh, Stephnie Gyllenskog, Alyssa Taylor, Michelle Adkins, Rikki Santillanes, and David Halsch. Grady Kohler is the principal broker and owner of Windermere Real Estate Utah. The brokerage operates five offices in Park City and nine offices primarily along the Wasatch Front.

John Gonzales, has opened a new brokerage – South Towne Mortgage.

After spending more than 28 years working for some of the John Gonzales most successful mortgage companies, banks, and lenders, John decided it was time to take those experiences and create his own company. The team at South Towne Mortgage has over 125 years of combined experience and includes: Senior Loan Officer, Ginger Peel; Loan Officer and Reverse Mortgage Specialist, BJ Hansen; Loan Officer, Jody Swenson; Director of Operations, Scott Roberts; and Director of Marketing and Business Development, Tiburon Erickson.

“I believe hiring the best people is key in making South Towne Mortgage a success,” Gonzales said.

“I couldn’t ask for a better group of professionals to launch this company and assist our clientele.

We are creating a unique lending experience here at South Towne Mortgage.”

KURT ANDREWSEN First American Title Insurance 801-870-2860 kandrewsen@firstam.com LESA BEUCHERT | NMLS #192201 Elevate Home Warranty 801-671-3741 lesa@elevatehw.com TRICIA BRUGGEMAN Gateway Mortgage Group 801-891-2664 Tricia.Bruggeman@gatewayloan.com JOHN GONZALES | NMLS #242963 South Towne Mortgage 801-718-1626 john@southtownemortgage.com

Successful Realtors® Build Teams.

Have You Built Your Affiliate Team?

KIMBERLY HENDRY| NMLS #288635 Veritas Funding 801-688-0599 khendry@vfund.com JULIE KRUSHENSKY KRUSHENS First American Title Insurance 801-598-7391 jkrushensky@firstam.com LONI LARSEN Pillar to Post 801-244-5255 lonilarsen@comcast.net lonila BROCH LASSIG | NMLS #340314 OneTrust Home Loans 801-637-3409 blassig@onetrusthomeloans.com JOLENE LEHMAN All-Points Home Inspec�ons 801-518-7355 jolene@allpointsinspect.com JEFF LOVELAND | NMLS #1465556 OneTrust Home Loans 970-210-6603 jloveland@onetrusthomeloans.com KELLIE STONE | NMLS #260533 Graystone Mortgage 801-792-4974 kstone@graystonemortgage.com DEANN TAYLOR Monument Title 801-205-3122 deann@monumen�tle.net

What we do:

Abide by the Realtor® Code of Ethics | Commit to helping you find the right services for your business model and clientele | Support The Realtor® Poli�cal Ac�on Commi�ee (RPAC) | Work to ensure a smooth business transac�on from start to finish | Help you build YOUR team.

Sandy Day

COMMITTEE CHAIR Stewart Title 801-918-9669 | sandy.day@stewart.com

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COMMITTEE VICE CHAIR Commerce Mortgage | NMLS #261036 801-755-4988 | mviselli@sisna.com

We value fairness.

We also value being your unfair advantage.

All in, for you.

Leading-edge marketing, productivity tools, and training empower our agents to maintain a high level of personalized service, productivity, and success while bringing more balance to their lives.

Call our Principal Broker to discover your future Grady Kohler / 801-815-4663 Learn more online windermere.com/joinus

Clint Goode Sugar House agent