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Only fools rush into home renovations. p. 30

Table of Contents Features 10 Tight Labor Market, Rising

Material Costs Affects Home Builders Dave Anderton

16 Good Time to Sell a House 18 Tools for Schools 22 Why Political Advocacy Makes the Difference

Matt Clewett

26 8 Myths All New Homeowners Fall For

National Association of Realtors® 30 Demolition Daze: 7 Ways to Botch Renovating a Home

Daniel Bortz

Columns 7 Salt Lake Homes are Affordable

Compared to Other Major Cities

Adam Kirkham – President’s Message

Departments 8 Happenings 8 In the News 34 Housing Watch 36 Realtor® Connections 36 On the Move

On the Cover: Illustration: Salt Lake Home Builders Associaton Photo left: ©hanohiki / AdobeStock Photos

This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.

Salt Lake

REALTOR slrealtors.com

Maga zine

July 2018 volume 78 number 7

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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.

CONGRATULATIONS Ravath “RP” Pok REALTYONEGROUP AFFILIATES REGIONAL DEVELOPER - UTAH REGION

SPOTLIGHT with REALTYONEGROUP’S REGIONAL LEADER AS SEEN IN RISMEDIA

How long have you been in the real estate industry? It seems like a lifetime. Before getting my license, I owned one of the country’s first and second largest real estate personal marketing company called Jungle Solutions for 7 years. Add that to the 24 years with my real estate license and I’m proud to say it’s been a fun 31 years. Wow, I’’m feeling old with this question. With such a successful local Signature brand in Utah what made you become a RealtyONEGroup franchise? Having gone through the many dips and valleys of the real estate cycle, I’ve come to the realization that having the national resource of other successful brokers could really help me with avoiding future obstacles and having the support to help me be better at my job. It’s the classic saying, “you don’t know what you don’t know.” Why RealtyONEGroup? I think if you look at this company in the states that have started into their system 3-5 years ago, those brokerages have succeeded beyond their expectation. Besides the commission structure, this company provides a lot of substance in their technology and marketing support. In the past, agents have always had to choose high commissions or great marketing and technology. This franchise offered both and with an amazing high end brand that really fits our image and culture. Our first ad when we became a franchise 2 years ago says it all...”Finally, You Can Have Your Cake and... Well You Know.”

What excites you most about your new role? Although I love selling real estate, what I really enjoy more is “building.” Whether its new homes or new businesses, my passion is to help build. I think I can have an even greater impact by taking my skills and knowledge and helping brokers build agents and their company. And, if you ask any broker this question, you’ll see that truly is the core characteristic of any broker. Their joy is greater when they help others as compared to when they help themselves. What will be your biggest challenge in your new role? Utah is such an amazing state with amazing people. There are incredible brokerages and brokers here that have not heard of or are aware of the RealtyONEGroup brand. It’s going to be challenging and fun to build this brand to the level of success seen in other states that have had a head start. I love being at the ground level of something great. As Utah’s Regional Developer for RealtyONEGroup Affiliates, what do you hope to bring that’s different and better? I’ve spent many years developing a system, utilizing automation and a one-of-kind marketing suite for our agents to succeed in a competitive market. When you open a RealtyONE franchise in Utah, you will not only receive the suite of tools from the national franchise, but you’ll also receive all the tools and systems that has made Signature Group what it is in the Utah market. It’s a real short cut for new brokerages.

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6900 South 900 East, Suite 150 Midvale, UT 84047 Sean Knudsen NMLS ID: 265807; CA - CA-DOC265807 - 413 0699, UT - 5523282 - 7495184 • NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • CA - Licensed by the Department of Business Oversight, Division of Corporations under the California Residential Mortgage Lending Act Lic #4130699 • Utah - Licensed in UT: Utah-DRE Mortgage Entity License #7495184 & Utah-DFI Residential First Mortgage Notification – Utah Department of Financial Institutions Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google Inc. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.

Salt Lake

REALTOR

® ®

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President Adam Kirkham Summit Sotheby’s International First Vice President Scott Robbins Summit Sotheby’s International

Scott Colemere Colemere Realty Associates Kimberly Farber IMPOWER Real Estate Brian Gottfredson Coldwell Banker Residential Tony Ketterling Equity Real Estate

Second Vice President Alicia Holdaway Equity Real Estate

Mike Morgan Realtypath

Treasurer Matthew Ulrich Ulrich Realtors®

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

Past President Troy Peterson Equity Real Estate

Steve A. Perry Realtypath Sophie Reece Berkshire Hathaway

Directors Cheryl Acker Utah Key Real Estate

Michael Rowe Berkshire Hathaway

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

Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer Sales Staff Paula Bell Karen Malan Paul Nicholas

Salt Lake Homes are Affordable Compared to Other Major Cities

Office Administrator Cynthia Bell Snow Office Assistant Jessica Snow Administrative Assistant KellieAnn Halvorsen

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.

hen it comes to housing affordability, Salt Lake City ranks No. 161 out of 237 U.S. cities, according to a report by the National Association of Home Builders. The new ranking isn’t impressive, but Salt Lake City home prices are still a bargain compared to places like Denver, Seattle, Miami, and San Francisco. And, for households making Salt Lake’s median income of $80,000, most homes remain affordable. In fact, 62.1 percent of homes sold in this year’s first quarter were affordable to Salt Lake households earning the median income, the report said. Compare Salt Lake’s house affordability to Denver, where only half the homes sold in the first quarter were affordable to a family earning Denver’s median income of $90,000. Or, look at San Francisco, where an income of $120,000 would qualify a person for just 9 percent of the housing inventory that sold in the first three months of this year.

Across Utah, the median-priced home in the first quarter was $280,000. A minimum annual income of $52,520 was needed to qualify for a house of $280,000. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $1,313, assuming a 20 percent down payment and interest rate of 4.44 percent. Compare that to California. A minimum annual income of $111,500 was needed to qualify for the purchase of a $538,640 median-priced home in the first quarter of 2018, according to the California Association of Realtors®. The monthly payment, including taxes and insurance on a 30-year, fixed-rate loan, would be $2,790, assuming a 20 percent down payment and an interest rate of 4.44 percent. Despite Utah’s relatively affordable home prices, there is cause for concern. Derek Miller, Salt Lake Chamber president and CEO, said in The Salt Lake Tribune that the housing shortage is “one of the greatest challenges we face. Failing to address it threatens Utah’s quality of life and its record-breaking economic growth.” To that end, more skilled laborers are needed to build new housing inventory. And cities and counties need to embrace multi-family dwellings and higher densities to accommodate Utah’s rising population. Our children and grandchildren are counting on us.

Adam Kirkham President

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

OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. October 2005

July 2018 | Salt Lake Realtor ® | 7

Happenings

In the News

Housing Prices Out of Reach?

Image licensed by Ingram Image

©Andy / AdobeStock

Highest Incomes are in Utah Utah residents enjoy the highest median annual income when taking into account cost of living, according to a new study by WalletHub. Utah’s median annual income of $65,327 is nearly $6,300 more than the 2016 national average of $59,039, putting the Beehive state at No. 1 for where workers get the highest yearly salaries. “If you want to live in a place where you get paid top-dollar, you may want to consider moving to Utah,” CNBC said in an article touting the study. “People in Utah spend the least amount of time working and are among the most satisfied with their jobs.”

©RawPixel.com / AdobeStock

Nominees for Board of Directors Nominees for four open director seats on the Board of Directors will be presented at the Salt Lake Board of Realtors® annual Business Meeting on Wednesday, July 18. Each position is a fouryear term beginning Jan. 1, 2019. Online voting will take place at UtahRealEstate.com from Aug. 13-19. Nominee profiles will be available online July 18 at www.slrealtors.com.

8 | Salt Lake Realtor ® | July 2018

he Salt Lake Tribune recently reported that Utah’s affordable housing crunch is worsening. Derek Miller, chamber president and CEO, said in the article that the housing shortage was “one of the greatest challenges we face.” Failing to address it, he said, threatens Utah’s quality of life and its record-breaking economic growth. The Salt Lake Chamber is launching a major public-awareness campaign meant to highlight dramatically rising home prices, shrinking affordability and a historic gap in Utah between the number of households and available housing units. “As part of the campaign, chamber officials plan a multipronged advertising and social-media blitz, and they aim to visit every city council in Utah to convey the urgency of the problem,” The Tribune said. “They are also pushing for the adoption of more zoning ordinances that allow a mix of housing types, including options like apartments and condos, as well as a streamlining of cost-prohibitive permitting and impact fees levied at the local level.” The article continued that “fairmarket rents for apartments in Utah’s capital city moving further out of reach of blue-collar and many middleclass residents, with the average twobedroom unit going for $1,035 per month. Paying that without having to sacrifice on other budget basics like food or health care requires earning $19.90 an hour, advocates say — nearly three times Utah’s minimum wage.”

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©Eléonore H / AdobeStock

Tight Labor Market, Rising Material Costs Affects Home Builders Lumber costs have skyrocketed over the past 18 months. Steel prices are rising exponentially. By Dave Anderton

abor shortages and residential permit delays have tightened housing inventories across the Wasatch Front. It also has affected the Salt Lake Parade of Homes, which is celebrating its 72nd year Aug. 3 through Aug. 18. This year just 21 homes will be featured in the Parade, down from 33 homes last year. Jaren Davis, executive officer of the Salt Lake Home Builders Association, said in past years the Parade has presented as many as 44 homes. However, big commercial building projects, like the new Utah State Correctional Facility, are drawing skilled workers away from residential developments. Davis said sheet rockers, for example, typically earn $25 an hour on residential homes. Yet, commercial contractors are offering sheet rockers up to $45 an hour on two-year contracts. That translates to big delays for home builders trying to keep workers on a job site. “Home builders are unable to build in this environment,”

10 | Salt Lake Realtor ® | July 2018

Davis said. “Workers can pick and choose where they want to work.” The value of permit authorized construction in Utah during the first quarter of 2018 was $2 billion, up 7.5 percent year-over-year, according to the University of Utah’s IvoryBoyer Real Estate Center. Residential construction in the first quarter is up 29 percent year-over-year. The top five cities by value of permit authorized construction in the first quarter were Salt Lake City, Lehi, St. George, South Jordan, and Heber. Jay Erwin, president of the Salt Lake Home Builders Association and owner of Green Ridge Builders, a custom home builder, said lumber costs have skyrocketed over the past 18 months. Steel prices, he added, are rising exponentially. “Rising lumber prices have increased the price of an average single-family home by nearly $9,000 and added more than $3,000 to the price of the average multifamily

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THOMAS WRIGHT President, Principal Broker

DAVE JOHNSON Managing Broker

SHANE NORRIS General Counsel

RYAN KIRKHAM Managing Broker, Salt Lake City

ADAM KIRKHAM Managing Broker, Salt Lake City

DEANNA ROBBINS Managing Broker, Draper

David Weekley Homes

Garbett Homes

Model | South Jordan, 84009 | 3,292 Sq Ft

Parade | South Salt Lake, 84106 | 3,224 Sq Ft

unit,” said Randy Noel, chairman of the National Association of Home Builders, in a prepared statement. The labor market is extremely tight, Erwin said. Specialized trades in concrete, framing, electrical, plumbing and HVAC are in need of people right now. Master electricians, he said, can easily make a sixfigure salary. “Cities need to start looking at zoning differently and allow high-rise housing,” said Erwin, who added that some tract builders are taking up to one year to build a 2,000 square-foot home. Adam Breen, owner of Breen Homes, said he is seeing more clients turning to remodeling jobs rather than new homes because of rising mortgage interest rates and soaring home prices. Kitchen upgrades add the most value to a home, Breen said, followed by additions and master suite upgrades. Simple remodeling jobs that include new paint, fixtures, and flooring cost roughly $35 a square foot. New additions can start at $100 a square foot. High-end remodels can be $150 or higher per square foot. For clients with engineered plans and a lot ready to build, Breen said there is a six- to eight-month wait. This year’s Parade features homes priced from $500,000 to $3 million. “Ten years ago 65 percent of our new homes were selling under $300,000,” Davis said. “Today, 91 percent are selling over $300,000.” The Salt Lake Home Builders Association has 502 members, of which 150 are home builders and represent 95 percent of the homes built in the Salt Lake market. “Even in this difficult market the homes featured in this year’s Parade are remarkable and are worth seeing,” Davis said. “Each home offers the latest trends.”

Ivory Homes Parade | Cottonwood Heights, 84093 | 4,996 Sq Ft

Ivory Homes Parade | Murray, 84123 | 4,169 Sq Ft

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

Here is a sampling of this year’s Parade of Homes.

Lafferty Communities Model | South Jordan, 84095 | 4,373 Sq Ft 12 | Salt Lake Realtor | July 2018 ®

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Model | South Jordan, 84009 | 3,332 Sq Ft

Model | Cottonwood Heights, 84093 | 5,884 Sq Ft

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Model | Herriman, 84096 | 2,750 Sq Ft

Model | Herriman, 84096 | 3,050 Sq Ft

Other homes in the parade include:

HardRock Homes Model | Herriman, 84096 | 2,626 Sq Ft

Alair Homes Parade | Bluffdale, 84065 | 7,513 Sq Ft

Magleby Communities Parade | Herriman, 84096 | 4,691 Sq Ft

Bradshaw Homes & Property Parade | Draper, 84020 | 7,385 Sq Ft

Magleby Communities Parade | Herriman, 84096 | 5,508 Sq Ft

Breen Homes Model | Parade | Sandy, 84094 | 6,152 Sq Ft

Sage Homes Parade | Herriman, 84096 | 4,642 Sq Ft

The Building Group Parade | South Jordan, 84095 | 5,500 Sq Ft

Steven Dailey Construction Parade | Murray, 84123 | 4,229 Sq Ft

DAI Construction Parade | Herriman, 84096 | 5,782 Sq Ft

Wright Homes Parade | Draper, 84020 | 4,620 Sq Ft

Green Haven Homes Parade | Herriman, 84096 | 5,390 Sq Ft

14 | Salt Lake Realtor ÂŽ | July 2018

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Good Time to Sell a House Consumers believe prices have and will continue to increase

ew findings from the National Association of Realtors® show that a high number of Americans, 75 percent, believe that now is a good time to sell a house, while 68 percent think it is a good time to buy. That’s according to NAR’s second quarter Housing Opportunities and Market Experience (HOME) survey, which also found that a majority of consumers believe prices have and will continue to increase and that homeownership strengthens our nation’s communities. Optimism that now is a good time to buy remains stagnant from last quarter; 39 percent strongly agree that now is a good time to buy, while 29 percent moderately agree. Among renters, however, those positive feelings have fallen significantly from 55 percent in the first quarter to 49 percent this quarter. Optimism is highest among older buyers (65 or over) and those living in the South and Midwest regions (73 and 71 percent respectively). NAR Chief Economist Lawrence Yun said affordability and low inventory are eroding buyer confidence. “Inventory remains the driving force in real estate, affecting everything for rising prices to household formation. Improving supply conditions is critical to improving buyer

16 | Salt Lake Realtor ® | July 2018

optimism and helping to remove some of the barriers holding back potential first-time buyers.” As home prices continue to climb across the country, the number of respondents who believe now is a good time to sell remains high with 46 percent strongly agreeing (up from 42 percent last quarter) and 29 percent moderately agreeing. Twenty-nine percent believe that now is not a good time to sell a home, and that drops to 19 percent for current homeowners. “Hopefully this strong seller optimism will lead to an increase in inventory later on in the year,” said Yun. Respondents were also asked about their perception of home prices in their communities. Sixty-eight percent believe that home prices have gone up in their area in the last 12 months, up from 63 percent last quarter. Fifty-five percent also believe that home prices will continue to increase in their communities in the next six months, also up from the previous quarter (53 percent). A near high of 58 percent of households believe that the economy is improving – slightly down from 60 percent last quarter but up from 54 percent last year. People in rural areas are more likely to view the economy as improving (63 percent) than in urban areas (51 percent).

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TUES - THURS | AUG 7-9TH | 6AM - 6PM | SOUTHTOWN MALL SOUTH PARKING LOT

Tools for Schools In the Granite School District alone, 65 percent of the students live at or below the poverty level.

he Salt Lake Board of Realtors® is partnering with Wasatch Front school districts and radio station Z104 to provide school supplies, clothing and food to students. A live radio broadcast by Z104 will take place on Aug. 7th through the Aug. 9th at the south entrance of the South Towne Mall in Sandy where members of the Salt Lake Board of Realtors® can drop off school supplies and other needed items from 6 a.m. to 6 p.m. Radio show hosts Dave & Deb will be at the location for the entire three days and sleep in a school bus for two nights to raise awareness and contributions for the schools. “Although our economy is thriving, there are a staggering number of Utah school-age children that don’t have enough food to eat and some parents don’t have the resources to buy basic school supplies like backpacks, notebooks, crayons and clothing,” said Laura Fidler, a Realtor® with Coldwell Banker Residential Brokerage and vice chair of the Salt Lake Board

18 | Salt Lake Realtor ® | July 2018

of Realtors Charity Committee. “As you’re doing your back-to-school shopping please stop by the South Towne Mall and make a donation or financial contribution during these three days.” In the Granite School District alone, 65 percent of the students live at or below the poverty level, Fidler added. More than 1,400 of Granite’s students are homeless and many face hunger issues. In the Canyons School District, The Road Home recently opened its Midvale Center, housing 550 students a year. Many of those students get their primary meals at school and are hungry on weekends, holidays or in the summer. “We’re hoping that members give back to the communities they serve,” Fidler said. “Take a moment on Aug. 7-9 and help a student.” Donations should be new items. School supplies, including backpacks are needed. Shoes, socks and underwear also are needed. Donations can be for any school age student from Kindergarten through grade 12.

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Why Political Advocacy Makes the Difference Utah continues to remain the friendliest state in the nation for Realtors® to do their business without unnecessary and burdensome regulations and taxes. By Matt Clewett

n last month’s installment of our five-part series answering the question, “what is RPAC?” Marcus Jessop, Government Affairs Director of the Salt Lake Board of Realtors®, went into detail about how the Board decides which candidates to invest resources in during elections. As was evident by the article, Realtors® have a huge say as to who is supported and who is not. In the next part of this series, I will explain what happens after candidates are elected and how the Salt Lake Board of Realtors® and the Utah Association of Realtors continue to make an impact at a city, county, and state level through political advocacy thanks to your RPAC contributions. At both the Salt Lake Board of Realtors® and the Utah Association of Realtors®, one of the

22 | Salt Lake Realtor ® | July 2018

most crucial roles that we engage in is building strong and lasting relationships. Relationships are the lifeblood of the political industry. Having a solid relationship with political figures in our community help keep us, and in turn our Realtors®, informed about the issues that are happening around our communities. From zoning changes that can lead to development of single-family and multi-family housing units to proposals for increases in property taxes that could hinder growth in a particular municipality, we are some of the first people to hear about these types of proposals because of the connections we possess. Building these relationships starts at the very beginning: the interview and donation process. After a candidate receives funds from us, they are

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more likely to be receptive to our message. This is not because we are “buying” or “blackmailing” the individual; rather, the elected official is more likely to listen to us because we started off on a positive foot. Because of the relationship we established at the very beginning, we have a say, or at least the ear of the official, in what occurs as their term progresses. Next comes the part that I particularly enjoy – maintaining the relationships. I do this each week by attending as many city council meetings as I can. I start off by driving to Salt Lake City to attend the County Council meeting. Then, I may either go to West Valley City, Cottonwood Heights, Murray, Draper, Riverton, Herriman, or any of the other cities having their council meetings. I prioritize the cities I visit based on three factors:

1. Are there any issues that could potentially impact Realtors® being discussed? 2. Is there someone from the council I need to meet with to talk about a particular issue? 3. Do I need to introduce myself to someone and begin to build a relationship with? At each of the meetings, I take time to listen to the discussion on each of the issues and take down notes on how I feel the council will react/ vote to the proposals being discussed. I also track the voting records of these lawmakers so that we can know how often they vote in favor/against Realtor® issues. As the saying goes: “actions speak louder than words.” At the end of each council meeting, I go up to members of the council and talk with them. Sometimes it is about a particular

24 | Salt Lake Realtor ® | July 2018

issue discussed at the meeting minutes before, sometimes it is about an issue that will be coming up. In any case, talking with the elected official and building a positive relationship is a key factor to representing Realtors®. Although the saying, “it’s not what you know, it’s who you know that really matters” may be applicable to a certain extent, what we know is just as important, if not arguably more important. I spend a solid amount of my time researching the issues that are to be addressed. Government leaders rely on us to be experts in our industry. Most politicians are not experts in every niche and therefore need people to educate them on the consequences of a certain policy. We need to know what exactly is required, the pros and cons to any proposal that affects the real estate industry, and the financial implications of these policy proposals. If that wasn’t already enough, we are expected to know all of this information at a moment’s notice. I had the unique privilege to work for President Wayne Niederhauser in the Utah State Senate during this last legislative session and was able to see this type of behavior exhibited with (almost) every lobbyist that came into his office. Each of these individuals were able to accurately paint a vivid picture of the policy topic and explain the implications of the proposals in a concise manner that effectively got the point across. Chris Kyler and Mike Ostermiller are well respected and were able to educate our lawmakers on the importance of many of the bills that would affect housing in Utah. Because of their hard work, Utah continues to remain the friendliest state in the nation for Realtors® to do their business without unnecessary and burdensome regulations and taxes. I can say with certainty that if these advocates were not in the room educating the legislators, most of the bills would not have been passed or, at the very least, they would have not been understood well. Overall, there is much more going on than most realize with regard to political advocacy. We are working hard each and every day to make sure the collective will of our industry is well represented at the city, county, and state level. Thanks to RPAC and the contributions that are made by thousands of our members, we are able to help keep your costs low, pave the way for more inventory to be built, and ensure that harmful regulations do not prevent you from doing your job to the best of your ability. Matt Clewett is Government Affairs Assistant at the Salt Lake Board of Realtors®.

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8 Myths All New Homeowners Fall For By The National Association of Realtors®

ou’ve signed the closing papers and have your new house keys in hand. As you open the door to your exciting — and sometimes overwhelming — new life as a homeowner, steer clear of these eight common home ownership myths. Avoiding them will save you time, money, and protect your home value.

Myth #1: Only Homes In Warm Climates Need Roof Vents Yes, roof vents do suck hot, humid air up and out through the roof. That act is called ventilation. Which is why you need roof vents if you live in a colder climate. Huh? Because ventilation pushes the warm away from your snow-covered roof and gutters. If warm air lingers under your roof, it could cause the snow to melt just enough to easily refreeze at night, melt again, refreeze (you get the picture) creating ice dams instead of pretty, fluffy snow on your roof.

26 | Salt Lake Realtor ® | July 2018

And when those ice dams melt come spring, that water could funnel into your insulation and walls causing mold, mildew — and a busted bank account.

Myth #2: I Should Re-Up On My Home Warranty A home warranty is like a $500 bottle of wine. If someone else pays for it, why not enjoy it? And sellers often do offer them as an incentive to help buyers (especially first-timers who often have limited budgets) feel more secure about having financial help for any unexpected repairs. If your seller tosses one into your deal, great. Use it. But when the warranty runs out, resist the temptation to continue it. Put the money into a home maintenance savings account instead. Because home warranties aren’t cost-effective for homeowners to purchase themselves. The coverage is often limited, and warranty companies have oodles of red tape that can delay repairs for days, even weeks.

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Myth #3: Mowing Grass Extra Short Means Mowing Less Often Grass blades collect sunlight. Cut them too short and they can’t soak up enough to survive, which makes for brown, patchy grass and weeds galore. Which means you just killed your curb appeal, too. Save the grass — and your home’s good looks — by cutting your lawn no more than one-third the length of the blades at each mowing. Overall, aim to keep the grass between two-and-a-half and three inches high.

Myth #4: If My Water Main Springs a Leak, The Water Company Will Cover It Nope. The city fixes the public water lines from the road to your property, but you’re responsible for the main that runs from your property line to your dwelling. A broken water main can cost anywhere from $500 to a shocking $3,000 (or more!) to repair. Plus: all that water everywhere. And you may have to pay for that water too, which also can run into the thousands, especially if you don’t address the leak quickly.

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The most common cause of water main breaks is tree roots getting into older pipes. If you have mature trees with roots pushing up the sidewalk or driveway, that could be a hint that you might encounter a water main break — or sewer line break (yup, just like the water line, the sewer line on your property is your responsibility). And don’t waste money on special water pipe insurance. It’s not worth it. You’re better off putting that money into a home maintenance account. Besides it only covers fresh-water pipes.

Myth #5: I Can Remove a Tree or Paint My Mailbox Any Color Before yelling “Timber!” or choosing paint colors, think about your neighbors. If you bought a condo, co-op, or a home in a neighborhood with an HOA (homeowners’ association) you may not actually have the right to do that — without your neighbors’ consent, that is. What an HOA (or condo association or co-op board) may control is surprising. Things like pet ownership, outdoor clotheslines, or even (true story) parking in the driveway instead of your garage. So check the rules. Because breaking them could cost you — by making you redo a remodel, 303 or fining 110 you.

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28 | Salt Lake Realtor ® | July 2018

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But keep in mind that HOAs are there to protect your home value. They’ve got your back. Just stay in touch with the rules so you don’t make a costly mistake.

Myth #6: When The Pipes Clog, Pour In a Bottle of Drain Cleaner While drain cleaners are quick and convenient, they can cause more (and bigger) problems than they fix. They don’t typically remove the entire clog, making it more likely to recur — and their caustic chemicals can wear away the insides of the pipes, causing leaks. Instead, invest in a $15, manually-operated drain snake at the hardware store, or rent an electric one to clear bigger clogs. Then use screens to prevent food scraps and hair from getting in your pipes. And keep everything but sewage and TP out of the toilets. Always.

Myth #7: My Neighbor’s Tree Fell In My Yard, So They’ll Pay For It Well … that depends. Your first step, no matter what, is to call your insurance company. They’ll restore your property and then decide whether to pursue the neighbor for reimbursement.

That may be tough, though, (and awkward) because in order to collect the insurance company needs proof that the neighbor knew the tree was old or damaged, and didn’t maintain it. The good news is that your policy should cover tree damage caused by wind, water, and storms. It may also cover hauling away tree debris if it damaged your home. Likewise, if your tree falls on a neighbor’s property, don’t rush over with a wad of cash. Offer your sympathies, and let them know you’ll wait to proceed until their insurance company contacts you. And always keep receipts for trimming and other tree care, should you need to prove your diligence.

Myth #8: I’ll Save Time And Money By Reroofing Over Old Shingles Reroofing, or adding new shingles over existing roofing, may be cheaper than replacing the roof entirely. But it’s not wise. A roof is like a cake of wooden sheathing beneath an icing of shingles. If the cake is spoiled, you can’t fix it (or even find out about it) by putting an extra layer of icing on top. If there’s damage to your roof, get a new roof. Period.

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July 2018 | Salt Lake Realtor ® | 29

Demolition Daze: 7 Ways to Botch Renovating a Home Of the 43 million DIYers taking on projects each year, 1 in 5 ends up in the hospital because of accidents. By Daniel Bortz

“R

enovating my house was a piece of cake,” said no one ever. Indeed, even seemingly simple projects, like installing a screen door, staining hardwood floors, or refacing kitchen cabinets, can surprise homeowners with unexpected challenges and ever-escalating costs. And the problems multiply if you make certain all-too-common mistakes. We’re not trying to discourage you from renovating your house, but if you’re planning to give your house a face-lift, be sure to avoid these seven renovation fumbles.

1. Starting without a plan Fact: Only fools rush into home renovations. To conserve time and money, you should create a detailed, step-by-step plan of what the work will entail instead of just “winging it.” For example, to add a tile accent to your kitchen or bathroom, you need to gather the right tools (tile spacers, goggles, measuring tape, etc.), turn off the power to the area you’ll be tiling, mix and spread the mortar, and install the tile in small sections. 2. Hiring a handyman when you need a licensed contractor You can certainly use a handyman to take care of minor tasks, such as fixing broken windows,

30 | Salt Lake Realtor ® | July 2018

swapping out old ceiling fans for palm blades, or repairing a leaky toilet. But for more complicated projects you’ll want to hire a professional who specializes in the type of work you need done. While you may have to pay more for a licensed contractor, doing so gives you peace of mind that the work will be of high quality. You also get an extra layer of legal protection, since licensed contractors typically need to have insurance that protects customers if they fail to complete the job properly. Pro tip: Don’t just hire the cheapest contractor you can find. Instead, get bids from at least three contractors, research online reviews, and talk to former customers before choosing whom you want to work with. 3. Overestimating your renovation skills One obvious way to save money is to skip hiring a contractor and do renovations yourself. But that’s not always a good idea. “DIY is OK for making aesthetic updates, like replacing a kitchen’s backsplash or retiling a bathroom, but there are major safety risks when you remove walls,” said Jesse Fowler, president of Tellus Design + Build, based in Southern California. (Read: If you don’t know how to handle plumbing

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To see why Coldwell Banker sells more $1 million homes than any other company, contact a manager at one of our 11 Utah offices, or visit ColdwellBankerHomes.com. Salt Lake I 801.467.9000 Sugar House I 801.488.5300 Station Park I 801.295.2700 South Valley I 801.307.9400 Park City Newpark I 435.602.4800 Orem I 801.434.5100 Union Heights I 801.567.4000 Ogden I 801.479.9300 Layton I 801.774.1500 South Ogden I 801.476.2800 Tooele I 435.882.2100

All Counties included. Based on information from Wasatch Front Regional Multiple Listing Service. Due to MLS reporting methods and allowable reporting policy, this data is only informational. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Owned and Operated by NRT LLC. The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Real estate agents affiliated with Coldwell Banker Residential Brokerage are independent contractor agents and are not employees of the Company. ÂŠ2018 Coldwell Banker Residential Brokerage. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Owned by a subsidiary of NRT LLC. Coldwell Banker,the Coldwell Banker logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered service marks owned by Coldwell Banker Real Estate LLC.

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issues, repair ductwork, or wield a sledgehammer, leave it to a pro.) Also, consider that if you have to redo the work, you may have to spend twice the amount of money to fix the damage you’ve done, said Allen Shayanfekr, co-founder and CEO of Sharestates, an online crowdfunding platform for real estate financing. 4. Underestimating renovation costs Pricing out some home improvement projects is fairly straightforward. If you’re replacing a washer and dryer, it’s fairly easy to calculate how much the new appliances and installation cost. However, budgeting for bigger renovations can be trickier, especially if you have to tear down walls, which could reveal problems (e.g., mold) hiding behind the drywall. Hence, it’s no surprise that 36 percent of last year’s home renovators said staying on budget was their No. 1 challenge, a recent Houzz survey found. Do thorough research on the total cost of your project (for structural changes, don’t forget permit fees, which can be substantial), and then add a 10 percent to 15 percent cushion so that you have room in your budget for unforeseen expenses. 5. Buying cheap materials It might be tempting from a cost savings perspective, but you don’t want to skimp on building materials. For one thing, cheap materials tend to have a shorter life span. They are also more susceptible to damage and, in some cases, can even create health risks if they contain toxic chemicals, said the Healthy Building Network, a nonprofit that researches and publishes information on the sustainability of building materials. You don’t need to buy the most expensive

32 | Salt Lake Realtor ® | July 2018

materials, but make sure you factor in quality when planning your renovation designs. 6. Making your house clash with the neighborhood One way to sour relationships with neighbors—and hurt your home’s resale value— is to make renovations that change your house’s facade so sharply, it clashes with other homes in the neighborhood. For instance, if you live in a community with Craftsman bungalows, transforming your house into a Cape Cod or Mid-Century Modern style might make your home stand out in a bad way. Similarly, you don’t want your house to be the largest one on the block. (On that note, have you heard McMansions are falling out of favor with young home buyers?) 7. Neglecting safety measures Safety always comes first, and with respect to home renovations, that means you have to take precautions throughout the project. Research from the Home Safety Council shows that of the 43 million DIYers taking on projects each year, 1 in 5 ends up in the hospital because of accidents that relate to those projects. Be sure to wear safety glasses and a hard hat when needed, and earplugs during loud construction. Also, practice proper ladder safety. If you’re creating a large mess, a lot of dust, or paint fumes, it might be best to stay at a hotel until the work is complete. Daniel Bortz is a Realtor in Maryland, Virginia, and Washington, DC. He has written for Money magazine, Entrepreneur magazine, CNNMoney, and more.

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July 2018 | Salt Lake Realtor Â® | 35

REALTOR® Connections

On the Move Windermere Utah Real Estate, a leading residential and commercial real estate company, announced the opening of a new downtown Salt Lake City office in the American Towers building at 46 Broadway. This is Windermere’s ninth Utah office and joins eight other locations including Sugar House, Cottonwood Heights, 9th and 9th, Harvard-Yale, West Valley City, Layton, Park City and Coalville.

Pictured: Craig Hawker and Marcus Jessop, government affairs director.

Winner of Free Gasoline Announced Craig Hawker of Action Team Realty was the lucky winner of one year of free gasoline ($4,000 value) thanks to his investment to the Realtors® Political Action Committee (RPAC). During the month of May, members who invested a minimum of $20 were entered into the free gas contest. On Aug. 1st, the Salt Lake Board of Realtors® will draw another winner, this time for a free trip for two to Hawaii ($5,000 value). To enter the Hawaii contest, just invest a minimum of $15 when you pay your annual membership dues. Every $15 invested counts as an entry. Go to www.slrealtors.com.

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Windermere Holds Community Service Day

Housing market conditions are toughest for entry-level buyers looking for affordable homes, according to Realtor.com. In the following six markets (out of the top 100 markets) the typical home is selling in 30 days or less: 1. San Jose-Sunnyvale-Santa Clara, Calif.: 23 days on market. 2. Seattle-Tacoma-Bellevue, Wash.: 24 days on market. 3. San FranciscoOakland-Hayward, Calif.: 25 days on market. 4. Omaha-Council Bluffs, Neb.: 26 days on market. 5. Salt Lake City, Utah: 26 days on market. 6. Colorado Springs, Colo.: 30 days on market.

Windermere Utah Real Estate recently held its annual Community Service Day at The Family Support Center in Midvale. Nearly 200 agents did cabinetry work, painting, landscaping, sport court and playground maintenance, roofing repairs, lighting installation, and construction of a storage shed. The day’s activities helped more than 50 families who live in the center’s LifeStar Village, a program that helps homeless families transition to housing. Grady Kohler, principal broker of Windermere Utah Real Estate, presented a $15,000 check to the center. The donation was made possible thanks to the personal contributions of Windermere agents.

Salt Lake Realtor® Magazine welcomes announcements on new Realtors®, affiliates, awards, office openings and professional accomplishments. Send your news to dave@slrealtors.com. News received is published at the discretion of Salt Lake Realtor® Magazine.

36 | Salt Lake Realtor ® | July 2018

C O M M U N I T I E S

MY WHY? i Iâ€™m selective about who I work for. So, when I heard about the origins of RE/MAX, I was intrigued. Their North Star was simple, yet radical: pay agents what they deserve. And that I can get behind.

Why RE/MAX? The story is my why. ÂŠ2018 RE/MAX, LLC. Each office is independently owned and operated. 18_300400

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Even the smallest of gestures can mean so much to others Every year since 1984, Windermere associates have dedicated a day away from work to complete neighborhood improvement projects. Creating vibrant communities is one of the things that inspire our network to be involved in service projects that make things a little brighter for all our neighbors. For our Community Service Day this year, we were able to assist The Family Support Centerâ€™s Life Start Village. We were pleased to spend our day painting, cleaning, repairing, and landscaping. We were able to leave this part of our community a little better than we found it. Thank you for working with Windermere and helping us support our local communities.

wi n d e r m e re . c o m

To become a part of the largest regional real estate company in the Western U.S., contact our Principal Broker Grady Kohler at (801) 815-4663 or GradyKohler@Windermere.com