7 minute read
Support Realtor® and Realtor®-Friendly Candidates This Election
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By Brooke D’Sousa
When I first became a Realtor,® I was advised by a veteran colleague to join a Salt Lake Board of Realtors® committee to help acquaint me more quickly and completely with my new profession and the community of which I am now a part. After attending the Committee Sign-up Day, I chose to participate as a member of the Government Affairs Committee. I understood that real estate is a heavily regulated industry, and I wanted to become more familiar with the different levels of government and their role in making laws that affect home ownership and private property rights. The Government Affairs Committee hosts various elected officials during their monthly meetings. These speakers share knowledge and valuable insights regarding issues that currently do, or potentially could, affect our industry. From transfer taxes and property taxes, to ADUs and STRs, to zoning for new developments and differing levels of density, the Government Affairs Committee is often the first to hear the conversations taking place among state and local government leaders and the possible legislation that may follow. Additionally, the Elections Subcommittee holds interviews each year as incumbents and new candidates file to run for a variety of elected offices. Any Government Affairs Committee member can attend these interviews, which consist of the candidates introducing themselves and answering questions pertaining to how they view real estate issues and private property rights. These interviews are valuable in assisting the RPAC Board of Trustees to decide which candidates are champions of real-estate-related issues and merit the Board’s support through donations of RPAC funds. My involvement in governmental affairs increased as I attended the annual Realtor® Day on the Hill and became a regular attendee to my city’s weekly city council meetings. I have developed relationships with my elected representatives at both the state and municipal levels, which has helped me to further advocate for the issues that are important to me, my clients, and the real estate industry. While my conversations and efforts were not always successful in persuading a particular outcome, I always felt successful in educating our leaders on why these issues
mattered and helping them to see the long-term effects and possible unintended consequences of any one decision. It was during these times I really understood the role RPAC plays in ensuring real estate matters have advocates at the decision-making table. As time went on and my involvement grew, so did my knowledge of government, issues that came before elected officials, and the effect their decisions have on our industry. As the saying goes, I decided to be the change I wanted to see by running for local office myself. Of the candidates that came before the Elections Subcommittee, very few were Realtors® or had any association with the real estate industry. I figured who better to represent our shared causes than someone with direct experience and expertise in real estate matters than a Realtor®. Ultimately my campaign for a seat on my city’s city council came up a few dozen votes short of a victory, but my desire to affect positive change remains. I am proud to say I will be on the ballot once more this November, vying for a seat on the Sandy City Council. I have seen first-hand the benefits that contributing to RPAC brings to our profession and the value of the Government Affairs Committee, especially when it comes to facilitating conversations between elected leaders and the Realtor® community. These conversations are opportunities for us to help educate those in positions of legislative power and protect our collective interests and the interests of those we represent. I am proud to be a member of the Salt Lake Board of Realtors® Government Affairs Committee and an annual investor in RPAC. I will continue to promote Realtor® issues among our elected representatives and help to expand awareness among my Realtor® colleagues of the notable impact donating to RPAC has on our profession. I ask each of you to join me in supporting Realtor,® and Realtor®-friendly candidates by donating to RPAC today. It is the one thing we can all do to help keep real estate essential and homeownership possible.
Brooke D’Sousa is the Government Affairs Committee Community Outreach and Education Subcommittee Chair.
JULY
HOUSING WATCH
Salt Lake County home sales fell 26% in July compared to the same month a year ago. The decrease translated to 561 fewer sales than in July 2020. July 2020 set a record for the most homes sold in a single month. Home sales in July were also down by double-digit percentages in Utah, Davis, and Weber counties. July was the second consecutive month of falling home sales year over year. In June, home sales were down 8% from June 2020. However, home sales from January through July are down just 1.3% compared to the same sevenmonth period in 2020. “Home sales in July were down 6% compared to the five-year July sales average, 2015 through 2019, excluding July 2020, which was an outlier,” said Matt Ulrich, president of the Salt Lake Board of Realtors®. “Multiple offers have slowed but the Salt Lake housing market remains very competitive. Instead of 30 or 40 offers on a listing, there are now usually five to 10 offers on a home.” New listings in July 2021 fell to 1,923, down 10% from 2,141 new listings in July 2020. The median price of Salt Lake County homes sold in July climbed to $475,000, up 25% from $380,750 a year earlier. Across the U.S., first-time buyers accounted for 30% of sales in July, down from 31% in June and down from 34% in July 2020. NAR’s 2020 Profile of Home Buyers and Sellers – released in late 2020 – revealed that the annual share of first-time buyers was 31%. Individual investors or second-home buyers, who account for many cash sales, purchased 15% of homes in July, up from 14% in June but even with 15% from July 2020. All-cash sales accounted for 23% of transactions in July, even with June and up from 16% in July 2020. Distressed sales – foreclosures and short sales – represented less than 1% of sales in July, equal to the percentage seen a month prior and equal to July 2020. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 2.87% in July, marginally down from 2.98% in June. The average commitment rate across all of 2020 was 3.11%.
CEO of Salt Lake Chamber Addresses Business Meeting
Derek Miller, CEO of the Salt Lake Chamber and Downtown Alliance, spoke to Realtors® on Sept. 1 at the annual Business Meeting. Miller likened Utah’s modern business and tech advancements to the early pioneers. “It wasn’t an option to stop,” he said. “They had to adapt and move forward. The only option for us is to move forward.” Success, Miller added, doesn’t happen by accident. Success for Utah has been a combination of rugged individualism and community building. Because of that, the Salt Lake metro area today is the best-performing economy in the United States. “We are in the top 10 states when it comes to growing exports, things that we are selling to other countries,” Miller said. “We were the only state to continue to grow our exports even throughout the pandemic.”
Photo Credit: Dave Anderton, Carlye Webb
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