Salt Lake Realtor – November 2016

Salt Lake

REALTOR

®

slrealtors.com

Maga zine November 2016

Focusing on the Realtor ® p. 23

Making Character Count p. 12 Home Prices at Record High p. 26

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Windermere Real Estate gives you unique resources that will enable you to grow your business more rapidly. Our strong local brand opens doors for you and enhances your credibility with potential clients. And with Windermere, you will represent a standard of quality in the market because we have been awarded membership in Leading Real Estate Companies of the World®—a distinction achieved by only 20% of companies that apply. Not to mention, we’re the only brokerage in Utah with membership in Luxury Portfolio International®. You can proudly claim an advantage other agents simply can’t touch.

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There is still time to become a RPAC major investor and reserve your seats for Rogue One movie night. p. 22

Table of Contents Features 12 Putting Values Back in the Marketplace

Dave Anderton 19 Avoiding the Gary Areas in Real Estate

Dave Anderton 20 Searching For Heroes

Dave Anderton

23 Focus on the Realtor®

Dave Anderton Columns

7 Protecting our Clients …

and Then Some!

Cheryl Acker – President’s Message

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

On the Cover: Meet the Board of Directors – page 23 Photo: Dave Anderton Photo left: Image licensed by Ingram Image

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

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November 2016 volume 76 number 11 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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REAL ESTATE’S BEST ARE JOINING FORCES ECCLES GROUP HAS JOINED COLDWELL BANKER Coldwell Banker Residential Brokerage is proud to announce the affiliation of Eccles Group, one of Salt Lake’s most well known, respected and successful real estate teams.

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Salt Lake

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President Cheryl Acker Utah Key Real Estate

Directors

First Vice President Troy Peterson Equity Real Estate Second Vice President Adam Kirkham Summit Sotheby’s International Treasurer Jared Booth CBC Intermountain Past President Dave Robison goBE Realty CEO Curtis A. Bullock

M. Brock Andersen Berkshire Hathaway J. Scott Colemere Colemere Realty Associates Kimberly Farber-Bowen Equity Real Estate Kevin Larsen Coldwell Banker Residential Mike Morgan Realtypath Jodie Osofsky Utah Key Real Estate Steve A. Perry Realtypath Scott Robbins Coldwell Banker Residential Michael Rowe Berkshire Hathaway Randal Smith Equity Real Estate Matthew Ulrich Ulrich Realtors®

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 Leslie Hanna Ken Magleby Patrick Witmer

Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Karen Malan Paul Nicholas

Administrative Assistant Ruth Gainey

Office Assistant Jessica Snow

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

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

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

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

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

Protecting Our Clients … and Then Some!

A

s I was preparing an article for this month, I changed the topic once I heard of a sad heart-breaking situation that affected agents and clients too close to home.

An agent representing a buyer and preparing for settlement, sent the title wire instructions to the buyer. The buyer wired $42,000 to the title company. Two days later, an escrow officer called the agent and asked when they would be receiving funds. Panic soon hit after learning that the funds were hacked. The FBI is now involved. The future is unclear for the client’s sale and purchase. It is unknown if the funds can be recovered.

In May, 2016, at the National Association of Realtors® meetings in Washington, D.C., during the Idea Exchange Council for Brokers, Katie Johnson, NAR General Counsel, asked the audience if they or someone they knew had clients that were victims of wire fraud. More than one-third raised their hands. An article was posted in the NAR Realtor® Magazine in May, “The Threat of Wire Fraud is Real.”

“Wire fraud has topped the list as a sophisticated scam causing consumers to lose millions of dollars each year,” the article stated. “Hackers are gaining access to e-mail accounts through captured passwords and they search inboxes for messages related to real estate transactions. Once they find a victim who’s in the process of buying a home, they’ll send a spoof e-mail that looks like it’s from their agent, title representative, or attorney, and it will send “wire” instructions or “new” instructions, which includes a fraudulent account. The home buyer will then unwittingly wire funds directly into the hacker’s account. Millions of dollars are lost on this.”

Jessica Edgerton, NAR associate counsel, presented suggestions to help clients avoid falling victim to wire fraud. Listed below are a couple tips for keeping the transaction secure: 1. Build a standard warning about wire scams into your e-mail signature or include a disclaimer at the bottom of your e-mails that says you will not discuss personal financial information over e-mail.

2. At the beginning of every transaction, tell clients what your communication practices are.

3. If you or your agents do engage in a wire transfer with a client, call them on the phone immediately prior to the transfer of funds so they know they’re sending money to the legitimate source.

4. Brokers should consider employing a staff person who’s responsible for monitoring, updating, and implementing information security systems and procedures at your company.

I would add one more idea. Before any wires are sent, CALL your title representative and client to verify the instructions. One five-minute conversation could save your clients thousands! I hope this article helps you and your clients to avoid the heartache and financial stress that comes from wire fraud.

We are Realtors®, protecting our clients . . . and then some!!

Cheryl Acker 2016 President

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

October 2005

November 2016 | Salt Lake Realtor ® | 7

Happenings

In the News U.S. Home Sales Rebound

Pictured: Realtors® and staff of Impower Real Estate at their recent open house and Halloween party.

Impower Real Estate Achieves 100% RPAC Investments

The brokerage of Impower Real Estate (Sandy and Dream Branch offices) has achieved 100 percent RPAC investments in 2016 from each of its Realtors®.

Every agent contributed his/her fair share. Kim Farber-Bowen and Kye Pope are co-founders. Farber-Bowen is principal broker of the Sandy-based company. She also serves on the Board of Directors of the Salt Lake Board of Realtors®. The brokerage opened earlier this year and has 30 Realtors®. “We are big supporters of RPAC because we believe in keeping Utah a non-disclosure state and keeping transfer taxes and other burdensome regulations out of the real estate profession.”

Utah Key Real Estate Opens New Office

Utah Key Real Estate recently held the grand opening of its South Jordan office. Heather Nelson is the company’s principal broker and Cheryl Acker, president of the Salt Lake Board of Realtors®, is associate broker. The brokerage already has more than 50 agents. It is located at 10459 South 1300 West.

8 | Salt Lake Realtor ® | November 2016

Existing-home sales rebounded strongly in September and were propelled by sales from firsttime buyers reaching a 34 percent share, which is a high not seen in over four years, according to the National Association of Realtors®. All major regions saw an increase in closings last month, and distressed sales fell to a new low of 4 percent of the market.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, hiked 3.2 percent to a seasonally adjusted annual rate of 5.47 million in September from a downwardly revised 5.30 million in August. After last month’s gain, sales are at their highest pace since June (5.57 million) and are 0.6 percent above a year ago (5.44 million).

Lawrence Yun, NAR chief economist, said the twomonth slump in existing sales reversed course convincingly in September. “The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale,” he said. “Most families and moveup buyers look to close before the new school year starts.

Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month.”

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Putting Values Back in the Marketplace

By Dave Anderton

Editor’s Note: This article originally appeared in the May 2009 edition of Salt Lake Realtor® magazine.

J

on M. Huntsman Sr. is a survivor. The self-made

billionaire has survived cancer three times. As a special assistant to the Nixon Administration he survived the politics of an amoral administration.

While chief executive officer of Huntsman Corp. he faced and survived the economic storms of the volatile chemical industry.

However, Huntsman’s best survival story is his legacy of holding fast to a code of high moral standards amid a business culture of deceit, cheating and selfishness. Not only has he come out on top, but he also continues to fight for moral principles that he insists all people know to be right: “be fair, don’t cheat, play hard but decently, share and share alike, tell the truth, keep your word.”

“Traditional values,” Huntsman said, “appear to be as in vogue as a subprime loan.”

In an interview with Salt Lake REALTOR®, the 71-year-old Huntsman, founder and current chairman of Huntsman Corp., charges that forgetting principles of right and wrong has led to obsessive investor greed, less-than-honest financial reporting and Wall Street’s lucrative lies. One only needs to look at the nation’s financial turmoil — what Huntsman describes as a complete “economic collapse” — to know that dishonesty has brought the financial system to a breaking point.

In his updated and expanded book, “Winners Never Cheat – Even In Difficult Times” ($21.99, Wharton School Publishing), Huntsman reasserts that business can be conducted ethically, that gray is not a substitute for black and white and that the American Dream is obtainable without resorting to moral mischief and malfeasance.

photo: Michael Brandy, Deseret News

Excessive Consumerism Today’s unrestrained behavior, Huntsman said, stems from a preoccupation with materialism and excessive consumerism. One might conclude such talk is cheap coming from a man who has everything. Yet, Huntsman began with nothing.

His family was poor. When his father decided to go back to school to earn a doctorate in 1950, Huntsman and his brothers worked after school to help pay for the family’s groceries. The family resided in campus housing that consisted of a Quonset hut divided into 16 apartments (600

square feet per unit) and separated by walls made of heavy cardboard.

“We try so desperately hard today to maintain parity with our neighbors,” Huntsman said. “We don’t have to worry a lot today about that because our neighbors have lost their boats. They’ve lost their cars, and many of them have lost their homes.

“Going forward we can be a little more comfortable just living within our means. That means living in a modest home, not having new furniture, not having a new car. We don’t need to go out and buy expensive new television sets. It’s OK. We don’t need to try and prove anything.”

Huntsman admits that a return to basic living will slow the economy’s recovery. “We’ll be a lot slower in adding new jobs,” he said.

“We’ll be much slower in creating additional income for those who do work. But that’s OK. People should live within their means and be comfortable doing that.”

Such advice also flies in the face of the Huntsman Corp. business model, which relies on consumer purchases of everything from mattresses and sports equipment to clothing and automobiles — all products that contain chemicals manufactured by the company.

“The auto industry is a big customer to us,” Huntsman said on national television last December. “We do not want government intervention, and we do not want a bailout. Let the free market prevail.”

Kalle Lasn, co-founder of Adbusters, a British Columbia-based group of activists seeking to change the way people live, agrees with Huntsman’s message. “He is one of the few people who gets the situation,” Lasn said. “We got in this mess because we over-consumed as individuals, societies, corporations and countries.”

Lasn goes a step further, pushing an annual “Buy Nothing Day” and “TV Turnoff Week.”

“Let’s think about how much is enough,” Lasn

November 2016 | Salt Lake Realtor ® | 13

photo: courtesy of Jon M. Huntsman

Jon M. Huntsman takes part in the 2002 Winter Olympic Torch Relay.

said. “Going out and buying stuff doesn’t actually make us happy. True happiness comes from having friends, having a strong community, doing some good work that you believe in and striving as much as possible to live within our means.”

True To One’s Ideals In her book, “Other People’s Money: The Corporate Mugging of America,” Nomi Prins recalls working as a managing director for Goldman Sachs. In 2002, she walked away from a promising career. “As I said to my then-boss, ‘I know exactly what I need to do to be successful here — and I have no desire to do it.’ The fact that my decision coincided with corporate malfeasance

Huntman’s Advice For ValueBased Behavior in the Marketplace 1. When you engage in something that affects others, first ask yourself: Is this right? Would I like to be treated this way?

2. Take your values to work. Don’t disconnect them when you sit down at your desk. There should not be a conflict between making a profit and adhering to traditional principles of decency and fairness.

3. Consider yourself your brothers’ and sisters’ keeper and set the example for ethical behavior.

4. Make the underpinnings of your life a string of f-words (phonetically, at least): family, faith, fortitude, fairness, fidelity, friendship, and philanthropy.

Source: “Winners Never Cheat – Even in Difficult Times”

of epic proportions made me realize that it was far more important to use my knowledge to be part of the solution than to continue being part of the problem.”

People like Prins are rare, according to Huntsman.

“I have spent four decades negotiating deals on Wall Street and have found few completely honest individuals,” he said. “There are many professions in which one can find examples of hollow values, but nowhere is it more evident than on Wall Street, where the ruling ethos seems to be the more you deceive the other guy, the more money you make. … Those who choose to mislead others are not always engaging in the type of corruption that sends people to prison.

It is more a matter of intellectual dishonesty and lack of personal ethics. Compensation has replaced ethics as a governing principle.”

In a phone interview from her Los Angeles home, Prins said people that rise to the top in big investment banking firms must often adopt a different set of morals.

“I was asked to say negative things about a woman who was reporting to me,” Prins said.

“Because she was over 40 at the time (the firm) required me, who was a woman, to say something bad about her. I wouldn’t. She got fired after I left.”

Prins summed up her experience on Wall Street as saying the firm became all-consuming.

“It’s really quite distasteful unless you enjoy taking credit for what other people do or you can fight enough to have people not take it away from you,” Prins said. “When you’re in it, you’re really in it.

All of your time, energy and thoughts are not just about a trade or deal with a client, but how do I get credit for it and wondering who is going to take it away and say that they did it.”

As a businessman for the past 40 years, Huntsman said he has seen it all, but wonders why “lying, cheating, misrepresentation and weaseling on deals have ingrained themselves so deeply in society.”

When it comes to keeping one’s word, Huntsman expects it of himself and others.

Last year Huntsman completed a court trial in Delaware stemming from a contract breach by Apollo Management to purchase Huntsman Corp.

In 2007, Apollo bested an offer from rival Basell to acquire Huntsman, but shortly after entering into a merger agreement with Huntsman, Apollo reneged on the deal. Huntsman sued and won. In December, the chemical giant settled with Apollo with terms that provided Huntsman $1 billion.

“One of the lawyers for the company that signed the ‘iron-clad’ contract with us but tried to back out made an interesting statement to the judge,” Huntsman recalled. “ ‘This is a very tight contract,’ she told the judge. ‘Therefore, we (continued on page 18)

14 | Salt Lake Realtor ® | November 2016

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Sterling River, Lot 201 in South Jordan

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1036 W, Meeks Drive South Jordan, UT 84095 • Two-story • Finished Sq Ft: 3,099 • Total Sq. Ft: 5,211 • Lot Size: 16,696 sq. ft.

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Two-story Finished Sq Ft: 1,717 • Total Sq. Ft: 2,674 • Lot Size: 9,312sq. ft.

• Bed: 2 / Bath: 2.5 • Garages: 3 • MLS #1405580 • Price: $374,900 • •

photo: courtesy of Jon M. Huntsman

Pat Nixon’s funeral 1993 (left to right): Jon Huntsman Jr., Peter Riley Huntsman Jr., former President Richard M. Nixon, Jon M. Huntsman Sr.

must look for any loopholes possible to try and extricate my client from honoring the contract.’ ” It is easy to honor a contract when times are good, Huntsman said, but how one keeps a contract when the situation turns dire or when a deal turns out to be more costly than anticipated reveals the true measure of a person — or a corporation.

Avoiding Gray Areas Life may be filled with ethical gray areas, especially in business dealings. However, gray is not a substitute for black and white, Huntsman asserts.

In 1971, Huntsman was a White House staff secretary and a special assistant to President Richard Nixon. He was also part of H.R. Haldeman’s “super staff” and was expected to be unquestioning. On one occasion, Haldeman asked Huntsman “to help” the president. The assignment involved spying on a congresswoman who had questioned one of Nixon’s nominations to head an agency. There were rumors that the congresswoman had employed undocumented workers in her California business. Huntsman relented and had placed a phone call when, halfway through the conversation, he paused and told his contact to forget he called.

“I informed Haldeman that I would not have my employees spy or do anything like it,” Huntsman recalled. “He didn’t appreciate responses like that.

He viewed them as signs of disloyalty. I might as well have been saying farewell. So be it, and I did leave within six months of that incident. My streaks of independence, it turned out, were an exercise in good judgment. I was about the only West Wing staff member not eventually hauled before the congressional Watergate committee or a grand jury.”

18 | Salt Lake Realtor ® | November 2016

Years later, Huntsman recalled opening a chemical plant in the 1980s in Thailand. At the time, Mitsubishi was a joint venture partner with Huntsman. After some time, a Mitsubishi executive called Huntsman and stated the partnership had to come up with $250,000 to pay various government officials kickbacks.

Huntsman said he had no intention of paying even five cents toward what he viewed as extortion. Soon after, Huntsman decided to sell his interest in the plant to Mitsubishi at a discount, resulting in a $3 million short-term loss. “It was a blessing in disguise,” Huntsman stated. “When the Asian economic crisis came several years later, the entire industry went under.”

Simply put, Huntsman believes there should not be a conflict between making a profit and adhering to traditional principles of decency and fairness. “We followed unwritten rules for the playgrounds and sandlots, homes and schools,” he said. “We honored basic fairness, decency, respect and integrity. These principles do not change when we migrate from boxes full of sand to buildings full of desks.”

Never Give Up Some might believe everything Huntsman touches turns to gold, but he insists that is not the case.

“The Midas touch is a fallacy,” Huntsman said.

“It infers that certain individuals are successful at whatever ventures they happen to experience.

Most people are going to fail in a venture unless they are very experienced. People say to me, ‘Mr. Huntsman, everything you’ve touched you’ve done well on.’ I say, ‘No. You just haven’t read the complete story yet.’ We’ve invested on the side in certain real estate projects, in certain manufacturing businesses, in certain restaurants.

None of them have been successful.”

In 2001, when oil prices were skyrocketing and the chemical industry was left reeling, Huntsman Corp. contemplated bankruptcy, an economic period Huntsman describes as the most difficult of his life. The situation was dire.

“We could not pass on the price increases to the consumer,” he said. “The company simply ran out of money. I had to go to 87 different banks personally around the world and negotiate with and redo our credit lines. I was successful in doing that because my name is on the door.

People who put their personal name on the front of their business are always much more effective.”

In the end, Huntsman Corp. did not file for bankruptcy. Instead, lenders restored the company’s credit lines and in 2005, the privately held firm became a publicly traded company, raising $1.4 billion in an initial public offering. Today, the company employs more than 12,000 people and last year reported revenues of more than $10 billion.

Avoiding the Gray Areas in Real Estate

W

hen it comes to real estate deals there shouldn’t be any gray areas, according to Jim Bringhurst, past president of the Utah Association of REALTORS® and past president of the Salt Lake Board of REALTORS®. “It’s up to REALTORS® to make sure they do the right thing.

You’ve got to play by the rules. It’s not worth it to do otherwise. When the REALTOR® doesn’t say anything, when the lender doesn’t say anything, or the title person or the appraiser don’t say anything, fraud happens.”

In fact, honesty is the first principle REALTORS® promise to adhere to in the Code of Ethics. “When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly,” the Code states.

Bringhurst recalls one of his listings in which a potential buyer wanted to pay a higher price for a home and have the seller kickback the difference after closing, without disclosing the details to the lender. “Basically, he was defrauding the lender,” Bringhurst said. “I talked to my client and said, ‘I can’t stop you from doing this, but I highly recommend that you don’t.’ We ended up closing the deal the right way, without the inflated price.”

Sometimes it is what you say that backfires. A Salt Lake Tribune reader recently commented that her real estate agent three months ago assured her home prices in Utah had hit rock bottom. “Well, three months later what do you know, the prices are still going down,” the reader commented on the Tribune’s Web site. “(Real estate agents) are lying, cheating crooks. Don’t fall for their manipulations and games. They only care about the commission they make when you sign.”

Bringhurst said good agents don’t try to predict what they don’t know, but instead are willing to share statistics and information that allow buyers or sellers to draw their own conclusions.

Vann Larson, chairman of the Professional Standards Committee for the Salt Lake Board of REALTORS®, urges agents to err on the side of caution.

“Try to go the extra mile without hurting your buyer’s or seller’s position,” Larson said. “If it doesn’t feel right, it’s probably not right.”

Larson added that the profession could use a higher level of common courtesy and could do more in getting tougher with agents who commit ethical violations.

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November 2016 | Salt Lake Realtor ® | 19

The financial upheaval that confronted Huntsman in 2001 taught him a valuable lesson — to fight for his company and not give up. “You don’t have to go bankrupt,” Huntsman said.

“You can make arrangements with banks, rebuild your business and rebuild your spirit and come back from the dead. You can fight, and people love fighters. People want to help those who fight.”

That fighting spirit is alive in Huntsman today. The entrepreneur and industrialist still keeps a heavy schedule. In one particular week in April, Huntsman conducted business in Texas,

Louisiana, England, Germany and Qatar. In Qatar, he met with the country’s deputy prime minister and oil minister.

“Back in 1970, when we first started, they all said Huntsman would be the first to go. Well, here we are 40 years later, and they are all gone. Union Carbide is gone, Arco Chemical is gone, Rohm and Haas is gone. All these great companies — they’re all gone. No one knows them anymore, and we’re still here.”

Dave Anderton is the Communications Director for the Salt Lake Board of REALTORS®.

Searching For Heroes Editor’s Note: This article originally appeared in the May 2009 edition of Salt Lake Realtor® magazine.

W

hen you ask Jon M. Huntsman Sr. who his heroes are in life he doesn’t offer any specific names, even though Huntsman has known and rubbed shoulders with some of the most remarkable people of our time – from Ronald Reagan and Colin Powell to Margaret Thatcher and Pope John Paul II. “I’ve changed over the years,” Huntsman said. “My heroes today are those who have a terminal disease, such as cancer, and who refuse to give up, who have a positive attitude and who encourage others – who may be perfectly normal – to be happy.”

You could say Huntsman has been around cancer his entire life. His mother, father and stepmother all died of the disease. Huntsman survived prostate cancer and two forms of skin cancer. Huntsman’s single goal and attention today remains focused on eradicating cancer, a disease that accounts for one of every four deaths in the United States.

Many already know of the Huntsman Cancer Institute, which this year celebrates its 10th anniversary. Huntsman recently announced a $130 million expansion to the Institute’s cancer hospital, scheduled to be completed by 2011, that will double the number of in-patient rooms used for chemotherapy treatments. Roughly 1,500 people are employed at the Institute.

Huntsman’s ongoing determination to find a cure earned him the American Cancer Society’s Medal of Honor Award last year.

20 | Salt Lake Realtor ® | November 2016

“I wept when I received the award because I’ve learned so Jon M. Huntsman Sr. much from people who are on the threshold of death, which is far more serious than the threshold of financial despair,” Huntsman said. “And yet, they refuse to give up. I have observed cancer patients at the Huntsman Cancer Institute who absolutely have lost every hope in life, medically speaking, with respect to treatments, but they have not lost hope in their heart. And they’ve made it.”

Last year, Business Week magazine ranked Huntsman No. 11 of The 50 Top American Givers from 2004-08, saying that Huntsman had given away more than $803 million. The Chronicle of Philanthropy reported Huntsman was No. 2 in giving in 2007, just behind hotel magnate William Barron Hilton. Others place Huntsman’s total lifetime giving in excess of $1.2 billion.

Yet, it’s not just the sheer amount of money that Huntsman gives to worthy causes that makes him larger than life. It’s his attention to individuals – to the one – that makes him loved and trusted. Heroes may be hard to find these days, but the searching stops at Jon M. Huntsman.

Dave Anderton is the Communications Director for the Salt Lake Board of REALTORS®.

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Focus on the Realtor® More than 17 million new first-time home buyers are ready to enter the market. Are you ready?

By Dave Anderton

T

here has never been a more demanding time to be a Realtor®. Home sales are at record highs, membership numbers are growing, and the real estate transaction has become more complex. It’s a scenario that will likely play out for many more years, according to a new study.

That’s right.

Credit reporting firm TransUnion predicts that more than 17 million new first-time home buyers, most of them millennials, are projected to enter the housing market within the next five years. That is up 32 percent from the 12.9 million

buyers in the last five years. Many of those millennials are right here in Utah, which is the only state with a median age under 30.

“First-time homebuyers are valuable prospects in the eyes of many mortgage lenders,” said Joe Mellman, vice president and mortgage business leader for TransUnion. “They often have higher credit scores than non-buyers. Firsttime homebuyers also can positively impact the economy as a whole. While they themselves can build wealth through gains in equity, along with mortgage interest and real estate tax deductions,

November 2016 | Salt Lake Realtor ® | 23

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FFling

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local communities benefit from economic activity as a result of construction, remodeling and home improvement activities.”

That’s why the 2017 Board of Directors is making its theme, “Focus on the Realtor®.”

As an association we are stepping up our game to help you meet the surge in new home buyers expected over the coming years. We are raising the caliber of our teachers and the quality of all of our continuing education classes. These classes will focus more on real estate practices and professionalism.

Each of us are the chief reputation officers of our companies and play a role in how the public views the real estate profession. Our biggest threat is a perception of indifference. Our story centers on why homeownership matters and a Realtor’s® central role in the home buying process.

In addition, we are accelerating our communication efforts through a public relations and social media campaign that will offer more event happenings, real estate statistics, and general information to keep you informed of new trends. Hayley Miller, membership coordinator, is leading these efforts. You can find us on Twitter, Instagram, and Facebook.

With competing voices telling the public there is no need for a Realtor®, we all share in the responsibility to be the best at what we do.

According to the National Association of Realtors®, only 8 percent of home sales in the last year were FSBO sales. This is the lowest share recorded since 1981. FSBO homes sold at a median value of $185,000, significantly lower than the median agent-assisted homes at $245,000.

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

From the Cover Directors and staff gathered at a recent planning meeting. Jared Booth, left, Emily Norris, Kim Farber-Bowen, Ryan Kirkham, Bud Scalley, Dave Robison, Justin Allen, Troy Peterson, Adam Kirkham, Curtis Bullock, Brock Andersen, Cheryl Acker, Randal Smith, Matt Ulrich, Mike Morgan, Steve Perry, Scott Robbins, Scott Colemere, Michael Rowe, Alicia Holdaway, Brad Bjelke, Mary Olsen, Brian Gottfredson, Jodie Osofsky, and Kelley Anderson.

November 2016 | Salt Lake Realtor ® | 25

Housing Watch Salt Lake County Single-Family Home Prices Surpass Pre-Recession Peak Levels 2 - C OLOR

Median Single-Family Home Sales Salt Lake County Median Single-Family Home Prices Salt Lake County

T

he price of a single-family Salt Lake County increased 7 home in Salt Lake County percent compared to $279,000 has now surpassed the last year. inflation-adjusted peak home “Limited housing inventory price, according to the Salt Lake and high demand continues to push home prices higher,” said Board of Realtors®.

Single-family home prices Cheryl Acker, president of the in the third quarter of 2016 Salt Lake Board of Realtors® and climbed to a median price of a Realtor® with South Jordan$301,000. The previous peak based Utah Key Real Estate. home price was in the third “More housing inventory is quarter of 2007 when home needed to help balance current prices hit $298,085 in inflation- demands.” adjusted dollars.

Condominium sales in the The higher prices and third quarter in Salt Lake County limited housing inventory increased to 1,151 units sold, a have dampened sales. Single- 7 percent increase compared family homes sold in the third to 1,044 sales a year ago. The quarter fell to 3,694 units sold, median price of Salt Lake a 5 percent decline compared condos increased to $200,000, to 3,881 units sold in the third up 6 percent from $188,500 quarter of 2015. The median a year ago. Condo sales also single-family home price in increased in Tooele and Weber

26 | Salt Lake Realtor ® | November 2016

counties (up 11 and 10 percent respectively). However, fewer condos were sold in Davis and Utah counties (down 1 and 6 percent respectively).

New listings of homes on the market in Salt Lake County in the third quarter ticked up slightly to 6,235 units, a 1 percent increase compared to 6,166 listings in the third quarter of 2015. Based on sales trends of single-family homes over the past year in Salt Lake County there is currently less than a four-month supply of housing inventory.

The months of supply is the measure of how many months it would take for the present inventory of homes on the market to sell, given the current pace of home sales.

A normal housing market is typically characterized by a fiveto six-month supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.

Single-family home sales increased in Davis (up 2 percent), Utah (up 1 percent), and Tooele (up 7 percent) counties. Home sales fell slightly in Weber County.

The average cumulative days a listing was on the market in the third quarter in Salt Lake County fell to 33 days, down from 48 days in the third quarter of 2015.

COUNTY ZIP CITY 2016 HOUSE % +/- 2016 Q3 MEDIAN % +/- 2016 CONDO % +/-

# SOLD CHANGE SALES PRICE CHANGE # SOLD CHANGE

2016 Q3 % +/- CONDO MEDIAN CHANGE SALES PRICE

2016 Q3 % +/AVERAGE CHANGE CDOM

S.L. CO

84006

COPPERTON

1

-50.00%

$190,000.00

42.86%

0

n/a

$0.00

n/a

4

-96.97%

S.L. CO

84020

DRAPER

164

-2.38%

$445,000.00

3.13%

82

18.84%

$237,500.00

8.08%

53

-11.67%

S.L. CO

84044

MAGNA

113

-16.30%

$200,000.00

12.36%

12

140.00%

$114,450.00

30.50%

21

-25.00%

S.L. CO

84047

MIDVALE

61

-29.07%

$253,000.00

10.00%

66

-26.67%

$222,950.00

-6.25%

27

-54.24%

S.L. CO

84065

RIVERTON

178

32.84%

$385,000.00

19.20%

67

34.00%

$241,125.00

6.17%

43

-15.69%

S.L. CO

84070

SANDY

77

-26.67%

$265,000.00

6.00%

19

-38.71%

$196,900.00

18.61%

22

-60.00%

S.L. CO

84081

WEST JORDAN

146

-23.16%

$294,500.00

11.15%

24

41.18%

$199,500.00

7.26%

31

-20.51%

S.L. CO

84084

WEST JORDAN

128

-14.09%

$255,000.00

10.87%

58

3.57%

$176,240.00

5.72%

23

-28.12%

S.L. CO

84088

WEST JORDAN

157

23.62%

$280,000.00

18.64%

12

-33.33%

$198,950.00

15.67%

20

-51.22%

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

115

-0.86%

$410,000.00

9.77%

4

300.00%

$417,500.00

60.58%

57

-13.64%

S.L. CO

84093

SANDY

77

-33.04%

$327,900.00

-14.16%

2

0.00%

$740,600.00

156.47%

25

-60.94%

S.L. CO

84094

SANDY

111

-7.50%

$285,000.00

7.55%

16

-15.79%

$236,000.00

3.51%

20

-28.57%

S.L. CO

84095

SOUTH JORDAN

189

-34.83%

$410,000.00

16.75%

71

-29.70%

$236,353.00

7.68%

56

-16.42%

S.L. CO

84096

HERRIMAN

228

7.55%

$336,986.00

3.69%

76

10.14%

$224,950.00

6.37%

43

-10.42%

S.L. CO

84101

SLC

4

33.33%

$164,650.00

26.65%

32

23.08%

$275,000.00

23.87%

59

-68.28%

S.L. CO

84102

SLC

33

26.92%

$345,000.00

8.07%

49

22.50%

$199,000.00

6.99%

34

-20.93%

S.L. CO

84103

SLC

72

-18.18%

$499,500.00

16.72%

42

31.25%

$182,500.00

-34.23%

47

-26.56%

S.L. CO

84104

SLC

53

-3.64%

$168,000.00

7.35%

4

100.00%

$65,250.00

-34.75%

23

-34.29%

S.L. CO

84105

SLC

127

4.96%

$384,400.00

5.60%

0

-100.00%

$0.00

-100.00%

35

-2.78%

S.L. CO

84106

SLC

138

2.22%

$311,250.00

11.20%

63

26.00%

$180,000.00

19.60%

29

-12.12%

S.L. CO

84107

MURRAY

56

-23.29%

$272,450.00

2.70%

78

6.85%

$160,000.00

21.67%

24

-50.00%

S.L. CO

84108

SLC

75

-21.05%

$478,500.00

12.99%

17

0.00%

$253,000.00

-19.68%

38

-25.49%

S.L. CO

84109

SLC

101

-6.48%

$405,000.00

13.77%

6

20.00%

$153,000.00

7.75%

34

-29.17%

S.L. CO

84111

SLC

22

-12.00%

$260,000.00

8.38%

22

15.79%

$192,500.00

10.00%

27

-32.50%

S.L. CO

84115

S SLC

80

-11.11%

$232,500.00

10.74%

21

-19.23%

$176,800.00

15.18%

26

-40.91%

S.L. CO

84116

SLC

89

3.49%

$215,000.00

12.45%

13

18.18%

$130,000.00

38.30%

33

-15.38%

S.L. CO

84117

HOLLADAY

67

9.84%

$384,900.00

1.02%

66

15.79%

$207,500.00

52.57%

34

-47.69%

S.L. CO

84118

TAYLORSVILLE/ KEARNS 229

11.71%

$210,000.00

11.70%

4

300.00%

$184,450.00

92.14%

18

-40.00%

S.L. CO

84119

WVC

109

25.29%

$205,000.00

10.22%

65

62.50%

$160,000.00

17.43%

20

-48.72%

S.L. CO

84120

WVC

174

27.01%

$214,950.00

5.89%

18

-18.18%

$208,950.00

16.08%

20

-48.72%

S.L. CO

84121

COTTONWOOD

155

-7.74%

$369,900.00

6.08%

46

39.39%

$196,000.00

-12.89%

53

-18.46%

S.L. CO

84123

TAYLORSVILLE/ KEARNS 99

15.12%

$269,900.00

6.36%

43

-14.00%

$144,900.00

8.95%

23

-50.00%

S.L. CO

84124

HOLLADAY

78

5.41%

$414,900.00

12.48%

24

71.43%

$268,950.00

28.68%

38

-25.49%

S.L. CO

84128

WEST VALLEY

85

-9.57%

$236,000.00

8.26%

15

36.36%

$178,200.00

16.09%

25

-7.41%

S.L. CO

84129

TAYLORSVILLE

103

-10.43%

$242,739.00

9.34%

14

-17.65%

$171,500.00

-0.29%

26

-21.21%

S.L. CO TOTALS

3694

-4.82%

$299,900.00

7.49%

1151

6.87%

$200,000.00

6.10%

33

-31.25%

DAVIS CO 84010

BOUNTIFUL

133

7.26%

$276,200.00

-2.26%

46

17.95%

$157,500.00

-8.96%

31

-43.64%

DAVIS CO 84014

CENTERVILLE

43

48.28%

$314,900.00

18.83%

32

10.34%

$185,000.00

5.41%

26

-60.61%

DAVIS CO 84015

CLEARFIELD

330

0.61%

$215,775.00

12.97%

23

-34.29%

$140,000.00

5.26%

25

-55.36%

DAVIS CO 84025

FARMINGTON

86

14.67%

$377,000.00

10.88%

43

30.30%

$228,000.00

15.15%

37

-33.93%

DAVIS CO 84037

KAYSVILLE

136

9.68%

$341,850.00

9.76%

8

-11.11%

$204,000.00

-2.18%

46

-32.35%

DAVIS CO 84040

LAYTON

92

-17.12%

$293,500.00

7.90%

10

-16.67%

$136,250.00

-26.08%

40

-38.46%

DAVIS CO 84041

LAYTON

182

-8.08%

$226,500.00

5.35%

17

30.77%

$179,000.00

5.29%

21

-40.00%

DAVIS CO 84054

N. SALT LAKE

82

-15.46%

$277,850.00

3.29%

21

-12.50%

$185,000.00

6.25%

37

-2.63%

DAVIS CO 84075

SYRACUSE

158

-0.63%

$313,250.00

13.91%

1

-83.33%

$184,000.00

9.88%

38

-35.59%

DAVIS CO 84087

WOODS CROSS

70

84.21%

$273,450.00

4.77%

4

-42.86%

$228,500.00

22.69%

19

-32.14%

1312

2.26%

$265,000.00

6.21%

205

-0.97%

$184,900.00

5.66%

31

-41.51%

DAVIS CO TOTALS

November 2016 | Salt Lake Realtor ® | 27

REALTOR® Connections

On the Move

Q&A: Hayley Miller

Hayley is the membership coordinator at the Salt Lake Board of Realtors® and plays a principal role in the Board’s social media campaigns. She is ready to help members with their membership questions and applications.

Hayley Miller

1. Why is social media important?

Social media is the best way to connect with our members when we cannot be with them in person. From a quick scroll through our newsfeed, we learn about their accomplishments and interests. Likewise, our members need social media to promote their business. Without a doubt, social media introduced a new form of marketing that has allowed us to develop personal relationships with individuals online.

2. Where on social media can I find the Salt Lake Board of Realtors®?

Members can connect with the Board on Facebook, Twitter and Instagram!

@slrealtors @saltlakerealtors @slrealtors

3. What kind of information does the Board share?

By following the Board, you will be the first to know about upcoming events and classes. This is so important, especially when some of our popular classes and events fill up so fast. You will want to be the first to know! The Board also posts about current market statistics, legal tips and various giveaways. Be sure to stay tuned for opportunities to win exciting prizes from the Board through our social media Giveaways!

Pictured: Anthony Plachy, left, (Thornton Walker); Anna Cisneros (Equity Real Estate Advantage); Sylvester Daniels (Exit Realty Plus); Stephanie Appleton (Next Real Estate); and Dave Frederickson, past president of the Salt Lake Board of Realtors® and principal broker of Keller Williams Salt Lake.

Younger Agents Joining Board of Realtors®

Millennials joining the Salt Lake Board of Realtors® have pushed the average age of members down to 46 years old. Nationally, the typical Realtor® is 53 years old. The Board welcomes its newest Realtors®!

28 | Salt Lake Realtor ® | November 2016

Coldwell Banker Residential B r o k e r a g e announced that it has opened an office in Park City at the Newpark Town Center.

Coldwell Kevin Larsen Banker has been actively selling real estate in Park City for some time, but the official return to the community will re-establish the company as the leader in the worldfamous resort town. Kevin Larsen, a veteran Realtor® and former manager of Coldwell Banker’s Salt Lake City office, has been named the new managing broker of the office. Larsen also serves on the Board of Directors of the Salt Lake Board of Realtors®. The new Park City branch office, located at 1153 Center Drive, Suite 200, includes 4,000 square feet of space and nearly 40 affiliated sales associates and office staff.

Equity Real Estate is pleased to welcome the following people to the company: Victoria Hanks, Helen Yoo, Malone Molgard, Larry Anderson, Rose Alvorado, Brian Dixon, Russell Long, Marco Diaz, Brad Kendrick, Kade Lucero, Mary Bankhead, Lane Zaugg, Bryce Davies, Laurie Davies, Packer Morley, Mariana Heimuli, Ernie Burt, Loren Ludlow, Roger Jacobsen, Brian Harper, Rebecca Brand, Kris Thorne, Tiffini Bonacci, Jodie Groves, Mike Adams, Jeff Applegate, Tanner Johnson, Sang (Jimmy) Jeon, Anna (Liza) Cisneros, John Braithwaite, RJ Mullin, Linda Pitchford, Stephen Moffat, Allyson Peterson, Paul Dowland, John Kucera, Cynthia Zumwalt, Emma Wayman, Matthew Rowan, Armin Barzegari-Seysan, Ashley Lennon, and Andrea Dhruv.

Realtypath welcomes the following new agents: Stacy Morris, Zac Hawker, Cynthia Fulton, Mark Overdevest, Jennifer Bagley, Patricia Garcia, David Meadows, Iraj Niknam, Dale Lessing, Elizabeth Jurecki, Maria Trivino, Susan Musgrove, Ruigang Wu, Juan Duran and Tyson Whiting.

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NEWMAN RANCH IN LEHI 1182 W. 30 North From the low $300s | Ranch & two story floor plans | Up to 7 bedrooms & approx. 4,400 sq. ft. | Near schools, downtown, Thanksgiving Point & The Outlets at Traverse Mountain

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Map not drawn to scale.

Prices, specifications and availability are subject to change without notice. Square footage is approximate. Actual homes as constructed may not contain the features and layouts depicted and may vary from image(s).

Dates and times are subject to change without notice. ©2016 Richmond American Homes, Richmond American Homes of Utah, Inc. (866-400-4131).

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