Salt Lake Realtor – February 2019

Salt Lake

®

REALTOR

Magazine February 2019

2019 Housing Forecast Report Congratulations Realtor 500 ®

CLOSE TO E V E RY T H I N G FA R F R O M O R D I N A RY Shopping, dining, exploring...just a few of the things that are minutes from your City Creek Living home.

As your primary home or a vacation retreat, the diversity of City Creek Living sets you apart from the ordinary and keeps you close to life’s simple pleasures.

Visit the City Creek Living sales center to tour our selection of designer homes.

99 West South Temple, Suite 100

99 WEST

•

RICHARDS COURT

•

THE REGENT

CityCreekLiving.com | 801.240.8600

Equip Your Buyers Before They Jump

They’re so excited to jump into shopping for a home!

The best time to get pre-qualified is before they visit the first home, and our SNapp app can do this right on their phone. snmc.com/SNappAgent

SecurityNational Mortgage Company complies with Section 8 of RESPA and does not offer marketing services in exchange for referrals or the expectation of referrals. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116.

Table of Contents Top 500 Producers Luncheon

p.10

Features 10

Realtor® 500 Recipients Recognized

12

Congratulations Realtor® 500 Dave Anderton

26

Fourth Best Year in Overall Home Sales, but Slowdown Likely James Wood

32

Do You Act Like a Top Producer?

Melissa Dittmann Tracey

38

10 Reasons Top Producers Get the Listing

45

Professionalism Matters

Columns 7

Transfer Taxes Raise the Cost of Homeownership Scott Robbins – President’s Message

Departments 8

Happenings

8

In the News

42

Housing Watch

44

Realtor® Connections

44

On the Move

On the Cover: Brad Bjelke, CEO UtahRealEstate.com; Adam Kirkham, past president Salt Lake Board of Realtors®; Joseph Quitoni, director of culture transformation for the Ritz-Carlton Leadership Center; and Scott Robbins, president of the Salt Lake Board of Realtors®.

Photo: Dave Anderton Photo left: Dave Anderton

This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting.

The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419.

The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands.

These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.

Salt Lake

REALTOR slrealtors.com

®

Maga zine

February 2019 volume 79 number 2

slrealtors.com

The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.

2018 AWARD RECIPIENTS

FOR OUTSTANDING PRODUCTION

2018 SALESPERSON OF THE YEAR

PINNACLE

Joan Pok

Award

ASSOCIATE BROKER, CRS, GRI, ABR, SRES

TOP 500 SLBR HALL OF FAME TOP 1% NATIONALLY

Taylor Keys

Kathleen Granderath

Rikki Curtis

Shelly Vardakis

Chrisanne Sueltz

Dawn Stevens

ASSOCIATE BROKER

REALTOR©

REALTOR©

REALTOR©

REALTOR©

REALTOR®, ABR, CNE, CRS, SRS

TOP 500 SLBR

TOP 500 SLBR HALL OF FAME

TOP 500 SLBR HALL OF FAME

TOP 500 SLBR

TOP 500 SLBR HALL OF FAME

TOP 500 SLBR HALL OF FAME

Amy Volcic

Becky Hudson

Mary Lou Dixon

Jan Sharp

Sarai Milliken

Amanda Nunn

REALTOR©

REALTOR©

BRANCH BROKER, CRS, ABR, SRS, CNHS

ASSOCIATE BROKER

PROFESSIONAL REALTOR©

PROFESSIONAL REALTOR©

TOP 500 SLBR FOR OUTSTANDING PRODUCTION

PR ESI DEN TI AL Award

R M

K G

REALTOR®

REALTOR®

TOP 500 SLBR

TOP 500 SLBR

B  D M ASSOCIATE BROKER | REALTOR

®

A J

D R

F P

M B

REALTOR®

REALTOR®

REALTOR®

REALTOR®

TOP 500 SLBR

FOR OUTSTANDING PRODUCTION

Pre mie r Award

L M

J D  R

M H

T D

R K

A F

C W

A R

D G

S D

REALTOR®

REALTOR®

REALTOR®

REALTOR®

REALTOR®

REALTOR®

REALTOR®

REALTOR®

REALTOR®

REALTOR®

FASTEST GROWING REAL ESTATE BRAND IN THE NATION

Salt Lake

REALTOR

® ®

Maga zine

slrealtors.com slrealtors.com

President Scott Robbins Summit Sotheby’s

Michael Morgan Realtypath LLC Scott Colemere Colemere Realty Associates

First Vice President Alicia Holdaway Summit Sotheby’s

Jodie Osofsky Utah Key Real Estate Mary Olsen Utah Key Real Estate

Second Vice President Matt Ulrich Ulrich Realtors®, Inc.

Sophie Reece Berkshire Hathaway

Treasurer Steve Perry Wise Choice Real Estate

Rob Ockey Century 21 Everest Dawn Stevens RealtyOne Group Signature

Past President Adam Kirkham Summit Sotheby’s

Brian Gottfredson Coldwell Banker

CEO Curtis Bullock

Tony Ketterling Equity Real Estate

Directors

Ryan Henderson Realtypath LLC

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

Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Katie Steckler Patrick Witmer Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Karen Malan Paul Nicholas Chad Saunders Administrative Assistant Caleb Deane

Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

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®.

Transfer Taxes Raise the Cost of Homeownership

M

y mother recently passed away in Florida and I was in charge of finding a Realtor® to sell her home.

Last month I went to the closing table.

It was a $900,000 home. I looked on the settlement sheet and there was a transfer fee for $6,400 on the seller’s side. That was crazy to me. But Florida doesn’t discriminate. The buyer had to cough up $3,200. The roughly $10,000 in transfer taxes represented 1 percent of the home’s closing price. Both the seller and buyer had to pay the tax.

Utah doesn’t impose transfer taxes.

However, most states do. According to the National Association of Realtors®, Utah is only one of 13 states that has no real estate transfer taxes on the transfer of title of real property. As state governments look for more ways to raise revenues, the battle over transfer and service taxes is one that never ends. This year is no exception. The Utah State Legislature is looking at many different ways to raise revenues this legislative session.

According to NAR, 44 states, including the District of Columbia, have a sales tax on some services. Typically, services taxed include entertainment, utilities, or telecommunications. However, to date most of the service taxes exclude real estate services or commissions. But many states have considered or are considering expanding the application of sales taxes of services to include a wide range of professional services such as real estate, legal assistance, accounting services, etc.

“NAR opposes the application of state or local sales tax to real estate services and other professional services, including real estate broker commissions, title searches, appraisals, home inspections, property management services, and any other services related to the real estate transaction,” NAR’s website stated. “NAR finds that the impact of such taxation places an undue burden on homeowners and other consumers of real estate services, falls disproportionately on the real estate sector, and is ultimately detrimental to state and local economies.”

That’s why it is so important to make your voice heard as a real estate professional and invest in the Realtors® Political Action Committee (RPAC). Your investment helps keep Utah free of unwanted regulation that increases the cost of homeownership and negatively affects the real estate profession.

Scott Robbins President

Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs.

While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication.

Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.

OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®.

October 2005

February 2019 | Salt Lake Realtor ® | 7

Happenings

In the News 2018 Was Best Year for House Sale Profits

Salt Lake Board is No. 1 in Nation in per capita RPAC Dollars Raised Last year was an outstanding year for investments to the Realtors® Political Action Committee (RPAC) from members of the Salt Lake Board of Realtors®. In 2018, more than $440,000 was raised with 193 major investors and a 47 percent member participation rate. The Salt Lake Board was No. 1 in the country in per capita dollars raised. Pictured: Members of the Affiliates Advisory Board recently invested their fair share to the Realtors® Political Action Committee. Front row: Jolene Lehman (left), Lesa Beuchert. Back Row: DeAnn Taylor (left), Marcus Jessop (government affairs director Salt Lake Board of Realtors®), Julie Krushensky, and Matt Clewett (public policy director Salt Lake Board of Realtors®).

©Lightfield Studios/ Adobe Stock

2018 was No. 5 Best Year for Wasatch Front Home Sales There were 29,407 single-family homes sold across the Wasatch Front in 2018, the fifth highest number of annual sales for the Wasatch Front, according to the Salt Lake Board of Realtors® and UtahRealEstate.com. Sales in 2018 were down 1 percent from 2017. In 2006, there were 30,521 single-family homes sold, the No. 1 year for home sales.

8 | Salt Lake Realtor ® | February 2019

Image licensed by Ingram Image

Median home sale prices zoomed to an all-time high last year, helping home sellers net higher profits.

The average home price gain since purchase was $61,000 in 2018, up from $50,000 last year, according to ATTOM Data Solutions’ Year-End 2018 U.S. Home Sales Report. That marks the highest gains for sellers since 2006. In 2018, sellers averaged a 32.6 percent return on investment compared to their original purchase price.

The U.S. median home price in 2018 was $248,000, up 5.5 percent from 2017 to a new record high.

“While 2018 was the most profitable time to sell a home in more than 12 years, those along the coasts, reaped the most gains,” said Todd Teta, chief product officer at ATTOM Data Solutions.

“However, those are the same areas where homeowners are staying put longer. The economy is still going strong and home loan rates remain historically low. But there are potential clouds on the horizon. The effects of last year’s tax cuts are wearing off as limits on homeowner tax deductions are in place.”

ATTOM researchers analyzed 217 metro areas with populations greater than 200,000 to find the highest returns on investment. The cities were predominantly located in the west.

The highest average returns on investment for home sellers last year were in San Jose, Calif. (108 percent); San Francisco (78.6 percent); Seattle (70.7 percent); Merced, Calif. (66.4 percent); and Santa Rosa, Calif. (66.1 percent).

Hurry…

The Countdown to savings Starts Now!

14-day Sale Purchase a select David Weekley Quick Move-in Home in the Salt Lake City area between February 14 and March 1, 2019, and your client will enjoy a Home Discount during our 14-day sale! Don’t delay…

The sooner they purchase their dream home, the more they’ll save!

Purchase by: February 14th February 15th February 16th February 18th February 19th February 20th February 21st February 22nd February 23rd February 25th February 26th February 27th February 28th March 1st

Home Discount: $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000

The sooner your Clients buy, the more they’ll save!

For more information, visit a David Weekley model home or call 385-232-2999

See a David Weekley Homes Sales Consultant for details. Not valid on previously written contracts. Up to $14,000 Home Discount offer valid for Homebuyers who purchase a David Weekley Quick Move-in Home in the Salt Lake City area between February 14, 2019, and March 1, 2019. Home Discount amount is based on day of week of sale. David Weekley Homes reserves the right to terminate the program early or change rules at any time. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Illustrations are artist’s depictions only and may differ from completed improvements. Copyright © 2019 David Weekley Homes – All Rights Reserved. Salt Lake City, UT (SLCA104803)

Realtor® 500 Recipients Recognized

T

he first Realtor® 500 event was held in January at The Little America Hotel honoring the top 500 Realtors® by MLS production volume for their 2018 sales achievements.

Congratulations to each of the Realtor® 500 recipients!

Photos: Dave Anderton

10 | Salt Lake Realtor ® | February 2019

Work with a renovation expert Get your clients the right home in the right neighborhood at the right price.

Expand the selection of potential homes that fit your clients’ needs Salvage deals with problem appraisals Broaden your pool of available buyers and sellers Work with a dedicated Renovation Specialist who is solely focused on your loans

Set yourself apart and close more deals with renovation loans.

Julia G. Borst SVP, Divisional Sales Manager

O: (801) 890-7660 C: (801) 362-7159 julia@rate.com Rate.com/juliaborst

9350 South 150 E., Suite 140 Sandy, UT 84070 Julia G. Borst NMLS ID: 275440; CA - CA-DBO275440, IL - 031.0038963, TX - 275440, UT - 5495305 • NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • CA - Licensed by the Department of Business Oversight, Division of Corporations under the California Residential Mortgage Lending Act Lic #4130699 • IL - Residential Mortgage Licensee - IDFPR, 122 South Michigan Avenue, Suite 1900, Chicago, Illinois, 60603, 312-793-3000, 3940 N. Ravenswood Ave., Chicago, IL 60613 #MB.0005932 • Utah - Licensed in UT: Utah-DRE Mortgage Entity License #7495184 & Utah-DFI Residential First Mortgage Notification – Utah Department of Financial Institutions Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google Inc. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.

Congratulations Realtor 500 ®

By Dave Anderton The first annual Realtor® 500 event recognizing the top 500 Realtors® by MLS production volume was held on Friday, Jan. 18 at The Little America Hotel. With nearly 8,500 Realtors® and Brokers belonging to the Salt Lake Board of Realtors®, the Realtor® 500 represents the top 5 percent of membership as measured by dollar volume. These top producers were honored for outstanding sales production in 2018 as reported to the MLS. Sales not reported to the MLS (UtahRealEstate.com) were not counted. In addition, only Realtors® listed as the primary buyer’s or seller’s agent were given credit for a sale.

Joseph Quitoni, an international speaker and corporate director of culture transformation for the Ritz-Carlton Leadership Center, was the keynote speaker at the event. Quitoni said that all business transactions are relationship based.

“If I am going to invest $1 million in you to help me find the home of my dreams I’ve got to trust you,” Quitoni said. “And trust is only built on meaningful and lasting relationships.”

Meeting a customer’s expectations before they ask is what sets apart an ordinary experience from a defining moment.

How you manage and present yourself to a client in the first interaction tells a customer what they can expect in every interaction thereafter.

“That’s the psychology of service,” Quitoni said. “That’s a reason to choose you versus your competitor.”

Want to be in next year’s Realtor® 500 event? Remember to report all sales to UtahRealEstate.com. Only primary agents listed as a buyer’s or seller’s agent receive credit for a sale. Realtors® must in good standing with the Salt Lake Board of Realtors® pursuant to the Board’s policies to be eligible to be a Realtor® 500 member. No application submission is necessary.

Dave Anderton is the communications director of the Salt Lake Board of Realtors®.

12 | Salt Lake Realtor ® | February 2019

It can be easy to assume that all real estate brokerages and sales associates are the same. The truth is, we’re passionate about being different – our unique qualities are at the heart of everything we do. We look at each moment as an opportunity to bring irreplaceable value to our clients around the world, and in the process, redefine the real estate industry. Luxury isn’t tangible. It isn’t a price tag. Luxury is an experience and a commitment to going beyond the status quo.

Being different isn’t for everyone, but to us, it is everything.

BY THE NUMBERS 115,000 Copies Showcasing the Homes, Estates, and Lifestyles of Utah 79,000+ Copies Delivered to Subscribers of: The Salt Lake Tribune, Utah Business Magazine, Zions Bank Community Magazine, The St. George Spectrum 465 Hand-Selected Distribution Locations

MMXIX Sotheby’s International Realty Affiliates, Inc. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Each office is independently owned and operated. Copyright© Summit Sotheby’s International Realty 2019.

©

2018 Realtor 500 ®

For Outstanding Sales Performance in Real Estate in the Salt Lake City Region Tony Esau Acosta, Real Team Realty Andrew Adams, Troika Real Estate Jessica Adams, Cannon & Company Sue Adams, RealtyPro Results John Aguirre, Ulrich Realtors® Mark Aguirre, Platinum Real Estate Mahe Akbarian, Realtypath Scott Alexander, Re/Max Associates Amanda Allen, Berkshire Hathaway Suzanne Allred, The Group RE Paula Alonso-Moreira, EXIT Realty M. Brock Andersen, Berkshire Hathaway Christopher Anderson, Windermere RE Edward Anderson, Intermountain Jim Anderson, Summit Sotheby's JoAnne Anderson, The Group RE Dorthy Androulidakis, The Group RE Jessica Apsley, NVS Real Estate Mahonry Aquino, Real Team Realty John Armstrong, Ari Realty Stephanie Poulos Arrasi, BerkshireHathaway Tricia J Ashby, Move Utah RE Katrina Authement, Coldwell Banker Ryan Aycock, Redfin Corporation Brian Babb, Equity Real Estate Jenn Bain, KW South Valley Elda Palacios Baker, RealtyONE Group Adam A. Bangerter, Bangerter RE Laura Bangerter, RE/MAX Associates John Baque, Berkshire Hathaway Liz Bare, KW Salt Lake City Megan Beal, Leap Realty Sara J Beck, Domain Real Estate Benjamin Beesley, KW Salt Lake City Brett Belknap, Century 21 Everest Launie Belnap, Aubrey and Associates Realty Troy Bench, Realtypath Brayden John Bengtzen, Coldwell Banker Spring Bengtzen, KW Legacy Jerome F Bennett, Realty Experts Janis Bennion, Chapman Richards Sue Benson, RE/MAX Metro David W Bergstedt, Bergstedt Real Estate

14 | Salt Lake Realtor ® | February 2019

Leigh Anne Bernal, Cityhome Collective Terry T. Bickmore, RE/MAX Results Brandon Blackwell, Blackwell Realty Kristy Blair, Summit Sotheby’s Erin Bodily, Move Utah RE Jesse Boone, Redzone Real Estate Olivia Bostwick, RANLife Real Estate Jennifer Bowen, KW Salt Lake City Kristopher Bowen, KW South Valley Melanie Bowers, KW Utah Realtors® Amber Briem, Blakemore Real Estate Jacque Bruening, Coldwell Banker Steven Brush, Windermere Real Estate Steve Bryant, Chapman Richards Robyn Buckwalter, Utah Key Real Estate Brandon Burningham, Equity Real Estate Sarah Burns, Berkshire Hathaway Cameron Burnside, KW Salt Lake City Linda Burtch, KW Salt Lake City William Bustos, KW Utah Realtors® Mark R Butler, Butler Realtors® Jordan Buttars, Probe Realtors® Sean Buttars, KW South Valley Carrie Butterfield, Intermountain Properties Lori Butterfield, Presidio Real Estate Company Emilie Call, Equity Real Estate Gregory Call, Berkshire Hathaway Jennifer Call, ERA Brokers Consolidated Jeffrey Callahan, Equity Real Estate Brandon Calton, RE/MAX Associates Annie Cannon, Better Homes & Gardens Ryan J Cannon, KW Salt Lake City Sheridyn Cannon, Cannon & Company Ryan Carlson, Windermere Real Estate Staci Carlston, Equity Real Estate Joel Carson, Utah Real Estate Heidi Castain, Century 21 Everest Brennan Lee Castleton, Century 21 Everest M. Cad Cauley, Coldwell Banker Cody Chamberlain, Windermere Lori Chamberlain, Chamberlain & Co. Kim Chatterton, Coldwell Banker Carolyn Chavez, KW Utah Realtors® Evan A. Child, Century 21 Everest

J Aaron Christensen, Century 21 Everest Nancy Christensen, Boardwalk Realty Amy Clark, Century 21 Everest C Terry Clark, Ivory Real Estate Derrick Clark, Select Group Realty Peter Clark, Windermere Real Estate Jordy Clark, KW South Valley Vanessa Clayton, Homie Nicole Cloward, RE/MAX Complete Bryan Colemere, Colemere Realty Kathy Collings, Berkshire Hathaway Melissa H Collings, RE/MAX Complete Mason Conley, KW Salt Lake City Alicia Connell, Coldwell Banker Dana Conway, Utah Key Real Estate Matt Cordery, Progressive Properties Realty Christopher Corroon, City Creek Living Justin Crane, Century 21 Everest Justin Critchfield, Team Plus Realty of Utah Traci Crockett, KW South Valley David M. Croft, Chapman Richards J Michael Crowder, Equity Real Estate Rikki Curtis, RealtyONE Group Signature Bob Cusick, Realtypath South Valley Mindie Dalley, Century 21 Everest Maritta Dalrymple, KW Salt Lake City Christina F Dalton, Coldwell Banker Ben Daniels, Edge Realty Jeffrey M. Daniels, Influence Realty Troy Darger, RE/MAX Results Ryan Dastrup, Realtypath Devi M Day, Edge Realty Babs De Lay, Urban Utah Homes & Estates Amber DeBirk, Equity Real Estate Jay Deher, Berkshire Hathaway Kimmie DelAndrae, Troika Real Estate Hector Delgado, Innova Realty Inc. Tyler Demars, KW South Valley Marlin Denning, Clear Choice RE Cody Derrick, cityhome COLLECTIVE Jonathan DeYoung, Century 21 Everest Darlene Dipo, Windermere Real Estate Kim Dixon, Berkshire Hathaway

2018 Realtor 500 ®

For Outstanding Sales Performance in Real Estate in the Salt Lake City Region John Dowdle, Destination Real Estate Abbey Drummond, Windermere Real Estate Kristi Durrant, Coldwell Banker Caleb Eastman, K2 Realty Robynn Eccles, Coldwell Banker Lisa Edgington, KW Salt Lake City Daryn Edmunds, High Road Properties Michael Egan, KW Salt Lake City Dallas G. Eichers, Berkshire Hathaway Zac Eldridge, RE/MAX Associates Rachel W. Eliason, KW Utah Realtors® Kathryn Elliott, Coldwell Banker Residential James A Ellis, RE/MAX Masters Kelly Ellis, Equity Real Estate Cody Emery, Century 21 Everest Trent Escandon, Equity Real Estate Candice Evans, KW South Valley Dara L Evans, Homie Ryan Evans, Windermere Real Estate Amanda J Evenstad, Homie Michael Everton, RANLife Real Estate Sandy Ewing, S H Realty Brandon Fajardo, Assist 2 Sell Buyer Casandra L Fakatoumafi, Equity Real Estate Whitney A. Fautin, Chapman Richards Kelly Favero, KW Salt Lake City Todd Feld, Coldwell Banker Peter Felis, Berkshire Hathaway Jennie Ferguson, Coldwell Banker Rebecca A. Fetterman, Equity Real Estate Julian Finlinson, KW Utah Realtors® William Floor, Netlogix Realty Susy M Foster, Realtypath Robyn Foulger, Windermere Real Estate Julian Fowkes, Homie Gale Frandsen, Berkshire Hathaway Dave Frederickson, KW Salt Lake City Eric K Freebairn, Ivory Real Estate Dave Frei, Four Seasons Real Estate Michael D Gabel, KW Salt Lake City Jona Gamboa, KW Utah Realtors® Jeff Garbett, Garbett Homes Eric Gardiner, Blackwell Realty Group Lori Gee, Berkshire Hathaway

Stephen Gilbert, RANLife Real Estate Michelle Gilvear, Coldwell Banker Suzanne Gleed, Homie Neil Glover, Coldwell Banker Wesley J Goldberg, RANLife Real Estate Joseph Gordon, KW Utah Realtors® Lezlee Gorey, Utah Real Estate Today Kristel Gough, RealtyONE Group Kathleen Granderath, RealtyONE Group Robert D. Green, RE/MAX Results Richard F. Grow, Ensign Investments Lance Gummersall, Century 21 Everest Jenya Gunnell, Homie Jake H. Gurr, Equity Real Estate Joel Hair, Ulrich REALTORS® Scott Hall, Equity Real Estate Sheri Hamilton, Berkshire Hathaway Jack Hanley, Homie Blake Hansen, RE/MAX Brad Hansen, Windermere Real Estate Jodi Hansen, Equity Real Estate Karen Hansen, The Group Real Estate Scott Hardey, KW South Valley Linda C. Hardman, Coldwell Banker Kim Hardy, Plumb & Company Kevin Harkness, Impower Real Estate Tahni Harr, Homie Mike Harris, Century 21 Everest Richard Harris, Jordan Real Estate Rebecca Harston, RE/MAX Associates James J. Harvey, Latitude 40 Properties Philip Harvey, Century 21 Everest Scott Harvey, Utah Real Estate Craig R Hawker, Action Team Realty Emily Hayes, KW South Valley Frances M. Hays, Coldwell Banker Heather Heine, D.R. Horton.

V. Wade Henderson, Utah Real Estate Michael Heslop, Century 21 Everest Tyler Higgins, Century 21 Everest Monique Higginson, Market Source RE Erik Higley, Berkshire Hathaway Troy L Hodell, Impower Real Estate Scott D Hodges, Exit Realty Success Keri Holland, Engel & Volkers

Ryan E Hook, RE/MAX Associates Kate Kyunghee Horsley, Equity Real Estate Jeannette Horsley-Mason, KW Salt Lake City Tara Horton, CW Group Real Estate Dawn Houghton, Coldwell Banker Abby Howell, Edge Realty Kris A. Hudson, Ulrich Realtors® Kaytlin Hughes, Berkshire Hathaway Tiffany Hull, Century Communities Realty John E Hunter, Century 21 Everest Marc J Huntington, Equity Real Estate Bryan Hurd, KW South Valley Justin Hurd, KW South Valley Jeff Hutchings, RE/MAX Results Donald G Raines III, KW South Valley Kristy Lynn Imhof, High Road Properties Julie Israelsen, Advantage Real Estate Shane Jackson, Homie Russ James, Oakwood Realty Spencer Wells Janke, Berkshire Hathaway Kevin Jensen, Berkshire Hathaway Marvin V. Jensen, Windermere Real Estate Michael Jensen, Probe Realtors® David Jenson, RANLife Real Estate Cari Johnson, Coldwell Banker Residential Josh Johnson, Century 21 Everest Julie Mathews Johnson, Berkshire Hathaway Matthew Johnson, Century 21 Everest Steven C Johnson, RE/MAX Associates Jennifer Jolley, REDFIN Corporation Andrea Jones, RealtyONE Group Signature Brenda Lee Jones, Century 21 Everest Chris Jones, KW South Valley Tammy Jones, Century 21 Everest Adam Jordan, Jordan Real Estate Heidi R. Jorgensen, Coldwell Banker Shauna Jorgensen, RealtyPath Jason Judd, Realtypath Lisa Jungemann, Windermere Real Estate Jeff Justice, Summit Sotheby’s Nicholas Kambouris, Rize Homesource Alen Kantarevic, Century 21 Everest Stephen Karpakis, Paragon Properties Bertha Bettina Katz, Berkshire Hathaway

February 2019 | Salt Lake Realtor ® | 15

2018 Realtor 500 ®

For Outstanding Sales Performance in Real Estate in the Salt Lake City Region William H Kennedy, Custom Realty Kasey Kershaw, IDI Real Estate David Kevitch, Wasatch Homes and Estates Taylor Keys, RealtyONE Group Signature Gregory Kimball, Western Realty Utah Jamie Kinder, RANLife Real Estate Jeff Kirk, Edge Realty Adam Kirkham, Summit Sotheby’s Carolyn Kirkham, Summit Sotheby’s Ryan Kirkham, Summit Sotheby’s Shawndra Kirkham, Move Utah Real Estate Loren K Knaphus, Redfin Corporation Adam Knight, Realtypath LLC Emilie Knight, Realtypath LLC Adam Koch, K2 Realty Michelle Koch, Koch and Company Grady Kohler, Windermere Real Estate Thomas Kreifeldt, Action Team Realty Corigan Kushma, cityhome COLLECTIVE Heather LaGiusa, Destination Real Estate Brad Lambert, Hallmark Real Estate Tiffany Lancaster, Wise Choice Real Estate Haydee V Lara, Realtypath Corporate Amie Larsen, Exit Realty Stephen Larsen, Edge Realty Sam A Larson, Larson & Company Jeffrey M Leger, Century 21 Everest Lori Levinson, Century 21 Everest Randy Lewis, Foundations Real Estate Mike Lindsay, Coldwell Banker Ashley Lindsey, KW Utah Realtor® Julie Livers, Coldwell Banker Hector Lombana, Beehive Real Estate Daniel Lopez, REDFIN Corporation Damon A Lowe, Lifestyle Properties Janet M. Lowe, Windermere Real Estate Carter Lowrance, Coldwell Banker Jamison Lunnen, Homie Kerri Luther, Equity Real Estate Jenn Kikel-Lynn, K Real Estate Maria Teresa Macias, Epic Real Estate Brook Madsen, KW Salt Lake City Cherie Major, Windermere Real Estate Tuiono Malakai, Equity Real Estate Linda S. Mandrow, Coldwell Banker

16 | Salt Lake Realtor ® | February 2019

Heather Mangan, Realtypath LLC Sue Mark, Chapman Richards & Associates Shari Martin, D.R. Horton Inc. Susie Martindale, RE/MAX Masters Ricardo Martinez, RE/MAX Masters Scott F. Maruri, KW Salt Lake City Tonja Masina, Paradise Real Estate Kurt Mathewson, Intermountain Properties Cathy J Maxfield, RE/MAX Associates Lance May, Berkshire Hathaway Kathy McCabe, Windermere Real Estate Jennie McCullough, RANLife Real Estate Mike McOmber, McOmber Team Real Estate Michael McPhie, Equity Real Estate Jordan McQueen, KW Utah Realtors Carolee Mecham, Cannon & Company Ernad Mehinovic, Realtypath LLC Josh Meidell, Realty Insight Donald Mendenhall, Equity Real Estate Scott Merrill, RANLife Real Estate Scott Miller, Exit Realty Success Joseph Mills, Investment Realty Advisors Joshua Mills, KW Utah Realtors® Rodney Mills, KW Utah Realtors® Scott Mills, Mansell Real Estate Daniel Moench, Century 21 Everest Teresa Moore, Wasatch Luxury Regina Morrill, RealtyONE Group Signature Cari Moss, RE/MAX Metro Ken Murdock, Coldwell Banker Alexander Muzio, cityhome COLLECTIVE Ivan S Navincopa, Blue Key Realty, LLC Jeffery Neal, Coldwell Banker Leslie Neebling, Coldwell Banker Angie Nelden, Summit Sotheby’s Carlos C Nelson, Realtypath Tuan Ngo, Century 21 Everest Binh Nguyen, Realtypath David Nguyen, Impact Realty Jason Nielsen, Utah Select Realty Karly Nielsen, Realtypath Brandon Nielson, Equity Real Estate Matthew Nielson, Select Group Realty Kelly Nieves, Century 21 Everest Lisa Ninow, Stone Edge Real Estate

Robert Ninow, Stone Edge Real Estate Debbie Nisson, Berkshire Hathaway Dan Nix, Coldwell Banker Brian Noel, Century 21 Everest Robert Ockey, Century 21 Everest Joe Olschewski, Ulrich Realtors® Brad Olsen, Dimension Realty Services Katie L Olsen, Coldwell Banker Maile O’Rourke, Impower Real Estate Paz Ortiz, iPro Realty Network Jodie Osofsky, Utah Key Real Estate Stephen Ostler, Realtypath Mark C Overdevest, Coldwell Banker Jenny Pace, Greystone Real Estate Matt Page, RE/MAX Masters Tara Paras, Paras Real Estate Carolyn Parker, KW South Valley Holly A. Parkin, United Real Estate Adv Tyler B Parrish, Windermere Real Estate Leanne Parry, Summit Sotheby’s Spencer F. Passey, RE/MAX Associates Joan Pate, Berkshire Hathaway John Patton , Coldwell Banker Haley Peacock, RE/MAX Metro Micah Pearson, KW Utah Realtors® Sheri M. Peck, Century 21 Everest Saul Villalobos Perez, Elite Plus Real Estate Charlie Perry, Blueroof Real Estate Jack L Perry, KW Salt Lake City Michael Perry, KW Salt Lake City A. Sabrina Peters, Redfin Corporation Aaron Lionel Peters, Netlogix Realty Myra Petersen, Windermere Real Estate Annabel Peterson , Sid Davis and Assoc.

Ryan Pettit, KW South Valley Pamela Phillips, Coldwell Banker Jeff Pierson, Big Key Real Estate Joe Pierson, Big Key Real Estate Bob Plumb, Plumb & Company Joan Pok, RealtyONE Group Signature Ryan W Pool, KW South Valley Susan Poulin, Summit Sotheby’s Maura Powers, Berkshire Hathaway Donna Pozzuoli, Berkshire Hathaway

!

S N ATIO !

L U 500 T P A O T R NG O OUR

CO

Uniquely Different, Simply Better!

T

Michael McPhie Kerri Luther Trent Escandon Scott Broussard Scott Hall Staci Carlston Brandon Nielson David Wiser Marc J Huntington Kelly Ellis Rebecca A. Fetterman Emilie Call Brandon Burningham Jodi Hansen Brian Babb Jake H. Gurr Casandra L Fakatoumafi Jin Zhang Christy Terrill J Michael Crowder Amber Debirk Sabrina Peters Randall Wall Tuiono Malakai Collin Curtis Trevor Thompson

We’re proud of our team’s accomplishments.

Equity Real Estate is responsible for over 17% of all real estate transactions in the state of Utah!

Real Estate

Visit equity-usa.com for a better future.

2018 Realtor 500 ®

For Outstanding Sales Performance in Real Estate in the Salt Lake City Region Edward Pratt, Coldwell Banker Suzanne Preston, RANLife Real Estate Regina Price, X2Move Real Estate Juston Puchar, Utah Real Estate Lisa Radke, RE/MAX Results Karma Ramsey, The Group Real Estate Joe Reardon, KW Utah Realtors® Jody Redden, iPro Realty Network Ruby Reece, Century 21 Everest Chris Reed, Coldwell Banker Allison Reemsnyder, Coldwell Banker David Revill, Blueroof Real Estate James Rex, KW Westfield Eric Reynolds, Buy Right Sell Right Phil Richardson, Berkshire Hathaway Tamra Rieper, KW Salt Lake City Scott Robbins, Summit Sotheby’s David B. Robison, goBE (Realty II) Mark W Robison, KW Utah Realtors® Clay Rockwood, Rockwood & Company Jesus A Roldan, Realtypath Corporate Kirsten L Rose, Exit Realty Succes Lynnette Rose, Coldwell Banker Chris Ross , RE/MAX Associates Heather Roxburgh, KW South Valley Shane Roxburgh, KW Utah Realtors® Marque Roybal, Homenet Real Estate Jamie Sacks, Coldwell Banker Jill Saddler, KW South Valley Christine Sadira, Impower Real Estate Steven Salazar, Impower Real Estate Melissa Schelin, Weekley Homes Christina Schmidt, Coldwell Banker Brent A Scott, Realtypath Linda Secrist, Berkshire Hathaway Jessica Seegmiller, Berkshire Hathaway Brett R Sellick, RE/MAX Associates Jeff A Sidwell, Summit Sotheby’s Laurel Simmons, Summit Sotheby’s Meredith Sinclair, Windermere Real Estate Debra Sjoblom, Chapman Richards

18 | Salt Lake Realtor ® | February 2019

Liz Slager, Summit Sotheby’s Janice Smith, Coldwell Banker Catherine G Sneyd, Windermere Real Estate Jessica Sorenson, Intermountain Properties Natalie Southwick, Aspen Creek Realty Julia A Splan, Coldwell Banker Residential Heidi Stapel, Wasatch Realty Wendy Starling, Starling Real Estate Scott Steadman, Windermere Real Estate Sean Steinman, Windermere Real Estate Joshua Stern, KW Salt Lake City Lee H Stern, KW Salt Lake City Dawn Stevens, RealtyONE Group Lacy Stevens, KW South Valley Mona R Stevens, KW Salt Lake City Tyler Stevens, Smart Move Advantage Realty Matt Storheim, MS2 & Associates Brandi Strong, Berkshire Hathaway Kevin Strong, RE/MAX Associates Chrisanne Sueltz, RealtyONE Group Joey Sutorius, Coldwell Banker Residential Kathy Tangaro, Chapman Richards Brady Tanner, Prime Residential Brokers James Telaroli, Axis Realty Christy Terrill, Equity Real Estate Jessica Terry, Century 21 Everest Chad Thomas, Mansell Real Estate Tracy Thomas, Urban Utah Homes Trevor Thompson, Equity Real Estate M. Peter Thomson, BlueMountain Realty Leslie Thorup, Century 21 Everest Michelle Todd, Exit Realty Plus Greg Tracy, Impower Real Estate Nhu Lieu Thi Tran, Century 21 Everest Sarah Traore, Homie Brian Tripoli, cityhome Collective Shelly Tripp, Coldwell Banker Residential Charles Lynn Tucker, Home Values Realty Ted Twogood, RANLife Real Estate Mony Ty, Coldwell Banker Residential Justin Udy, Century 21 Everest Mike Ulrich, Ulrich Realtors®

Wade Uresk, WU Enter Real Estate Tricia P. Vanderkooi, Coldwell Banker Shelly Vardakis, RealtyONE Group Craig E. Voegeli, Berkshire Hathaway Amy Volcic, RealtyONE Group Signature Ryan Volmar, RANLife Real Estate Chad Wagstaff, Century 21 Everest Melodie Waldron, RE/MAX Metro Dylan Walker, Realtypath Jackie Walkington, Richmond American Dana B Walton, Chapman Richards Greg Ward, KW Utah Realtors Chase D Watts, Century 21 Everest Kody Watts, KW South Valley Caleb Wertz, Realtypath LLC Jason West, Century 21 Everest Spencer Wheatley, Williams Realty Tracy Lynn White, Weekley Homes Craig Whiting, Rock Real Estate Group Bob Whitney, Watts Group Thomas Wilkinson, Probe Realty Matthew Williams, Rocky Mountain Realty Spencer J. Williams, KW Salt Lake City Coby Wilson, KW Salt Lake City Spencer Wilson, Equity Summit Group PC Doug Winder, RE/MAX Results David E. Winters, RE/MAX Associates Patrick Wiscombe, Intermountain Properties David Wiser, Equity Real Estate - Advantage Stacy Wissman, Berkshire Hathaway Linda Wolcott, Summit Sotheby’s Dawn Wolfe, RANLife Real Estate Matt Wolfe, RANLife Real Estate Cindy Wood, Cindy Wood Realty.

Lisa Woodbury, Windermere Real Estate Michael Wright, Ranlife Real Estate Thomas Wright, Summit Sotheby’s Jim Wu, Coldwell Banker Tony Zambrano, Impower Real Estate Tamara Zander, Zander Real Estate Team Jin Zhang, Equity Real Estate

We Welcome Kevin Larsen to Our Team

It is my pleasure to announce that real estate industry veteran, Kevin Larsen, has joined Berkshire Hathaway HomeServices Utah Properties as Senior Vice President, Wasatch Back Operations. Kevin has an impressive management reputation and sales background in Utah and will contribute significantly to the continued success and growth of our firm.

- STEPHEN C. RONEY

CEO & Owner, Berkshire Hathaway HomeServices Utah Properties

Utah’s Largest Brokerage Firm.

Locally Owned and Operated Since 1976.

435.649.7171 | 354 Main Street, Park City Š 2019 BHH Affiliates, LLC. An independently owned and operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. Equal Housing Opportunity.

Residential | Commercial New Construction | Relocation BHHSUtah.com

2018 Realtor 500 Hall of Fame ®

For Outstanding Contribution to the Real Estate Profession in RPAC and Sales Performance in the Salt Lake City Region

Jessica Adams

Benjamin Beesley KW SALT LAKE CITY

Mark Aguirre

John Aguirre

CANNON & COMPANY

ULRICH REALTORS®

Launie Belnap

AUBREY AND ASSOCIATES

Paula

PLATINUM REAL ESTATE

Alonso-Moreira

Sue Benson

Terry Bickmore

RE/MAX METRO

M. Brock Andersen BERKSHIRE HATHAWAY

EXIT REALTY SUCCESS

RE/MAX RESULTS

Kristy Blaire SUMMIT SOTHEBY’S

Jessica Apsley Adam A. Bangerter Laura Bangerter

NVS REAL ESTATE, INC.

BANGERTER REAL ESTATE

Olivia Bostwick RANLIFE REAL ESTATE

RE/MAX ASSOCIATES

KW SALT LAKE CITY

UTAH KEY REAL ESTATE

Kim Chatterton Nancy Christensen COLDWELL BANKER

BOARDWALK REALTY

Babs De Lay Amber DeBirk

URBAN UTAH HOMES & ESTATES

EQUITY REAL ESTATE

Jordy Clark

KW SOUTH VALLEY

Jay Deher

BERKSHIRE HATHWAY

KW SALT LAKE CITY

Bryan Colemere COLEMERE REALTY

KW UTAH REALTORS®

WINDERMERE RE

INNOVA REALTY INC.

DESTINATION RE

COLDWELL BANKER

Todd Feld

David Frederickson Eric Freebairn

Lezlee Gorey

Kathleen Granderath

Richard F. Grow

UTAH REAL ESTATE TODAY

CENTURY 21 EVEREST

IMPOWER REAL ESTATE

John Hunter

Bryan Hurd

CENTURY 21 EVEREST

KW SALT LAKE CITY

ENSIGN INVESTMENTS

REALTYONE GROUP

Michael Heslop Troy Hodell

KW SOUTH VALLEY

Dana Conway

Traci Crockett Rikki Curtis KW SOUTH VALLEY

REALTYONE GROUP

EQUITY REAL ESTATE

Bob Cusick

REALTYPATH SOUTH VALLEY

COLDWELL BANKER

EQUITY REAL ESTATE

Joel Carson Lori Chamberlain UTAH REAL ESTATE

CHAMBERLAIN & COMPANY

Troy Darger

Ben Daniels

RE/MAX RESULTS

EDGE REALTY

Hector Delgado John Dowdle Abbey Drummond Kristi Durrant Michael Egan Rachel W. Eliason James A. Ellis Trent Escandon

KW SALT LAKE CITY

Kelly Favero

BERKSHIRE HATHAWAY BETTER HOMES & GARDENS CANNON & COMPANY

UTAH KEY REAL ESTATE

Liz Bare

KW SALT LAKE CITY

Melanie Bowers Jim Bringhurst Scott Broussard Jacque Bruening

Steven Brush Robyn Buckwalter Cameron Burnside Linda Burtch Gregory Call Annie Cannon Sheridyn Cannon Staci Carlston WINDERMERE RE

John Baque BERKSHIRE HATHAWAY

Scott Hodges EXIT REALTY SUCCESS

Justin Hurd KW SOUTH VALLEY

20 | Salt Lake Realtor ® | February 2019

IVORY REAL ESTATE

Joel Hair

WINDERMERE RE

Michael Gabel Eric Gardiner KW SALT LAKE CITY

Scott Hall

ULRICH REALTORS®

EQUITY REAL ESTATE

Ryan Hook

Kate Horsley

RE/MAX ASSOCIATES

COLDWELL BANKER

EQUITY REAL ESTATE

BLACKWELL REALTY

RE/MAX ASSOCIATES

Lori Gee

BERKSHIRE HATHAWAY

KW UTAH REALTORS

Amy Gibbons SELLING SALT LAKE

RE/MAX MASTERS

Neil Glover COLDWELL BANKER

Brad Hansen Karen Hansen Scott Harvey Craig Hawker WINDERMERE RE

THE GROUP REAL ESTATE

UTAH REAL ESTATE

ACTION TEAM REALTY

Tara Horton Dawn Houghton Abby Howell

Kris Hudson

EDGE REALTY

ULRICH REALTORS®

Tammy Jones

Jason Judd

Lisa Jungemann

CW GROUP REAL ESTATE

Michael Jensen Steven Johnson Brenda Lee Jones PROBE REALTORS®

KW SALT LAKE CITY

CENTURY 21 EVEREST

COLDWELL BANKER

CENTURY 21 EVEREST

REALTYPATH SOUTH VALLEY

WINDERMERE RE

EQUITY REAL ESTATE

Wesley J. Goldberg RANLIFE REAL ESTATE

V. Wade Henderson UTAH REAL ESTATE

Tiffany Hull

CENTURY COMMUNITIES

Jeff Justice

SUMMIT SOTHEBY’S

TOP SALES CONSULTANTS 2018

SALES ASSOCIATE OF THE YEAR

JASON MCGUIRE (801) 471-7168 jasonm@ivoryhomes.com

TOP AREA SALES CONSULTANTS

SALT LAKE/WASATCH LARRY MITCHELL (801) 918-7240 larry@ivoryhomes.com

DAVIS/WEBER/TOOELE RICK BARLOW (801) 347-2000 rickb@ivoryhomes.com

DOWNLOAD OUR 2019 CATALOG: IVORYHOMES.COM/DOWNLOAD

SOUTHERN UT HOSS ALMARAZ (435) 313-5247 hossa@ivoryhomes.com

PREFERRED REALTOR

This new and exclusive program is for realtors who have helped 2+ families purchase an Ivory Home over the past year.

To learn more, contact realtor@ivoryhomes.com

2018 Realtor 500 Hall of Fame ®

For Outstanding Contribution to the Real Estate Profession in RPAC and Sales Performance in the Salt Lake City Region

Stephen Karpakis JeannetteHorsley-Mason Jenn Kikel-Lynn KW SALT LAKE CITY

PARAGON PROPERTIES

K REAL ESTATE

Grady Kohler Brad Lambert Tiffany Lancaster WINDERMERE RE

HALLMARK REAL ESTATE

WISE CHOICE RE

Jeff Kirk EDGE REALTY

Haydee Lara REALTYPATH

Heather Mangan Susie Martindale Ricky Martinez Scott Maruri REALTYPATH

RE/MAX MASTERS

Donald Mendenhall EQUITY REAL ESTATE

RE/MAX MASTERS

Angie Nelden SUMMIT SOTHEBY’S

Jodie Osofsky Stephen Ostler UTAH KEY REAL ESTATE

REALTYPATH

Donna Pozzuoli Suzanne Preston

REALTYPATH

Jenny Pace GREYSTONE RE

Lisa Radke

RANLIFE REAL ESTATE

RE/MAX RESULTS

Heather Roxburgh

Shane Roxburgh

Linda Secrist

Josh Stern

KW SALT LAKE CITY

KW UTAH REALTORS®

Lee Stern

KW SALT LAKE CITY

Michelle Todd EXIT REALTY PLUS

Bettina Katz

Tonja Masina PARADISE REAL ESTATE

SUMMIT SOTHEBY’S

Kerri Luther

Hector Lombana

BERKSHIRE HATHAWAY

BERKSHIRE HATHAWAY

REALTYPATH

COLDWELL BANKER

EQUITY REAL ESTATE

MOVE UTAH RE

Tara Paras

PARAS REAL ESTATE

Chris Reed

COLDWELL BANKER

Jeff Sidwell SUMMIT SOTHEBY’S

KOCH AND COMPANY

REALTYPATH PRESTIGE

Maria Macias Tuiono Malakai Linda Mandrow EPIC REAL ESTATE

COLDWELL BANKER

EQUITY REAL ESTATE

Cathy Maxfield Kathy McCabe Mike McOmber Michael McPhie Carolee Mecham WINDERMERE RE

RE/MAX ASSOCIATES

CENTURY 21 EVEREST

BERKSHIRE HATHAWAY

EQUITY REAL ESTATE

MCOMBER TEAM

EQUITY REAL ESTATE

CANNON & COMPANY

Katie Olsen

COLDWELL BANKER

ULRICH REALTORS®

Paz Ortiz

IPRO REALTY NETWORK

Holly Parkin

Spencer Passey RE/MAX ASSOCIATES

BERKSHIRE HATHAWAY

Joan Pate

John Patton

Myra Petersen WINDERMERE RE

REALTYONE GROUP

James Rex

Tamra Rieper

Scott Robbins

Dave Robison

Jesus Roldan

Kirsten Rose

Liz Slager

Janice Smith

UNITED REAL ESTATE

KW WESTFIELD

Laurel Simmons SUMMIT SOTHEBY’S

KW SALT LAKE CITY

SUMMIT SOTHEBY’S

Debra Sjoblom CHAPMAN RICHARDS

SUMMIT SOTHEBY’S

COLDWELL BANKER

goBE REALTY

COLDWELL BANKER

REALTYPATH

Joan Pok

EXIT REALTY SUCCESS

Catherine Sneyd Scott Steadman WINDERMERE RE

WINDERMERE RE

Dawn Stevens Mona Stevens Brandi Strong Kevin Strong Chrisanne Sueltz Joey Sutorius Brady Tanner Jessica Terry Tracy Thomas REALTYONE GROUP

Greg Tracy

IMPOWER REAL ESTATE

KW SALT LAKE CITY

BERKSHIRE HATHAWAY

Shelly Tripp Charles Tucker COLDWELL BANKER

HOME VALUES REALTY

Justin Udy

CENTURY 21 EVEREST

RE/MAX ASSOCIATES

RE/MAX RESULTS

RE/MAX ASSOC.

BERKSHIRE HATHAWAY

REALTYONE GROUP

COLDWELL BANKER

PRIME RESIDENTIAL

CENTURY 21 EVEREST

URBAN UTAH HOMES

Mike Ulrich Tricia Vanderkooi Ryan Volmar Melodie Waldron Tracy Lynn White Craig Whiting ULRICH REALTORS®

Bob Whitney Doug Winder David Winters Stacy Wissman Dawn Wolfe WATTS GROUP

SUMMIT SOTHEBY’S

SUMMIT SOTHEBY’S

Carlos Nelson Binh Nguyen Brandon Nielson Debra Nisson Robert Ockey JOE Olschewski

BERKSHIRE HATHAWAY

KW SOUTH VALLEY

KW SALT LAKE CITY

Adam Kirkham Carolyn Kirkham Ryan Kirkham Shawndra Kirkham Emilie Knight Michelle Koch

RANLIFE REAL ESTATE

COLDWELL BANKER

Matt Wolfe RANLIFE REAL ESTATE

RANLIFE REAL ESTATE

RE/MAX METRO

WEEKLEY HOMES

ROCK REAL ESTATE

Cindy Wood Lisa Woodbury Thomas Wright Tamara Zander

CINDY WOOD REALTY

WINDERMERE RE

SUMMIT SOTHEBY’S

ZANDER REAL ESTATE

Congratulations 2018 Top Producers

St. George

#12 C21 Agent Nationwide

BRYAN BURNETT

Mike Harris Lance Gummersall Rich Castleberry Mike Cottle Alen Kantarevic Sheri Peck Mindie Dalley Evan Child

GRAND CENTURION® Producer

Justin Crane Kelly Nieves Ruby Reece Jason West Bryan McKinnon Cody & Martha Emery

CENTURION® Producers

DOUG CARY

KURT MATZ

CHASE WATTS

AMY LASTER-HAYNES

TYLER HIGGINS

AARON CHRISTENSEN

TAMMY & KYLE JONES

AARON OLDHAM

JECHELLLE SECRETAN

CHAD WAGSTAFF

SHANE SULZ

BRENDA LEE JONES

MICHAEL STENGEL

HEIDI & DAREN CASTAIN

JEFF LEGER

Centerville

Centerville

Orem

Orem

Each office is independently owned and operated.

Union Park

Union Park

Union Park

Union Park

Union Park

Centerville

Orem

Orem

Orem

Union Park

Centerville

Visit us at www.c21everest.com

Jason Snell Brady Boren Trent Rogers Lori Levinson Tuan Ngo Joanna Williams Jeremy & Chris Fitzgerald Linda Martinez Josh Madsen Keith Munden Lisa Street Jonathan DeYoung Kimberly & Brian Curnow Li Schlachter Sterling Satterfield Lila Jessop DeAnna Haskett Matt Johnson Dan Moench Victor Martinez Steve Henriod Teri Taylor Tyson Craig

GRAND CENTURION® Teams

ELITE TEAM

Union Park

VIEW UTAH LISTINGS TEAM

Union Park

#4 C21 TEAM NATIONWIDE

#6 C21 TEAM NATIONWIDE

JOSH JOHNSON TEAM

JUSTIN UDY TEAM

Union Park

#8 C21 TEAM NATIONWIDE

Union Park

#14 C21 TEAM NATIONWIDE

DOUBLE CENTURION® Teams

GURR REAL ESTATE TEAM Union Park

AMY CLARK TEAM Union Park

UTAH LISTING SERVICE TEAM Union Park

Visit us at www.c21everest.com Each office is independently owned and operated.

teamwork.

Let us show you how it’s done. #1 Office in the World for CENTURY 21* — 5 years in a row

CENTURION® Teams

UTAH BEST REAL ESTATE TEAM

LA CHINITA TEAM

Centerville

Union Park

Quality Service Team

JESSICA TERRY SCHNEIDER & TEAM

THE HUNTER GROUP

THE THORUP TEAM

THE NOEL GROUP

Union Park

Union Park

Visit us at www.c21everest.com *#1 units sold #1 GCI out of 6900 CENTURY 21 offices globally.

Union Park

Union Park

TEAM KRUEGER Union Park

RICHARDSON REAL ESTATE Union Park

©Lugostock/ Adobe Stock

Fourth Best Year in Overall Home Sales, but Slowdown Likely

By James Wood Ivory-Boyer Senior Fellow, Kem C. Gardner Institute, University of Utah Commissioned by the Salt Lake Board of Realtors®

S

alt Lake County’s residential real estate market benefitted from another year of strong demographic and economic growth and favorable, but slightly higher, mortgage rates.

A year-end snapshot of Salt Lake County’s real estate market shows:

• The value of multifamily sales nearly $1.3 billion, an increase of 19 percent.

Single Family Sales • 13,104 single family homes sold, a slight decline of 1 percent, 196 fewer sales.

• The median sales price of single family home at $355,000, up 9 percent.

• The value of single family sales at $5.3 billion, an increase of 8 percent.

Multifamily Sales: (Condominium, Town Home and Twin Homes) • 4,852 multifamily units sold, up 8 percent.

Biggest year ever in multifamily sales.

• Median sales price of multifamily unit at $248,257, up 10 percent.

Residential Real Estate Sales 1996 to 2018 The combined sales in 2018 of single family and multifamily homes in Salt Lake County totaled 17,956 units, the fourth highest year ever.

Only 2005 and 2006, the two years preceding the Great Recession and 2016 had more residential sales Figure 1. Salt Lake City captured by far the largest share of residential sales activity with nearly a 22 percent share; a total of 3,913 sales.

The next four highest ranked cities in number of home sales were: West Jordan (1,877 homes), South Jordan (1,503 homes), Sandy (1,493 homes) and West Valley City (1,464 homes).

26 | Salt Lake Realtor ® | February 2019

Commissions • Total residential real estate commissions $397 million, up 11 percent.

CONGRATULATIONS to Amy Gibbons for receiving the 2018 Distinguished Service Award and being named a Realtor® 500 Top Producer.

We’re so proud of you!

1644 Town Center Drive #2 South Jordan, Utah 84095 801-792-2010 sellingsaltlake.com 1 2/4/19

NoDownPayment-realtormag.pdf

4:55 PM

HEY REALTORS C

FIRST-TIME

M

Y

CM

MY

CY

CMY

K

NO DOWN PAYMENT

100% FINANCING AVAILABLE! VISIT US ONLINE AT UCREDITU.COM OR CALL 801.481.8840

©Lugostock/ Adobe Stock

•Increase in Average Pay Not as Strong - The 3.8 percent increase in average pay in 2018—the largest increase since 2006— is projected to decline to 2.5 percent in 2019.

20,000 18,000 16,000 14,000

•Residential Construction, Slight Decline – Growth in residential construction will stall as higher interest rates, high new home prices, and fewer new households cut into demand.

12,000 10,000 8,000 6,000 4,000 2,000

Condo, Twin and Town Home Sales

2017

2018

2015

2016

2013

2014

2011

2012

2009

2010

2007

2008

2005

2006

2003

2004

2001

Single Family Sales

2002

1999

2000

1997

1998

1996

0

Total Sales

Source: UtahRealEstate.com

Figure 1 Residential Real Estate Sales in Salt Lake County (single family, condominium, town home and twin home)

Economic Expansions and Salt Lake County’s Residential Real Estate Market The past eight years of strong increase in residential sales and prices, not surprisingly, coincides with Utah’s eight-year economic expansion.

Economic expansions are defined by several years of employment growth above 3 percent annually.

Over the past 50 years Utah has had three periods of prolonged economic expansion. During each, the state, for a year or two, has led the country in employment growth. And historically Salt Lake County’s best, long-term real estate markets were during periods of extended economic expansions; 1970s, 1990s and since 2010.

2019 Economic Forecast While the most recent economic forecast (October 2018) shows continued solid growth most indicators point to a deceleration in the rate of growth. Key points for the 2019 statewide forecast: •Slightly Slower Job Growth - Employment growth will slow from 3.3 percent in 2018 to 3.1 percent in 2019; still an impressive growth rate.

• Slower Demographic Growth – Net in-migration is expected to be significantly lower due to revised forecast.

•Labor Market Gets Tighter – Unemployment rate to drop to 3 percent in 2019. In the past 70 years only two years, 2006 and 2007, have had lower rates of unemployment.

28 | Salt Lake Realtor ® | February 2019

•Permit Authorized Nonresidential Construction – Permit authorized nonresidential construction is expected decline from $2.0 billion in 2018 to $1.75 billion in 2019 but non-permit authorized projects (public projects) are at a record level; Salt Lake International Airport project, new Utah State Prison, and highway and road construction.

•Broad-Based Growth in 2019 - Most economic indicators with the exception of construction related indicators show growth but at a bit slower pace than 2018.

Signs of a Slowdown Utah’s relatively strong economy will provide the Salt Lake County real estate market with a buffer to the anticipated slowdown in the real estate market. The first signs of a slowdown showed up in the last half of the year. In Salt Lake, year-over home sales declined from September through the end of the year with the decline accelerating to 12 percent in December.

Price increases also weakened by November and December to 6 percent, which pulled the annual increase from double digit territory to 9.2 percent, Figure 3.

20.0% 15.0% 10.0% 5.0% 0.0% -5.0% -10.0% 2010

2011

2012

Source: UtahRealEstate.com

2013

2014

2015

2016

2017

2018

Figure 3 Percent Change in Median Sales Price of Single Family Home in Salt Lake County

CONGRATULATIONS to the Salt Lake Board of REALTORS®

TOP 500 AWARD WINNERS

Mike Lindsay

Union Heights Office

Jimmy Wu

Union Heights Office

Tricia Vanderkooi

Union Heights Office

Linda & Dan Mandrow Union Heights Office

Katie Olsen

Union Heights Office

Jamie Sacks

Union Heights Office

Cad & Karrie Cauley Union Heights Office

There’s a reason that there were more Coldwell Banker affiliated agents in the top 500 than any other company and it starts with our Core 4 values. We help agents live exceptional lives - and we do it better than any other brokerage.

ColdwellBankerCareers.com

Christina & Kurt Schmidt Heidi Jorgensen Union Heights Office

Union Heights Office

Chris Reed

Robynn Eccles

Kristi Durrant

Shelly Tripp

Todd Feld

Brayden Bengtzen

Eddie Pratt

Jacque Bruening

Ken & Ann Murdock

Lynnette & Brad Rose

Julia Splan

Katrina Authement

Joey Sutorius

Mark Overdevest

Mony Ty

Dan Nix

Kim Chatterton

Alicia Connell

Cari Johnson

Frances Hays

Leslie Neebling

Charlotte Kornik

Michelle Gilvear

Neil Glover

South Valley Office

Park City Office

Station Park Office

South Valley Office

Park City Office

Station Park Office

Union Heights Office

South Valley Office

Salt Lake Office

Sugar House Office

Union Heights Office

South Valley Office

Salt Lake Office

Sugar House Office

Union Heights Office

South Valley Office

Salt Lake Office

Sugar House Office

South Valley Office

Station Park Office

Sugar House Office

South Valley Office

Station Park Office

Sugar House Office

OFFICES

Salt Lake I 801.467.9000 Sugar House I 801.488.5300 Union Heights I 801.567.4000 South Valley I 801.307.9400 Station Park I 801.295.2700 Park City I 435.602.4800 Orem I 801.434.5100 Ogden I 801.479.9300

Jennie Ferguson

Sugar House Office

Dawn Houghton

Sugar House Office

Christina Dalton & Reese Cerruti Sugar House Office

Julie Livers Carter Lowrance

Sugar House Office

Pam Phillips, Melany White-Flory, Marcia White Sugar House Office

Linda Hardman Melanie Lilyquist Sugar House Office

Layton I 801.774.1500 South Ogden I 801.476.2800 Tooele I 435.882.2100

Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ©2018 Coldwell Banker Residential Brokerage.

All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.

ŠLugostock/ Adobe Stock

The underlying causes of the slowdown are higher prices and rising interest rates; in other words housing affordability. The median sales price of a home in Salt Lake County has increased from $245,000 in 2013 to $355,000 in 2018. This 45 percent increase in the median price sales price along with higher interest rates reduces the home buying incentive for potential buyers, not only buyers transitioning from rental to homeownership but also buyers considering moving-up.

Forecast for 2019 Slightly lower economic and demographic growth along with higher prices and interest rates will dampen demand in 2019. These conditions mean fewer single family sales but more condominium and townhome sales as buyers seek affordable housing. Single family sales will decline from 13,100 to 12,000 units, an 8 percent decline while condominium sales will increase to 5,200 units, up 7 percent. Total sales, both homes and condominiums, will be down about 4 percent to 17,200 units. The median sales price of a single-family home will increase 5 to 7 percent to around $375,000 while the median price for condominium will increase by 10 percent to $275,000. The value of residential sales is forecast at $6.5 billion with $390 million in residential real estate commissions.

Source: UtahRealEstate.com

Figure 4 Mortgage Payment for Median Price Home in Salt Lake County and Utah

The adverse impact of higher prices and interest rates on a mortgage payment and housing demand is shown in Figure 4. In 2013 the mortgage payment for the median priced home ($245,000) in Salt Lake County was $1,299. By 2018 the payment for the median priced home ($355,000) jumped to $2,014, a 55 percent increase in just five years.

Outlook for Mortgage Rates Most experts agree that mortgage rates will move above 5 percent in 2019. The interest rate forecasts of some of the largest housing and mortgage related groups is shown in Table 1.

Mortgage Bankers Association 5.1% National Association of Realtors 5.3% Realtor.com 5.5% Freddie Mac 5.1% National Association of Home Builders 5.2% Fannie Mae 4.8% Zillow 5.8% Average of seven forecasts 5.25% Table 1 Forecast of 30-Year Fixed Mortgage Rate for 2019

30 | Salt Lake Realtor ÂŽ | February 2019

Image licensed by Ingram Image

©goodluz/ Adobe Stock

Do You Act Like a Top Producer?

Decades of research shows that high-performing salespeople consistently do these seven things to build more business.

By Melissa Dittmann Tracey

R

esearchers from many different institutions have discovered that the most productive sales professionals have certain personality traits and work habits. We’ve highlighted some of the pertinent findings from multiple studies applicable to real estate. Though not all these studies are scientific, they provide a good base for determining items that are important to your sales success.

Showcase the technology you use in your marketing. Without boasting, you want your clients to know that you’re ahead of the technology curve and better equipped than your competition. Putting your tech tools on display subtly suggests that other agents are behind the

32 | Salt Lake Realtor ® | February 2019

times and can give you a sales edge, according to the 2016 Real Estate Tech Trends report by Properties Online Inc. It’s not just about what you use but how you use it. Enabling faster response times, paperless transactions, and more fluid showings are reasons why 55 percent of consumers say they want an agent who uses technology, according to the National Association of Realtors®’ 2017 Home Buyer and Seller Generational Trends Report. Therefore, making technology a bigger line item in your budget is advisable. For example, agents who spend $1,000 or more annually to maintain and upgrade their website generate an average of three times more leads than those who spend $500 or less, according to the Properties Online report.

IF YOU WANT TO GO FAST GO ALONE IF YOU WANT TO GO FAR GO TOGETHER African Proverb

Signature Real Estate Utah is proud to announce Mark Handy as Managing Broker! Mark is all about putting the agent's needs first. He has a remarkable 40 years in the real estate industry as a high performing agent and broker. He believes in giving back and has served on many real estate board committees.

Mark Handy Managing Broker Cell: 801-599-5077 Email: mark@signatureslc.com 6322 S 3000 E, Suite 110 Cottonwood Heights, UT 84121

Come experience what Mark's leadership can do for you!

Further, the highest-performing salespeople are 24 percent more likely to attribute their success to technology tools that better track leads or prioritize and automate follow-ups, according to LinkedIn’s State of Sales in 2016 survey.

Stop multitasking. Checking email and text messages while performing other duties makes you less productive. A Stanford University study found that people who multitask can’t maintain focus, recall information, or seamlessly switch from one activity to the next as well as those who complete one task at a time. On top of that, it takes a person an average of 23 minutes to regain focus once they’re interrupted, according to a separate study by the University of California, Irvine. Multitasking leads to higher stress, heavier workloads, and ineffective time management, researchers found. To work smarter, block out time during your day for special tasks such as prospecting, social media management, and showings. Learn how to create a time-blocking template.

Keep improving your response time.

Many practitioners blame follow-up failures on technology overload and disparate software systems, as 40 percent of prospective buyers report not receiving a response from an agent after submitting a form online, according to

a survey realtor.com® presented at the 2017 Realtors® Conference & Expo in Chicago. But don’t forget the pervasive stat from InsideSales. com’s Lead Response Management Study that leads who receive a response within five minutes are 100 times more likely to convert.

“Personalized responses are more important and directly impact customer satisfaction and the likelihood consumers will use you as their agent,” realtor.com® Senior Vice President Suzanne Mueller said at the conference. To improve your response time, consider hiring an assistant or taking a more critical look at the systems you’re using for lead capture and follow-up. Several programs offer automation, including a “lead concierge service” from Homes. com, which provides a personalized call center that will respond to consumer inquiries and even qualify buyers. The operators will transfer hot leads to you immediately. Get other ideas for possible solutions.

Have the ability to feel what your client is feeling. Empathy is a key sales trait, according to the landmark 1964 study “What Makes a Good Salesman,” which was originally published in the Harvard Business Review. The study was conducted over a seven-year period, using 7,000 salespeople as subjects. The study concluded that showing sympathy for a client

Image licensed by Ingram Image

34 | Salt Lake Realtor ® | February 2019

A Technology Package For a Top Producer!

Have you checked out ProAgentWebsites.com?

Redesigned CRM

Intuitive calendar, notiďŹ cations, click-to-call, & document storage

VIDEO Email!

No better way to stay in touch with clients!

New Template Designs!

Map search, SEO, standard full IDX-MLS integration!

SMS AND Drip Email!

Our campaigns have an 80% open rate!

PLUS! First month free, no contracts, and no set up fee!

Visit ProAgentWebsites.com to learn more or call 888-340-3669

was not as powerful as being empathetic.

You don’t have to agree with your client, but you’ll build rapport faster if you help him or her feel understood. If you sense a customer’s dissatisfaction with a contract item, for example, be proactive in addressing it. Being empathetic is the ability to identify your clients’ frustrations and react appropriately, according to the study.

according to sales consultant Lisa Earle McLeod, author of Selling With Noble Purpose: How to Drive Revenue and Do Work That Makes You Proud. You might show this attitude in your marketing by changing your tagline from “we sell houses” to “we help you sell your house.” It puts the emphasis not on what you do but what you do for the client.

Let your ego drive you. A need to conquer is healthy in business, according to the 1964 study.

But a more personal desire to succeed rather than being driven by money is what sets top salespeople apart. Allow each sale to boost your ego, and in turn, the failures will be motivators to work harder. Salespeople with a healthy ego also tend to crave competitiveness and are constantly comparing themselves to their peers. This doesn’t mean having a “win at all costs” attitude, researchers note. Empathy and ego go hand-inhand; a salesperson who displays empathy but lacks ego won’t close deals effectively, according to the study. In other words, such a person may fall into the “nice guy” rut, not being assertive enough to close the sale.

Make others feel grateful. A giving mindset can help you reap bigger rewards.

Givers are quick to recommend contractors and other professionals who can help a client reach a goal, and they’re not selfish with their time. Salespeople with a giving approach bring in 68 percent more revenue than those with a taking approach—who put their own ambitions first—according to research documented in Adam Grant’s best-selling book, Give and Take: A Revolutionary Approach to Success. Givers tend to earn more respect and trust from others—an essential element of building client relationships—due to their generosity. But they are also at risk of being exploited for their time and energy, so a careful balance must be achieved between giving and taking, Grant noted. But in the end, “givers end up delivering something better suited to what their clients are looking for,” Grant writes. “They see more of an increase in referrals and repeat business, too.”

Maintain a conscientious attitude.

Salespeople who feel a noble purpose in their work and want to make a difference in their customers’ lives tend to close more sales, according to a 1993 study published in the Journal of Applied Psychology. The study found that sales associates who conform to such a belief were more likely to set and stick to their goals—and they received higher-rated reviews. Salespeople who truly care about their customer’s needs are able to be more assertive during negotiations,

Service Directory Home Inspection

CRITERIUM-BERNHISEL ENGINEERS 801-466-0931 Scott Bernhisel, PE, MBA Professional Engineer

• Comprehensive Inspections • Expert Testimony • Diagnostics • Structural Repair & Design • Electrical, Mechanical, Roofing • Maintenance Planning • Environmental Assessments Exceeding ASHI Standards

36 | Salt Lake Realtor ® | February 2019

Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine. She can be reached at mtracey@realtors.org. Reprinted from Realtor® Magazine Online, December 2017, with permission of the National Association of Realtors®. Copyright 2017. All rights reserved.

$25 Discount for 1st Responders & Military Personnel

FREE INFRARED IMAGING

Marty Nordin Owner

Meth & Radon Testing • Available 24/7 Licensed & Insured • ICA Certified Supra Key Access • Exceeding ASHI Standards

801.232.0835

brickbybrickinspections@gmail.com

www.BrickByBrickUtah.com

Experience the difference.

Grow your business with EXIT’s compelling recruiting & retention business model: 4 4 4 4

Single-level residuals High-tech, high-touch tools Education & training Proven turnkey systems

Prime Regional Opportunities Available!

Call Tami Bonnell, CEO - 877.253.3948 For Franchise & Agent Opportunities: Call Craig Witt, U.S. President - 231.218.0533

joinexitrealt y.com

10 Reasons Top Producers Get the Listing Ever wonder why that other

practitioner gets more listings than you? Steve Stewart, a writer and speaker on real estate sales and marketing and the principal of Steve Stewart Seminars in Claremont, Calif., explains why top producers are so successful.

1. They treat real estate like a real job.

“They’re always in control of their job,” said Stewart. “And they’re confident enough to say no to clients they think are too demanding or unreasonable.”

2. They’re masterful presenters. “They have a planned listing presentation they could give in a howling windstorm without being distracted,” he said. “They know what they’re going to say and where in the presentation the decision points for sellers are. It’s all because they practice, practice, practice.”

38 | Salt Lake Realtor ® | February 2019

3. They’re terrific at getting others to make decisions. “They never pressure sellers during the listing presentation,” Stewart said, “but every time there’s a decision to be made, they say, ‘Do you want to do this or not?’ They get people in the habit of making decisions.”

4. They’re big thinkers. Top producers think beyond the task in front of them. For instance, one top producer Stewart worked with decided he’d be more likely to get listings if he scheduled more than one presentation for each evening.

“The fact that he had several presentations a night made it more likely that he’d get every listing agreement signed, because he was in great demand,” said Stewart.

5. They’re excellent at delegating to their team members. “Top producers make artful use of their assistant teams,” Stewart said, “which helps in marketing, too, because salespeople with teams can market themselves as being able to handle the sale from top to bottom.”

owning this house. Here’s the price that’ll get results.”

7. They look like sellers but slightly better. “People like and trust people who are like them,” said Stewart. “You want sellers to identify with you, but you should dress one notch above them. However, never go in way overdressed.”

8. Their confidence markets them. “You’re your own walking visual aid,” Stewart said.

During listing presentations, sellers scrutinize not only what you say but also how you carry yourself. Do you know what you’re talking about? Can sellers trust you to sell their home?

Do you appear confident about what you’re doing? Can you think on your feet?

9. They have professional marketing materials. “Thousands of salespeople don’t go to the appointment with presentation materials,” said Stewart. “They think they can wing a listing presentation.” Have visuals that sellers can easily see, whether in a printed presentation book or on a laptop screen.

©FotolEdhar/ Adobe Stock

6. They get sellers to understand why pricing is so important. For instance, they keep emphasizing that sellers can price the home to own it or to sell it, Stewart said. They might say, “If you price this home too high, you’ll keep

10. They invest in themselves. The best salespeople spend the money they need to be successful. “If they need new computer equipment, they upgrade,” Stewart said. “If they need more advertising, they get it. They go to conventions and seminars all the time. They’re always looking for new ideas.”

Reprinted from Realtor® Magazine Online, March 2007, with permission of the National Association of Realtors®. Copyright 2007. All rights reserved.

Better Service. More Options for Your Clients! Visit or contact us today!

NMLS ID: 1707938 - Ut Lic 10658354 | 45 West 10000 South, Suite 315 | Sandy, UT 84070 | 801-542-9311 SandyUT@caliberhomeloans.com | www.caliberhomeloans.com/sandy-ut Caliber Home Loans, Inc., 1525 S. Beltline Rd Coppell, TX 75019 NMLS ID #15622 (www.nmlsconsumeraccess.org). 1-800-401-6587. Copyright © 2019. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations apply. #State_Disclaimer#. #29046_UT

February 2019 | Salt Lake Realtor ® | 39

©prathaan/ Adobe Stock

Safety Essentials Every Agent Needs to Know Real estate professionals who were meeting clients alone at showings were found to be the most vulnerable to robberies, assaults, or murders, according to a study.

By Melissa Dittmann Tracey

I

n the real estate business, you want to seem friendly, outgoing, and approachable in welcoming new customers and attracting prospects. But doing so could also put your safety at risk.

The dangers that lurk within the real estate industry is a lesson some practitioners have had to learn the hard way. A study in 2011 found a rise in violent attacks against real estate professionals, with 16 assaults and seven murders reported, according to a 2011 Realtors® Safety Report. Real estate professionals who were meeting clients alone at showings were found to be the most vulnerable to robberies, assaults, or murders, according to the study.

Many real estate professionals can recall an incident when they’ve felt uneasy about their safety while touring homes with clients. (See ‘Safety Lessons That Saved My Life...’ or ‘How I Stay Safe’) In fact, about 42 percent of female real estate professionals and 18 percent of male agents say they’ve “occasionally” felt unsafe, according to an online survey of 450 real estate professionals conducted by Moby, a safety mobile app company.

So what’s one of your greatest allies to staying safe in real estate? Trusting your gut.

“That gut feeling is a survival instinct in our bodies,” said Adam Contos, vice president of RE/ MAX who created a Realtor® safety curriculum for the franchise’s S.A.F.E.R. program. “If we feel something is wrong, there probably is something wrong. ...Don’t ignore signs just to chase a commission. A commission isn’t worth your life,

40 | Salt Lake Realtor ® | February 2019

nor is it worth your peace of mind in an industry where you can have great success. Don’t take unneeded risks.”

Contos, who worked in law enforcement as a former SWAT team commander and taught police officers security measures prior to his real estate career, recommends four essentials to improving your safety in real estate.

1. Be prepared. Find out as much as you can about new clients prior to taking them on home tours with you, said Contos. Too often agents don’t take the time to properly screen their clients before taking them to showing appointments in vacant homes.

Jan Pringle, the education director with the Kansas City Regional Association of Realtors® who also teaches agents about safety, said she advises agents to require all potential buyers to first visit the office to review paperwork prior to showings.

She’ll then tell her agents to ask clients for their pre-approval letters for a loan. If they don’t have one, she’ll tell agents to send clients for a loan approval next before agreeing to show them a single property.

“This easy step not only protects the agent, but also forms strong bonds with real buyers,” Pringle said. “I don’t think the bad guys will go so far as to be documented for a loan approval. Plus, unmotivated buyers are weeded out as well.”

Also in preparing beforehand, look at the properties you plan to show. Know the exits. (continued on page 46)

REALTOR SAFETY panel Friday|3.15.19|9-11am|2 CE

Join our safety discussion with professionals from the law enforcement, self-defense, and the real estate industries.

www.slrealtors.com

Q4

2018

Housing WATCH Wasatch Front Fourth-Quarter Home Sales Drop to a Three-Year Low

Home sales across the Wasatch Front in the fourth quarter dropped to a three-year low, according to the Salt Lake Board of Realtors®. In the final three months of 2018, there were 6,781 single-family homes sold across the five-county Wasatch Front area (Salt Lake, Davis, Utah, Tooele, and Weber counties), a 9 percent drop compared to 7,439 sales in the fourth quarter of 2017. In the fourth quarter of 2016 there were 7,181 sales.

“While new listings are on the rise, overall inventory levels are not keeping up with home buyer demand,” said Scott Robbins, president of the Salt Lake Board of Realtors®. “Inventory levels in Salt Lake County are around three to four months, which continues to indicate a seller’s market.”

In Salt Lake County, single-family home sales fell 10 percent in the fourth quarter. Davis County sales were down 5 percent. Utah County sales dropped 11 percent. Tooele sales were down 14 percent. Weber County home sales decreased 4 percent.

The Wasatch Front’s median single-family home price in the fourth quarter increased to $334,000, up 11 percent compared to a median price of $300,000 in 2017’s fourth quarter. At $350,000, Salt Lake County’s median single-family home price was the highest of the five-county Wasatch Front area, up 8 percent compared to a median price of $325,000 in the fourth quarter of 2017.

Nationall Nationally, total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.4 percent from November to a seasonally adjusted rate of 4.99 million in December. Sales are now down 10.3 percent from a year ago (5.56 million in December 2017), according to the National Association of Realtors®.

Lawrence Yun, NAR’s chief economist, said current housing numbers are partly a result of higher interest rates during much of 2018. “The housing market is obviously very sensitive to mortgage rates. Softer sales in December reflected consumer search processes and contract signing activity in previous months when mortgage rates were higher than today. Now, with mortgage rates lower, some revival in home sales is expected going into spring.”

42 | Salt Lake Realtor ® | February 2019

ZIP

CITY

2018 HOUSE # SOLD 2

% +/CHANGE

2018 Q4 MEDIAN SALES PRICE

% +/CHANGE2

2018 CONDO # SOLD

% +/CHANGE3

2018 Q4 CONDO MED SALES PRICE

% +/CHANGE4

2018 Q4 NEW LISTINGS

% +/CHANGE5

84006

COPPERTON

n/a

$247,450.00

n/a

0

n/a

$0.00

n/a

1

-50.00%

84020

DRAPER

155

11.51%

$530,000.00

8.38%

48

-12.73%

$284,250.00

12.13%

186

-21.85%

84044

MAGNA

108

-12.20%

$249,000.00

9.69%

8

0.00%

$168,500.00

34.80%

138

-4.17%

84047

MIDVALE

74

-11.90%

$299,500.00

5.55%

53

-8.62%

$265,000.00

21.84%

116

11.54%

84065

RIVERTON

130

-14.47%

$416,829.00

11.45%

42

-28.81%

$299,450.00

9.11%

202

-15.13% -13.91%

84070

SANDY

55

-31.25%

$318,000.00

10.61%

41

95.24%

$259,000.00

26.34%

99

84081

WEST JORDAN

160

-23.44%

$352,875.00

10.31%

19

11.76%

$239,900.00

6.62%

213

27.54%

84084

WEST JORDAN

92

-7.07%

$302,644.00

3.82%

32

-8.57%

$218,150.00

13.03%

122

10.91%

113

118

-4.07%

84088

WEST JORDAN

1.80%

$318,000.00

6.71%

13

-31.58%

$251,000.00

7.73%

84091

SANDY

0

n/a

$0.00

n/a

0

n/a

$0.00

n/a

0

n/a

84092

SANDY

91

-16.51%

$468,000.00

7.59%

3

-62.50%

$355,000.00

-30.73%

92

-8.91%

84093

SANDY

91

8.33%

$480,000.00

20.15%

2

0.00%

$317,450.00

-22.00%

94

34.29%

84094

SANDY

85

-8.60%

$335,000.00

9.48%

21

90.91%

$325,000.00

25.00%

95

9.20%

84095

SOUTH JORDAN

111

-25.00%

$488,800.00

3.56%

34

-26.09%

$285,000.00

11.82%

163

-13.30%

84096

HERRIMAN

215

14.97%

$420,982.00

11.74%

215

14.97%

$274,245.00

5.48%

595

9.17%

84101

SLC

4

-42.86%

$301,500.00

-25.56%

31

6.90%

$377,900.00

18.84%

47

34.29%

84102

SLC

20

-33.33%

$365,000.00

0.69%

20

-20.00%

$265,700.00

16.54%

50

-3.85%

84103

SLC

45

-10.00%

$562,580.00

16.15%

35

-2.78%

$255,750.00

12.74%

74

-1.33%

84104

SLC

50

-10.71%

$231,000.00

9.48%

1

-50.00%

$110,000.00

28.65%

57

-10.94% 12.50%

84105

SLC

68

-19.05%

$447,450.00

10.48%

1

0.00%

$484,000.00

210.26%

81

84106

SLC

103

-16.94%

$375,000.00

9.65%

23

-34.29%

$256,500.00

19.03%

146

0.69%

84107

MURRAY

51

-19.05%

$310,000.00

8.01%

70

14.75%

$208,000.00

9.42%

114

-3.39%

84108

SLC

44

-25.42%

$521,125.00

-1.67%

15

7.14%

$353,000.00

28.48%

56

-24.32%

84109

SLC

66

-21.43%

$468,950.00

11.19%

4

-63.64%

$194,500.00

6.28%

69

-21.59%

84111

SLC

16

0.00%

$327,500.00

27.03%

21

-12.50%

$275,000.00

31.74%

44

12.82%

84115

S SLC

79

3.95%

$297,500.00

15.49%

20

5.26%

$219,500.00

-7.77%

82

-7.87%

84116

SLC

68

-2.86%

$265,000.00

14.35%

10

0.00%

$149,750.00

-12.55%

65

-29.35%

84117

HOLLADAY

56

-22.22%

$519,500.00

15.46%

76

43.40%

$292,500.00

45.34%

152

80.95%

84118

TAYLORSVILLE/ KEARNS

162

-10.99%

$258,000.00

10.85%

6

-53.85%

$260,099.00

6.03%

176

-0.56%

84119

WVC

82

-15.46%

$256,500.00

7.77%

49

6.52%

$196,000.00

12.00%

135

-5.59%

84120

WVC

132

16.81%

$268,500.00

9.59%

10

-23.08%

$265,000.00

25.30%

143

24.35%

84121

COTTONWOOD

127

-12.41%

$432,000.00

15.20%

36

-7.69%

$265,225.00

6.52%

163

0.62%

84123

TAYLORSVILLE/ KEARNS

73

15.87%

$325,000.00

16.28%

59

20.41%

$202,000.00

15.43%

101

6.32%

84124

HOLLADAY

60

-25.93%

$470,000.00

8.05%

8

-60.00%

$301,500.00

34.00%

80

15.94%

84128

WEST VALLEY

87

-17.92%

$285,000.00

9.66%

15

114.29%

$224,900.00

-12.15%

114

15.15%

84129

TAYLORSVILLE

90

4.65%

$293,750.00

9.18%

8

-38.46%

$225,000.00

15.38%

109

15.96%

S.L. CO TOTALS

2965

-9.66%

$350,000.00

7.69%

1049

0.29%

$258,000.00

12.90%

4292

1.88% 3.20%

84010

BOUNTIFUL

92

-20.69%

$338,000.00

17.38%

25

-32.43%

$203,500.00

10.00%

129

84014

CENTERVILLE

26

-13.33%

$394,950.00

25.40%

14

-26.32%

$199,500.00

-15.94%

50

8.70%

84015

CLEARFIELD

262

-5.07%

$263,000.00

16.24%

30

30.43%

$206,500.00

40.48%

249

-6.39%

84025

FARMINGTON

46

-14.81%

$399,000.00

5.42%

15

-11.76%

$281,500.00

15.13%

73

4.29%

84037

KAYSVILLE

81

-14.74%

$410,000.00

19.88%

4

-33.33%

$249,950.00

13.10%

81

-19.00%

84040

LAYTON

86

-6.52%

$332,450.00

14.05%

3

-86.96%

$222,500.00

-5.32%

102

-3.77%

84041

LAYTON

165

-14.95%

$285,000.00

9.95%

7

-36.36%

$249,000.00

25.44%

208

27.61%

84054

N. SALT LAKE

69

18.97%

$359,950.00

11.17%

20

0.00%

$252,000.00

11.11%

98

22.50%

84075

SYRACUSE

132

15.79%

$354,500.00

17.19%

2

100.00%

$281,250.00

38.21%

130

25.00%

53

32.50%

$325,000.00

14.04%

7

-12.50%

$272,700.00

12.43%

45

2.27%

1012

-5.33%

$320,000.00

13.52%

127

-23.03%

$234,500.00

8.06%

1165

5.53%

84087

WOODS CROSS DAVIS CO TOTALS

REALTOR® Connections

In Memoriam

Advice from a Past President Dave Frederickson 2013 President of the Salt Lake Board of Realtors® Principal Broker of KW Salt Lake City Keller Williams Real Estate located in Sugar House Q: What are the top three qualities a client looks for in a choosing a Realtor®?

A: I believe that a client wants (and needs) their Realtor® to be trustworthy, empathetic, and determined. People don’t care how much we know, until they know how much we care.

Q: As a Code of Ethics instructor, what is the most common violation of the Code of Ethics?

A: Article 1 of the Code of Ethics is the most complained of, and the most found in violation of, article. Simply put, promote and protect your client’s best interest while treating all parties honestly.

Many times agents try to make decisions for their clients instead of explaining to the client their options, and letting them decide.

Or, some agents think that by being forthright with details could somehow disadvantage their clients. We have a duty to communicate fully with clients, let them make their own choices, and let all parties know the details with which they make their decisions. It is also a good idea to document those conversations for our own protection.

Q: What advice do you give to new agents?

A: We are in the “people helping” business. Concentrate on helping people and not about the money. If you help enough people, the monetary rewards can be significant. If you want to make more money, help more people. What we do is far too important in the lives of our clients, to make it about your commission.

Q: What is your preferred method of communication when talking to clients (text, phone, email, social media apps, in person)? How do your clients want to communicate with you?

A: The method of communication is secondary to the effectiveness of the communication. At the start of any relationship (buyer, seller, another agent) a discussion should detail how, and when, communicating would work best for everyone. However, there are some conversations that are far too important to be left to the interpretation of a text message.

Utah Key Holds Awards Luncheon

44 | Salt Lake Realtor ® | February 2019

The Realtor® family is deeply saddened of the passing on Jan. 17 of one of its fine members David Stokoe, age 40. David was a committed and hard working person who would do anything for his clients. He was a husband and caring father of four beautiful children. Our sincere condolences go out to his wife Nikki, his children and loved ones. He will be greatly missed.

On the Move Scott Pirraglio recently joined Berkshire Hathaway Home Services in their Cottonwood Heights office.

The Internal Revenue Service has issued final rules on the 20 percent business income deduction (Sec. 199A of the Tax Code) that was enacted in late 2017 as part of the Tax Cuts and Jobs Act. Among other things, the rules confirm that the deduction applies to your business income, as a real estate agent or broker, if you operate as a sole proprietor or owner of a partnership, S corporation, or limited liability company. It applies even if your income exceeds a threshold set in the law of $157,500 for single filers and $315,000 for joint filers.

Utah Key Real Estate recently held its annual Celebration and Awards event. Realtors® were recognized for their 2018 production levels and successes. At the luncheon, the brokerage raised $7,900 in RPAC investments. It also generated $1,500 for the Children’s Christmas Carnival at The Road Home and YWCA Battered Women’s Shelter. Utah Key was founded in the summer of 2016 and now has more than 85 Realtors® and four branch offices. “We are passionate about protecting private property rights and giving back to the community through donations of time, money and gifts,” said Principal Broker Heather Nelson. The South Jordan-based firm is owned by Heather Nelson and Cheryl Acker, who was the 2016 president of the Salt Lake Board of Realtors®.

Be Careful What You Post & Say on Social Media

By Holly Rawson, Salt Lake Board of Realtors® Social media is a great advertising platform for agents and a good way to communicate with others. But if you are not mindful of what you post, you run the risk of violating the Code of Ethics.

Take this scenario for example: Realtor® A showed her client Realtor’s® B listing. After the showing, Realtor® A then went home and posted pictures of the home on Facebook with some personal comments that portrayed the home in a negative way. Other individuals commented negatively about the property as well. The comments continued to go down hill and get out of hand as it often does on social media. Realtor B saw the Facebook post, became upset and filed an ethics complaint.

The hearing panel determined that Realtor A was in violation of Articles 1 and 15. Article 15 states that Realtors® shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices.

Here are two important things to remember: • Avoid publishing photos of listings on social media without the permission of the seller and listing agent.

The hearing panel felt that the way the photos were taken and used on social media violated the ethical rules.

• Avoid publishing negative comments about another listing or anything else that could be viewed as disparaging. Even if you don’t specifically mention the name of the other Realtor®, an indirect negative comment can be problematic. In the case above, the hearing panel determined that the way the property was portrayed may have lead others to call into question the competence of the listing agent.

February 2019 | Salt Lake Realtor ® | 45

Safety Essentials (continued from page 40) If it’s a vacant, foreclosed home, ensure squatters aren’t present. If someone is inside the home, never enter, but contact the police immediately. Contos recommends agents do a thorough check of the property’s exterior before entering, looking for such clues as window screens that have been pried off, front doors kicked in, or any evidence of someone living there by peering inside the windows. Even if you just feel something is off, Contos suggested contacting the police to have them check out the property beforehand.

2. Bring a flashlight to all of your showings.

“It’s probably one of the most effective defense tools,” Contos said. A large, bright flashlight that fits in the palm of your hand (not the miniature keychain flashlights) can surprisingly serve as a deterrent to would-be predators. A flashlight “gives the people you are with a sign that you are prepared for something to happen,” Contos said. You can use it to shine a light on objects that you want to point out in a home to potential buyers. But “it’s also something in your hand that is construed by bad people as an item that a prepared professional carries with them,” Contos said. “Police and security personnel carry them. It would cause those who want to do harm against you to think twice.”

Some real estate agents say they carry a weapon with them to their showings for added comfort.

In fact, an informal poll of 320 Realtor® Magazine online readers found that 26 percent say they carry a handgun, nearly 20 percent carry pepper spray, about 11 percent carry a knife, and 2 percent carry scissors. About 39 percent say they carry nothing.

If you choose to carry a weapon, Contos cautioned agents to get regular professional training on how to use it correctly and make sure it’s legal in their area. Mace, tasers, and firearms, for example, are illegal in certain states. “Make sure what you’re doing is legal,” Contos said. “You don’t want to jeopardize your real estate license by carrying something that is not.”

3. Use your cell phone for safety. Another great weapon to help keep yourself safe: Your cell phone.

“You don’t want to have to dig through your pockets or purse to find a phone and then enter a security code just to make a phone call if something goes wrong,” Contos said. Instead, he recommends wearing a bluetooth headset while showing properties. The discreet headsets usually allow you to touch a button twice to dial the last phone number you called. “So if you’re walking through a home with a buyer and something turns a little creepy, you can touch the button twice,” Contos said. “You don’t have to say anything to the other person on the line. Continue to show the house but [the person on the other line will] be able to hear you talking in the event that you feel your safety is in jeopardy.”

He also advises agents to have a “security 46 | Salt Lake Realtor ® | February 2019

partner” that they can call up to give a secret code word to when they feel in danger. In his classes, he recommends words like “red folder.” So when you call someone and mention, or they overhear in your conversation “red folder,” that person will know something is wrong and know to send help.

You also can use your cell phone to access mobile apps designed for safety. A growing number of mobile apps such as Agent Alarm, Moby, Real Alert, SafeTrec, and IcePics, among others, allow you to make instant calls to emergency responders.

Some apps can even automatically access your GPS coordinates so you can quickly request help when you feel threatened.

4. Slow down. Stop being in such a rush, Contos suggested. When considering Realtor® safety, many professionals just associate it as prevention of being a victim to a crime such as robbery or an assault. But Realtor® safety also means taking precautions so you don’t become a victim in other occupational hazards on the job, too, such as car crashes, trips and falls in homes, or even being bit by a dog or other animal when touring homes.

“There are so many occupational hazards other than just being a victim of a crime,” Contos said. “When you get in a hurry, you ignore your surroundings and that can pose a huge safety hazard.

It’s not about just getting robbed. It’s also about not getting hurt.”

For example, as you rush to client appointments or travel from listing to listing, many real estate agents are guilty of talking on their phone, texting, or even e-mailing while driving. But what happens if you’re distracted by texting and then hit a pedestrian—a child on a bike?

“A car crash can ruin your career and hurt someone else,” Contos said. “Don’t be distracted when driving; pay attention. We multi-task too much when we’re driving what’s a 5,000-pound weapon.”

Indeed, real estate is one of the top professions for the most car accidents and speeding tickets, according to a study by the Quality Planning Corp.

Researchers analyzed statistics about car accidents and speeding based on profession and found that per year, every 1,000 real estate brokers average 102 car accidents and 39 speeding tickets. Real estate brokers were No. 4 on the list of top 10 most cashprone professions (behind only doctors, lawyers, and architects).

Contos encouraged real estate agents to stop rushing about their day, take the time to plan ahead, and take extra precautions. It’s what putting safety first is all about.

Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine. She can be reached at mtracey@ realtors.org. Reprinted from Realtor® Magazine Online, September 2012, with permission of the National Association of Realtors®. Copyright 2012. All rights reserved.

2019

HOUSING FORECAST

by Matthew Gardner, Chief Economist

THE U.S. ECONOMY Despite the turbulence that the ongoing trade wars with China are causing, I still expect the U.S. economy to have one more year of relatively solid growth before we likely enter a recession in 2020. Yes, it’s the dreaded “R” word, but before you panic, there are some things to bear in mind.

Firstly, any cyclical downturn will not be driven by housing. Although it is almost impossible to predict exactly what will be the “straw that breaks the camel’s back”, I believe it will likely be caused by one of the following three things: an ongoing trade war, the Federal Reserve raising interest rates too quickly, or excessive corporate debt levels. That said, we still have another year of solid growth ahead of us, so I think it’s more important to focus on 2019 for now.

MORTGAGE RATES

NEW HOME SALES

A year ago I suggested that 5% interest rates would be a 2019 story, not a 2018 story. This prediction has proven accurate with the average 30year conforming rates measured at 4.64% in December.

In a somewhat similar manner to existing home sales, new home sales started to slow in the spring of 2018, but the overall trend has been positive since 2011. I expect that to continue in 2019 with sales increasing by 6.9% to 695,000 units — the highest level seen since 2007. That being said, the level of new construction remains well below the long-term average.

Builders continue to struggle with land, labor, and material costs, and this is an issue that is not likely to be solved in 2019.

Furthermore, these constraints are forcing developers to primarily build higher-priced homes, which does little to meet the substantial demand by first-time buyers.

In 2019, I expect interest rates to continue trending higher, but we may see periods of modest contraction or levelling. We will likely end the year with the 30-year fixed rate at around 5.4%, which means that 6% interest rates are more apt to be a 2020 story.

EXISTING HOME SALES

I also believe that non-conforming (or jumbo) rates will remain remarkably competitive. Banks appear to be comfortable with the risk and, ultimately, the return that this product offers, so expect jumbo loan yields to track conforming loans quite closely.

Home sales started to slow in the spring of 2018 as we breached affordability limits and more homes came on the market. As a result, we finished the year with a 3.1% decline in sales compared to 2017.

In 2019, I anticipate that home sales will rebound modestly and rise by 1.9% to a little over 5.4 million units.

CONCLUSIONS Credit quality for new mortgage holders remains very high and the median down payment (as a percentage of home price) is at its highest level since 2004.

That is not to say that there aren’t several markets around the country that are overpriced, but just because a market is overvalued does not mean that a bubble is in place. It simply means that forward price growth in these markets will be lower to allow income levels to rise sufficiently.

MATTHEW GARDNER As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

For more information about Windermere, contact our principal broker, Grady Kohler, at 801-815-4663.

SUGAR HOUSE | UNION PARK | LAYTON | 9 TH & 9 TH | WEST VALLEY HARVARD/YALE | PARK CITY | BOUNTIFUL | WASATCH BACK | DOWNTOWN