Salt Lake Realtor August 2015 Edition

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REALTOR

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Millennials Prefer Walkable Communities p. 18

What if Your Listing is an Eyesore? p. 12

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August 2015

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Hundreds of members of the Salt Lake Board of Realtors® got an early preview of this year’s Salt Lake Parade of Homes in Daybreak and Rosecrest. p. 10

Table of Contents Features 10 Parade of Homes 12 How to Tell Sellers Their

Home Is an Eyesore Melissa Dittmann Tracey

18 Millennials Favor Walkable

Communities, Says New NAR Poll The National Association of Realtors®

22 Pending U.S. Home Sales Down in June

24 Meet the New CEO of

UtahRealEstate.com – Brad Bjelke

Columns 7 Smoke and Mirrors or

Blood and Sweat?

Dave Robison – President’s Message

Departments 8 Happenings 8 In the News 26 Housing Watch 28 Realtor® Connections 28 On the Move

On the Cover: Photo: © iStockphoto.com / franckreporter Photo left: Laura Palmer

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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August 2015 volume 75 number 8 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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REALTYPATH WELCOMES MIKE MORGAN!

Realtypath is excited to welcome Mike Morgan as our President and Chief Education Officer. He will be responsible for enhancing our premium education department and continuing to provide excellent broker support. In addition to his duties with Realtypath, Mike will continue to serve as an elected Director for the Salt Lake Board of Realtors.

To hear Mike tell more about why he joined Realtypath, visit whymikejoined.com. joinrealtypath.com

801-937-9477

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President Dave Robison goBE Realty

Directors Managing Editor Dave AndertonM. Brock Andersen Berkshire Hathaway

Copy Editor

Jared Booth Georgia Cuthbert Coldwell Banker First Vice President Cheryl Acker Communications Committee Tom Colemere Realtypath LLC (Success)Lori Lee – Chairwoman Colemere Realty Annie Hedberg – Vice Chairwoman Kim Farber Equity Real Estate Second Vice President Publisher Adam Kirkham Mills Publishing, Inc.Kevin Larsen Kirkham Real Estate Coldwell Banker Residential www.millspub.com Mike Morgan President Sales Staff Keller Williams Treasurer Dan Miller Paula Bell Lisa Jungemann Steve Perry BillLLCLines Windermere Real Estate Realtypath (Community Branch) Office Administrator Karen Malan Cynthia Bell Snow Troy Peterson PaulEquity Nicholas Real Estate Past President Art Director Don Nothdorft Angie Domichel Nelden Michael Rowe Jackie Medina Coldwell Banker Residential BerkshireAssistant Hathaway Administrative Magazine Designer ChloéRandy Herrman Smith Real Estate CEO OfficeEquity Assistant Curtis Bullock Graphic Design Matthew Jessica SnowUlrich Ulrich Realtors® Ken Magleby Patrick Witmer Advertisinginformation informationmay maybe beobtained obtainedby bycalling calling Advertising (801)467-9419 467-9419ororby byvisiting visitingwww.millspub.com www.millspub.com (801)

Smoke and Mirrors or Blood and Sweat?

Y

ears ago I remember working with a particular client. During the transaction the client had some issues they discussed with me regarding the transaction. It seemed like valid reasons to cancel and I was willing to let them walk from the deal. I had another agent that was assigned to this client and working with them. That agent knew they wanted to back out but worked hard to keep the deal together.

It closed. I knew if I was the only one involved that day it wouldn’t have closed. I kept that as a learning experience that I needed to increase my skills and open my mind to close more deals. I wanted to be the person who got deals done and didn’t lose the deals.

Agents that have the highest potential of being the type of agent to lose deals might say things like:

· “That other agent that closed all those deals is just lucky.” · “December is a slow month you might as well take the month off.”

Managing Editor Directors President DeAnna Dipo Dave Anderton Cheryl Acker Distinctive Properties

At Home Realty

First Vice President Publisher Jillinda Bowers Purdential Utah Donna PozzuoliMills Publishing, Inc. Daniel Christensen Prudential Utah www.millspub.com Coldwell Banker

Second Vice President President Sarah M. Colbert Dave Frederickson Dan Miller Summit Sotheby’s Keller Williams Art Director Tom Colemere Treasurer Jackie Medina Colemere Realty Charlotte Thomas Kim Farber-Lynch OfficeEquity Administrator Graphic Design Keller Williams Real Estate Cynthia Bell Snow Leslie Hanna Lisa Hyte PastKen President Magleby RE/MAX Canyons Office Assistant Bill Heiner Patrick Witmer JessicaJacobson Snow Shirley RE/MAX Associates

Sales Staff Chief Executive Officer Paula Bell Bryan Kohler Karen Malan Paul Nicholas

Windermere

Administrative Assistant Fred Law Kyrsten Holland Law Real Estate Angie Domichel-Nelden Coldwell Banker

Troy Peterson Equity Real Estate

Salt Lake Board: (801) 542-8840 Salt Lakee-mail: dave@saltlakeboard.com Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.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 equal housing opportunity the nation.

We The Saltachievement Lake Board ofofREALTORS is pledged to thethroughout letter and spirit of U.S. policy encourage and support the affirmative advertising throughout and marketing for the achievement of equal housing opportunity the program nation. Wein which thereand are support no barriers obtaining advertising housing because of race, color, religion, encourage thetoaffirmative and marketing program in sex, handicap, familial or national origin. which status, 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 ® persons quoted in articles are their own and do not necessarily expressed by writers is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions The Salt Lake REALTORand reflect positions of theand Saltpersons Lake Board of REALTORS expressed by writers 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 well and photographs this issue, provided proper is given to The Salt Lake REALTOR®, as Permission will beingranted in most cases, uponcredit written request, to reprint or reproduce articles ® as any writers and photographers whose names appear withtothe andREALTOR photographs. , as well andtophotographs in this issue, provided proper credit is given Thearticles Salt Lake While unsolicited original manuscripts and photographs related to the real estate profession as to any writers and photographers whose names appear with the articles and photographs. are welcome, no payment is made for their in the publication.

While unsolicited original manuscripts and use 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 ® ® not necessarily by theand Saltadvertising Lake Board content of REALTORS REALTOR Views andare opinions expressedendorsed in the editorial of the. However, The Salt Lake advertisers do not make publication of this magazine so consideration products and necessarily endorsed by the Saltpossible, Lake Board of REALTORS®.ofHowever, REALTOR® are services listed greatly appreciated. advertisers doismake publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

· “Ive been in the business 20 years I know what I’m talking about...how many years have you been in the business?” · “These Internet leads are all bad leads the other agent over there is just getting the good ones.” · “Why do I get all the hard transactions?” · “The deal fell through because these buyers/sellers are extremely difficult, they are crazy.” · “The other agent is impossible to work with.” · “I already have enough CE to renew my license I don’t need anymore.” · “I could have sold that home at that price. The sellers would have saved money with my fee.”

Have you heard of any of these? Maybe just once? I learned I can either be smart and learn from my own mistakes or I can be wise and learn from other’s mistakes. How do you be wise? How do you learn to close more deals and not have deals fall through? It’s by not being fooled by the smoke and mirrors and doing the blood and sweat. With the smoke and mirrors you will always have a false reality.

There’s always a reason or excuse why the deal fell through and why you didn’t achieve your goals. You believe the reasons you aren’t successful at something is because of some “person” or “circumstance.”

The success will come from your blood and sweat. The Board helps you develop this by giving you opportunities to have education and networking. The more classes you take and designations you get will give you more opportunities to become wise. It’s called blood and sweat because sometimes it’s frustrating or stressful to figure out how to overcome the obstacle. You have to mentally work at it. Or you can let deals fall through the crack like I would have that day when the other agent saved the deal. Check out slrealtors.com for education and events coming up so you can become wiser and get more deals done.

Dave Robison 2015 President

OFFICIAL PUBLICATION OF THE OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ®® SALT LAKE BOARD OF REALTORS REALTOR is a registered mark which identifies a professional in real estate who subscribes ®

® . toREALTOR a strict®Code of Ethics asmark a member of the NATIONAL ASSOCIATION REALTORS is a registered which identifies a professional in realOFestate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.

October 2005

October 2005

August 2015 | Salt Lake Realtor ® | 7

Happenings

In the News Boomerang Buyers Have More Loan Options

Pictured above. The 2015 Nominating Committee: Rob Ockey, Alicia Holdaway, Jared Booth, Lisa Woodbury, Angie Nelden (chair), Steve Perry, Miranda Robinson, and Mike Morgan.

Nominees for Board of Directors Announced The Salt Lake Board of Realtors® at its annual business meeting in July announced the names of seven candidates running for the Board of Directors.

They are: Scott Colemere (Colemere Realty); Greg Fabiano (Dwellings Real Estate); Adam Kirkham (Kirkham Real Estate); Kroger Menzer (Keller Williams Realty); Jodie Osofsky (Jordan Real Estate); Scott Robbins (Coldwell Banker Residential); and Michael Rowe (Berkshire Hathaway Home Services). Five of the nominees receiving the most votes will each serve a four-year term beginning Jan. 1.

Pictured: Utah Governor Gary Herbert (center) addressed the conference on how his Realtor® background helped his service as governor.

GAD Directors Meet in Salt Lake City Government affairs directors from across the nation gathered in Salt Lake City July 15-18 for their annual conference. The Government Affairs Directors’ Institute is a professional development conference for state and local real estate association professionals. “This was the first time Utah has hosted a GAD Institute,” said Justin Allen, government affairs director for the Salt Lake Board of Realtors®. “Over 200 Realtor® government affairs staffers attended the conference from all over the country. They participated in training on NAR grants and resources, and Realtor® issues. Many attendees claimed it was the best GAD Institute they had ever attended and Salt Lake City received unanimous rave reviews.”

8 | Salt Lake Realtor ® | August 2015

Inman News reported that most victims who lost their homes in the recent recession are unaware of the waiting periods for a new loan secured by Fannie Mae, Freddie Mac, FHA and VA following a mortgage default or bankruptcy.

They suspect that they don’t qualify for a mortgage today. Fannie and Freddie waiting periods are similar: For a short sale, deed in lieu or bankruptcy, it’s four years, while foreclosure is seven years.

FHA is little different: For a short sale, deed in lieu or foreclosure, it’s three years, and only two years for bankruptcy.

VA waiting periods are even shorter: two years for all mortgage defaults and Chapter 7 bankruptcy. Rebuilt credit is a prerequisite by all to qualify for a new loan.

Furthermore, many people today also are taking advantage of FHA’s Back to Work program.

In as little as one year, people who experienced periods of unemployment or other severe reductions in their household income and were forced into a mortgage default or even full-blown bankruptcy could be approved with as little as a 3.5 percent down payment.

Major lenders consider this program risky. They believe it puts them at greater risk to buy loans back. Still, there are a number of lenders who are delivering limited numbers of these loans.

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Parade of Homes

T

he Salt Lake Board of Realtors速 co-sponsored three events showcasing the 2015 Salt Lake Parade of Homes. Daybreak hosted its annual Realtor速 Day Brunch on July 28. Roughly 500 people attended the brunch. The second event took place in Herriman with the Momentum Development Group hosting Realtor速 Days Chefs on Parade in Herriman. Hundreds of members were treated to free food from a variety of food trucks. The final event showcased talented chefs from the Salt Lake area as they prepared culinary delights in the distinctive kitchens of select Parade homes for a fabulous food tasting event.

10 | Salt Lake Realtor 速 | August 2015

Photos: Laura Palmer

August 2015 | Salt Lake Realtor 速 | 11

Photo: © andersphoto / Dollar Photo Club

How to Tell Sellers Their Home Is an Eyesore It’s awkward when your clients love their style choices — but you know it will kill the sale. Break the news to them gently, and get them onboard with a more neutral look

By Melissa Dittmann Tracey

C

athy Turney could hardly believe her good luck when she got an unusual call from a couple looking to sell their home: They told her it had been recently remodeled — updated kitchen, bathrooms, new windows, everything — and as an added bonus, “it’s already staged, too,” they said. Turney, a managing partner at Better Homes Realty in Walnut Creek, Calif., imagined it would be an easy sell — until she stepped inside.

“Smokey the Bear stared me in the eye,” Turney writes in her new book Real Estate

12 | Salt Lake Realtor ® | August 2015

Sales Success (Real Estate Success Press, 2015), recounting the seller’s animal mountings. “To his right, Bambi. I was ushered into the family room and seated next to Old Yeller. I was speechless.”

The sellers’ prized possessions were hanging on walls and placed in every corner of the house.

“The animals stay. But we’ll remove the guns,” the sellers told her.

When you’re invited into a potential seller’s home, you never know what you’ll find. You hope for modern and sleek, but you’re just as likely to find a ruffled, floral, neon-colored nightmare — or in Turney’s case, a mess of stuffed animals (literally). But she’s learned that you can’t tell sellers to just get rid of an eyesore.

“It’s nearly impossible for home owners to be objective about their home,” says Audra Slinkey, president of Home Staging Resource, a national staging and redesign training company.

“Our homes are filled with the emotions of living

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there. How can we possibly be objective about merchandising the space?” Slinkey adds that sellers often think “they can stage their home themselves and have no idea of the impossibility of that process.”

So when sellers believe they have the best taste in decor, how do you tell them it may actually be tasteless to many buyers? Realtor® Magazine recently analyzed how to have such conversations with sensitive sellers, but here are a few more ways to break it to them gently.

Talk trends. Neutral monochrome color schemes are in vogue today, along with minimalist design.

Turney may make a joke with her sellers about how “it’s all 50 shades of gray with millennials nowadays. So we need to neutralize the walls.”

Oftentimes, she says, a spouse will jump to her defense, saying it was obvious a bright color scheme needed to be toned down. That puts the real estate agent in a mediator role rather than a critic’s chair.

Emphasize the competition. When sharing comps, provide details about what similar

14 | Salt Lake Realtor ® | August 2015

homes sell for when they’ve been upgraded or remodeled and when they haven’t. Also, make sure sellers realize their home is competing against professionally staged homes. Turney tells her clients: “If you don’t want to pay for staging, we have to achieve the look ourselves — and we’ll need to do several things to get the home ready.”

Make the case for staging. Back your argument up with statistics, such as those from the National Association of Realtors®’ 2015 Profile of Home Staging, to help steer conversations about the condition and styling of your seller’s home. You might want to point out these figures from the report: 81 percent of Realtors® who represent buyers say staged homes make it easier for buyers to visualize the property as their future home.

46 percent of buyer agents say staging makes their buyers more willing to tour a home they viewed online.

32 percent of buyer agents say staged homes increase the dollar value buyers are willing to offer by 1 to 5 percent, and 16 percent say it could

increase offers by 6 to 10 percent.

What’s more, 28 percent of buyer agents say their buyers may be more willing to overlook property faults if a home is staged.

Professionally staged homes spend, on average, 72 percent less time on the market than homes that aren’t staged, according to a survey by the Real Estate Staging Association.

Have the sellers do an assessment, too. Do a walkthrough of the home, offering feedback on what to keep and what to put away.

The Home Staging Resource teaches agents to involve sellers actively in this process. “We have the [sellers] pretend to be the buyer and give oneword, first-impression adjectives like dark, warm, messy, clean,” and so on, Slinkey says. “We find that this process really helps the seller to separate from the home and commit to the process of selling their home since they begin to ‘pull off the blinders’ to some degree.”

Get a stager to do the talking.

Bring in professional home stagers to provide a critique. “One of the reasons agents really struggle with offending their seller is that they try and give staging advice themselves, and it’s simply not their role,” Slinkey says. “The agent has to be the friend, the confidant, and do quite a bit of hand-holding for quite a long time, so keeping a strong relationship is key.”

The home stager’s job, on the other hand, is to tell sellers how best to present their home so that buyers can “relate” to it and visualize themselves living there. The stager is meant to be critical yet sensitive when it comes to the decor.

Choose words carefully. Consider scripts often used in training for stagers. A popular one for Home Staging Resource is: “You have so many beautiful pieces, but unfortunately, the buyer does not get to buy those items. Since the buyer is buying the space and not your lovely things, we don’t want to ‘distract’ them with an abundance of decor.” Slinkey says stagers are trained to start each phrase with a positive affirmation and end with the staging solution.

Show other benefits of staging.

Decluttering areas with piles of papers on a desk also removes items containing personal information that sellers wouldn’t want others to get ahold of. Also, removing family photos preserves family members’ privacy.

Tracey Hawkins, founder of Safety and Security Source and a former real estate professional, suggests telling sellers: “You don’t know who’s walking through the house. You have photos of your spouse and children displayed, and you could have a pedophile or stalker walking through your home.”

Who would leave their family photos up after you say that?

Devise a Game Plan Homes rarely are picture-perfect and ready for buyers to tour without some staging. A talk about the home’s presentation to some degree is inevitable, whether that means providing a checklist of do-it-yourself tasks for the home owner or bringing in professional stagers to get the home ready. Some homes will need more elbow grease than others. Turney recalls a home that belonged to a hoarder that was filled with towers of boxes, and the living room had been used to restore motorcycles. The home required Crime Scene Cleaners, professionals who specialize in cleaning up homicides, since housekeeping services deemed the home a health hazard.

But regardless how poor the styling of your listing is, having an honest conversation about it with the seller may be less painful in the end than a lower sales price or a home that lingers on the market.

“It is a wonderful, positive thing to have a home reflect the nuance, personality, and lifestyle of its owner,” Slinkey says. “But when it comes to selling … it’s about merchandising the product to the masses so that the seller gets the most money from their most valuable commodity.”

Melissa Dittmann Tracey is a contributing editor for Realtor® magazine. Reprinted from Realtor® Magazine Online, July 2015, with permission of the National Association of Realtors®. Copyright July 2015. All rights reserved.

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August 2015 | Salt Lake Realtor ® | 15

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Photo: © Mihai Blanaru / Dollar Photo Club

Millennials Favor Walkable Communities, Says New NAR Poll Millennials are also shown to prefer living in attached housing

By The National Association of Realtors®

M

illennials prefer walking over driving by a substantially wider margin than any other generation, according to a new poll conducted by the National Association of Realtors® and the Transportation Research and Education Center at Portland State University.

The 2015 National Community and Transportation Preference Survey found that millennials, those aged 18–34, prefer walking as a mode of transportation by 12 percentage points over driving. Millennials are also shown to prefer living in attached housing, living within walking distance of shops and restaurants, and having a short commute, and they are the most likely age group to make use of public transportation.

The poll also found that millennials show a stronger preference than other generations for expanding public transportation and providing transportation alternatives to driving, such as biking and walking, while also increasing the availability of trains and buses. Millennials likewise favor developing communities where

18 | Salt Lake Realtor ® | August 2015

people do not need to drive long distances to work or shop.

“Realtors® don’t only sell homes, they sell neighborhoods and communities,” said NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark. “Realtors® aid in improving and revitalizing neighborhoods with smart growth initiatives, helping create walkable, urban centers, which is what more Americans want in their neighborhoods. While there is no such thing as a one-size-fits-all community, more and more homebuyers are expressing interest in living in mixed-use, transitaccessible communities.”

As a whole, the survey found that Americans prefer walkable communities more so than they have in the past. Forty-eight percent of respondents reported that they would prefer to live in communities containing houses with small yards but within easy walking distance of the community’s amenities, as opposed to living in communities with houses that have large

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Service Directory yards, but they have to drive to all amenities.

And while 60 percent of adults surveyed live in detached, single-family homes, 25 percent of those respondents said they would rather live in an attached home and have greater walkability.

When choosing a new home, respondents indicated that they would like choices when it comes to their community’s transportation options.

Eighty-five percent of survey participants said that sidewalks are a positive factor when purchasing a home, and 79 percent place importance on being within easy walking distance of places. Women in particular value walkability in their communities, with 61 percent indicating that having sidewalks with stores and restaurants to walk to is very important.

When it comes to respondents’ thoughts on transportation priorities for the government, 83 percent indicated that maintaining and repairing roads and bridges should be a high priority, with expanding roads to help alleviate or reduce congestion as the next highest priority, at 60 percent. While consumers’ top two concerns are related to driving, over half of survey participants stated that expanding public transit and providing convenient alternatives to driving should also be high priorities.

TREC’s research on active transportation and urban housing choices provided a foundation to build upon in working with NAR for this poll. “It’s great to work with an organization that reaches so many professionals and has such an effect on people as they decide where to live,” said Jennifer Dill, director of TREC. “This poll shows again how strong a role transportation plays in housing decisions.”

The survey of 3,000 adult Americans living in the 50 largest metropolitan areas was conducted

by American Strategies and Meyers Research in May 2015 and analyzed by researchers at Portland State University.

TREC, the Transportation Research and Education Center at Portland State University, produces timely, practical research useful to

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transportation decision makers and supports the education of future transportation professionals.

TREC houses the National Institute for Transportation and Communities, the Initiative for Bicycle and Pedestrian Innovation and the Portal transportation data archive.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

Photo: © Konstantin L / Dollar Photo Club

August 2015 | Salt Lake Realtor ® | 21

Photo: © Stephen Cobum / Dollar Photo Club

Pending U.S. Home Sales Down in June Despite last month’s decline, the index is the third highest reading of 2015 and has now increased year-over-year for 10 consecutive months

A

fter five consecutive months of increases, pending home sales slipped in June but remained near May’s level, which was the highest in over nine years, according to the National Association of Realtors®. Modest gains in the Northeast and West were offset by larger declines in the Midwest and South.

The Pending Home Sales Index,* a forwardlooking indicator based on contract signings, fell 1.8 percent to 110.3 in June but is still 8.2 percent above June 2014 (101.9). Despite last month’s decline, the index is the third highest reading of 2015 and has now increased year-over-year for 10 consecutive months.

Lawrence Yun, NAR chief economist, says although pending sales decreased in June, the overall trend in recent months supports a solid pace of home sales this summer. “Competition for existing houses on the market remained stiff last month, as low inventories in many markets reduced choices and pushed prices above some buyers’ comfort level,” he said. “The demand is there for more sales, but the determining factor will be whether or not some of these buyers decide

22 | Salt Lake Realtor ® | August 2015

to hold off even longer until supply improves and price growth slows.”

According to Yun, existing-home sales are up considerably compared to a year ago despite the share of first-time buyers only modestly improving1. The reason is that the boost in sales is mostly coming from pent-up sellers realizing their equity gains from recent years.

“Strong price appreciation and an improving economy is finally giving some homeowners the incentive and financial capability to sell and trade up or down,” adds Yun. “Unfortunately, because nearly all of these sellers are likely buying another home, there isn’t a net increase in inventory.

A combination of homebuilders ramping up construction and even more homeowners listing their properties on the market is needed to tame price growth and give all buyers more options.”

The PHSI in the Northeast inched 0.4 percent to 94.3 in June, and is now 12.0 percent above a year ago. In the Midwest the index declined 3.0 percent to 108.1 in June, but is still 5.0 percent above June 2014.

Pending home sales in the South also decreased 3.0 percent to an index of 123.5 in June but are still 7.8 percent above last June. The index in the West increased 0.5 percent in June to 104.4, and is now 10.4 percent above a year ago.

The national median existing-home price for all housing types in 2015 is expected to increase around 6.5 percent to $221,900, which would match the record high set in 2006. Total existinghome sales this year are forecast to increase 6.6 percent to around 5.27 million, about 25 percent below the prior peak set in 2005 (7.08 million).

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

1 According to NAR’s April Realtors® Confidence Index (RCI), the share of first-time buyers in 2015 has averaged 30 percent (through June). A year ago through June, the average share was 28 percent.

*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 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 existinghome 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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Meet the New CEO of UtahRealEstate.com – Brad Bjelke

W

ith the departure of Rebecca Jensen to Midwest Real Estate Data (MRED) in Chicago last January, the MLS Board of Directors knew that finding the right replacement would be a monumental task.

Ryan Kirkham, chairman of UtahRealEstate.com, recalls that, “The MLS Board of Directors reviewed close to 100 well qualified candidates and saw some of the top talent in the industry apply to be our next CEO. We needed to be certain that person not only had the proper experience, but would also have the best interest of our subscribers in mind…

It became clear that Brad’s expertise and vast knowledge of the real estate industry would take UtahRealEstate.com to an even higher level than where we are now.”

Brad has a diverse and experienced history in the multiple listing service industry. He is nationally recognized as an expert in matters relating to MLS rules, public policy, MLS and Association regionalization, compliance, data licensing, and governance. He has been an integral part of regionalization efforts for MLSs, and he has been involved in helping shape many of the MLS policies at both the local and national levels.

24 | Salt Lake Realtor ® | August 2015

Prior to joining UtahRealEstate.com, Brad served as Vice President and General Counsel for California Regional Multiple Listing Service (CRMLS), the largest MLS in the nation, serving approximately 75,000 REALTOR® subscribers.

Brad was an integral part of helping CRMLS expand throughout the state of California, developing and offering high quality MLS products and services. Before CRMLS, Brad served as Vice President and General Counsel at one of the largest MLS software vendors in the United States, overseeing the company’s technology development and operations.

Brad is a graduate of California Lutheran University and Boston College Law School, and he has taught undergraduate and graduate students in public policy and law for over 10 years. To let you in on a little secret, Brad’s wife grew up in Sandy and has always wanted to come back to Utah. So when Brad learned of the opportunity, he knew it was a great fit. Not only is UtahRealEstate.com a well-respected organization nationally, but it is an organization that matches his unique skill set in both the real estate and software development industries. Plus, Utah is a great place to raise a family, so his two children should love it.

So what will Brad bring to our Utah REALTOR® community? In his own words, “I’m excited to be a part of UtahRealEstate.com as we continue to implement cutting edge technologies and services. I look forward to working closely with our shareholder associations and brokers to ensure that their needs are met, while also working hard to increase the visibility of both UtahRealEstate.com and PropertyPond.com.”

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Housing Watch Home Sales are Strongest in These Top 10 Wasatch Front Cities 2 - C OLOR

he Salt Lake Board of Realtors® reported the top 10 cities in highest home sales along the Wasatch Front in the second quarter (year-over-year) included:

T

the Salt Lake Board of Realtors®. “Other cities making the top 10 list, like Draper, offer a variety of amenities and are close to major employers.”

1. Clearfield, Davis County (84015) 312 homes sold

In the second quarter, sales of single-family homes along the Wasatch Front increased 19 percent to 8,411 sales, up from 7,059 sales in the second quarter of 2014. At 29 percent, Tooele County posted the highest percent increase in home sales. In Salt Lake County, home sales climbed 16 percent. Utah, Davis and Weber counties also posted double-digit gains.

2. Farr West, Weber County (84404) 294 sales 3. South Jordan, Salt Lake County (84095) 293 sales 4. Tooele, Tooele County (84074) 283 sales 5. Lehi, Utah County (84043) 267 sales 6. Herriman, Salt Lake County (84096) 236 sales 7. Kearns, Salt Lake County (84118) 214 sales 8. Layton, Davis County (84041) 199 sales 8. Eagle Mountain, Utah County (84005) 199 sales 9. Draper, Salt Lake County (84020) 192 sales 10. Spanish Fork, Utah County (84660) 191 sales “Home buyers appear drawn to affordable areas. In fact, seven of the top 10 cities making the list had home prices lower than their respective county’s median home price,” said Dave Robison, president of

The median-priced home sold along the Wasatch Front increased to $253,000, up 9 percent compared to $231,900 in the second quarter of 2014. In Salt Lake County, the median home price reached $275,000, up 8 percent from last year and the highest median price of the five-county area of the Wasatch Front.

In Salt Lake County there were 6,825 new listings added in the second quarter, up 4 percent from 6,554 listings in the second quarter of 2014. Based on sales trends over the past six months, there is a 4.4-month supply of housing inventory, indicating a housing market that favors sellers.

Salt Lake County Home Sales Per Quarter

26 | Salt Lake Realtor ® | August 2015

COUNTY ZIP CITY 2015 HOUSE % +/- 2015 Q2 MEDIAN % +/- 2015 CONDO % +/- 2015 Q2 % +/- 2015 Q2 % +/ # SOLD CHANGE SALES PRICE CHANGE # SOLD CHANGE CONDO MEDIAN CHANGE AVERAGE CHANGE SALES PRICE CDOM S.L. CO

84006

COPPERTON

4

100.00%

$166,000.00

27.20%

0

n/a

$0.00

n/a

30

233.33%

S.L. CO

84020

DRAPER

192

15.66%

$404,500.00

5.22%

55

-5.17%

$200,000.00

-0.36%

64

-12.33%

S.L. CO

84044

MAGNA

121

22.22%

$177,000.00

14.19%

1

-66.67%

$117,000.00

38.46%

27

-61.97%

S.L. CO

84047

MIDVALE

82

38.98%

$229,950.00

9.97%

114

132.65%

$217,000.00

18.19%

62

-23.46%

S.L. CO

84065

RIVERTON

142

10.08%

$325,000.00

-0.46%

33

-19.51%

$219,947.00

4.74%

45

-36.62%

S.L. CO

84070

SANDY

97

25.97%

$236,500.00

7.50%

37

60.87%

$169,900.00

10.21%

48

-22.58%

S.L. CO

84081

WEST JORDAN

169

27.07%

$272,570.00

10.58%

14

-12.50%

$160,050.00

3.26%

41

-38.81%

S.L. CO

84084

WEST JORDAN

110

-1.79%

$234,450.00

12.47%

35

2.94%

$166,000.00

9.53%

45

-38.36%

S.L. CO

84088

WEST JORDAN

116

-4.13%

$250,000.00

4.21%

20

-23.08%

$170,500.00

-1.16%

33

-40.00%

S.L. CO

84091

SANDY

0

n/a

$0.00

n/a

0

n/a

$0.00

n/a

0

n/a

S.L. CO

84092

SANDY

110

10.00%

$425,500.00

13.92%

6

100.00%

$432,250.00

69.18%

90

4.65%

S.L. CO

84093

SANDY

89

2.30%

$365,000.00

10.07%

1

-50.00%

$212,000.00

-76.64%

65

-16.67%

S.L. CO

84094

SANDY

122

17.31%

$259,049.00

7.05%

12

-7.69%

$232,450.00

12.29%

52

-5.45%

S.L. CO

84095

SOUTH JORDAN

293

25.75%

$359,900.00

2.83%

106

55.88%

$212,857.00

-0.65%

70

-6.67%

S.L. CO

84096

HERRIMAN

236

56.29%

$310,000.00

6.50%

47

30.56%

$196,545.00

8.89%

50

-30.56%

S.L. CO

84101

SLC

5

25.00%

$167,000.00

26.04%

30

30.43%

$301,500.00

29.07%

116

8.41%

S.L. CO

84102

SLC

32

-21.95%

$300,985.00

10.66%

46

31.43%

$191,000.00

19.45%

55

14.58%

S.L. CO

84103

SLC

68

-5.56%

$469,350.00

8.77%

46

35.29%

$195,678.00

-4.20%

55

-54.17%

S.L. CO

84104

SLC

44

-24.14%

$160,000.00

17.22%

1

-66.67%

$63,500.00

-5.22%

21

-55.32%

S.L. CO

84105

SLC

140

14.75%

$325,200.00

-0.05%

0

-100.00%

$0.00

-100.00%

39

-9.30%

S.L. CO

84106

SLC

158

19.70%

$289,250.00

8.84%

48

26.32%

$167,500.00

16.77%

47

-25.40%

S.L. CO

84107

MURRAY

69

0.00%

$260,000.00

20.93%

60

7.14%

$135,695.00

1.00%

66

-5.71%

S.L. CO

84108

SLC

100

14.94%

$435,750.00

1.46%

17

-15.00%

$257,000.00

-2.84%

53

-26.39%

S.L. CO

84109

SLC

105

0.96%

$340,500.00

8.10%

7

40.00%

$136,800.00

-23.96%

49

-22.22%

S.L. CO

84111

SLC

29

93.33%

$209,000.00

18.08%

20

-37.50%

$242,500.00

49.23%

54

-41.94%

S.L. CO

84115

S SLC

100

26.58%

$209,000.00

7.73%

17

30.77%

$176,400.00

15.29%

34

-44.26%

S.L. CO

84116

SLC

75

8.70%

$180,000.00

12.75%

11

266.67%

$106,000.00

-26.90%

25

-66.67%

S.L. CO

84117

HOLLADAY

68

61.90%

$358,700.00

11.05%

41

-16.33%

$200,000.00

33.33%

58

-22.67%

S.L. CO

84118

TAYLORSVILLE/ KEARNS 214

9.74%

$193,000.00

14.54%

3

-50.00%

$135,000.00

-30.14%

28

-58.82%

S.L. CO

84119

WVC

107

15.05%

$180,000.00

9.09%

51

24.39%

$143,000.00

10.00%

35

-32.69%

S.L. CO

84120

WVC

150

-2.60%

$192,000.00

10.66%

17

30.77%

$193,000.00

28.67%

35

-44.44%

S.L. CO

84121

COTTONWOOD

163

36.97%

$339,900.00

9.65%

39

8.33%

$236,000.00

16.54%

76

-17.39%

S.L. CO

84123

TAYLORSVILLE/ KEARNS 75

7.14%

$227,000.00

-1.27%

58

56.76%

$139,250.00

17.02%

61

5.17%

S.L. CO

84124

HOLLADAY

98

25.64%

$360,500.00

-3.21%

9

-10.00%

$219,900.00

13.94%

53

-24.29%

S.L. CO

84128

WEST VALLEY

105

8.25%

$210,000.00

16.67%

9

-25.00%

$150,000.00

6.01%

34

-39.29%

S.L. CO

84129

TAYLORSVILLE

123

18.27%

$225,000.00

13.34%

11

175.00%

$163,000.00

1.56%

33

-38.89%

S.L. CO TOTALS

3911

15.81%

$275,000.00

7.89%

1022

21.23%

$189,000.00

8.00%

51

-26.09%

DAVIS CO 84010

BOUNTIFUL

139

32.38%

$259,900.00

1.13%

42

61.54%

$135,250.00

-11.31%

63

8.62%

DAVIS CO 84014

CENTERVILLE

34

-5.56%

$296,850.00

13.09%

22

-12.00%

$174,750.00

14.97%

70

-9.09%

DAVIS CO 84015

CLEARFIELD

312

19.08%

$190,000.00

9.67%

12

-36.84%

$123,950.00

5.94%

46

-41.03%

DAVIS CO 84025

FARMINGTON

64

-13.51%

$316,500.00

-9.04%

25

78.57%

$187,000.00

3.63%

42

-48.78%

DAVIS CO 84037

KAYSVILLE

119

13.33%

$303,000.00

-4.30%

4

33.33%

$155,500.00

-23.40%

62

-24.39%

DAVIS CO 84040

LAYTON

120

50.00%

$258,000.00

3.84%

9

28.57%

$179,900.00

20.52%

75

-23.47%

DAVIS CO 84041

LAYTON

199

16.37%

$210,000.00

9.49%

10

42.86%

$161,950.00

3.48%

36

-45.45%

DAVIS CO 84054

N. SALT LAKE

82

-10.87%

$259,950.00

3.48%

28

55.56%

$171,450.00

-2.69%

57

-25.97%

DAVIS CO 84075

SYRACUSE

121

19.80%

$268,500.00

20.40%

1

-50.00%

$175,000.00

12.61%

52

-43.48%

DAVIS CO 84087

WOODS CROSS

52

-13.33%

$238,450.00

2.78%

6

-57.14%

$181,107.00

-3.61%

41

-48.75%

1242

14.36%

$235,750.00

4.57%

159

17.78%

$170,000.00

1.80%

53

-31.17%

DAVIS CO TOTALS

August 2015 | Salt Lake Realtor 速 | 27

REALTOR® Connections

On the Move

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Q&A: National Association of Realtors® Q: What is the Realtors® Conference and Expo?

A: This annual four-day event includes 100 education sessions, featuring nationally recognized speakers, trainers, and industry experts, who discuss timely topics and critical issues of value to Realtors®. Nearly 400 industry vendors are at the expo, who present the latest innovative tools just for real estate professionals. There is unlimited networking and referral-building opportunities, including special events, networking lounges and the expo show floor.

Q: Where is the conference this year?

A: This year the REALTORS® Conference & Expo will be held at the San Diego Convention Center in San Diego, Calif. This year’s theme is “Be Here: San Diego...

It’s your time to shine!”

Q: What can I expect from attending? Where do I register?

A: Being in San Diego will help Realtors® “shine” in their businesses and with 20,000 members and guests expected to attend this year’s event, it takes only one referral from attending to pay for the Realtors® Conference & Expo!

Pictured: Leo Perez (chairman), Angie Flint, and Kimberlee Gypp.

Backpack Time The Christmas in July Committee filled nearly 400 backpacks with toys, books, clothes and personal hygiene items in anticipation for the Christmas in July event at The Road Home homeless shelter in downtown Salt Lake City. The annual event has occurred every year since 1991 and provides a day of service to families who are coping with homelessness and transitional housing.

28 | Salt Lake Realtor ® | August 2015

Realtypath is excited to welcome Mike Morgan as president and chief education officer. Morgan will be responsible for enhancing Realtypath’s premium education department and continuing to provide excellent broker support. In addition to his duties with Realtypath, Mike will continue to serve as an elected director for the Salt Lake Board of Realtors®.

Equity Real Estate welcomes the following Realtors®: Valeen Barber, Aziz Kurdi, Ian Smith, Michael Burdette, Michelle Ruble, Julie Nemeschy, Boris London, Bryan Cowley, Stella Canzano, Cesar Vargas, Ross Eveson, Joel Guerrero, Joel Rosenfield, Bert Robison, Spencer Lund and Ann Lozada.

Bank of Utah (South Towne Branch) announced it has moved offices to 11075 South State Street in Sandy.

John Gonzales is a leading residential loan officer and branch manager for Bank of Utah South Towne Branch and with more than 20 years of experience in the mortgage industry comes highly recommended by some of the top Realtors® and builders in Utah.

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