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Make Your Clientâ€™s Offer Stand Out p. 10

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Here’s what I’d tell myself if I were 18 today and starting my career. P. 14

Table of Contents Features 10

Five Ways to Make an Offer Stand Out Dave Anderton

Five Tips for New Agents Born After 9/11 Jasen Edwards

In the Trenches: Doing Business during the Pandemic

Pending Home Sales Index Reaches Record High The National Association of Realtors®

Do You Have Permission to Show a Listing? Holly Rawson

Columns 7

Authenticity in an Egocentric World Alicia Holdaway – President’s Message

Departments 8

Happenings

In the News

Housing Watch

On the Cover: Cover: grandeduc©/ Adobe Stock Photo left: Ekaterina Senyutina© / 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.

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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. 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.

Authenticity in an Egocentric World “Authenticity is a collection of choices that we have to make every day. It’s about the choice to show up and be real. The choice to be honest. The choice to let our true selves be seen.” — Brené Brown, The Gifts of Imperfection By now you’ve probably clued in on my obsession with Brené Brown’s work. As I am rereading “Gifts of Imperfection” currently, one thing keeps coming up for me: what it means to be truly authentic – especially in an industry that is riddled with ego and pressure to fit a specific mold. And although authenticity is a word that is thrown around far too much, I’m a huge believer that when we live authentically, we show up as our best selves. Authenticity isn’t a trait each of us has or doesn’t have. It’s a daily practice. It’s a decision we make moment to moment. As Brené puts it, it’s the choice to show up and be real, to be honest, and to let our true selves be seen. You often hear people praise others’ authenticity. We see it as a virtue. So why aren’t we showing up as our authentic selves? Authenticity has two primary threats: perfectionism and comparison. Society’s idea of who we should be is constantly in our face through social media. It’s incredibly easy to fall in to the trap of comparison – how they do business, how much money they make, how many deals they do, so on and so on. And don’t get me started on the ‘perfectionism’ culture of the curated life portrayed on social media. As a result, we get sucked into the vicious cycle of feeling shame after missing the perfectionist mark and then maintaining that feeling of shame as we are too afraid to ‘be our authentic selves’ because we think we aren’t measuring up. The antidote? Let go of who you think you’re supposed to be and embrace who you are! As Realtors®, we set out to show our value every day. You are only as valuable as you believe you are. I get asked quite often how I articulate my value to prospective clients. My number one answer to this is true self-belief and the willingness to show up as my authentic self. If I show up to a listing appointment trying to be something or someone I’m not, I’ll never be able to authentically articulate my value. If I showed up in heels and a dress suit, I’d fall flat on my face (literally and figuratively). That just isn’t me. Next time you go on an appointment, instead of trying to fit a supposed mold and please everyone around you, try showing up with the courage to be your authentic self and see just how easily you articulate and show your value to your client. And next time you are working with an agent that shows professionalism – tell them so. Thank them. You never know just what kind of impact that gratitude will have on their confidence to show up as their most authentic selves. We’re in this together.

Alicia Holdaway President

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

October 2020 | Salt Lake Realtor ® | 7

Happenings More Million-Dollar Home Sales More people are buying million-dollar homes on the Wasatch Front. From January through June, there were 224 homes sold above the million-dollar mark. That’s a 24 percent increase compared to 180 sales during the same six-month period in 2019. In July and August, there were 161 sales of million-dollar homes, a 79 percent increase compared to July-August 2019. Despite the rise in million-dollar sales, only 1 percent of homes sold on the Wasatch Front in the first half of the year closed above $1 million. Just 15 percent of sales were for homes at $500,000 to $999,999. Eighty-four percent of sales closed below $500,000.

Grand Prize Winners Announced Troy Peterson, owner and principal broker of Equity Real Estate Solid, and Claire Larson, director of sales and marketing and principal broker for Woodside Homes, were the two grand prize winners of the RPAC Day of Giving. Peterson won an Apple iMac. Larson won a $1,000 vacation voucher. The event raised more than $30,000. More than $3,500 in prizes were given away. RPAC (Realtors® Political Action Committee) continues to support elected officials and candidates who support private property rights and small businesses. On a local level, RPAC was instrumental in ensuring that real estate was designated an essential service during the Covid-19 pandemic.

8 | Salt Lake Realtor ® | October 2020

In the News Homeowner Tenure Is on the Decline In recent years, homeowners have been staying in their homes longer than they ever have in the past, but there is indication that could be changing. Fifty-five percent of the largest metros in the U.S. saw declines in average homeowner tenure from the first quarter to the second quarter, according to a new report from ATTOM Data Solutions, a real estate research firm. The metros that saw the largest declines in homeowner tenure— which could indicate more are moving—are Torrington, Conn. (down 10.9 percent); Yakima, Wash. (down 9.8 percent); Gainesville, Fla. (down 7.2 percent); Honolulu (down 6.8 percent); and Springfield, Mass. (down 6.4 percent). Homeowner tenure in Salt Lake County fell to 7.89 years in the second quarter, down 1.6 percent from 8.02 years in the second quarter of 2019. Overall, the smallest homeownership tenures were in these locales in the second quarter: Colorado Springs, Colo. (6.29 years); Oklahoma City (6.59 years); Grand Rapids, Mich. (6.79 years); Denver (6.83 years); and Minneapolis (6.94 years). Homeowners who sold in the second quarter owned their homes an average of 7.95 years, according to ATTOM Data Solutions. That average hasn’t changed from the 7.96 peak that was first set in the fourth quarter of 2019, even though several individual metros are noticing fluctuations. The metros with the longest homeowner tenure tend to be along the East and West coasts. The top five are all in Connecticut: Norwich (12.84 years); Bridgeport (12.39 years); New Haven (12.21 years); Hartford (12.01 years); and Torrington (11.67 years).

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Five Ways to Make an Offer Stand Out A surge of home buyers across the Wasatch Front is creating a buying frenzy. How do you make your client’s offer rise to the top? By Dave Anderton It’s no secret that the Wasatch Front housing market has more buyers than sellers. An influx of out-of-state buyers, combined with Utah’s natural increase, is driving the population skyward. Carlye Webb, an associate broker with Summit Sotheby’s International Realty, recently listed a $290,000 townhome in Herriman City. Within 24 hours, there were 24 offers. The winning offer went for $26,000 above asking price. “Since obtaining my real estate license in 2004, I have never seen a stronger seller’s market,” Webb said. “It can be scary for buyers, which is why it is imperative they are represented by a professional Realtor®.” Most out-of-state buyers arriving in Utah are coming from California. “Even before Covid-19,

10 | Salt Lake Realtor ® | October 2020

California’s population growth had slowed considerably,” an article in Cal Matters declared. “From July 2018 to July 2019, California saw a net loss of 197,594 people to other states.” A number of websites, like LeavingTheBayArea.com and LeavingSoCal.com, have popped up to show the financial incentives of saying goodbye to California. The Orange County Register recently ranked Utah as the No. 8 state for the ratio of “ins-to-outs.” Utah receives 191 arrivals from California for every 100 Utahns moving to the Golden State. A surge of home buyers is creating a buying frenzy, as dozens of people compete for the same listing. That means multiple offers are commonplace, especially on homes priced (continued on page 18)

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refundable, it makes the offer stronger to the seller,” Lund added. “It shows the seller they are very serious about purchasing the home and they have their financing in line.”

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under $700,000. Here are five ways to make your client’s offer stand out from the crowd. 1. Relationships Matter. Developing a relationship with a listing agent and finding out what the seller wants are crucial, according to Nigel Swaby, a Realtor® with Aubrey and Associates Realty. Agents that know each other are more likely to trust each other. “You want to establish that you are a good communicator,” Swaby said. “If there are details to be worked out, it’s best to call first and then follow-up with emails and texts.” A buyer’s agent should always call a listing agent prior to making an offer and make a call after submitting an offer, Swaby added. “If you do a good job during a transaction, it will be remembered in future transactions when you meet again,” Swaby said. “If you have a bad transaction with somebody, you will not want to do business with them again.” 2. Non-Refundable Earnest Money. Earnest money, the money paid when going under contract, shows how serious you are about buying a house, said Randy Curtis, a Realtor® with Jacobsen Real Estate. Large earnest money deposits tell the seller you are committed to the transaction. In a multiple-offer situation, Curtis recommends an earnest money offer of at least 3 percent of the asking price of a home. “Overall, we are seeing larger earnest money deposits,” said Terrie Lund, sales manager at U.S. Title Agency. In addition, a buyer can make all or a portion of the earnest money non-refundable. “If they are making the earnest money non-

12 | Salt Lake Realtor ® | October 2020

3. Offer More Money or a Short-Term Lease. For homes priced under $500,000 it is common for offers to start at $15,000 to $30,000 above asking price, according to many Realtors®. However, if the appraisal doesn’t meet the purchase price, buyers may have to make up the difference with cash. Jodie Osofsky, a Realtor® with Signature Real Estate Utah, recently represented a buyer who made an offer that was $100,000 above asking price on a $650,000 home. Fortunately, the home appraised at $750,000. In addition, the buyer offered the seller a 60-day short-term lease back for $1. “The seller was remodeling their new home and didn’t want to be displaced,” Osofsky said. “There were at least three offers higher than my client’s offer. My client was the winning offer because we knew the seller’s needs and were able to accommodate them to stay in the home.” 4. Escalation Clauses. Escalation clauses automatically raise the buyer’s offer by a predetermined amount. Webb said she recently used an escalation clause to help two of her clients make winning offers. However, Webb cautioned that escalation clauses should be worded carefully. She suggested using an attorney for specific language and adding an appraisal clause specifying if the buyer is willing to pay the difference between the purchase price and appraised value, should the appraisal come in lower than the agreed-upon purchase price. 5. Tight Deadlines/Fewer contingencies. In normal times, due diligence typically takes 10-14 days. In today’s market, tight deadlines are more attractive. Offers with due diligence periods of seven days or less are more competitive. Yet, with so many people buying homes, appraisals and underwriting are backed up. Osofsky said she recommends 25 days to complete an appraisal. Contingencies, such as offers subject to sale of a buyer’s home, may put an offer at the bottom of the pile. “It’s a battlefield,” Webb said. “I have not had a single buyer or seller that wasn’t in a multipleoffer situation since March.” But sometimes an offer that is not the highest or best offer wins the day. Webb emphasized that professionalism matters most. “How an agent presents the offer is a big deal,” she said. “Communication skills win offers more than anything.” Dave Anderton is the communications director of the Salt Lake Board of Realtors®.

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Five Tips for New Agents Born After 9/11 Algorithms don’t account for emotions, and emojis aren’t how you deal with real human events. So, it’s critical you learn how to sell. By Jasen Edwards Dear 18-year-old agent, I remember the day I received my real estate license exam results in the mail. It was just a few weeks after I’d turned 18, and as I slid the single piece of paper out of the envelope from the Texas Real Estate Commission, I saw the word “PASS.” I was looking out from my third-floor apartment balcony and felt like I was literally on the top of the world. After working at the Texas Association of Realtors® throughout high school, I was convinced that I would soon be just as rich as I assumed all the Realtors® were who I knew at the time. Now that I’m 45, with full knowledge of what it really takes to make it in this business, I envy the hopeful, newbie energy you no doubt have. I encourage you to hold onto that excitement and hopefulness as long as possible. We can never

14 | Salt Lake Realtor ® | October 2020

be certain about the future, except to know that challenges and adversity will come. Last month, I realized that the Sept. 11th attacks on the United States happened 19 years ago. So, if you’re getting your license at the age of 18 as I did, then you’re among the first group of agents who born after our country was attacked. People who are just a few years older than you will have some memory of that time and most can answer the question, “Where were you when the planes hit the towers?” I was seven years into my career at that point and headed out to a property tour, excited to be showing my personal home to fellow agents. I was certain they’d have a buyer for me right away but sadly, no one saw the homes on tour that day. When we heard about the planes hitting (continued on page 18)

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with a lot of emotions. Algorithms don’t account for emotions and emojis aren’t how you deal with real human events. So, it’s critical you learn how to sell. Selling is simply leading your clients to a place where they feel comfortable doing what they already know they want to do. Treat salesmanship with as much respect as you might have for accounting, medicine, or law.

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5 Tips for New Agents (continued) the towers on the radio, we all went home and stared at the news in shock for hours on end. All of this got me thinking about how much the industry you are entering seems to have changed since then and how, but when you strip away the noise, the most important factors that contribute to your success are still the same. While you were growing up, not only did real estate pros navigate the uncertainty of the market after the terrorist attacks, we also made it through the dot com bust, several rounds of panic that the internet would disintermediate agents, and the Great Recession. We adapted as advertising and lead generation shifted to online platforms, and as consumers were flooded with more information about real estate than they’d ever need. We learned to incorporate social media and we even adapted to the ways reality TV shows portrayed our work to the average consumer. There’s no doubt the world has changed quite a bit since you were born, but there are five things that haven’t changed, and if you focus on them now, you’ll build a solid foundation to support your career no matter what life throws at you in the future. Here’s what I’d tell myself if I were 18 today and starting my career. 1. Your primary job is to generate leads. You might think that working with the properties themselves and doing the work to help clients through a transaction is all there is to the job, but that’s an illusion. Don’t get me wrong, that stuff is the reward for doing your job well. But for a minimum of 60 minutes a day, you need to focus on generating leads, which is what results in listing and buyer representation agreements. 2. You must learn how to sell—on the phone and in person. The world is going to try to convince you that you can text your way into huge commissions. You cannot. People move because of major life changes and that comes

18 | Salt Lake Realtor ® | October 2020

3. Use your marketing to drive people to your database. We say that on Sept.11, 2001, our country was attacked. It’s such a dramatic event in our nation’s history because we normally have absolute control over our homeland. Conversely, our embassies around the world can be overrun at any time, and we know this. In your business, think of your website and your email list (your database) as your homeland. Everything outside of that—especially social media—are your embassies. You could lose control over them at any minute. When you advertise and use these platforms, drive people back to platforms you own—your homeland. 4. Learn the lifetime value of your relationships. Your database is made up of people who will help you thrive in any market, that is if you remember one thing: People send referrals to you to help themselves, not you. What I mean is, when you get a referral, it’s because the person who sent it thinks you are going to do a good job—and then they get to be the hero for making the connection. To maximize your relationships; it’s not enough to do a “good job” with the referral. You must perform in a way that you have enhanced the reputation and social standing of the person who referred the client to you in the first place. 5. Develop a success-based mindset. This is work that’s going to last a lifetime. Once you make it past the “conquer the world” energy of your 20s, you’ll have a new set of issues crop up that will require you to dig deeper into your personal development. Every decade after that will take you deeper. Don’t worry about this too much right now. Read the book Think and Grow Rich by Napoleon Hill at least once a year and you’ll be as ready as you can be. Now, take these five tips and go conquer the world. Become the top producer I know you can be. Jasen Edwards is a sought-after sales expert, performance coach, and motivational speaker with more than 25 years of real estate experience. In his production heyday, he was the youngest person ever listed on the Austin Business Journal’s Top 50 agents list and was featured on the cover of REALTOR® Magazine as a member of the 30 Under 30 class of 2002.

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In the Trenches: Doing Business during the Pandemic Real estate practitioners share candid, inspiring tales of how they’ve adapted to working through the crisis. Realtor® Magazine asked agents to share their experiences of working through a period that has felt surreal, scary, and, at times, confounding. They recount here how they continued to go the distance to serve clients efficiently and safely, ever mindful of social distancing protocols. Learn how tech tools, new processes, and sheer instinct helped them power through. Their reflections offer inspiration for everyone in real estate making their way during these unsettled times. Stories curated and edited by NAR’s Wendy Cole, Frederik Heller, Hathaway Hester, and Emily Swenson.

The More Things Change...

Racing the Clock

My April 9 closing was anything but ordinary. While I met with my clients to prepare the closing documents, we sat over six feet apart, protected ourselves with gloves and face masks, and even avoided sharing pens. As it dawned on me that this was the first closing in 16 years that would not end with a celebratory handshake or hug, I was reminded of something else—this is what Realtors® do. We deal with whatever we’re faced with. Unforeseen circumstances are our normal. Throughout my career I’ve always put my clients first, finding solutions to (often) last-minute challenges. In the midst of trying times, my client knew she was my top priority and we sold her home—sans handshake.

My clients moved to San Francisco last November with two small children in tow and were having trouble selling their home in Nashville, Tenn. When they finally got an offer in early March, they accepted it. The family had been renting an apartment and were eager to start their Bay Area home search. They waited 20 days for the closing papers, and on the exact day the papers were set to arrive and be notarized, the state of California went into lockdown. My clients felt like they were racing against the clock to print out their closing documents and find the last open notary in the area. After this wake-up call, I knew I had to set in place procedures for virtual closings, notaries, and home tours. Adjusting to the new normal was daunting at first, but I have found joy and a refreshed passion for the real estate community amid the changes. My clients are happy and safe in San Francisco, and I have had six virtual showings over the two weeks that followed.

Leslie Wollard, Keller Williams on the Water, Bradenton, Fla.

20 | Salt Lake Realtor ® | October 2020

Sher Powers, CRS, Urbane Residential Specialists, Nashville, Tenn.

Car Talk

Going Commercial

I had back-to-back closings on March 20, at the start of social distancing for businesses. Real estate was designated an essential business in Oklahoma, and luckily everything came together for the transaction without delays. However, brokers were not permitted in the title office during the closing. We had to stay in our cars the whole time, waiting in the parking lot in case there were questions.

It was my first commercial property transaction, an almost million-dollar deal, and then the COVID-19 pandemic happened. I’ve only had my license since June 2019, so this was a big and intimidating step. The purchase was for my husband’s catering business. He needed a bigger building, and I found a former restaurant in foreclosure that had been vacant for two years. It seemed ideal. Because of the shutdown, my husband’s business closed temporarily as events were canceled for March, April, and May. Not surprisingly, the lender didn’t approve the loan. He went to another bank that asked for more extensive paperwork. The whole process got very stressful, but he was approved. We finally closed at the end of April and we couldn’t be happier! My broker was there for me, educating me as we went along. My first commercial sale happened during a pandemic. I won’t let anything stop my real estate career. I’m very grateful.

My client did not like this arrangement, but we had no choice. I figured if I complained about the process, my anxious client would be even more nervous. I just went with the flow. The buyer went in to sign first, came back out, and then the seller went inside. The poor closer was running back and forth from the office to the parking lot. It was a windy, 40-degree day, and I felt sorry for her with it being so cold. She even got locked out of her office once and had to run around to the back door to get inside. I signed a HUD certification on the hood of the car. We got it done, but it felt surreal and ridiculous. On the upside, while the cooperating broker and I were out in our cars for those two hours, we rolled down our windows and had a great conversation. I had a young couple who had been looking, without much luck, for a home in his area. I asked if he knew of anything coming on the market soon for around $125,000. He actually had one and texted the owner for details. I showed it to the couple the next day, as we stayed six feet apart. They loved it and bought it. The closing was set for early May. Gail Scott, CRS, RE/MAX Cobblestone, Midwest City, Okla.

Patty Vesh, SRES, Keys to the Bay Real Estate, Tampa, Fla.

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October 2020 | Salt Lake Realtor ® | 21

By Their Side, Across the Street

My First “Sight Unseen” Buyer A local friend referred a client to me who was transferring to the area from Michigan for his job. This was at the end of March, two weeks into the pandemic, and the client said he’d probably have to buy a home sight unseen. That was something I’d never experienced, but we’d been talking at the office already about how to handle that kind of situation, so I was ready. Donning masks, gloves, and hand sanitizer, my teenage son and I showed them four homes via WhatsApp. We did detailed video tours that I narrated, opening cabinets and closets and looking behind doors. We walked around the exterior and shared all the pluses and minuses of the home. Because the client wasn’t familiar with the area, we even took a tour of the neighborhood and met a few locals. We spent at least 45 minutes at each house compared to the 20 minutes that an in-person showing usually takes. He made an offer on one that looked good on the surface but needed updating, which would save him money. It was accepted. The closing date was set for June, but my client wouldn’t be able to check out his house in person until after it became his. It’s amazing what technology can do for our business.

My clients Jen and Jack were pursuing their dream of living near the ocean, which meant relocating their family from upstate New York to Florida. Over the past year, we’d toured nearly 40 houses together. I was confident I knew what they were looking for. Still, when the “one” came on the market, with my buyers sheltering in place in New York, I was a bit nervous as to what we were going to do. I ended up doing a two-hour virtual tour with them over FaceTime. We all agreed the home was perfect for them and they bought it. I attended the inspection on their behalf. When Jen and Jack travel with their three kids and all their belongings to a home they’ve never set foot in, their plan is to quarantine themselves for 14 days. My plan is to stock their kitchen with groceries before they arrive. I’m doing whatever I can to make life easier for them. When they tour their forever home for the first time, I expect to be right there with them, standing across the street on FaceTime. Pamela McCowen, RE/MAX Signature, Ormond Beach, Fla.

BYO Gear

I had a listing for a custom-built home on 24 acres with a pond and some streams. There was a lot of activity on it, including several offers that weren’t quite acceptable to the seller. Then COVID-19 hit and he didn’t want people coming into his home. We still had interested buyers, but we couldn’t show it to them. I convinced the owner to do a Zoom tour with three sets of buyers and their agents at 6 p.m. on a Friday. I used my iPad while the seller led the way and opened doors. We were available to answer questions in real time, although the buyers could ask questions privately afterwards if they chose to. No one seemed hesitant about the group gathering. In fact, it seemed to make the buyers act more quickly, knowing others were interested. We had two offers and went under contract before midnight.

This is a critical time to have comprehensive listing images. I’ve been avoiding doing real-time tours using FaceTime or any other video phone call interface because the resolution is far worse than in HD or 4K recordings. Instead, I use my own equipment to record 3D home tours that show everything there is to see. On the buyer’s side, people don’t want to get all masked up and go out unless they have a reasonably good idea of what they’re getting. I also work with out-of-town buyers who aren’t traveling. Of course, buyers have access to marketing materials and virtual tours from listing agents. What they can’t see are drawbacks that I would otherwise point out in person. So with the sellers’ permission, I record video, including my own commentary about the house, edit it, and share it with my clients. I let sellers and agents know it won’t be posted publicly. I warn sellers that my 3D tours will drive down in-person showings, but they should want people to vet the home thoroughly before coming into their air space. To me, it’s about Article 12 of the Code of Ethics—always paint a true picture in marketing. This is especially important now when people’s health is at risk. Increasing showings is not a valid reason to put anyone’s life in jeopardy.

Tim Atkins, ABR, SRES, Allen Tate, REALTORS®, Oak Ridge, N.C.

Matt Difanis, ABR, CIPS, RE/MAX Realty Associates, Champaign, Ill.

Daniel Damesek, Coldwell Banker Realty, Westfield, N.J.

Three’s a Crowd

22 | Salt Lake Realtor ® | October 2020

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Pending Home Sales Index Reaches Record High By The National Association of Realtors®

Pending U.S. home sales in August continued to move upward, marking four uninterrupted months of positive contract activity, according to the National Association of Realtors®. Each of the four major regions experienced growth in monthover-month and year-over-year pending home sales transactions. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, rose 8.8 percent to 132.8 – a record high – in August. Year-over-year, contract signings rose 24.2 percent. An index of 100 is equal to the level of contract activity in 2001. “Tremendously low mortgage rates – below 3 percent – have again helped pending home sales climb in August,” said Lawrence Yun, NAR’s chief economist. “Additionally, the Fed intends to hold short-term fed funds rates near 0 percent for the foreseeable future, which should in the absence of inflationary pressure keep

24 | Salt Lake Realtor ® | October 2020

mortgage rates low, and that will undoubtably aid homebuyers continuing to enter the marketplace.” “While I did very much expect the housing sector to be stable during the pandemic-induced economic shutdowns, I am pleasantly surprised to see the industry bounce back so strongly and so quickly.” Yun notes that while pending contracts are at an all-time high, which will not necessarily translate to a record number of home sales because not all contracts lead to closings and due to sampling size variations. He also points out that pending home sales are outperforming many pre-pandemic averages, but says that without matching supply, the recovery will not be sustainable. “Home prices are heating up fast,” he said. “The low mortgage rates are allowing buyers to secure cheaper mortgages, but many may find it harder

the sale usually is finalized within one or two months of signing. The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales contract activity parallels the level of closed existing-home sales in the following two months. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

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to make the required down payment.” Realtor.com®’s Housing Market Recovery Index, which reveals metro areas where the market has recovered or even exceeded its previous January levels, showed the greatest recoveries as of September 19 were in Seattle-Tacoma-Bellevue, Wash.; Las Vegas-Henderson-Paradise, Nev.; Boston-Cambridge-Newton, Mass.-N.H.; DenverAurora-Lakewood, Colo.; and PhiladelphiaCamden-Wilmington, Pa.-N.J.-Del.-Md. August Pending Home Sales Regional Breakdown All four regional indices recorded increases in contract activity on a month-over-month basis in August. The Northeast PHSI grew 4.3 percent to 117.1 in August, a 26.0 percent jump from a year ago. In the Midwest, the index rose 8.6 percent to 124.5 last month, up 25.0 percent from August 2019. Pending home sales in the South increased 8.6 percent to an index of 154.2 in August, up 23.6 percent from August 2019. The index in the West rose 13.1 percent in August to 120.3, up 23.6 percent from a year ago. The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries. ### *The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though

26 | Salt Lake Realtor ® | October 2020

Statement of Ownership, Management and Circulation 1. Location of known Office of Publication: 772 E. 3300 S., Suite 200, Salt Lake City, Utah 84106 2. Location of known Headquarters of General Business offices of the Publisher: 772 E. 3300 S., Suite 200, Salt Lake City, Utah 84106 3. Publisher: Mills Publishing, Inc., 772 E. 3300 S., Suite 200, Salt Lake City, Utah 84106 4. Editor: Dave Anderton, Salt Lake Board of Realtors, 230 W. Towne Ridge Parkway, Suite 200, Sandy, Utah 84070 5. Owner: Salt Lake Board of Realtors, 230 W. Towne Ridge Parkway, Suite 200, Sandy, Utah 84070 6. Known bondholders, mortgages, and other security holders owning or holding 1 percent or more of total amount of bonds, mortgages or other securities: None. 7. Extent and nature of circulation: Average No. Copies Each Issue During Preceding 12 Months

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1. Mailed Outside-County Paid Subscriptions

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3. Paid Distribution Outside the Mails, including Sales Through Dealers and Carriers, Street Vendors, Counter Sales, and Other Paid Distribution Outside USPS

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AUGUST HOUSING WATCH August Marks Third Consecutive Month of Rising Home Sales “Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” said Lawrence Yun, NAR’s chief economist.

Demand for homes in Salt Lake County climbed in August, marking three consecutive months of rising sales. The recent rise in home sales has nearly reversed three months of slower sales (March through May) due to the Covid-19 pandemic. Home sales across Salt Lake County increased 2 percent in August. There were 1,828 sales in the month, up from 1,795 sales in August 2019 (revised numbers). Home sales from January through August are down just 2 percent compared to the same eight-month period in 2019.

Pending sales (under contract) in Salt Lake County were up 12 percent in August year over year. New listings in the county fell 1 percent to 2,103. The supply of housing inventory fell to 1.5 months, down 40 percent compared to 2.5 months a year earlier. In Davis County, home sales climbed nearly 3 percent to 577 sales in August, up from 563 sales in August 2019. Pending sales were up 9 percent while new listings fell 10 percent for the month. The median sales price of a home in Salt Lake County increased to $385,000 in August, up 12 percent from $345,000 a year ago. In Davis County, the median home price rose to $380,000, up 13 percent from $336,000 last year. Nationally, total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 10.5 percent from a year ago (5.43 million in August 2019), according to the National Association of Realtors®. “Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” said Lawrence Yun, NAR’s chief economist. “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3 percent and with continued job recovery.” In August, Utah ranked No. 2 in the lowest unemployment rate of all states, according to the U.S. Bureau of Labor Statistics. Utah’s rate was less than half the national rate of 8.4 percent. The U.S. median existing-home price for all housing types in August was $310,600, up 11.4 percent from August 2019 ($278,800), as prices rose in every region. August’s national price increase marks 102 straight months of year-over-year gains. Scarce inventory has been problematic for the past few years, according to Yun, an issue he says has worsened in the past month due to the dramatic surge in lumber prices and the dearth of lumber resulting from California wildfires. “Over recent months, we have seen lumber prices surge dramatically,” Yun said. “This has already led to an increase in the cost of multifamily housing and an even higher increase for single-family homes.” Yun says the need for housing will grow even further, especially in areas that are attractive to those who can work from home. As highlighted in NAR’s August study, the 2020 Work from Home Counties report, remote work opportunities are likely to become a growing part of the nation’s workforce culture. Yun believes this reality will endure, even after a coronavirus vaccine is available. “Housing demand is robust but supply is not, and this imbalance will inevitably harm affordability and hinder ownership opportunities,” he said. “To assure broad gains in homeownership, more new homes need to be constructed.” Properties across the nation typically remained on the market for 22 days in August, seasonally equal to the number of days in July and down from 31 days in August 2019. Sixty-nine percent of homes sold in August 2020 were on the market for less than a month. First-time buyers were responsible for 33 percent of sales in August, down from 34 percent in July 2020, but up from 31 percent in August 2019. 28 | Salt Lake Realtor ® | October 2020

October 2020 | Salt Lake Realtor Â® | 29

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Do You Have Permission to Show a Listing? By Holly Rawson

Scenario A buyer’s agent, Realtor® A, saw a listing that he/she believed to be vacant. Realtor® A did not contact the listing agent, Realtor® B, for permission to look at the property, even though contact was requested on the showing instructions. Realtor® B found out through a Supra report that Realtor® A accessed the property without permission. Realtor® B confronted Realtor® A about the situation and filed a complaint with the Salt Lake Board of Realtors®. Findings A hearing panel determined that in this situation, Realtor® A was in violation of Articles 1 and 3 of the Realtor® Code of Ethics. By accessing the property without permission, Realtor® A failed to protect the Seller’s trust and also failed to cooperate with the listing agent’s request that contact be made to obtain permission before entering the property. Conclusion Entering a home without permission is trespassing and a violation of the Code of Ethics. There are too many ethics violation hearings

30 | Salt Lake Realtor ® | October 2020

related to this issue. This is not only an issue of safety, but could also be grounds for filing a police report. This type of situation ultimately affects the relationship between the client and agent and lowers the professionalism of all involved. Scott Robbins, past president of the Salt Lake Board of Realtors®, said, “If you are scheduling the showing directly with the listing agent, be sure to confirm it before showing up with your client. If you are using ShowingTime on the MLS, you can request the showing appointment, but that doesn’t mean the listing agent has confirmed it with their client. So until that happens, don’t show up at the property.” If desired, listing agents can add an extra measure of security to a seller’s home by enabling a CBS (Call Before Showing) Code on the Supra keybox. When this feature is enabled, agents who are seeking access to the key will be asked to provide the CBS Code after entering their PIN. Any agent who wants to show the property will need to contact the listing agent to obtain the code. Holly Rawson is the professional standards administrator at the Salt Lake Board of Realtors®.

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