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Sales Increases Erase Covid Downturn p. 28
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This winter’s real estate market is slated to be an excellent time to sell a home. p. 26
Table of Contents Features 10 A Step-by-Step Guide to Creating a Virtual Home Tour
Mandy Ellis 18 Germs, Be Gone! 7 Simple
Renovations to Coronavirus-Proof Your Home Lauren Sieben
22 Our Annual Tradition 24 Three Legal Tips for a Fast-Paced Real Estate Market
Curtis Bullock 26 Why This Winter’s ‘Slow’ HomeSelling Season May Be Hotter Than Ever Erica Sweeney
Columns 7 Triumph amid Tragedy Alicia Holdaway – President’s Message
Departments 8 Happenings 8 In the News 28 Housing Watch
On the Cover: Cover: Dave Anderton Photo left: arymer©/ 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
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Jennifer Gilchrist Utah Key Real Estate
President Alicia Holdaway Summit Sotheby’s
Triumph amid Tragedy
Ryan Henderson Realtypath LLC
First Vice President Matt Ulrich Ulrich Realtors®, Inc.
Tony Ketterling Equity Real Estate John Lucky Coldwell Banker Residential
Second Vice President Steve Perry Wise Choice Real Estate
Michael Morgan RealtyPath LLC
Treasurer Rob Ockey Century 21 Everest
Mary Olsen Utah Key Real Estate Sophie Reece Berkshire Hathaway
Past President Scott Robbin Summit Sotheby’s
Janice Smith Coldwell Banker Residential
CEO Curtis Bullock
Dawn Stevens RealtyOne Group Signature
Directors
Carlye Webb Summit Sotheby’s
Hannah Cutler Coldwell Banker Residential
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 Patrick Witmer Office Administrator Cynthia Bell Snow
Sales Staff Paula Bell Paul Nicholas Chad Saunders Administrative Assistant Jessica Alder
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.
NASA, Apollo 8, Bill Anders Processing: Jim Weigang
In 1968, the world was in turmoil. Racism, distrust, and protests escalated as people rebelled against wars and governments. Roughly 300-400 American soldiers on average were being killed each week in Vietnam. Martin Luther King Jr. was assassinated. Robert F. Kennedy was gunned down. However, as the year ended, a remarkable event took place. For the first time, a manned spacecraft orbited the moon. The Apollo 8 mission was designed to study the moon’s surface and prepare for the lunar landing of Apollo 11. As Apollo 8 completed its orbit of the far side of the moon, the earth could be seen rising on the moon’s horizon. Astronaut William Anders exclaimed, “Oh my God! Look at that picture over there! There’s the earth coming up.” Anders snapped several color photographs in what has become known as Earthrise. It was a photograph that changed the world and transcended national boundaries. The image of our blue planet amid the blackness of space revealed a beauty and uniqueness that had never been seen. From the astronauts’ vantage point, there were no countries, no divisions, no hatred, just one tiny planet that we all call home. “At 240,000 miles away, it was small enough you could cover it with your thumbnail,” said astronaut Frank Borman, who with Anders and James Lovell made up the Apollo 8 mission. “Everything we held dear was back on that blue planet. How could this little ball exist in this vast universe of nothing.” The lesson of Apollo 8 applies today more than ever before. As we face a pandemic, political divisions, and racism, let’s remember the bigger picture. By changing our perspective, we can build on the common ground that unites us, rather than letting our differences tear us apart. Earthrise taught us, if for only an instant, that we are not separate groups of people, but citizens of the Earth.
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
November 2020 | Salt Lake Realtor ® | 7
Happenings
Laura Fidler
In the News
Amy Gibbons
Claire Larsen
Three Realtors® Elected to Board of Directors Three Realtors® were recently elected to the Board of Directors: They included: Laura Fidler (Summit Sotheby’s International Realty), Amy Gibbons (Keller Williams South Valley) and Claire Larsen (Woodside Homes). Fidler was awarded the 2019 Realtor® of the Year by the Salt Lake Board of Realtors®. Gibbons is currently the chairwoman of the Grievance Committee. Larson served as chairwoman of the Government Affairs Committee in 2013. They will each serve a four-year term as director beginning Jan. 1.
Wasatch Front Home Sales Climb in Third Quarter Single-family home sales across the Wasatch Front climbed 12 percent in the third quarter compared to the same period in 2019. Salt Lake County led the five-county Wasatch Front area in the most home sales. The Wasatch Front median single-family home price in the third quarter increased to $362,000, up 10 percent from a year ago.
8 | Salt Lake Realtor ® | November 2020
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Existing and New Home Sales Surge Approximately 560,000 existing homes were sold across the country in September while new home sales totaled 75,000, according to data from the National Association of Realtors® and the Census Bureau. These raw counts represent a 24 percent increase for existing-home sales from a year earlier while new home sales rose 34 percent. Although both existing and new home sales dropped in the first months of the pandemic, activity ramped up to higher levels than those of a year earlier. 1,717,000 existing homes were sold in the last three months (June-September 2020) compared to 1,522,000 during the same period in 2019. While home sales activity typically slows down in the fall and winter months, that hasn’t been the case for 2020. Strong summer housing market momentum continues in the fall since activity in September was similar to summer levels. In September, 450,000 existing homes are usually sold compared to 560,000 this year. Respectively, new home sales are also running well ahead of last year’s activity. While 54,000 new homes are typically sold in September, 75,000 buyers purchased a new home this year.
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A Step-by-Step Guide to Creating a Virtual Home Tour Listings with a 3D tour sold for up to 9 percent more and closed up to 31 percent faster than listings without them. By Mandy Ellis The COVID-19 economy has pumped up consumer demand for virtual home tours. These presentations, created using 360-degree and 3D tour technology, provide an immersive experience for viewing homes while limiting inperson contact. Virtual tours give buyers a perspective on the home’s layout and flow that can’t be achieved with still photos, said consultant Jeff Turner of Santa Clarita, Calif. The tours help buyers weed out houses that are in their price range but that don’t fit their style, said Turner, a consultant to virtual-tour provider Immoviewer and entrepreneur in residence at Second Century Ventures and Reach, the National Association of Realtors®’ strategic investment arm and awardwinning technology accelerator. “Consumers are hungry for the opportunity to have a better online shopping experience, and to me, that’s the promise of 3D, 360-degree virtual tours.”
10 | Salt Lake Realtor ® | November 2020
Data shows that virtual tours drive sales, said Amir Frank, a content manager at Matterport in Sunnyvale, Calif. Matterport studied MLS transaction data from the South, Southwest, Northwest, and Midwest from November 2016 to November 2019. The results showed listings with a 3D tour sold for up to 9 percent more and closed up to 31 percent faster than listings without them. The cost and complexity of virtual tour technology have come down in recent years, making these tours more accessible for real estate professionals. To help you create exceptional virtual home tours, here’s a step-bystep guide to gathering equipment; preparing to shoot and edit the photos; uploading and editing the images; creating the tour from walkthrough to exit on an online platform; and publishing and marketing the tours.
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including the Ricoh Theta V ($380); Insta360 One X ($456); Ricoh Theta Z1 ($1,000); and Matterport Pro2 ($3,400). Tripod or monopod: $25 to $50 Extra battery: $30 to $40 Battery charging station: $20 to $40 App: Virtual-tour providers have apps that enable you to upload 3D photos to create tours.
Image licensed by Ingram Image
Step 1: Choose Your Equipment and Platform “We’re in the golden age of 360-degree cameras,” said Turner. “I’ve got within my grasp, right now, six different 360 cameras. All cost between $250 and $500. The cost shouldn’t be a barrier for anyone who’s doing any volume of home sales. I have a 3,400-square-foot house here in Southern California, and I can capture and turn this into a usable tour in less than 20 minutes. “These are one-click tools,” he added. “You don’t have to focus them. And the quality of these low-cost cameras has been improving over time dramatically.” “To shoot a 2,000-square-foot home, it takes this [Ricoh Theta V] between five and 10 minutes,” said Peter Schravemade of Maroochydore, Queensland, in Australia, relationship manager for Box Brownie, a company that offers turnkey photo editing, virtual tours, and other services for real estate pros. Besides its affordability and speed, Schravemade said the Ricoh camera allows you to “bracket” to create the best possible images. Bracketing means taking the same photo multiple times, each with a different exposure, which helps ensure your tour includes exceptional interior and exterior views. He recommends shooting from three to five different exposures, then editing them together to create a bracketed image. What You Need to Create 3D Home Tours Camera: $250–$3,500. Experts interviewed for this article recommended a range of options,
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Matterport’s higher price results from its function as both a camera and a scanner, taking 360-degree tour photos, then creating a dollhouse-like floor plan. The floor plan is the major advantage, said Bill Lublin, CEO of Century 21 Advantage Gold in Philadelphia. Using the “dollhouse” format, viewers can go from room to room easily. However, it takes one to two hours to upload the Matterport tour, so it’s a slower process than what the Ricoh products offer. Whatever 360-degree camera you use, you’ll also have to download a smartphone app or invest in a hosting platform for your tours. You’ll upload your photos to that platform for storing, editing, and sharing. Step 2: Organize Photography, Lighting, and Camera Placement Before you start shooting, open your photography app or hosting platform, and then place your 360-degree camera on your tripod. “I like to take photos exactly how I would move through a house,” said Turner, “starting with the exterior.” Take one photo from across the street and another in the front yard. Photograph both sides of the house if there’s room for your gear; then move around the house, and capture the backyard. When you’ve finished shooting the exterior, open the front door and photograph the entryway. Before taking interior shots, open doors and turn on all the lights. Open blinds and curtains, unless the view detracts from the image. “Then navigate through the house and take photos, as many as is necessary to allow people to flow through it.” Inside, place the tripod in the center of each room with the camera set at eye height, above furniture and countertops. Then leave the room to take the photo using the smartphone app. You can take one photo per room, unless you’re bracketing your exposures or the size of the room requires more. Large rooms may need two or three images from different positions. A Matterport camera requires a different workflow. The camera scans every corner of the room, creating a 3D dollhouse-like floor plan. Frank suggested starting at the lowest level and
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working your way up. Position the camera to take shots from the center of hallways and at each room’s entryway. Then put your Matterport camera in each corner of the room to create a feel for room size; the number of photos will assist the software as it forms the 3D dollhouse model. Step 3: Upload the Tour
Creative Cloud costs $52 per month, but most users need only those two apps.) With Immoviewer, “those tours are live the moment they’re uploaded. So if you’ve got a good [wireless] connection from the house and you use the app, the moment those images are uploaded, that virtual tour is live and ready to go,” Turner said.
There are hundreds of 360-degree tour providers and hosting platforms, including Matterport, Ricoh360 Tours, Ogulo, Immoviewer, Box Brownie, Giraffe360, and EyeSpy360, said Schravemade. Many have apps that upload your photos as you take them. Editing tools on many of the platforms will stitch your images together for a seamless tour experience.
Matterport’s detailed scanning and photography process can take a couple of hours to finish uploading. Once that upload completes, it then takes 24 to 48 hours to process. That’s when you’re able to start tagging and adding specs and points of interest. Box Brownie uses manual stitching for its photo editing process and has a 24-hour turnaround, said Schravemade.
On a Budget
Step 5: Publish and Market the Tour on Multiple Channels
For about $15, you can get a selfie stick, attach your smartphone to it, and walk through a listing, narrating as you go and pointing out features people might otherwise see more readily in an in-person tour. It’s not a true virtual tour, but it’s an economical way to create a tour to post to social media and aggregator sites. Costs vary by platform and complexity. Immoviewer has a subscription model that runs from $69 per month for five active tours to $159 per month for 20. Box Brownie uses a pay-as-you-go model in which a tour with up to 15 photos costs $16, one with 16 to 25 photos costs $24; options for image enhancement start at $1.60, and 360-degree virtual staging is priced at $64. The more complex Matterport tours fall in the $250 to $400 range. Step 4: Create the Tour, From Walkthrough to Exit Many editing programs, including Box Brownie and Immoviewer, will put your photos in the right sequence as they upload; as long as you take your photos in the order of the flow of the home’s floor plan, they’ll be properly arranged for the virtual tour. If you’re using Matterport’s software, after you upload your photos, they’re processed into the 3D model in the correct order. You can then start adding “Matter Tags” and highlight reels, embedding videos and brochures, and labeling rooms and dimensions, says Frank. If you have the editing skills to stitch the images together yourself, Schravemade recommended programs such as Adobe Lightroom and Photoshop, available as an online subscription for $9.99 per month as part of the Adobe Creative Cloud package. (A subscription to the full Adobe
14 | Salt Lake Realtor ® | November 2020
Platforms such as realtor.com®, many MLSs, and social media are ideal places for publishing your virtual home tour. You can embed the tour link in email campaigns and text messages or drop it straight into Facebook, said Schravemade. Once the images and 3D model have been created, Frank said, the Matterport system “automatically generates photos it thinks are usable in your marketing campaigns, as well as a few short teasers, which are great; you can easily download a GIF or MP4 [video] file and use it in your marketing campaigns.” Make virtual home tours part of everything you can, whether it’s inexpensively with Immoviewer or Box Brownie or more fully immersive with detailed Matterport tours, Lublin advised. “People are more hesitant to enter properties now, but there’s a tremendous demand, and providing them the ability to see and choose to eliminate properties online is a powerful tool,” he said. “You always want to be seen as techforward. Now it’s easy to be tech-forward.” Turner estimates 95 percent of listings still don’t have a true virtual tour, even amid the pandemic. “I wish [agents] wouldn’t be so hung up on perfect image quality, especially with a virtual tour,” he said. “Do one, get it up there, and give consumers this experience they’re looking for. A 360-degree camera is going to do a really good job of capturing an above-average image of the room.” Mandy Ellis is an Austin, Texas-based freelance writer focusing on real estate, food, travel, and health. Reprinted from Realtor® Magazine Online, November 2020, with permission of the National Association of Realtors®. Copyright 2020. All rights reserved.
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Germs, Be Gone! 7 Simple Renovations to Coronavirus-Proof Your Home By Lauren Sieben As much as we all wish we could go back to a time when social distancing was a foreign concept and masks were just something you wore with a Halloween costume, it’s clear by now that COVID-19 isn’t going anywhere. At least, not anytime soon. One consequence of the pandemic is that our collective concern over cleanliness remains at an all-time high. A recent survey found that 47 percent of Americans are pining to upgrade their bathrooms during the pandemic, and 44 percent want to redesign the kitchen. The study was conducted by the New York City– based Ferguson Bath, Kitchen & Lighting Gallery, and according to Adrianne Russell, its showroom manager, the kitchen and bathroom are “two rooms where a lot can be done for hygiene.”
18 | Salt Lake Realtor ® | November 2020
Fortunately, there are lots of simple swaps and upgrades that can make your home into a sanctuary and provide peace of mind. Here are a few ideas on how to enhance your home and reduce the transfer of germs during the era of COVID-19. 1. Install touchless faucets This isn’t just a feature for public bathrooms anymore. Installing a touchless faucet is a quick and easy project that you can take on in your own home. “No handles or knobs means less surfaces touched and less of a chance of crosscontamination occurring after hand-washing or handling messy foods,” Russell says. Touchless faucets aren’t just for the bathroom:
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You can install one in the kitchen—or even a utility sink. 2. Switch to automatic soap dispensers After you’ve upgraded to a new contact-free faucet, why not take the cleanliness to the next level? “Since the best way to fight germs is handwashing, homeowners may also want to consider installing sensor-operated soap dispensers,” Russell said. “Like touchless faucets, touchless dispensers also help eliminate most surface contact during the hand-washing process,” she said. You can opt for a sleek, commercial-grade dispenser that requires some installation, or choose a battery-operated stand-alone model if you’re on a budget. 3. Upgrade to a bidet or touchless toilet Worried about another toilet paper shortage? Install a bidet in your bathroom. No toilet paper, no problem! “During the pandemic, toilets with integrated bidet functionality soared in popularity,” Russell said. “They are a hygienic alternative to toilet paper, using water-jet cleaning.” You can purchase a stand-alone bidet or a bidet toilet-seat attachment that works with your current toilet. You can also purchase a smart
20 | Salt Lake Realtor ® | November 2020
toilet with or without a built-in bidet. Many smart toilets come fully equipped with digital controls, touchless flushing, and Bluetooth connectivity, plus self-cleaning features to relieve you of your toilet-scrubbing duties. “Some options may also include special cleaning solutions, hydrophobic or hydrophilic glazes, advanced flushing technology, and specially designed rims,” Russell said. 4. Use smart lighting for touchless illumination Think of how often you touch the light switches around your house—then think of how many germs could be lurking there. “One of the dirtiest surfaces in a home are light switches, with homeowners having to touch them multiple times a day, every day,” Russell said. Switching to a smart lighting system can help reduce the transmission of germs. You control the lights from your phone, and with a smart system, you can control the lighting even when you’re away. This not only helps with home security, but also cuts down on your energy costs. 5. Eliminate contact with smart door locks Just like light switches, door locks can be a breeding ground for germs as people go in and out of the house.
Digital keypad and smart door locks (e.g., the Google Nest Smart Lock with Nest Connect) can help reduce human surface contact, Russell said. Their features often include keyless options, voice activation, and biometric identifiers. 6. Take it outside year-round with space heaters In some parts of the country, outdoor hangouts have traditionally been limited to the summer months. But keeping your activities outside doesn’t have to be out of reach, even on cooler days—and it can help minimize the risk of transmitting the virus. The solution? Pick up an outdoor patio heater, for as little as $100. “Heaters are great if you want to have guests on your patio,” says Suzi Dailey, a Realtor® with One Luxe by Realty One Group International. “I think heater sales are going to go through the roof.” 7. Try a sanitizing closet on for size These days, it’s not just the Roomba that’s
helping us keep our homes clean. From handsfree trash cans to refrigerators with sensors for touchless opening, tech tools and gadgets are making it easier than ever to keep our homes clean. One product that has exploded in popularity in recent months, according to John Romito, founder and licensed real estate agent at Heart & Home Real Estate, is sanitizing closets, which use ultraviolet light to sanitize garments. “The technology has been very popular among retail clothing stores, to minimize the spread of pathogens after people try on or return apparel,” he said. “It’s now being purchased for home use.” You can even recruit help from robots to turn your mudroom into a disinfection station where you and your guests can thoroughly sanitize each time you enter. Lauren Sieben is a writer in Milwaukee. Reprinted from Realtor® Magazine Online, October 2020, with permission of the National Association of Realtors®. Copyright 2020. All rights reserved.
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22 | Salt Lake Realtor ® | November 2020
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The Salt Lake Board of Realtors® will once again showcase a video at this year's virtual Holiday Social event. This year's video was shot on location at The Realtor® Campus. The video tradition started in 2010 and has evolved over the years, becoming an entertainment feature of the event. Tune in to the Facebook live stream of the event on the Salt Lake Board of Realtors® Members Page Friday, Dec. 4 at noon. The funds saved by hosting the Holiday Social virtually will be put toward additional American Dream Grants for first-time homebuyers in 2021.
Three Legal Tips for a Fast-Paced Real Estate Market By Curtis Bullock
1. Don’t DIY Your Home Sale I’ve seen this so many times and yet again this morning I read another case about a person who attempted to sell her home without the assistance of an experienced professional. The person was convinced they would save money doing it on their own. It ended up causing heartache, time, money and it could have easily been avoided. There was a lot more to it, but here is a brief summary of what happened. The home for sale by owner had solar panels installed on the roof. The solar panels were leased and required monthly payments to be made to the solar panel company. When a buyer became interested in the home, the seller was not familiar with the various
24 | Salt Lake Realtor ÂŽ | November 2020
legal aspects of the real estate purchase contract and how to coordinate the sale of the property with the assumption of the solar panel lease. Certain documents in the purchase contract were not included and ended up creating confusion for the buyer on what was expected regarding the solar panel lease and whether he was responsible to take over those payments. In the end, a dispute arose, litigation was threatened, and a settlement of several thousand dollars was offered. Eventually the transaction failed to close. I continue to see this sort of thing happen again and again. While the real estate market may be hot, there is a mountain of technical and legal information to be aware of when selling or purchasing a home. The best solution is to
2) If a back-up offer is received and accepted by Seller, Seller may decide to notify the Buyer. Notifiying the Buyer will trigger the Time Clause and start the clock running on section 1B. 3) If Buyer receives notice of an accepted BackUp contract, the Buyer must decide whether to remove the conditions marked in section 1B of the Time Clause Addendum, within the agreed upon time frame given in 1B. If Buyer decides to remove the conditions, Buyer should use the new Buyer Notice to Seller of Removal of Conditions form and provide it to the seller. 4) Any additional earnest money required in 1C of the Time Clause Addendum would then need to be deposited within four days of removing the conditions in writing if Buyer decides to proceed with the transaction. 5) If Buyer does not agree in writing to remove the conditions after receiving notice from the Seller of the accepted back-up offer, the REPC is automatically cancelled. If this doesn’t make any sense to you, contact your Realtor® who is an expert on contract negotiations to help you through the process of buying and selling property. 3. A possible legal solution for sellers who would like to sell, but do not know where they are going to move
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hire an experienced Realtor® who understands more than 85 different Utah contracts, forms, notices, disclosure laws and documents, agency agreements and how to get your transaction to the finish line. It will be well worth it. 2. A quick review of the “Time Clause” Addendum that was recently revised Here are a few important technical legal points to be aware of with the recently revised Time Clause Addendum. 1) When using this addendum, the Seller has the right to continue to market the property, but may only accept a back-up offer. Use the Back-Up Addendum if this happens.
With the unprecedented low housing inventory, we are seeing sellers who either 1) get themselves into a purchase contract that they want to later get out of, or 2) are reluctant to put their home on the market for sale in the first place. The seller’s fear is that with the low inventory of homes on the market, they won’t be able to find their next home and have somewhere to relocate to after they sell. One contractual option for the seller to consider is to include a contingency that allows them to find a home and go under contract by a certain date. If that doesn’t happen, the seller would reserve the right in the contract to cancel the REPC without penalty, and the earnest money would go back to the buyer. Both parties are protected by using this approach. The Subject to Seller Acquiring New Residence Addendum incorporates this concept and may be helpful to your clients. This is a standard Utah Association of Realtors® form that has been recently updated so give it a read and use it when it makes sense to your clients and their situation. Curtis A. Bullock is an attorney and CEO of the Salt Lake Board of Realtors®.
November 2020 | Salt Lake Realtor ® | 25
Why This Winter’s ‘Slow’ Home-Selling Season May Be Hotter Than Ever
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This winter’s real estate market is shaping up to be unlike any other before it— and, contrary to what some may have feared, is slated to be an excellent time to sell a home. By Erica Sweeney Winter is traditionally real estate’s slow season. Between the cold weather and the holidays, the housing market typically plunges into a hibernation of sorts, with both buyers and sellers shelving any major real estate moves until spring. This winter’s real estate market, however, is shaping up to be unlike any other before it—and, contrary to what some may have feared, is slated to be an excellent time to sell a home. In fact, Lawrence Yun, chief economist at the National Association of Realtors®, predicts “it will be one of the best winter sales years ever.” Why? Chalk it up to a perfect storm of low mortgage interest rates, sparse housing inventory, plus a pandemic that’s fundamentally changed how, when, and where buyers are shopping for homes. So if you’ve assumed you should put your homeselling plans on hold until spring, read on for a surprising reality check on all the reasons this winter could be a great time to put your house on the market.
Pandemic lockdowns have created pentup buyer demand While spring is typically real estate’s busy season, the “silent spring” of 2020 saw the housing market grind to a near halt amid pandemic-mandated lockdowns. This, in turn, created pent-up demand to purchase property that is only now being unleashed. “We currently see buyers sticking around in the housing market much later than we usually do
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this fall,” said Danielle Hale, chief economist at realtor.com®. “If that trend continues, we will see more buyers in the market this winter, too. So this winter is likely to be a good time to sell.” “There are plenty of people in the pipeline ready to hit the market this late autumn and winter,” Yun agreed. Many real estate agents have noticed this glut of eager buyers first-hand. “Winter is usually a slower season, but this year we’re not seeing any sign of letting up,” said Matt van Winkle, a real estate broker and owner of Re/Max Northwest Realtors in Seattle. “The selling season was delayed because of COVID lockdowns and stay-at-home orders, so several months of usual busy sales periods were delayed.” This buyer demand likely won’t wane anytime soon. “We will see an extended purchase season in 2020 and into 2021,” said Shelby McDaniels, channel director of corporate home lending at Chase.
Lockdowns are forcing many buyers to upsize their homes COVID-19 has not only created pent-up demand, but many buyers are also in the market purely because they’re working/schooling from home and realizing their space is no longer big enough—particularly now that the temperature’s dropping so they can’t easily escape to their back (continued on page 30)
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SEPTEMBER HOUSING WATCH September Marks the Fourth Consecutive Month of Rising Home Sales “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist.
Home sales in Salt Lake County climbed 18 percent in September, the fourth consecutive month of rising sales year over year. The recent sales increases have now erased the downturns experienced earlier this year tied to the Covid-19 pandemic. Sales in the county from January through September climbed to 13,841 sales, up 1 percent compared to sales in the same nine-month period in 2019.
In neighboring Davis County, sales in September were up 3 percent. Year-to-date sales increased to 3,696 closings, up 2 percent compared to the same January through September period in 2019. Nationally, total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 20.9 percent from a year ago (5.41 million in September 2019), according to the National Association of Realtors®. “Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.” The median home price for all housing types sold in Salt Lake County in September increased to $385,000, up 10 percent from $349,450 a year earlier. In Davis County, the median price reached $380,000, up 13 percent from last year’s median of $336,000. The U.S. median home price in September was $311,800, up 15 percent from September 2019. “There is no shortage of hopeful, potential buyers, but inventory is historically low,” Yun said. “To their credit, we have seen some homebuilders move to ramp up supply, but a need for even more production still exists.” Sales in vacation destination counties have seen a strong acceleration since July, with a 34 percent year-over-year gain in September. Additionally, a recent NAR study confirms that many Americans continue to seek new living situations due to the coronavirus pandemic. In Salt Lake County, properties were on the market for 25 days, down from 37 days a year ago. Across the U.S., properties remained on the market for 21 days in September – an all-time low – seasonally down from 22 days in August and down from 32 days in September 2019. Seventy-one percent of homes sold in September 2020 were on the market for less than a month. “Home sales flourished this past month, even as we contend with an ongoing and unforgiving pandemic,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. “I couldn’t be prouder of all the brokerages and Realtors® who have helped us navigate these challenging times to ensure our nation’s economy continues moving forward.”
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November 2020 | Salt Lake Realtor ® | 29
Winter’s Real Estate Market (continued) patio to catch up on emails alone. “With people spending so much time in their homes, including working from home and virtual schooling, there’s a great emphasis on being happy there,” said Matt Curtis, owner of Matt Curtis Real Estate, in Huntsville, AL. Lack of space is a complaint agents hear more often now. And if people are allowed to continue working from home rather than commuting to an office, they might also realize that they can shop for homes farther outside cities—great news for home sellers who live in more remote areas.
Housing inventory is low Although buyers are plentiful, the number of homes for sale is way lower than usual. According to realtor.com’s Monthly Housing Market Trends Report, in September, national housing inventory declined 39 percent over last year. “Because the number of homes available is currently at a record low, even if we see some improvement, which I expect, there will still be relatively few homes for sale,” Hale said. “That will keep upward pressure on home prices and help ensure that homes continue to sell quickly.” “Inventory is low, so the overall advantage is with the seller,” agreed Yun. Tracy Jones, a real estate agent with Re/Max Platinum Realty in Sarasota, Fla., said buyers have so few homes to choose from these days that they’re feeling forced to make quick decisions about whether to make an offer, or risk losing out on the chance. Nationally, homes spent an average of 54 days on the market in September, 12 fewer days than last year, according to the realtor.com trends report. “The buyers I have worked with this year only had a handful of homes to look at,” Jones said. “They had no time to wait and talk about it, and they had to fight other buyers if they wanted to buy them.”
Sellers can get top dollar for their homes It’s simple supply and demand: Low supply and high demand are bound to drive up home prices, so sellers stand to make a killing. Across the country, median home listing prices jumped 11.1 percent in September compared with a year ago, to $350,000, according to realtor.com. Price per square foot increased by 13.9 percent. “Sales prices and home values remain strong,” McDaniels said. And since there are so many offers on the table, “sellers can call the shots regarding terms of contract and repairs.”
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The only challenge sellers face with such low inventory—if you can even call it a challenge—is dealing with too many offers at once, said Curtis. “The challenge they face is navigating multiple offers and not accepting an offer too quickly to help ensure they get the most money for their home,” he said.
Mortgage interest rates are low Although buyers will face stiff competition, it’s not all bad news for them. For one, despite high home prices, record-low interest rates mean they’ll save a ton of money. Interest rates on a 30-year fixed-rate loan were 2.8% as of Oct. 22, according to Freddie Mac. This “boosts buyer home purchasing power,” Hale said. “In fact, despite double-digit increases in home prices this year compared to last year, today’s home buyers are likely actually paying slightly less on their mortgage each month, thanks to much lower mortgage rates.” The Federal Reserve has continued to lower interest rates this year to keep the economy going during the COVID-19 crisis, said McDaniels. “Even before the COVID-19 pandemic, economists and real estate professionals predicted mortgage interest rates would remain below 4 percent in 2020,” she said. “This means buyers that might have waited will consider entering the market this year.”
Any economic shift likely won’t be felt until spring Although unemployment continues to rise due to COVID-19 layoffs, Hale said this could affect the real estate market, but the effects likely won’t be felt for a few months. “A worsening unemployment rate would lead to a slowdown in the housing market and home sales, but I don’t expect that to happen immediately, more likely in the spring,” Hale said. This could create a slower start to the spring home-buying season. Plus, if another round of stimulus money appears, this would fuel consumer spending. “This would be a good thing for the housing market and the economy at large,” Hale said. Erica Sweeney is a writer whose work has appeared in the New York Times, Parade, HuffPost, and other publications. Reprinted from Realtor® Magazine Online, November 2020, with permission of the National Association of Realtors®. Copyright 2020. All rights reserved.
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