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Glowing Forecast Predicts Rising Home Sales p. 10 What You Need to Know About the Upcoming Key Exchange p. 7

Maga zine February 2015

Improve Your Customer Relationships p. 22

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Table of Contents Features 10 A Sustainable Housing Market James Wood 18 Forecast Breakfast 20 The Year of Real Estate

Kat Peterson

22 Improve Your Customer

Relationships With These 8 Traits Melissa Dittmann Tracey

Columns 7 What You Need to Know About the Upcoming KeyBox Exchange Dave Robison – President’s Message

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

On the Cover: Photo: © Romolo Tavani / Dollar Photo Club Photo left: © Style Media & Design / Dollar Photo Club

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February 2015 volume 75 number 2 The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.

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Salt Salt Lake Lake

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President Dave Robison goBE Realty

Directors Managing Editor Dave AndertonM. Brock Andersen Berkshire Hathaway

Copy Editor

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

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

At Home Realty

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

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

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

Windermere

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

Troy Peterson Equity Real Estate

Salt Lake Board: (801) 542-8840 Salt Lakee-mail: dave@saltlakeboard.com Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy ® for the equal housing opportunity the nation.

We The Saltachievement Lake Board ofofREALTORS is pledged to thethroughout letter and spirit of U.S. policy encourage and support the affirmative advertising throughout and marketing for the achievement of equal housing opportunity the program nation. Wein which thereand are support no barriers obtaining advertising housing because of race, color, religion, encourage thetoaffirmative and marketing program in sex, handicap, familial or national origin. which status, there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions ® persons quoted in articles are their own and do not necessarily expressed by writers is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions The Salt Lake REALTORand reflect positions of theand Saltpersons Lake Board of REALTORS expressed by writers quoted in articles®. are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®.

Permission will be granted in most cases, upon written request, to reprint or reproduce articles well and photographs this issue, provided proper is given to The Salt Lake REALTOR®, as Permission will beingranted in most cases, uponcredit written request, to reprint or reproduce articles ® as any writers and photographers whose names appear withtothe andREALTOR photographs. , as well andtophotographs in this issue, provided proper credit is given Thearticles Salt Lake While unsolicited original manuscripts and photographs related to the real estate profession as to any writers and photographers whose names appear with the articles and photographs. are welcome, no payment is made for their in the publication.

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

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

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

What You Need to Know About the Upcoming KeyBox Exchange

I’

m pleased to announce that the Salt Lake Board of Realtors® will be making the switch to the new Supra Bluetooth iBox BTLE (Bluetooth 4.0) on March 24-26.

During these three days in March, members will be able to exchange their old lockboxes one-for-one for new iBoxes at no cost. Keep in mind this offer is only good while Supra representatives are on-site at the Realtor® Campus helping with the exchange March 24 -26. Any boxes traded in after these dates will be subject to an upgrade fee.

You may have someone come in your place during the exchange with your written consent to exchange your keyboxes only.

ActiveKEYs or eKEYs will only be processed in-person for the key holder her(him)self.

The new Supra iBox communicates directly with most phones, including the iPhone, iPad, iPod, Android and certain Blackberry devices. For a complete list of compatible phones go to www.supraekey.com. The new iBoxes offer a far superior battery life compared to our current lockboxes. You never will need to spend time changing batteries. The iBox also includes a large key container that can hold both gate cards and keys. The shackle removes completely from the keybox for easy placement on properties.

If you don’t want to keep your current boxes, the Board will buy them back for $50 per box. The buy-back deadline will be Friday, March 20 at 4 p.m.

The ActiveKEY will work with the new iBoxes. However, Supra will be charging remaining ActiveKEY users an additional $3 per month for continuing to use the ActiveKEY. This fee will be collected by the Board during our dues season each June. The $3 monthly fee helps cover costs associated with the upgraded iBoxes. Because of increased reliability and the no-cost feature of the eKEY (smartphone app), we recommend that members consider using this new technology and make the switch.

If you are using a FOB you may want to keep it on hand for a couple of months. Most surrounding Realtor® associations in Utah are upgrading their boxes as well. However, boards like Utah County and outlying, smaller boards will be making the change a couple of weeks after our switch. If you plan on accessing listings in other counties, keep the FOB on hand just in case those listing agents have not yet upgraded their boxes. Once all associations have made the change, you will no longer need your FOB for the new Bluetooth iBoxes. The app will continue to work as it is already programmed and authorized in your phone.

If you have questions, please call the Board at 801.542.8840.

Dave Robison 2015 President

®

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

October 2005

October 2005

February 2015 | Salt Lake Realtor ® | 7

Happenings

Pictured: Steve Tobias, left, (Keller Williams Commercial), Jonah Hornsby (chairman of the Commerical Alliance), Jaren Davis (executive officer of the Salt Lake Home Builders Association), and Curtis Bullock (CEO of the Salt Lake Board of Realtors®).

Utah’s Construction Industry is Booming Jaren Davis, executive officer of the Salt Lake Home Builders Association, was the keynote speaker on Jan. 15 at the Realtors® Commercial Alliance town hall meeting. Utah’s construction industry in December posted the highest percent job increase of the state’s 10 private sector groups. In the past year, more than 10,000 construction jobs have been formed across the state, a 13.5 percent growth rate, according to the Utah Department of Workforce Services. “Utah ended the year on a labor market high note, posting the highest year-over job growth for all of 2014,” reported Carrie Mayne, chief economist at the Department of Workforce Services.

“For the first time since the Great Recession the number of unemployed Utahns dropped below the 50,000 level.”

Wasatch Front Captures National Headlines

The New Yorker magazine in February hailed the Wasatch Front as the “next Silicon Valley.” The article points to a Brookings Institution study released this year that lists Salt Lake City, Provo and Ogden in the Top 15 largest U.S. metro areas with the highest concentration of advanced industries. “Advanced industries compensate their workers handsomely and, in contrast to the rest of the economy, wages are rising sharply,” the Brookings report stated. “In 2013, the average advanced industries worker earned $90,000 in total compensation, nearly twice as much as the average worker outside of the sector.”

Demand Rises for Luxury Real Estate

According to Inman News, demand for luxury real estate is on the rise. “American cities known for particular industries such as Los Angeles (sports and media entertainment), San Francisco (tech entrepreneurs), Washington, D.C. (political capital of the world’s wealthiest nation) and Dallas (energy) are becoming more popular, attracting ultrawealthy buyers from around the globe,” the article stated. North America’s “ultra high net worth” demand for residential property from 2013 to 2014 increased to $10.3 billion, a 6 percent rise.

8 | Salt Lake Realtor ® | February 2015

In the News

Pictured: Dave Robison

The Salt Lake Tribune focused on the Salt Lake Board of Realtors® annual Housing Forecast Breakfast in a Jan. 30th story titled, “Economists predict robust year in Salt Lake County real estate.”

The article stated that with the potential of earning nearly $250 million in total sales commissions this year, Realtors® welcomed a positive forecast in 2015. “Residential sales in the county are projected to rise by 7 percent this year and home prices by 4 percent, the article said. “How can you not help but dance with the way the markets are moving?” beamed Dave Robison, president of the Salt Lake Board of Realtors®, host of Friday’s gathering at Salt Lake City’s Grand America Hotel.

The article offered an overview of Salt Lake’s real estate market in 2014, when it lost momentum from its rebound out of the Great Recession. “A surge in home prices slowed significantly from double-digit levels the year before, leading Salt Lake County’s median home sales price to end 4 percent ahead where it started in January,” the article stated. “Prices even fell in five cities in the county during 2014: South Salt Lake, Holladay, Cottonwood Heights, Murray and Riverton. Nearly 30 percent of the county’s 11,490 home sales in 2014 were made in Salt Lake City, while half were spread across suburban communities: West Jordan, Sandy, West Valley City, Taylorsville, Draper, Herriman and Riverton.”

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Salt Lake City, UT (SLCA62621)

A Sustainable Housing Market

By James Wood | Director of the Bureau of Economic and Business Research ® Commissioned by the Salt Lake Board of REALTORS

B

y year-end 2013 home prices in Salt Lake County had fully recovered from the Great Recession and home sales were within 75 percent of the pre-recession peak — a much quicker recovery than expected. The rapid recovery however, drained any rebound momentum from the market in 2014. Consequently the gains achieved in 2014 were driven primarily by economic fundamentals rather than a rebound from the Great Recession.

A review of the 2014 real estate market’s performance shows: • 11,500 single family sales in 2014, a decline of 1.7 percent.

• $3.35 billion in home sales, an increase of 1.5 percent. 3,000 condominiums, town homes and twin homes sales, unchanged from 2013.

• $570 million in condominiums, town homes and twin homes sales, an increase of 4.4 percent.

• $235 million in residential real estate commissions, an increase of 2 percent.

10 | Salt Lake Realtor ® | February 2015

• $255,000 median sales price for a single family home, a price increase of 4 percent.

• $175,000 median sales price for condominiums, town homes and twin homes, a price increase of 5 percent.

Residential Sales – Over the past three years existing home sales in Salt Lake County have moved in a narrow range of 11,000 to 11,700 homes while multifamily sales (condominiums, town homes and twin homes) have been at 3,000 units for the past two years Figure 1. Historically, multifamily sales account for about 18 percent of total residential real estate sales.

In 2014 Salt Lake City captured about 30 percent of all single family sales followed at some distance by West Jordan, Sandy and West Valley.

Combined, these four cities had 60 percent of the single family home sales in Salt Lake County in 2014 Table 1. Both Salt Lake and West Jordan had a substantial share of multifamily sales and were joined by two cities that had nearly as many

Table 1 Sales of Single-Family Homes By City - 2014

Sales

% Share

Salt Lake City

3,271

28.50%

West Jordan

1,251

10.90%

Sandy

1,226

10.70%

West Valley

1,073

9.30%

South Jordan

865

7.50%

Unincorporated Salt Lake

567

4.90%

Taylorsville

518

4.50%

Draper

482

4.20%

Herriman

473

4.10%

Riverton

426

3.70%

Murray

340

3.00%

Cottonwood Heights

303

2.60%

Holladay

266 2.30%

Midvale

231 2.00%

Bluffdale

125 1.10%

South Salt Lake

73

0.60%

Salt Lake County

11,490

1.00%

Source: UtahRealEstate.com Photo: Š istockphoto.com/pick-uppath

multifamily sales as single family sales; Murray and Midvale Table 2.

Housing Prices At 88% of Pre-Recession Peak In 2014 housing price increases slowed from the sizzling pace of 2013. An example, of that sizzling pace; in the first quarter of 2013 housing prices were up 19.5 percent Figure 2. But in the ensuing six quarters the increase in the median sales price steadily decelerated falling to only a 1.2 Figure 1 Number of Single Family and Multifamily Sales in Salt Lake County

Source: UtahRealEstate.com

Table 2 Sales of Condos, Town Homes and Twin Homes by City - 2014

Sales

% Share

Salt Lake City

882

29.4%

Murray

255

8.5%

West Jordan

249

8.3%

South Jordan

222

7.4%

Midvale

197

6.6%

Draper

171

5.7%

West Valley

158

5.3%

Holladay

156

5.2%

Sandy

155

5.2%

Riverton

117

3.9%

Taylorsville

113

3.8%

Herriman

107

3.6%

Cottonwood Heights

72

2.4%

South Salt Lake

59

2.0%

Unincorporated Salt Lake County

48

1.6%

Bluffdale

42

1.4%

Salt Lake County

3,003

100.0%

Source: UtahRealEstate.com

February 2015 | Salt Lake Realtor ÂŽ | 11

Table 3 Change in Median Sales Price of Existing Single Family Home in Salt Lake County

Median Sales Price

% Change (Year Over)

1st Qtr.

$227,000

19.5%

2nd Qtr.

$250,000

17.4%

3rd Qtr.

$254,500

16.8%

4th Qtr.

$245,000

11.4%

$245,600

8.2%

2nd Qtr.

$255,000

2.0%

3rd Qtr.

$258,000

1.4%

4th Qtr.

$255,100

4.1%

2013

2014 1st Qtr.

Source: UtahRealEstate.com

Figure 2

Source: UtahRealEstate.com

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

Source: UtahRealEstate.com

12 | Salt Lake Realtor ÂŽ | February 2015

percent increase in the third quarter of 2014 Table 3. In the fourth quarter of 2014 prices increased by 4.1 percent over the fourth quarter of 2013 (Salt Lake County). In contrast, the recovery in Weber County is lagging well behind the other counties.

While the 2014 median sales price of a home has recovered in nominal terms from the Great Recession the inflation adjusted price is at 88 percent of the pre-recession peak. The inflation adjusted peak price in the second quarter of 2007 was $291,000. The median sales price in the fourth quarter of 2014 was $255,100. Adjusting for inflation makes a huge difference in calculating the average annual growth rate in prices. For example, the inflation adjusted (constant dollars) annual growth rate in housing prices from 2000 to 2014 is 1.6 percent. The non-adjusted (current dollars) growth rate is 4 percent. It’s fair to say that housing prices in Salt Lake County increase at about 1.5 percent annually in constant or inflation adjusted dollars. Using constant dollars is a much more accurate measure of housing price performance over the long-term.

Figure 3 shows both constant and current median sales prices by quarter for existing single family homes in Salt Lake County from 2000 to 2014. Over this period housing prices have been extremely volatile, increasing from $205,000 (constant dollars) in the fourth quarter of 2004 to $291,132 in the second quarter of 2007, a real increase in the median sales price of 42 percent in two and a half years. From the peak, constant prices fell 33 percent in five years, finally hitting bottom in the first quarter of 2012 with a median sales price of $196,295. Over the next 18 months the median sales price rebounded 31 percent to $257,000 by the third quarter of 2013; a remarkably quick recovery. Since then prices have moved in a narrow range from $245,000 to $255,000.

Mortgage Rates at 44-Year Low The very favorable rate environment in recent years is highlighted in Figure 4. Over the last three years mortgage rates have been at their lowest levels in the 44 years of data (1971-2014). If the low mortgage rate period (2008-2014) is excluded, the median interest rate for the 36-year period from 1971-2007 is 8.4 percent. At that rate the mortgage payment on the median priced home ($255,000) in Salt Lake County would be $1,930 rather than the $1,240 at the current mortgage rate of 4.2 percent. Perhaps a more reasonable period is the 1990 to 2007 which excludes the historically low rates of recent years and historically high rates of the 1980s. In that case the median mortgage rate is 6.5 percent and the mortgage payment on

Image licensed by Ingram Image

the median priced home in 2014 would be $1,600, rather than the $1,240 at current rates; a payment increase of 30 percent. For those households that qualified, the historically low mortgage rates provided a rare opportunity to capture long-term savings in their housing costs.

Mortgage Interest Rates Will Increase This Year Rate increases are never good for the real estate industry but a sudden spike in rates is very unlikely particularly given the very low rate of inflation and recent drop in oil prices. The Federal Reserve has repeatedly stressed their patience and caution. For the past year Federal Reserve officials have indicated they expect to raise short-term rates by mid-2015. The Fed has held short-term rates near zero since December 2008. U.S. job growth in 2014 — the best year of job growth in 15 years — supports a move by the Fed to raise rates but sluggish wage growth worries Fed Chair Janet Yellen. Some believe that the loss in demand due to higher mortgage rates will be offset by an easing of mortgage lending standards. Federal regulators have recently relaxed some provisions of Dodd-Frank that threatened access to mortgage credit. Modestly relaxing tight lending standards could boost housing demand by as much as 15 percent.

Figure 4 Annual Average Mortgage Interest Rates in Salt Lake County

Source: Freddie Mac

Residential Sales in Salt Lake County in 2015 to Rise 7%; Median House Price to Increase 4% Forecast - Despite a few challenges the outlook for the Salt Lake County real estate market is positive in 2015. Residential sales will increase by 7 percent to 15,500 sales and the median sales price will increase by 4 percent to $265,000.

Photo: © istockphoto.com/Jodi Jacobson

February 2015 | Salt Lake Realtor ® | 13

Image licensed by Ingram Image

Table 4 Change in Median Sales Price of Existing Single-Family Homes by City

Median Sales % Change in % Change in Price Price 2012-13 Price 2013-14

Bluffdale

$392,705

11.50%

4.29%

Cottonwood Heights $316,000

5.70%

-2.77%

Draper

$405,500

9.40%

2.14%

Herriman

$326,067

11.30%

9.71%

Holladay

$372,450

15.10%

-3.26%

Midvale

$214,600

14.80%

10.05%

Murray

$228,650

13.70%

-1.87%

Riverton

$275,750

13.60%

-0.96%

Salt Lake City

$255,000

22.00%

6.25%

Sandy

$285,000

12.80%

3.64%

South Jordan

$349,826

11.10%

6.74%

South Salt Lake

$172,700

26.40%

-8.62%

Taylorsville

$196,250

12.70%

3.97%

West Jordan

$234,000

13.90%

4.78%

West Valley

$180,000

15.40%

4.65%

Salt Lake County

$225,000

15.60%

4.08%

•

•

•

•

•

Source: UtahRealEstate.com

Solid Economic Outlook for Salt Lake in 2015 Market fundamentals point toward a solid real estate year in 2015 supported by the following: • Strong Job Growth — Job growth in Salt Lake County will to continue at a pace of nearly 3 percent, that’s an additional 20,000 jobs in 2015.

Nationally, and presumably locally, there’s strong job growth for Millennials. If so, this supports an increase in entry level home buying.

• Low Unemployment Rate — The unemployment rate in Utah will remain below 4 percent. The November unemployment rate in Salt Lake County was 3.2 percent, the lowest rate in six years. A low unemployment rate indicates job opportunities, which improves consumer

•

•

confidence. Confidence is an important ingredient of housing demand.

Substantially Fewer Underwater Loans — The share of underwater loans has dropped from 21 percent of mortgages in 2010 to 6 percent in 2014. Fewer underwater loans boosts demand allowing home owners to move-up.

Foreclosures No Longer an Issue — The percent of mortgages in foreclosure has dropped to 1.3 percent statewide; 5,500 mortgage loans. This is the lowest level since 2007 and near the historic average of 1 percent.

Short Sales Decline — In addition, short sales in Salt Lake County have fallen from 14 percent of home sales in 2010 to just under 5 percent in 2014. Substantially fewer distressed sales have aided price increases bringing more sellers to the market.

Housing Affordability — Generally home prices are still affordable. The median income household can afford two-thirds of homes sold in the metropolitan area in 2014. The modest price increase of 4.1 percent in 2014 indicates prices have stabilized.

Rising Apartment Rents – Salt Lake County’s apartment building boom is pushing rental rates higher. New projects typically rent for $1.40/square-foot or more. A new 1,000 squarefoot two-bedroom apartment rents for $1,400, which is higher than the mortgage payment on the median priced home. High rental rates make home ownership more attractive.

An Expanding National Economy – The strong performance of the U.S. economy in 2014 is expected to continue in 2015. Utah’s economy is tied to national economic trends. The support of a growing U.S. economy will benefit the Utah economy and the local real estate market.

A Few Challenges – The debt load of households, particularly young households, hampers homeownership and hurts demand. Persistently sluggish wage growth postpones home buying.

Also, the unknown impact of increasing mortgage rates on housing demand.

Photo: © istockphoto.com/Jodi Jacobson

14 | Salt Lake Realtor ® | February 2015

MEET THE LEADING SALES CONSULTANTS AT UTAH’S NUMBER ONE HOMEBUILDER. Larry Mitchell, honored recently as Ivory’s leading Sales Consultant, has closed over $90,000,000 in the past 11 years he’s been with Ivory Homes. A significant factor in his success is his ability to truly listen to homebuyers and offer professional, experienced advice regarding what options best meet their needs. Larry also attributes his remarkable success to the entire Ivory team and their commitment to excellence in all areas.

In Salt Lake County contact Larry Mitchell at 801-918-7240 or larrym@ivoryhomes.com

Verlyn Pullman, is Ivory’s leading Sales Consultant in Davis and Weber Counties. Verlyn has been with Ivory for 15 years and lives in an Ivory home and community. She credits her success to unparalleled customer service, but says, “It’s easy to sell a product you believe in from a company that stands behind everything they build. Ivory has amazing quality and integrity for long term value. I’ve sold multiple Ivory homes to many families — not only second and third homes to parents but also to their children.”

In Davis and Weber Counties contact Verlyn Pullman at 801-721-9299 or verlynp@ivoryhomes.com

Tim Sweat, Ivory’s leading Sales Consultant in Utah County, came to Ivory Homes over 3 years ago.

Tim attributes his success to Ivory offering the best product and customer support system that assures each buyer will be taken care of properly. His laid-back personality, which does help in raising triplets, puts his customers at ease as he focuses on their individual needs. Tim finds great satisfaction in helping them work toward their dream of homeownership or ultimately building their final dream home.

In Utah County contact Tim Sweat at 801-494-3552 or tims@ivoryhomes.com

“It takes a team effort to produce such remarkable results...and there is not a better team out there than Ivory Homes.”

14000

For over two decades, Ivory Homes has been Utah’s number one homebuilder*. A record like that requires a constant focus on improvement.

Ivory continually finds ways to maintain high levels of quality and design while simplifying the home buying process.

12,609

12000 10000 8000

Ivory also leads the way in location and design with 65 beautiful communities across the Wasatch Front and over 100 floor plans to choose from. In addition, they’ve achieved a customer satisfaction rating of over 90% for the past 15 years.

6000 4000 2000 0

#1

#2

#3

#4

#5

#6

Number of homes built by Ivory Homes vs other homebuilders * Based on number of homes built from 1990-2014.

Source: Wasatch Front Construction Monitor

#7

#8

#9

Forecast Breakfast

E

conomists presented good news to Realtors® at this year’s Housing Forecast breakfast at the Grand America Hotel in downtown Salt Lake City. This year’s keynote speaker was David Crowe (pictured left), chief economist and senior vice president at the National Association of Home Builders. Roughly 900 people attended the event. The breakfast also was webcasted to approximately 1,000 viewers online. Pictured (top, clockwise): Jeremy Lowry (senior vice president mortgage and construction lending at Zions Bank); Curtis Bullock (CEO of the Salt Lake Board of Realtors®); Dave Robison (president of the Salt Lake Board of Realtors®), Ty McCutcheon, (vice president of community development for Kennecott Land); and James Wood (director of the Bureau of Economic and Business Research). Above: Cheryl Acker (first vice president of the Salt Lake Board of Realtors®); Dave Robison (president of the Salt Lake Board of Realtors®); and David Crowe.

Opposite page (top, clockwise): Karen Stratford (Highland Title); and Kenny Parcell (Equity Real Estate). Tony Ketterling (Equity Real Estate); David Crowe; and Jared Booth (Coldwell Banker Commercial); Middle: Dave Robison at the podium. David Crowe giving his keynote speech. Jaren Davis (executive officer of the Salt Lake Home Builders Association); Curt Dowdle; and Jeremy Lowry.

18 | Salt Lake Realtor ® | February 2015

Photos: Dave Anderton

February 2015 | Salt Lake Realtor 速 | 19

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The Year of Real Estate UtahRealEstate.com is the most visited real estate website in Utah with over 12 million unique visitors every year.

By Kat Peterson

I

t is a great year to be a Realtor®. The recovery is holding strong and economists across the nation have us cheering with predictions that this year will be even stronger than the last two. One economist in particular, Jonathan Smoke from Realtor.com, has dubbed 2015 ‘The Year of Real Estate’.

So what is the best way to get 2015 rolling?

Take advantage of your MLS subscription.

UtahRealEstate.com is the most visited real estate website in Utah with over 12 million unique visitors every year. The best part is, we send those visitors straight to you.

What UtahRealEstate.com is doing to help you sell more in 2015:

20 | Salt Lake Realtor ® | February 2015

• Improving Mobile – We are seeing more desktop users on both the agent and consumer side shift to using mobile devices. Because of this, we are putting significant resources into making our mobile app more useful and reliable. Our goal is to give you a mobile app with the same tools and functions as the full desktop site and to give consumers the best mobile real estate app for their on the go home search • Marketing to Utah Homebuyers and Sellers – Starting this spring, we will be ramping up our outreach and marketing to Utah homebuyers and sellers. We are currently conducting consumer research that will aid us in redesigning our public-facing website to compete

Service Directory Home Inspection

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

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with national consumer portal sites. We aim to be the top real estate website in the mind of Utah homebuyers and sellers. Since your information is always top and center of each of your listings on UtahRealEstate.com, the first contact is always you.

• Keeping You on Top of the Googlesphere – UtahRealEstate.com has the Google web-authority to be in the top results of any real estate search in Utah and we will work to keep it that way. By creating an agent profile inside of UtahRealEstate.com, you are ensuring that your information will always be in the top results of a Google search.

Why having a public-facing MLS is an advantage

In just three years the number of homebuyers using the Internet to find a home doubled to a staggering 92 percent (up from 46 percent in 2012). Even though national portal sites boast page-views and visitors, the MLS ranks as the No. 1 website by homebuyers for searching and ultimately buying a home. This is according to the most recent survey of homebuyers and sellers conducted by the National Association of Realtors®.

When Inman News asked top producing agents, “What are the top three most important technologies that you use in your business?” The MLS won by a long shot. Agents not only ranked their MLS website as more important than their own, but more important than their smartphone as well!

The MLS is here to support you. We love hearing from our subscribers and we want to help you any way we can. Our mission at UtahRealEstate.com is to provide you with the technology, information, and help that you need to be successful when listing and selling homes. Let’s have a great 2015!

Kat Peterson is the director of marketing communications for UtahRealEstate.com.

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(801) 204-6000 February 2015 | Salt Lake Realtor ® | 21

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Improve Your Customer Relationships With These 8 Traits Find out what personality characteristics tend to make up a successful salesperson.

By Melissa Dittmann Tracey

W

hy are some salespeople more successful than others? What separates the top earners from those who fail to reach their potential? Could it boil down to personality?

Not quite.

Top salespeople “include both extroverts and introverts and all degrees in between: shy and outspoken, talkative and quiet,” says David J. Lill, author of the sales textbook Selling: The Profession (DM Bass Publications, 6th edition, 2012).

“However, certain core characteristics seem to be present to some degree in the most successful salespeople.”

Gaining clients’ trust is an important component of real estate success. Just how important? Look no further than the National Association of Realtors® Profile of Home Buyers and Sellers survey, where honesty and trustworthiness are ranked as the most important factors home buyers and sellers consider when choosing a real estate agent.

In his 35 years of training top producers, Lill

22 | Salt Lake Realtor ® | February 2015

has observed certain traits that improve face-toface client interactions and help build credibility and rapport. According to Lill, these are some of the characteristics present in the most successful salespeople: 1. Enthusiastic Do you have passion and excitement for the work you do? It can show in your client interactions. Enthusiasm isn’t expressed just as excitement, Lill says; it can also be shown through a calm, quiet confidence. Enthusiasm helps demonstrate a genuine belief that you believe you can help your clients fulfill their needs.

2. Inquisitive Stop talking and start asking and listening, Lill says. Good salespeople tend to ask a lot of questions. Indeed, a study by Steve W. Martin, an author and expert in sales linguistics, shows that 82 percent of top salespeople scored high on curiosity.

Martin has interviewed thousands of top salespeople over the last decade to hone in on what makes them top earners, giving them personality tests to measure the core personality traits that separate them from their peers. The top salespeople tended to show their curiosity by asking their customers lots of questions — sometimes difficult and uncomfortable questions — in order to close any gaps in information.

Questions help you discover more about your clients, uncover their primary buying motives, and flush out and discuss any potential concerns.

Every prospect has unique needs, so spend more time in the discovery stage with your customers. Avoid jumping into the know-it-all role of telling prospects what you think they need. Ask and then listen to their specific situation before you propose solutions. Once they’ve expressed their concerns, use “what if” questions to gauge their interest in the solutions that you suggest.

3. Empathetic You’ll need that inquisitiveness to show empathy — another core sales trait of a successful agent, Lill says. Empathy involves having a true understanding of a person’s concerns, opinions, and needs, and reflecting that understanding in your conversations with the client. Don’t fake empathy or sincerity — your clients will quickly pick up on it, which will lead to distrust. Make sure your comments or compliments are genuine

and relevant to the conversation. “People do not always care how much you know; they want to know how much you care,” Lill says.

4. Goal-driven

To be successful, you need a plan of action, Lill says. Consider what you want to achieve in your real estate career and how you can work toward fulfilling those goals. Top salespeople tend to take initiative and be self-starters by setting goals with an action plan for how to achieve them.

Lill recommends using the SMART process for goal-setting: Make your goals specific, measurable, attainable, realistic, and tangible.

He recommends writing down specific goals. For example, instead of “increase my income,” write “increase my income by 50 percent in the next year.” This will help you more easily evaluate your progress. Lill also recommends attaching a tangible reward to your career goals to add motivation, such as more money, recognition, or an award or plaque.

Have a plan to continually monitor your progress. For instance, at the end of each week, take a personal account of what you’ve accomplished. List the five habits or attitudes that were the biggest obstacles to achieving the results you wanted and consider how you can change them. “Working toward goals increases your creativity and problem-solving ability,” Lill says.

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February 2015 | Salt Lake Realtor ® | 23

selling,” Lill says. “Topics like mutual friends, similar interests in civic organizations, hobbies, and family life are frequently used.”

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5. Resourceful How fast do you think on your feet?

Resourceful people analyze what works and what doesn’t, and they study industry information to guide them.

“On the spur of the moment, [top salespeople] can think of new ways to make a point, new applications and creative uses for products, and unique reasons for a particular prospect to make a buying decision,” Lill says.

To be more resourceful, start by keeping good records, such as handwritten notes, when you are asking your client questions about their buying or selling motivations and concerns. This will not only help reinforce your own memory and understanding of what they’re saying but also show the other person that you think what they’re saying is important. They’ll likely perceive the gesture as a compliment and a sign of thoroughness. Then, repeat the concerns they express to you — including key phrases they use — to make them feel heard.

6. Friendly

Pushy, overly confident salespeople are a turnoff. Not surprisingly, clients prefer friendliness when trusting someone to guide them through one of the biggest financial decisions of their lives. “The salesperson with a pleasant, outgoing disposition is remembered and favored,” says Lill.

When you’re first meeting a prospect, your goal should be to establish rapport in the first few minutes of conversation. This will help put the person at ease and signal that you’re not trying to “sell” them on something. “Small talk may be discussions of topics unrelated to what you’re

24 | Salt Lake Realtor ® | February 2015

7. Adaptive Be able to sync your communication style to one of the four basic personality styles that your clients are likely to display. People will respond more favorably to a style that is similar or complementary to their own. For example: Driver: Tends to be competitive, fast-paced, goaloriented, and wanting to see results.

Adapt your style: Be prepared, organized, and to the point. Know their goals and offer them several solutions.

Expressive: Tends to be spontaneous in their decisions and often will jump from one topic to another.

Adapt your style: Let them talk, but gently refocus them when needed; show interest in them personally; and propose solutions through stories and illustrations.

Amiable: Tends to be friendly, sensitive to how their decisions affect others, and slow to act.

Adapt your style: Get to know them personally, be prepared to move at a slower pace, and use small talk to help establish rapport.

Analytical: Tends to be detail-oriented and show less emotion.

Adapt your style: Don’t rush them to make a decision, but allow them plenty of time to assess a situation. Provide lots of information and be prepared to answer questions in detail.

Observe your clients’ behavioral clues, such as their speech, use of time, reaction to others, and tone of voice, to see which of the four communication styles they likely fit.

“It’s using psychological reciprocity,” Lill explains. “You’re getting into their mind-set. You don’t change your style, but use techniques to accommodate their style.”

8. Persevering

Part of success is how you handle rejection.

There will be prospects who will not want to work with you, buyers who choose not to buy, and sellers who decide to work with another agent despite your numerous attempts to convince them otherwise. Sometimes clients may not be forthcoming as to why they decided not to work with you — try not to take it personally, Lill says. It may come down to bad timing or budget constraints.

“Setbacks outnumber triumphs,” Lill says.

“Salespeople must have reserves of strength and resilience to fall back on when this happens.”

Reprinted from Realtor® Magazine Online, November 2014, with permission of the National Association of Realtors®. Copyright 2014. All rights reserved.

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Housing Watch Q4 Second Best Year on Record in Eight Years for Home Sales 2 - C OL OR

T

he number of single-family homes sold in Salt Lake County in 2014 marked the second best sales year on record in nearly a decade at 11,575 units sold, down less than 2 percent compared to 11,767 units sold in 2013, according to the Salt Lake Board of Realtors®.

“You have to go back to 2006, prior to the Great Recession, to find a stronger year in home sales,” said Dave Robison, president of the Salt Lake Board of Realtors®. “We expect this year to be a solid sales year as more Millennials enter the housing market and buyers rush to beat a forecasted rise in mortgage interest rates this summer.”

Home sales increased 6 percent in the final quarter of 2014 to 2,810 units sold, up from 2,645 units sold in the fourth quarter of 2013. The quarterly increase followed a 3 percent drop in home sales in last year’s third quarter (year-over-year).

Other Wasatch Front counties saw big jumps in home sales in the fourth quarter including: Davis County, up 15 percent; Utah County, up 19 percent; and Weber County, up 4 percent. Home sales in Tooele County were down 0.5 percent in the fourth quarter.

Across the Wasatch Front (Salt Lake, Davis, Utah,

Weber and Tooele counties) in 2014, there were 25,074 single-family homes sold, up 2 percent compared to 2013.

In Salt Lake County during the fourth quarter, most ZIP code areas witnessed rising home sales, but there were notable exceptions: Sandy (84070) was down 14 percent; West Jordan (84088) fell 12 percent; Emigration Canyon (84108) was down 33 percent; and Taylorsville (84123) saw its sales fall 15 percent.

In the fourth quarter, the median single-family home price sold in Salt Lake County rose to $255,000, up 4 percent compared to $245,000 in the fourth quarter of 2013. The Avenues (84103) posted the highest home prices along the Wasatch Front in the fourth quarter at 474,500, up 3 percent. Draper took the No. 2 spot at $412,350, up 10 percent. Alpine came in No. 3 at $397,500, down 9 percent.

Sales of condominiums in Salt Lake County increased 5 percent in the fourth quarter. The median condo price in Salt Lake County climbed to $173,000, up 2 percent compared to a median price of $169,731 last year.

New listings increased to 4,251 homes in the fourth quarter, up 5 percent from 4,036 listings in the fourth quarter of 2013.

Home Sales Per Quarter

26 | Salt Lake Realtor ® | February 2015

COUNTY ZIP CITY 2014 HOUSE % +/- 2014 Q4 MEDIAN % +/- 2014 CONDO % +/- 2014 Q4 % +/- 2014 Q4 % +/ # SOLD CHANGE SALES PRICE CHANGE # SOLD CHANGE CONDO MEDIAN CHANGE AVERAGE CHANGE SALES PRICE CDOM S.L. CO

84006

COPPERTON

4

300.00%

$147,000.00

26.18%

0

n/a

$0.00

n/a

85

-59.52%

S.L. CO

84020

DRAPER

129

6.61%

$412,350.00

10.40%

38

15.15%

$195,450.00

-0.28%

86

8.86%

S.L. CO

84044

MAGNA

100

4.17%

$158,950.00

13.98%

5

-16.67%

$118,500.00

15.89%

55

-25.68%

S.L. CO

84047

MIDVALE

57

-5.00%

$236,000.00

23.40%

69

38.00%

$207,225.00

10.23%

68

-18.07%

S.L. CO

84065

RIVERTON

123

17.14%

$301,900.00

-7.68%

17

-60.47%

$208,000.00

-0.48%

83

33.87%

S.L. CO

84070

SANDY

60

-14.29%

$238,250.00

-7.90%

23

4.55%

$149,000.00

-11.76%

80

26.98%

S.L. CO

84081

WEST JORDAN

121

17.48%

$250,000.00

2.88%

18

63.64%

$169,450.00

2.76%

74

64.44%

S.L. CO

84084

WEST JORDAN

96

-2.04%

$213,900.00

3.46%

32

60.00%

$156,500.00

7.49%

60

-3.23%

S.L. CO

84088

WEST JORDAN

92

-12.38%

$251,400.00

10.51%

8

-50.00%

$162,250.00

4.71%

60

1.69%

S.L. CO

84091

SANDY

0

n/a

$0.00

n/a

0

n/a

$0.00

n/a

0

n/a

S.L. CO

84092

SANDY

87

4.82%

$345,000.00

-6.25%

3

50.00%

$422,276.00

29.43%

78

-8.24%

S.L. CO

84093

SANDY

80

26.98%

$319,500.00

-8.06%

1

0.00%

$280,000.00

-61.64%

84

29.23%

S.L. CO

84094

SANDY

78

21.88%

$246,500.00

9.60%

4

100.00%

$156,600.00

0.05%

59

15.69%

S.L. CO

84095

SOUTH JORDAN

201

0.50%

$364,000.00

7.92%

55

48.65%

$198,000.00

-2.94%

94

25.33%

S.L. CO

84096

HERRIMAN

131

-1.50%

$315,000.00

8.62%

20

-16.67%

$188,495.00

3.10%

82

43.86%

S.L. CO

84101

SLC

4

33.33%

$170,000.00

65.05%

19

-29.63%

$240,000.00

-9.77%

101

26.25%

S.L. CO

84102

SLC

26

8.33%

$267,700.00

2.14%

27

-3.57%

$165,000.00

3.81%

55

-32.93%

S.L. CO

84103

SLC

62

37.78%

$474,500.00

-2.75%

26

-3.70%

$197,500.00

16.18%

94

-17.54%

S.L. CO

84104

SLC

41

-22.64%

$149,900.00

10.22%

2

100.00%

$97,950.00

95.90%

37

-47.14%

S.L. CO

84105

SLC

107

62.12%

$310,300.00

5.20%

2

100.00%

$117,250.00

-2.29%

56

3.70%

S.L. CO

84106

SLC

100

-2.91%

$266,450.00

7.44%

42

35.48%

$159,750.00

16.61%

78

41.82%

S.L. CO

84107

MURRAY

51

4.08%

$230,000.00

4.55%

45

-25.00%

$139,000.00

-4.14%

90

42.86%

S.L. CO

84108

SLC

38

-33.33%

$375,000.00

4.17%

14

27.27%

$248,000.00

-7.81%

76

-23.23%

S.L. CO

84109

SLC

66

13.79%

$317,500.00

-4.58%

7

133.33%

$158,000.00

-47.32%

77

20.31%

S.L. CO

84111

SLC

23

21.05%

$210,000.00

10.53%

12

-47.83%

$221,500.00

55.99%

79

-7.06%

S.L. CO

84115

S SLC

48

-11.11%

$190,000.00

-0.39%

18

38.46%

$134,400.00

-6.08%

90

40.62%

S.L. CO

84116

SLC

57

-10.94%

$162,000.00

-0.58%

7

133.33%

$109,000.00

14.11%

82

7.89%

S.L. CO

84117

HOLLADAY

44

7.32%

$361,000.00

6.02%

41

-12.77%

$154,000.00

-11.24%

66

-30.53%

S.L. CO

84118

TAYLORSVILLE/ KEARNS 161

-6.94%

$174,000.00

3.02%

1

-66.67%

$89,000.00

19.46%

57

1.79%

S.L. CO

84119

WVC

5.26%

$169,000.00

8.26%

34

54.55%

$130,500.00

21.96%

60

-6.25%

80

S.L. CO

84120

WVC

142

44.90%

$186,412.00

12.47%

12

-14.29%

$166,250.00

-6.47%

64

25.49%

S.L. CO

84121

COTTONWOOD

115

0.88%

$305,000.00

9.28%

35

66.67%

$225,000.00

15.98%

120

44.58%

S.L. CO

84123

TAYLORSVILLE/ KEARNS 56

-15.15%

$211,500.00

-1.30%

27

-28.95%

$109,900.00

-10.29%

97

64.41%

S.L. CO

84124

HOLLADAY

25.93%

$322,450.00

-20.97%

10

66.67%

$272,764.00

51.24%

81

-18.18%

68

S.L. CO

84128

WEST VALLEY

76

11.76%

$192,750.00

7.11%

9

80.00%

$139,900.00

3.63%

52

6.12%

S.L. CO

84129

TAYLORSVILLE

86

48.28%

$200,000.00

8.11%

11

57.14%

$118,000.00

-42.41%

41

-37.88%

S.L. CO TOTALS

2810

6.24%

$255,000.00

4.08%

694

5.47%

$173,000.00

1.93%

75

8.70%

DAVIS CO 84010

106

16.48%

$238,200.00

4.02%

37

37.04%

$175,000.00

29.63%

85

18.06%

BOUNTIFUL

DAVIS CO 84014

CENTERVILLE

21

-25.00%

$239,500.00

-16.24%

22

57.14%

$182,450.00

22.04%

78

6.85%

DAVIS CO 84015

CLEARFIELD

240

21.21%

$180,000.00

12.54%

11

10.00%

$119,900.00

0.63%

70

0.00%

DAVIS CO 84025

FARMINGTON

61

12.96%

$320,000.00

9.20%

10

42.86%

$185,000.00

5.71%

89

34.85%

DAVIS CO 84037

KAYSVILLE

78

-17.02%

$267,000.00

-5.82%

10

25.00%

$168,772.00

-15.60%

91

31.88%

DAVIS CO 84040

LAYTON

90

32.35%

$250,000.00

4.43%

6

50.00%

$155,612.00

-6.54%

100

12.36%

DAVIS CO 84041

LAYTON

152

34.51%

$182,500.00

-4.45%

8

-42.86%

$159,805.00

11.01%

71

4.41%

DAVIS CO 84054

N. SALT LAKE

48

-36.00%

$244,920.00

0.79%

14

40.00%

$171,000.00

14.80%

71

-1.39%

DAVIS CO 84075

SYRACUSE

124

74.65%

$236,450.00

-5.38%

5

n/a

$169,900.00

n/a

83

15.28%

DAVIS CO 84087

WOODS CROSS

DAVIS CO TOTALS

39

-2.50%

$230,000.00

0.77%

7

0.00%

$183,485.00

-11.36%

45

-21.05%

959

15.26%

$223,000.00

-0.45%

130

28.71%

$169,900.00

8.98%

78

9.86%

February 2015 | Salt Lake Realtor 速 | 27

REALTOR® Connections Q&A: Amanda Wright Amanda Wright is the Key Administrator for the Salt Lake Board of Realtors®.

Q: Why a keybox exchange?

A: The Salt Lake Board of Realtors® is switching to the Supra Bluetooth BTLE iBox because the current boxes are becoming antiquated and it’s time for a better option! The new boxes offer us the opportunity to cease using the black FOBs as an intermediary device. These boxes have a longer battery life and communicate directly with most phones or tablets via Bluetooth technology.

Q: When is the exchange?

A: Representatives from Supra will be here conducting the exchange March 24-26.

You have an assigned day based on the your last name: 24th- Last Name: A-Hannah 25th- Last Name: Hansen-Palmquist 26th- Last Name: Panos-Z Q: What if I can’t come on my assigned day during March 24-26?

A: If you already know that you cannot come into the SLBR during your assigned day of the exchange, please contact us at 801.542.8840 as soon as possible so that other options may be discussed.

Gochnour Addresses WCR

The Salt Lake Chapter of the Women’s Council of Realtors® in January hosted Natalie Gochnour, chief economist to the Salt Lake Chamber and associate dean in the David Eccles School of Business at the University of Utah. Gochnour said the current housing recovery was quite different from historical recoveries. “Homes have grandparents, children and grandchildren in the same home,” Gochnour said.

“Millennials are very different and there is big debate going on among economists of what this means for housing.” Gochnour added that Utah’s construction industry was currently the fastest growing job sector.

28 | Salt Lake Realtor ® | February 2015

On the Move Equity Real Estate welcomes the following new Realtors®: Michelle Preston, Sheena Hathorn, Brandon Tapia, Ravinder Bhatia, Chris Higham, Aaron Dekeyzer, John Everitt, Christine Williams, Rita Anderson, Gregg Schultz, Michael Carter, Ralph Bohn and Mickelle Johnson.

The Salt Lake Board of Realtors® reported that total membership in January increased to 6,475 members, up 7 percent compared to 6,027 members in January 2014.

The number of Realtors®, brokers and appraisers in January climbed to 6,023, up 8 percent compared to 5,595 a year ago.

RealtyTrac reported that many homebuyers, especially Millennials, haven’t fully investigated their home financing options because they are pessimistic about qualifying for a mortgage.

Yet, out of more than 78 million U.S. single family homes and condos, more than 68 million (87 percent) would qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties. At least one down payment program is available in all 3,143 U.S. counties, and more than 2,000 counties have more than 10 down payment programs available to prospective homebuyers.

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