Salt Lake Realtor

Salt Lake

REALTOR

®

Magazine

April 2022

Declutter Your Home

Collaboration is not an option. It’s a promise.

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Learn more about our Quick Move-in Homes by contacting 385-232-2999 See a David Weekley Homes Sales Consultant for details. Prices, plans, dimensions, features, specifications, materials, and availability of homes or communities are subject to change without notice or obligation. Illustrations are artist’s depictions only and may differ from completed improvements. Copyright © 2022 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLCA99514)

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Turning Houses into Homes®

Table of Contents Features

Prostock-Studio©/ Adobe Stock

10 Top Golf for RPAC

18

Help First-Time Buyers with Their Anxieties

14 Six Steps to Home Organization That’s Easy to Maintain Barbara Ballinger 18 Help First-Time Buyers with Their Top Anxieties Lee Nelson 22 Avoid Liability in ‘Sight Unseen’ Sales Deanne M. Rymarowicz 24 8 Kitchen Improvements You Should Make Before Selling Your Home Lauren Sieben

Columns

Image licensed by Ingram Image

7 Build More Entry-Level Housing Steve Perry – President’s Message

22

Departments 8

Happenings

8

In the News

28 Housing Watch

Avoid Liability in ‘Sight Unseen’ Sales

On the Cover: Cover Photo: Halfpoint©/ Adobe Stock

MatildaDark©/ Adobe Stock

This Magazine is Self-Supporting

24

8 Kitchen Improvements You Should Make Before Selling Your Home

Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands.

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

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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 Lake

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President Steve Perry Presidio Real Estate

Morelza Boratzuk RealtyPath Hannah Cutler Coldwell Banker

First Vice President Rob Ockey Century 21 Everest

Laura Fidler Summit Sotheby’s

Second Vice President Dawn Stevens Presidio Real Estate

Amy Gibbons Keller Williams Jennifer Gilchrist Utah Key Real Estate

Treasurer Claire Larson Woodside Homes

Tony Ketterling Equity Real Estate

Past President Matt Ulrich Ulrich Realtors®

John Lucky Berkshire Hathaway Jodie Osofsky Signature Real Estate Utah

CEO Curtis Bullock

Janice Smith Coldwell Banker

Directors

Carlye Webb Summit Sotheby’s

Jenni Barber Berkshire Hathaway

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

Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer

Sales Staff Paula Bell Paul Nicholas

Office Administrator Cynthia Bell 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.

Build More Entry-Level Housing A new report by the Pew Research Center reveals that nearly half of Americans (49%) believe the availability of affordable housing is a major problem in their local community. Further, 70% of Americans said young adults today have a harder time buying a home than their parents’ generation did.

What is the main driver of the housing shortfall? According to Freddie Mac, it has been the long-term decline in the construction of single-family homes and that decline has been exacerbated by an even larger decrease in the supply of entry-level single-family homes, or starter homes, homes less than 1,400 square feet.

In fact, the percent of new U.S. homes at 1,400 square feet or less has consistently declined as a share of new construction and is currently at a near 50-year low. In the 1980s, 40% of overall new construction was entrylevel homes. By 2019 the share of entry-level homes had fallen to 7%.

“In 2020, we estimate that there were only 65,000 new entry-level homes completed—less than one-fifth of the entry-level homes constructed per year in the late 1970s and early 1980s,” the Freddie Mac report stated. “The ongoing housing shortage is large and rising, in part because of the COVID-19 pandemic. Our estimates suggest that the shortage has increased 52% from 2.5 million in 2018 to 3.8 million in 2020.”

The housing shortage and rising demand for homes has pushed the median single-family home price in Salt Lake County to $600,000. In March 2020, at the start of the pandemic, Salt Lake’s median singlefamily home price was $400,000.

State and local governments should and can do more in offering incentives to builders to increase the supply of entry-level homes.

Regulations imposed by all levels of government account for $93,870, or 23.8 percent of the 2021 U.S. average sales price ($397,300) of a new single-family home, according to a study by the National Association of Home Builders (NAHB). Of the $93,870 figure, $41,330 is attributable to regulation during development, and $52,540 is due to regulation during construction.

It’s time for action. Our children deserve the same opportunities we had in finding a place to call home.

Steve Perry 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

April 2022 | Salt Lake Realtor ® | 7

Happenings

In the News

Pictured: Curtis Bullock, left, CEO of the Salt Lake Board of Realtors®, Morelza Boratzuk, director, Kristi Nichol, Realtor®, Kailee Kartchner, a recent grant winner, Sandra Perkins, 2022 chair of the Charity Committee, Laura Fidler, director, and Teri Slaugh, co-chair of the Charity Committee.

Do Your First-Time Buyer Clients Know About the American Dream Grants?

Homeownership matters. That’s why the Salt Lake Board of Realtors® is giving away 24 American Dream Grants ($5,000 each) to first-time homebuyers in 2022. Applications for the next four grants are open through May 26. The grants will be given to first-time homebuyers in general. Winners are chosen by the Charity Committee using a random number generator. Applicants must be clients of Salt Lake Board of Realtors® members. You can apply at www.slrealtors.com.

Image licensed by Ingram Image

Pending Sales Fall Pending home sales fell in February for the fourth consecutive month, but the decline isn’t due to waning demand from eager home buyers. In fact, it’s just the opposite: Competition is growing fiercer, even as buyers face record-low inventory.

The National Association of Realtors®’ Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—fell 4.1% month over month in February and 5.4% annually. All four major regions of the U.S. registered a decline in annual contract activity last month. “Buyer demand is still intense, but it’s as simple as ‘one cannot buy what is not for sale,’” said NAR Chief Economist Lawrence Yun. Buyers are facing limited choices, higher home prices, and rising mortgage rates, which has led to a 28% annual increase in mortgage payments, according to NAR. Still, many aspiring home buyers are in a rush to get ahead of further rate increases that are likely on the horizon.

The Wasatch Front’s Most Affordable Housing Areas As home prices climb, the Wasatch Front’s most affordable areas are becoming harder to find. Median single-family home prices in the 10 most affordable ZIP code areas in the fourth quarter ranged from the high $300,000s to the low $400,000s. With a median price of $368,450, Copperton, a metro township in Salt Lake County located at the mouth of Bingham Canyon, had the most affordable Wasatch Front home price. Farr West, Glendale, Magna, and South Ogden rounded out the top five most affordable cities.

8 | Salt Lake Realtor ® | April 2022

Yun is forecasting that 30-year fixed mortgage rates will likely average about 4.5% to 5% for the remainder of the year. He also is forecasting a 7% reduction in home sales in 2022 compared to 2021, partially due to higher costs pricing out more home buyers. “It is still an extremely competitive market, but fast-changing conditions regarding affordability are ahead,” Yun said.

“Consequently, home sellers cannot simply bump up prices in the upcoming months but need to assess the changing market conditions to attract buyers.”

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Top Golf for RPAC More than 100 members of the Salt Lake Board of Realtors® on March 18 took part in an afternoon of Topgolf, food and networking. Proceeds of the event went to the Realtors® Political Action Committee (RPAC), which promotes the election of pro-Realtor® candidates in Utah and across the United States. RPAC is a big reason why Utah consumers don’t pay transfer taxes on the sale of real property, don’t pay taxes on services, and are not required to hire an attorney when closing on the purchase of a house.

10 | Salt Lake Realtor ® | April 2022

Photos: Dave Anderton April 2022 | Salt Lake Realtor ® | 11

Joni©/ Adobe Stock

Six Steps to Home Organization That’s Easy to Maintain Many homeowners think they need to add square footage to create added storage, but they might not be maximizing what they already have.

By Barbara Ballinger Having a well-organized house that functions for everyday living takes time to achieve. It requires putting in the time and having the right supplies for storage that allows for a harmonious aesthetic.

Whether it’s holiday decorations, winter clothing, legal documents, or children’s toys, storage that’s out of the way yet easy to access is an important system for the home. This helps owners avoid exhaustive hunts for 12 | Salt Lake Realtor ® | April 2022

items and feel more at ease in their space.

“When there’s a home for things, people tend to put them back rather than pile them on the counter, far from where needed, or on the floor,” said Raleigh, N.C., designer Leslie Cohen.

The goal should be to keep belongings so organized that a room’s contents add to rather than complicate daily living.

When the pandemic hit, and everyone was at home 24/7, even well-organized homeowners needed additional help. “I got calls for turning dining room tables to desks and areas for kids to do homework or Zoom classes,” said Santa Monica, Calif.–based certified professional organizer Cary Prince.

The good news is that there’s a growing cadre of support—members of the National Association of Productivity and Organizing, books, YouTube videos, and shows like Netflix’s “Tidying Up with Marie Kondo.”

Piecing together organizational hacks from several sources is worthwhile, and it can all be done in a way that enhances rather than detracts from decor due to an expanding assortment of attractive containers, bins, baskets, and file drawers. Prince has found that attractive storage containers are key.

“Visual clutter is what drives everybody crazy,” she said.

Besides saving time, removing frustration, and creating more usable space, there’s yet another benefit to home organization. Homeowners who decide to sell will find they need less time to ready their homes before listing.

Here are six steps that organization pundits say can help.

1. Declutter.

To get and stay organized, many follow Marie Kondo’s “KonMari” method of decluttering a home, which caught fire after she published her first book, The Life-

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Changing Magic of Tidying Up. Her advice is to keep only possessions that spark joy and discard the rest rather than store them. A big part of that advice is to consider how much something is used.

“Do you really need five whisks and 10 spatulas?” asked Prince. “Curate your home like a museum might do by keeping the best and getting rid of the rest.”

Forewarn homeowners that this step takes time because it requires careful sorting of closets, drawers, cabinets, boxes, bins, and file cabinets. Instead of just giving things a heave-ho, homeowners might donate to community groups like the Buy Nothing Project or to a local thrift shop. Caution them to call places first. Due to the pandemic, many organizations are over capacity and might be accepting more items at this time, or they may limit the types of goods they accept.

2. Seek help.

Many agents are skilled in organizational advice.

However, you may want to refer clients to a specialist, especially if they need a lot of help. Members of NAPO, stagers, designers, and even cabinet manufacturers have creative ideas for storage. For example, a homeowner might want to get rid of an old entertainment unit that looks dated and detracts from a room’s decor, but they need suggestions on how to replace it with modern storage.

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Andrii©/ Adobe Stock

Experts know all about finding furnishings that offer dual functions, often with inconspicuous storage, said Houston-based real estate salesperson Maya Peterson of Better.com. These include benches and ottomans, custom sofas with deep drawers underneath, or custom bed platforms with drawers around the frame.

3. Improve available space.

Many homeowners think they need to add square footage to create added storage, but they might not be maximizing what they already have, Cohen said. She advocates for fashioning a better pantry or adding custom storage in a dead corner. These types of makeovers are less costly and time-consuming than building from scratch. One such hack that sparked interest during the pandemic was to construct a home office in an extra closet, said Charlotte, N.C., designer Laura Van Sickle, owner of a Closets by Design franchise.

In Texas, many make use of floored attic space, termed a “Texas basement,” since most homes there don’t have basements, said Peterson.

Other ways to find space and even make rooms look bigger is to go up, out, and under. Going vertical is smart in many garages, attics, and basements by using pegboards, hooks, and shelves. Homeowners can use a library ladder to reach books and other items high up or add a second rod in a closet, said Prince. A Murphy bed along a wall can turn a guest bedroom into flex space for other uses, said Marco Angelucci, design director at Philadelphia-based Marguerite Rodgers.

For homeowners who add horizontal shelves, Van Sickle recommends not extending them more than 14 inches so items don’t get hidden behind other objects.

14 | Salt Lake Realtor ® | April 2022

Homeowners can also carve out new space beneath a staircase or take advantage of existing space under a window seat or bed. Paul Moody, an interior design and home expert with Pro Mover Reviews, said that underbed storage is a convenient place to keep bedsheets in flat plastic boxes. But Nashville organizer Cynthia Lindsey-Goodman of Its Arranged, also a salesperson with Zeitlin Sotheby’s International Realty, warns that storage there tends to collect dust.

Some places should be used with caution, such as hot or cold attics or potentially wet basements. Besides weather, insects and animals may get into storage that’s not been well-sealed, said Lindsey-Goodman. Even clear containers should be labeled, and homeowners are wise to make a list on their computer of what’s where in case they forget or others need access.

4. The benefit of zones.

Organizational experts agree that the best place to store items is near where they’re needed. In some rooms that may mean setting up zones, such as for baking or food prep in a kitchen, said LindseyGoodman. Zones can also be set up in spaces like an attic, garage, or basement for what’s not needed as often. Garden tools might go in one area, old paint cans in another, and sports balls in yet a third.

5. Make storage visible and attractive.

While it sounds like a simple rule to follow, many homeowners fail at making storage attractive because they don’t have the right containers, drawers, or cabinets. This can be especially true with clothing. The

advantage of a neat, visible system is that it can help homeowners dress faster. For example, Van Sickle likes to roll t-shirts and yoga pants in drawers to grab and go rather than stack them in a pile.

These days, companies like The Container Store, Ikea, and Target make it easy by offering myriad affordable options in rustic, clear plastic, acrylic, wood, and other materials to fit in with decor. Built-ins or freestanding furnishings should suit a room’s style, too. When done well, they can create a handsome backdrop for Zoom calls, said Van Sickle, who favors classic white, gray, and taupe hues. But pops of color can also be stylish such as glossy black shelves against a white wall, said architect Giuroiu Anton, CEO at Architecture Lab. Lindsey-Goodman has found that built-ins can add value to a home, but some spaces don’t call for the expense. Generally, she suggests deciding based on how many years a homeowner will stay. If fewer than five years, she suggests portable furniture that can move with them.

Within the cabinets and drawers, design experts recommend internal organizers. “The inside of cabinets has dramatically changed,” said Mitchell Parker, senior editor at Houzz, a design and remodeling resource. What’s available includes options like inserts and drawer dividers, holders for plates, spices, and cookie sheets, and pull-out waste and recycling baskets.

6. Keep it flexible.

Prince advocates thinking of organization systems like planting and caring for a garden. “Everything planted needs care and watering over time,” she said.

By making systems flexible, it’s easier and less costly to adjust when changes arise. Good examples are shelves that can be moved up and down, using brackets rather than those fixed in place, and pegboards with hooks that are easy to move, Van Sickle said.

A well-organized home can give a house an edge for resale. “Houses may be moving fast, but homes that are decluttered and well taken care of—where people can see the house and not all the stuff—will go faster,” Lindsey-Goodman said.

BONUS: Storage in the Kitchen Among the toughest rooms to organize is the kitchen because it has so many items often used, and it also doubles as a workspace for many people working from home. Jasper, Ind.,-based MasterBrand Cabinets, one of the country’s largest manufacturers, and J.T. Norman, in charge of business development, product design, and innovation at Kitchen Magic in Nazareth, Penn., offer these tips for keeping the room organized and looking its best: • Drawers rather than doors on base cabinets offer the same amount of storage but with greater accessibility, especially when rollout trays are incorporated.

• Big walk-in pantries have become akin to small general stores with space for canned goods, utensils, pots and pans, small appliances, and sometimes even a sink, said Norman.

• Panel-ready appliance fronts provide a sleek, cohesive look, which can mimic cabinet fronts and blend with cabinetry in adjoining rooms, sometimes part of an open plan layout.

• Floating shelves permit quick access to items and a way to personalize a kitchen. But don’t eliminate all upper cabinets, since they can keep things out of view to help the room look neater.

Barbara Ballinger is a freelance writer and the author of several books on real estate, architecture, and remodeling, including The Kitchen Bible: Designing the Perfect Culinary Space (Images Publishing, 2014).

gustavofrazo©/ Adobe Stock

April 2022 | Salt Lake Realtor ® | 15

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Help First-Time Buyers with Their Top Anxieties Real estate pros should lay out clear expectations on what the homebuying journey is currently like in their market while easing fears.

By Lee Nelson After 43 years in real estate, Melinda Estridge has experienced it all with first-time homebuyers.

“They usually have a higher degree of trust, their excitement level is up, and they put their faith in you,” said Estridge, founder and owner of The Estridge Group of Long & Foster Gateway Bethesda, Md., Realty.

But there are some differences among her clientele that she’s learned to navigate. While the millennial generation tends to prefer an updated, move-in-ready home, older generations are more willing to do their own work, such as painting, removing wallpaper, and making minor renovations to get a home for a better price in the location they want.

No matter what generation these first-time homebuyers are from, real estate professionals can alleviate some of the anxieties that come with the unknowns, even when helping clients stay within budget in low-inventory markets where competition is intense.

18 | Salt Lake Realtor ® | April 2022

Setting Expectations “First-time homebuyers typically do not have a lot of confidence that they can actually buy a house,” said Monica LaVerdiere, broker-owner of Bearfoot Realty in Oxford, Maine.

While a seller’s market usually means buyers have to sacrifice some of their wish-list items based on what is available and what type of loan they qualify for, it is still possible for many first-time buyers to find a home.

Real estate pros should lay out clear expectations on what the homebuying journey is currently like in their market while easing fears—and averting potential drama—ahead of time.

“I always tell them they hired me to worry, and they just need to concentrate on the fun, positive parts,” LaVerdiere said.

Educating buyers will help them be more informed throughout the process, which can keep a lot of the fears

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at bay. For instance, Steve Wener, broker associate at eXp Realty in San Diego, gives a flowchart to all his buyers.

or email. I find out what they are upset about and break it down. I never pressure anyone,” she said.

“No matter where they are in the process, they can look at it and understand what’s going on and what’s next,” Wener said.

Ease mortgage anguish. “I always promise by buyers that as long as they do what they are advised to do regarding getting approved for a loan, they will find a house,” said LaVerdiere. “It will take time, but it will happen.”

It’s still common for buyers to get their hopes up for a home, only to lose out in a multiple-offer situation.

Because of that, Estridge tells her clients during their first consultation that it’s likely they will lose on three or four houses before they submit an offer that’s accepted.

“It’s a learning experience, and you have to be resilient,” Estridge added.

Estridge is also having a conversation with her firsttime home buyers about upcoming adjustments in the market and home values.

“We are talking to them about making sure they stay in their home for five years or maybe even 10,” she remarked. Some people have to offer a lot of money over asking price to win in a bidding war. It’s a tough situation for those just entering the housing market with not a lot of extra money, she said. If the market adjusts and values come down, some buyers could be underwater. Estridge encourages her clients to buy something they can hold onto or grow into without being forced to move for space or a job transfer.

Give Your Best Advice Keeping nerves and fears at a minimum for newcomers to the market should be a priority for brokers and agents. Here are some of their best advice to keep their clients calm and informed.

Stay in regular communication. Estridge touches base with her buyers several times a week. “When they become emotional, I speak with them on the phone and listen to their concerns rather than rip off another text

Create a non-threatening environment. Knowledge empowers buyers. So, in addition to his timeline chart, Wener keeps clients up to date on all aspects of the transaction, especially if they hit a snag. He also has an assistant and transaction coordinator who help to keep clients informed, so nothing is left to the last minute.

“Fear is real. But fear is even scarier with the unknown, so we help them know what’s next.”

Advise buyers to get a home warranty. What if the water heater breaks and the new homeowners don’t have any funds left to get a new one? Or a roof is damaged in a storm, which could cost upwards of $25,000 to replace? Estridge doesn’t want first-time buyers to have to worry about such problems, so she insists on home warranties to give them peace of mind.

Keep the final walkthrough and closing simple.

LaVerdiere communicates with the listing agent and, if appropriate, the sellers during the entire process of the transaction to make sure all contingencies in the contract have been met. “Knowing ahead of time that there won’t be any surprises is the key to calming the buyers’ anxieties,” she said. “Then the closing is a breeze.

I tell them to bring a valid I.D. and a big smile.”

Lee Nelson is a freelance journalist from Illinois. She writes for several state REALTOR® association magazines along with LawnStarter.com and Nurse.org. Reprinted from Realtor® Magazine Online, March 2022, with permission of the National Association of Realtors®. Copyright 2022. All rights reserved.

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20 | Salt Lake Realtor | April 2022 ®

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Avoid Liability in ‘Sight Unseen’ Sales More buyers than ever are making offers without setting foot inside a home.

By Deanne M. Rymarowicz Buying a home “sight unseen” was not a phenomenon invented during the COVID-19 pandemic. It’s long been common for investors and military buyers who are relocating, among others, who sometimes must make purchases without visiting a property. With the shift to virtual tours and showings in the past year, however, more buyers are making offers without setting foot inside a home. It’s important for real estate pros to know the risks in “sight unseen” sales that can lead to liability—and take steps to mitigate those risks.

When buyers purchase a property relying only on photos and online tours, problems can arise if the home doesn’t meet their expectations in real life.

Disappointed purchasers may bring claims against 22 | Salt Lake Realtor ® | April 2022

the listing broker, the buyer’s broker, or both when they discover a previously unidentified defect or other undesirable feature. Such claims typically involve a failure to disclose a material fact or a misrepresentation of the property’s condition or characteristics.

Use these best practices to limit surprises—and potential liability—in a “sight unseen” transaction.

Advise the purchaser of all known material defects. Disclosure laws and the Realtor® Code of Ethics still apply in virtual transactions. Seller disclosures must be accurately and fully completed and provided as required by state law. A buyer’s broker should follow up with the listing broker for any missing responses and ask the buyers what additional information they

defects. Carefully view the property during a virtual showing to identify any observable defects. Point these out to the buyers on camera and put them in writing after the showing. Follow up with the listing broker on any issues where the buyers want more information.

Avoid assuming buyers’ duties. Ask buyers to write down issues they’re concerned about (such as noises, smells, or proximity to neighbors). Observe and report objectively, but don’t make the decisions or assume something “isn’t a big deal.”

Protect yourself, and your clients, in writing. Ensure that the purchase agreement includes an appropriate due diligence period and contingencies like inspections and a final walkthrough. Work with an attorney to draft an addendum to clarify your role and emphasize the buyer’s responsibilities. The addendum should specify that the buyers—not the brokers, agents, or seller— are responsible for verification, walkthroughs, and professional inspections to confirm that the property is satisfactory. Many state or local Realtor® associations have “sight unseen” addendums available to members.

Encourage the use of other professionals.

Recommend the use of home inspectors and other relevant professionals in writing. If buyers insist on waiving inspections, document both your advice and their informed waiver in writing.

Acting with care, reason, and diligence may not prevent all surprises when buyers move into their “sight unseen” home. But having these practices in place will help you significantly to defend against liability.

Deanne M. Rymarowicz is associate counsel at the National Association of Realtors®.

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need related to any disclosed defect.

For example, if a seller discloses prior water damage, the buyers may want to ask for proof of remediation and request additional inspections.

Avoid misrepresentation or exaggeration in listing photos and virtual tours. Resist adding or removing anything of material substance— Standard of Practice 12-10 requires Realtors® to present a true picture to the public. Enhancing the lawn color during the dull winter months might be okay, but airbrushing out the power lines across the backyard is not.

Watch out for red flags. Realtors® have a duty under Article 2 of the Code of Ethics to avoid exaggeration, misrepresentation, or concealment of pertinent facts, but do not have a duty to discover hidden Image licensed by Ingram Image

April 2022 | Salt Lake Realtor ® | 23

8 Kitchen Improvements You Should Make Before Selling Your Home

By Lauren Sieben Realtor.com

Preparing to list your house? If you want to get top dollar, start sprucing up your kitchen now.

“The kitchen is often the centerpiece in a home and the place where most of the entertaining happens,” said Tony Rodriguez-Tellaheche, owner and managing broker of Prestige Realty Group in Miami. “Sellers should not cut corners.”

A killer kitchen is one of the best ways to sell your home.

Before you list your place, start making some of these improvements to help swing buyers in the right direction.

24 | Salt Lake Realtor ® | April 2022

1. Refresh your cabinets If your cabinets are looking drab and dated but are still in good shape, you don’t need to replace them. Instead, pick up some good paint and brushes or a paint sprayer.

“Sometimes a quick ‘face-lift’ to the kitchen cabinets can go a long way,” Rodriguez-Tellaheche said. “Refinishing existing cabinets is more cost-effective than replacing them completely, and can make a big difference when updating a kitchen.”

Plus, quartz is more durable and environmentally friendly than other materials, which is especially important in a busy kitchen.

“More sellers are incorporating quartz into their kitchens than traditional material like marble, because it is less porous and therefore less likely to stain,” Rodriguez-Tellaheche said.

3. Update the lighting If your light fixtures are old enough to vote or order a beer in a bar, it’s time to replace them (or at least give them a very thorough dusting).

Swap in new fixtures over the island and kitchen sink, or increase your kitchen’s appeal by installing recessed lighting on a dimmer.

“Under-counter lighting also adds a nice touch,” Rodriguez-Tellaheche said.

4. Invest in a good (quiet) dishwasher If your appliances have seen better days, replacing them with midrange stainless-steel appliances is a safe bet, Whittaker said. Top-of-the-line appliances might not be worth the splurge—you won’t always see a return on that investment.

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Before you start putting down the drop cloths, be mindful of your color palette—you’ll want to stick with neutrals to appeal to most buyers.

“If cabinets are darker natural wood or a polarizing color, we recommend painting either soft white or greige,” said Julie Busby, founder of the Busby Group in Chicago.

2. Upgrade to quartz countertops Today’s buyers aren’t so keen on granite, and they’re definitely not looking for laminate. If you splurge on one upgrade in the kitchen, make it quartz countertops.

“I recommend using quartz in the kitchen,” said Brad Whittaker, an agent with Realty ONE Group Pacifica in Longview, WA. “It is always a nice, hard surface, and there are so many designs and colors to choose from.”

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April 2022 | Salt Lake Realtor ® | 25

Fotoluminate LLC©/ Adobe Stock

The one appliance that’s worth spending a little more?

The dishwasher.

“Always spend good money on your dishwasher—$700 plus to make sure that it is quiet,” Whittaker said.

5. Bring in a crisp, new backsplash Installing a neutral, clean backsplash can win you points with prospective buyers.

“Backsplashes can make a huge difference,” Busby said. “If the current one is busy or dated-looking, we recommend going with a classic white subway tile or any other neutrally colored tile.”

Plus, a new backsplash paired with upgraded countertops “can even make dated appliances look more current,” said Simon Isaacs, broker and founder of Simon Isaacs Real Estate in Palm Beach, FL.

6. Brighten up the color palette “Dark kitchen cabinets with dark granite is a thing of the past and can make a home hard to sell, especially to millennial buyers,” Rodriguez-Tellaheche said.

Aside from painting dark cabinets and replacing countertops, choose a bright, neutral paint color for the walls. A light color can also help make modest-size kitchens look a little more airy and spacious.

26 | Salt Lake Realtor ® | April 2022

7. Add premium touches Quarantine has turned many of us into home cooks, and that means buyers are looking for luxe touches throughout the kitchen where they’re spending more time than ever.

“Most of today’s buyers are self-proclaimed foodies and expect a well-thought-out kitchen,” Isaacs said.

“Sophisticated wine fridges, filtered waterspouts, and pot fillers are becoming the norm nowadays.”

Busby agrees: “If you have space for a beverage or wine cooler, buyers love this added bonus.”

8. Give the kitchen a serious deep clean Nothing turns buyers off quicker than a kitchen with the “yuck” factor: food stains, filthy fridges, and even junked-up baseboards.

“Keep it clean, bright, and shiny,” Whittaker said. “There are lots of gloss surfaces in a kitchen, and to see them dull, scratched, scuffed, or chipped is a turnoff to most buyers.”

A sparkling-clean oven is also nonnegotiable, Whittaker adds.

“No one wants to bake inside your gunky oven,” he said.

“Remember, if you want top dollar for your home, you need to sell it as if you have taken top-dollar care of it.”

FEBRUARY

HOUSING WATCH

Rising Mortgage Rates, Low Inventory, and Falling Home Sales

Sales of all housing types dropped in Salt Lake County in February. It was the ninth consecutive month of falling sales year over year.

There were 949 homes sold in February, a 14% decrease compared to 1,102 sales in February 2021. Falling sales are due to limited inventory, higher home prices, and fewer move-up buyers.

The last time home sales fell over an extended period was in 2007, the start of the Great Recession. In 2007, home sales in Salt Lake County plunged 27%. The falling sales and substantial layoffs triggered a four-year decline in home prices in Salt Lake County (2008-2011). Since 2012, home prices in Salt Lake County have been on the rise. For Utah to experience a housing bubble in the near term, it would require a loss of jobs – an unlikely prospect in the next few years.

The median price of all housing types sold in February was $515,000, up 25% compared to a median price of $413,600 in February 2021. The median single-family home price climbed to $580,000, up 24% compared to a median price of $469,000 a year ago. The median multi-family price increased to $425,000, up 29% compared to a median of $330,000 last year.

“As mortgage rates rise, the most likely outcome for housing prices in Utah over the next two to three years is a period of price moderation like what occurred after price accelerations in the late 1970s and the mid-1990s,” said Steve Perry, president of the Salt Lake Board of Realtors®. “An extended period of price declines created by a bursting bubble is unlikely.”

Mortgage rates climbed in March. As of March 24, the average 30-year fixed-rate mortgage in the U.S. was 4.42%, up from 3.17% a year ago.

“This week (March 24) the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continued to move up,” said Sam Khater, Freddie Mac’s Chief Economist. “Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power. In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting homebuyers’ ability to keep up with the market.”

There were 1,168 new listings in February, down 4% compared to 1,215 new listings in February 2021.

Nationally, home sales fell 2.4% to 6.17 million sales in February.

“Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases,” said Lawrence Yun, NAR’s chief economist. “Some who had previously qualified at a 3% mortgage rate are no longer able to buy at the 4% rate. Monthly payments have risen by 28% from one year ago – which interestingly is not a part of the consumer price index – and the market remains swift with multiple offers still being recorded on most properties.”

First-time buyers were responsible for 29% of sales in February, up from 27% in January and down from 31% in February 2021.

28 | Salt Lake Realtor ® | April 2022

April 2022 | Salt Lake Realtor ® | 29

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