Issuu

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

When we work with Homebuyers, we build homes around their lives – not the other way around. The same is true when we work with you. At David Weekley Homes, we work hand-in-hand with you and your Team to ensure that your Clients’ path to homeownership is as seamless and fulfilling as possible – and so is your experience in helping them get there. That’s The Weekley Way.

Homes from the low $300s to mid $500s in the Salt Lake City area Now Selling!

Rockwell Park in Draper

From the Mid $400s

13833 South Bangerter Parkway, Draper, UT 84020 Model Home Virtual Tour Available

Ready Now!

$360,000

The Birdsong Holbrook Farms- The Villas- Lehi 4463 W. 2600 N, Lehi, UT 84043 2 Story 3 Bedrooms, 2 1/2 Bathrooms, 2-car Garage Virtual Tour Available

Ready Now!

$474,900

The Casale Daybreak 11423 S. Holly Springs Drive 2 Story, 4 Bedrooms, 3 1/2 Bathrooms, 2-car Garage Virtual Tour Available

Now Selling!

Cedar Canyon in Cedar Hills

From the Mid $400s 4697 W. Daisy Lane, Cedar Hills, UT 84062 Model Home Virtual Tour Available

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 © 2020 David Weekley Homes - All Rights Reserved. Salt Lake City, UT (SLCA99514)

GETTING A HOME IS A SNapp WITH LOW RATES AND OUR ALL-IN-ONE MOBILE APP, NOW IS THE TIME TO START YOUR CLIENT’S JOURNEY!

Make the process even easier by getting them pre-qualified before they visit the first home! Our SNapp app can do this right from their phone. Learn more at snmc.com/snapp

This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Interest rates and program guidelines are subject to change without notice.

Turning Houses into Homes®

Table of Contents Features 10

Coronavirus: A Guide for Realtors® The National Association of Realtors®

17 Dos and Don’ts of Conducting Business during the Covid-19 Economic Quarantine Curtis Bullock

Protections for Realtors®, U.S. Consumers in $2 Trillion Economic Relief Bill The National Association of Realtors®

Americans are Still Optimistic about Buying

With Every Adversity Comes Opportunity Alicia Holdaway

Columns 7

Public Health Order Declares Real Estate an Essential Service Alicia Holdaway – President’s Message

Departments

17 Dos and Don’ts of Conducting Business during the Covid-19 Economic Quarantine p. 14

Happenings

In the News

Housing Watch

Realtor® Connections

On the Move

On the Cover: Cover: ©/Adobe Stock Photo left: ricka_kinamoto©/Adobe Stock

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

April 2020 volume 80 number 4

slrealtors.com

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.

Make Today

DAY

of your

DAY Now, more than ever, we must work together, help one another, and come together as ONE. RealtyONEGroup has always led the industry with the most professional branding, best-in-class marketing, and amazingly friendly staff. But, what agents love most about us is our fair and equitable commission structure. We are here today as we have always been, to help each and every ONE of you achieve the highest level of success without unfairly taking what youâ€™ve worked so hard to earn. Visit JoinTheUnbrokerage.com and use our Commission Comparison Calculator to see how much more you could be taking home at RealtyONEGroup.

REALTYONEGROUP SIGNATURE MIDVALE

REALTYONEGROUP SIGNATURE SOUTH VALLEY

REALTYONEGROUP SIGNATURE VERNAL

RP (801) 633.1990

Angela Faber (801) 703.6553

Mary Lou Dixon (435) 790.0529

REALTYONEGROUP LIFESTYLE RIVERTON

REALTYONEGROUP ARETE DAVIS COUNTY

REALTYONEGROUP GOLDMARK ST. GEORGE

Rob Adams (801) 259.4341

Spring Bengtzen (801) 641.1431

Casey Jones (801) 671.6158

EACH OFFICE INDEPENDENTLY OWNED AND OPERATED

We’re hiring We’re hiring

We’re getting more and more business with loan applications beyond our already growing capacity, and as a result, we’re looking for operations personnel as soon as possible. Guaranteed Ratemore is hiring for the following roles: We’re getting more and business with loan applications beyond our already growing capacity, and as a result, we’re looking for operations personnel as soon as possible. Guaranteed Rate is hiring forClosers the following roles:

Loan Processors Closers Underwriters Loan Processors And moreUnderwriters operation positions Guaranteed Rate, Inc. is an Equal Opportunity Employer that welcomes and encourages all applicants to apply regardless of age, race, sex, religion, color, national origin, disability, veteran status, sexual orientation, gender identity and/or expression, marital or parental status, ancestry, citizenship status, pregnancy or other reason prohibited by law.

And more operation positions

Guaranteed Rate, Inc. is an Equal Opportunity Employer that welcomes and encourages all applicants to apply regardless of age, race, sex, religion, color, national origin, disability, veteran status, sexual orientation, gender identity and/or expression, marital or parental status, ancestry, citizenship status, pregnancy or other reason prohibited by law.

Julia Borst

SVP, Divisional Manager

O: (801) 890-7630 Mike ShehanC: (801) 918-5500

O: (801)Borst 890-7660 C: (801) 362-7159 Julia

mike.shehan@rate.com O: (801) 890-7630 C: (801) 918-5500

julia@rate.com O: (801) 890-7660 C: (801) 362-7159

VP of Market Growth www.rate.com

SVP, Divisional Manager www.rate.com/JuliaBorst

www.rate.com

www.rate.com/JuliaBorst

mike.shehan@rate.com 9350 South 150 E., Suite 140

julia@rate.com 9350 South 150 E., Suite 140

Sandy, UT 84070 9350 South 150 E., Suite 140 Sandy, UT 84070

NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org)

Sandy, UT 84070 9350 South 150 E., Suite 140 Sandy, UT 84070

Salt Lake

REALTOR

Maga zine

slrealtors.com

Jennifer Gilchrist Utah Key Real Estate

President Alicia Holdaway Summit Sotheby’s

Ryan Henderson Realtypath LLC

First Vice President Matt Ulrich Ulrich Realtors®, Inc.

Tony Ketterling Equity Real Estate John Lucky Coldwell Banker Residential

Second Vice President Steve Perry Wise Choice Real Estate

Michael Morgan RealtyPath LLC

Treasurer Rob Ockey Century 21 Everest

Mary Olsen Utah Key Real Estate Sophie Reece Berkshire Hathaway

Past President Scott Robbin Summit Sotheby’s

Janice Smith Coldwell Banker Residential

CEO Curtis Bullock

Dawn Stevens RealtyOne Group Signature

Directors

Carlye Webb RealtyOne Group Signature

Hannah Cutler Coldwell Banker Residential

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 Office Administrator Cynthia Bell Snow

Sales Staff Paula Bell Paul Nicholas Chad Saunders Administrative Assistants Jessica Alder Caleb Deane

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.

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

Public Health Order Declares Real Estate an Essential Service On Sunday Mar. 29, Salt Lake County issued a public health order in response to the state’s “Stay Home, Stay Safe” directive issued last Friday. This order goes into effect Monday, Mar. 30 and will run through Apr. 13. As part of the Order, real estate and related services are considered essential services that may be continued if done in a safe and responsible manner, in accordance with the NAR COVID-19 guidelines, and the specific Salt Lake County Order below. “Professional services, such as legal or accounting services, insurance services, real estate services (including appraisal, home inspection, and title services), and veterinary services. These services shall, to the greatest extent possible, use technology to avoid meeting in person, including virtual meetings, teleconference, and remote work (i.e., work from home). When showing homes to prospective clients, real estate agents must refrain from traveling in the same vehicle as a client/prospective home buyer, and real estate professionals shall further adhere to the tools provided by the National Association of Realtors®.” Please consider working from home and using virtual technology when possible. Follow any broker-specific training and guidelines that your specific brokerage has adopted in your market area, in accordance with the NAR guidelines. You can meet with clients, but when doing so please practice social distancing, limit group sizes, wash your hands, don’t drive in the car with clients, and follow the NAR guidelines. It is now more important than ever that we as Realtors® rise to the occasion and continue to do our part to ensure the safety and well-being of our family, friends, clients, and everyone we come in contact with. Doing so will allow us as an industry to continue to provide innovative and world-class service at the highest level during this time of difficulty and uncertainty. We applaud Governor Herbert; the Salt Lake County Mayor, Council, and Health Department; the Salt Lake City Mayor, and many other government officials and employees for recognizing that implicit in the “Stay Home, Stay Safe” directive, having a place to call home is essential. Please watch for any further updates on our The Salt Lake Board of Realtors® Members Page on Facebook, which is monitored and updated on a continuing basis. If you haven’t joined this page yet, please do!

Alicia Holdaway President

April 2020 | Salt Lake Realtor ® | 7

Happenings

In the News Coronavirus’s Impact on Home Sales

Steve Perry

Podcast Panel Discusses Covid-19 Registered nurse Erin Lewis, pictured right, joined Alicia Holdaway, president of the Salt Lake Board of Realtors®; Scott Robbins, past president; and Tony Ketterling, director; for a discussion on how the coronavirus pandemic is affecting real estate. Efforts to contain the virus have changed the way people interact and do business. Thankfully, technology offers many ways to deal with the challenges. “We can show homes via Facetime,” Holdaway said. “We can video record homes on Marco Polo. I do that for out-of-state clients all the time. Why can’t it be the same for an in-state client who you don’t want to take to a home because they are sick?” Utah Gov. Gary Herbert on March 27 issued a “Stay safe, stay home” directive that encouraged people to stay home as much as possible. Search for “Salt Lake Board of Realtors” on your podcast app (Apple, Google Play, Spotify, and TuneIn).

Stigmatized Properties and Disclosure Alicia Holdaway, president of the Salt Lake Board of Realtors®, was recently featured in a KUTV-2 News interview on stigmatized properties. A stigmatized property is property that buyers or tenants may shun for reasons that are unrelated to its physical condition or features. These can include death of an occupant, murder, suicide, and belief that a house is haunted. The TV spot centered on a Salt Lake City house where a murder had taken place. “A Realtor® has to disclose any material defects to a home, which a crime is not,” Holdaway said. “Really the question becomes, ‘What just makes sense?’” The tenant renting the property said he was informed of the crime, but was not deterred from renting the property. In fact, for the right price, the renter said he would buy the house.

8 | Salt Lake Realtor ® | April 2020

Lawrence Yun, chief economist of the National Association of Realtors®, recently told The Washington Post that if the virus shutdown is less Lawrence Yun than three months, then there will be a quick, robust rebound to the housing market and maybe even no change in the annual home sales. However, a shutdown lasting over six months could lead to measurably lower sales. “It is worth noting that even if sales slump, home prices are likely to hold on,” Yun said. “There was a housing shortage before the virus. There will be even less inventory during the shutdown.” How does the virus slowdown compare to the early days of the housing market crash in 2008? Yun said it is too early to say. “Back then, subprime lending, along with massive overproduction by home builders, was simply not sustainable and bound to fail,” Yun said. “This time around, the fundamentals were solid with no subprime lending and no overproduction. So the virus impact could be just delayed transactions once the “all clear” sign is given. Still, the stock market correction and the first phase of job cuts in retail service and the travel industry will pause some buyers. Those with secure jobs (government workers, health care, education, truck drivers) could try to take advantage of the super low mortgage rates at a time when there is less buyer competition in the market.” Yun added that consumers will do far more virtual tours of homes. “They will not waste time visiting homes that do not meet the criteria,” he said. “So rather than visiting 10 homes physically in person, consumers would likely have narrowed to only two homes. The virtual visits of homes are likely going through the roof.”

We go to Battle for You!

CrossCountry Mortgage, LLC NMLS3029

CCMAgent.com

Coronavirus: A Guide for REALTORS® By The National Association of Realtors®

The coronavirus pandemic continues to impact the real estate industry. Everything, from brokerage operations to how listings are being marketed and the ability to close transactions, is requiring Realtors® to adapt to these extraordinary circumstances. The National Association of Realtors® (NAR) understands that these unprecedented circumstances are impacting our members’ ability to conduct their businesses. Our members’ success and ability to navigate these uncertain times are paramount to NAR, and we are providing this guidance to help address some of the common transactional issues we are hearing about. This guidance will be continually updated based on current directives from the WHO, the CDC

10 | Salt Lake Realtor ® | April 2020

and the White House, and we encourage all members to stay informed by regularly visiting the CDC’s website, and to comply with local and state government orders regarding coronavirusrelated restrictions. As always, we are here to support you and see you through this crisis. Thank you for your membership, and we are stronger together! Why is NAR issuing this guidance? In response to the growing concerns about COVID-19, commonly referred to as coronavirus, NAR is providing this guidance to help Realtor® associations respond to the coronavirus’s impact on the real estate industry. As of March 16, 2020, the United States government has banned all

Symptoms include fever, cough, and shortness of breath. Anyone experiencing emergency signs such as difficulty breathing, persistent pain or pressure in the chest, new confusion or bluish lips or face should immediately seek medical attention. What is the risk of exposure to coronavirus? Older adults and people who have severe underlying chronic medical conditions like heart or lung disease, diabetes, or autoimmune disorders seem to be at higher risk for developing more serious complications from COVID-19 illness. The virus is thought to spread mainly from person-to-person and the best way to prevent illness is to avoid being exposed to this virus. The CDC urges citizens to monitor your health and practice social distancing. Social distancing means staying out of crowded places, avoiding group gatherings, and maintaining distance (approximately 6 feet) from others when possible. How should brokerage staff or agent/ licensee reports of COVID-19 be handled? NAR has prepared a sample preparedness plan for Circumstances Relating to COVID-19 that any real estate brokerage may adapt and implement in your workplace. dottedyeti©/ Adobe Stock

travel from Europe, the United Kingdom and Ireland into the United States for a period of thirty (30) days. The United States government has also closed the U.S.-Canada border to nonessential travel. The U.S. Centers for Disease Control and Prevention (CDC) has issued Level 3 Travel Warnings for Malaysia, China, Iran and South Korea, and a Level 2 Travel Health Notice all other global travel. The situation is rapidly evolving. Be sure to refer to the CDC’s website for up-to-date information about travel warnings, as well as information about the coronavirus’ current impact in the United States. Daily updates about the coronavirus are also available from the World Health Organization. What is Coronavirus? COVID-19 is a novel coronavirus that has infected more than 191,000 individuals in 164 countries and territories, causing the World Health Organization (WHO) to classify this outbreak as a pandemic on March 11, 2020.

What preventative measures may be taken to reduce the risk of contracting and spreading coronavirus? The CDC urges individuals to take these measures to protect themselves and others: • Wash your hands frequently with soap and water for at least 20 seconds. If soap and water aren’t available, use an alcohol-based hand sanitizer. • Avoid touching your eyes, nose, and mouth with unwashed hands. • Practice social distancing by staying out of crowded places, avoiding group gatherings, and maintaining distance (approximately 6 feet) from others when possible. • Avoid close contact with anyone who is sick. • Stay home if you have a fever, cough, shortness of breath or any other cold or flulike symptom. • Clean and disinfect frequently touched objects and surfaces. • Cover your mouth and nose with a tissue when you cough or sneeze, or cough or sneeze into your sleeve.

April 2020 | Salt Lake Realtor ® | 11

Image licensed by Ingram Image

Additionally, to help prevent the continued spread of coronavirus, on March 15, 2020, the CDC recommended that for the next eight weeks, all in-person events consisting of 50 or more people, such as conferences and assemblies, be cancelled, postponed or modified to virtual events. On March 16, 2020, President Trump announced new guidelines, advising that individuals avoid groups of more than 10 people for the next 15 days. Avoiding these in-person gatherings is an effective measure that will reduce your risk of contracting or spreading coronavirus. What unique issues does coronavirus present to the real estate industry? When an infectious disease, such as coronavirus, is associated with a specific population or nationality, fear and anxiety may lead to social stigma and potential discrimination. RealtorsÂŽ must be mindful of their obligations under the Fair Housing Act, and be sure not to discriminate against any particular segment of the population.

12 | Salt Lake Realtor ÂŽ | April 2020

While the coronavirus outbreak began in Wuhan, China, that does not provide a basis for treating Chinese persons or persons of Asian descent differently. May I ask clients or others I interact with in my real estate business if they have traveled recently, or have any signs of respiratory illness? Yes, you may ask clients or others about their recent travel, particularly to areas identified as having an increased risk of coronavirus. To avoid potential fair housing issues, be sure to ask all clients the same screening questions based on current, factual information from public health authorities. I typically drive my clients to showings. May I refuse to drive potential clients to see homes? Yes. However, be sure that any change to your business practices is applied equally to all clients. You may refuse to drive clients who show signs of

illness or reveal recent travel to areas of increased risk of coronavirus, or you may instead decide to stop driving clients in your car altogether, and simply arrange to meet clients at a property. If you do continue to drive clients in your car, it is a good idea to frequently clean and disinfect surfaces like door handles and seat belt latches, and to ask clients to use hand sanitizer when getting in and out of the car.

guidance recommending that in-person events consisting of 50 or more people be cancelled or postponed, which was followed by President Trump’s announcement on March 16, 2020 recommending that individuals avoid groups of more than 10 people for the next 15 days, brokers should take measures to hold virtual meetings when possible, and potentially postpone or cancel in-person meetings or events to take to limit close contact between individuals.

What precautions should brokers consider taking in their offices?

Be sure to monitor updates from the CDC, as well as your state and local health authorities for additional information and guidance on holding meetings or events.

Brokers should use their best judgment when formulating a plan. In addition to performing regular environmental cleaning with special attention paid to frequently touched surfaces, brokers should implement a mandatory “stayhome” policy for any staff member or agent exhibiting any sign of illness. Brokers may want to consider imposing a mandatory or maximum flexibility remote work policy for employees and instructing agents to stay out of the office. In addition, in the wake of the CDC’s recent

Finally, do not panic, stay informed, and use your best judgment. The situation is rapidly changing, so focus on putting policies and procedures in place to keep your employees and agents informed, safe, and to avoid business disruption in the event the situation worsens. This guidance was originally published on March 4, and was updated on March 24.

HEY REALTORS FIRST-TIME

NO DOWN PAYMENT

100% FINANCING AVAILABLE! VISIT US ONLINE AT UCREDITU.COM OR CALL 801.481.8840

Federally Insured by NCUA

April 2020 | Salt Lake Realtor ® | 13

17 Dos and Don’ts of Conducting Business during the Covid-19 Economic Quarantine By Curtis Bullock

I’ve compiled a list of dos and don’ts and other legal considerations to be aware of when conducting your business amid COVID-19. The following are questions that I am hearing. These tips are in accordance with the directives from Salt Lake County which deemed real estate as an essential service and the “Stay Safe, Stay Home” directive from the State. 1.

Stay Safe, Stay Home – when possible work from home. Only businesses considered essential are open. Real estate is considered an essential service. Yes, as Realtors® you can go out into the community when necessary.

14 | Salt Lake Realtor ® | April 2020

Do not drive in the car with your client. The Salt Lake County directive specifically prohibits this.

Yes, you can show a home to a client. Simply follow safe social distancing protocols by wiping surfaces, disinfecting, asking people not to touch anything in the house.

Can you do photography? Yes. Just use common sense and follow the guidelines.

Open Houses? I would seriously consider whether doing this makes sense now. If you must for whatever reason, follow your broker and National Association of

Maridav©/ Adobe Stock

Realtor® guidelines. Only allow one or two people in the home at a time, wipe down surfaces, ask people not to touch anything, turn the lights on and open doors so people don’t have to. Follow safe social distancing. Consider doing video tours instead. 7.

dialogue between the parties. The Covid-19 addendum simply allows for a mutual extension of deadlines if needed and alleviates the stress of someone wanting to go under contract but is having reservations about it. If your broker has their own specific form that is perfectly fine.

My seller doesn’t want anyone in the home. What do I do? Follow the wishes of your seller. Do virtual tours, videos etc. But also refer your seller to any CDC info. From what I’ve read the virus is mainly spread by touching a surface that is infected, then touching your eyes, mouth, nose, or ears. We are not medical experts but help guide your sellers to the best medical info you can so they can make an informed decision. Personally, I believe a home can be safely shown right now if safety protocols are taken.

Must the seller and buyer sign the Utah Association of Realtors® Covid-19 addendum? No. Remember, this is a tool and can be used as a starting point for negotiation and to simply encourage a

11. Can my client meet the inspector at the home after the inspection is done? Yes. Follow safe social distancing etc.

Should we have our buyers or sellers sign a hold harmless agreement when someone tours a property? Some sort of document that releases the Realtor® and broker from liability should someone become infected later on? This type of form is being discussed by the UAR right now. So far three states have adopted one. In the meantime consult your broker should you desire this type of legal document. It’s up to you.

10. Can my client do a walk-through prior to closing? Yes. Follow safe social distancing etc.

(continued on page 18)

April 2020 | Salt Lake Realtor ® | 15

*ADJUST THE LENGTH OF YOUR LOAN TO SEE WHICH LOAN WILL COST YOU LEAST OVER THAT TIMEFRAME.

NMLS ID 85855 | 79053 | 137701

*On average people will keep their home for 7-10 years but only keep their loan for 3-5 years.

1132+ reviews (4.9 stars)

How long you plan to keep your loan will determine which loan will cost you less. Weâ€™ve built a tool for that

Meet our Digital Loan Officer digitalloanofficer.com 801-501-7950

2X WINNER

BEST OF STATE MORTGAGE BROKER

2018, 2019

MAKING MORTGAGES EASY & AFFORDABLE

Image licensed by Ingram Image

(continued from page 15) 12. Can I meet my buyer at the home they are under contract for? Yes. Follow safe social distancing. 13. Is the MLS going to turn off or adjust “days on market?” No. This has been talked about throughout the country and almost every MLS is keeping days on market the same. If that were changed then it messes up all the MLS data. The simple reality is that everyone in the country understands what is going on right now and that a home might take a little longer to sell. Consumers need actual and correct data to know what is going on. If your seller wants a break from showings and/ or wants to stop days on market from running, place the home in “off market” status. That tolls the days from running.

what does that mean? It means that if your seller has Covid-19, it would be imperative to disclose this fact to a potential buyer and anyone coming into the home (without divulging the name of your seller for confidentiality reasons). Why? Because we know that the virus can be spread from touching an infected surface. Realtors® have a duty to disclose this type of danger to others. 16. Can I ask my client or someone I come in contact with whether they have traveled to an area with high Covid-19 cases or are showing symptoms? Yes, so long as you ask all clients the same question so as to not have a discrimination claim.

14. Do I need to have a special note or permission slip from the State to be out showing homes? No. My understanding is that only egregious violations of the Salt Lake City directive will potentially receive a fine from the City. An egregious violation, for example, would be someone holding a mass group gathering.

17. Don’t give up out there. Continue to represent your clients! There never has been a more urgent time for you to be representing your clients at the highest level. The public will see more than ever how valuable we are as Realtors®. There is more than $1 billion dollars of pending real estate transactions in Salt Lake County alone, so we have lots of work to do.

15. If your seller has Covid-19 does that mean the property is stigmatized under the stigmatized property statute? No, it likely does not meet that legal definition. So

Curtis Bullock is the CEO of the Salt Lake Board of Realtors® and an attorney.

18 | Salt Lake Realtor ® | April 2020

CONFIDENCE DOESN’T TAKE DETOURS. THE ALL-NEW BMW X5.

You can turn left. You can turn right. Or if you’re behind the wheel of the all-new BMW X5, you can decide not to turn at all. With an available mighty 456-horsepower engine, enhanced suspension for absolute driving comfort or a sportier driving style, and a fully redesigned interior, the all-new BMW X5 is always ready, no matter the challenge ahead.

Learn more about the all-new BMW X5, and enjoy exceptional offers at BMW of Murray and BMW of Pleasant Grove.

Protections for Realtors®, U.S. Consumers in $2 Trillion Economic Relief Bill NAR has worked tirelessly with Congressional leaders to ensure small business owners, the self-employed and independent contractors were included in the federal response to this national crisis. By The National Association of Realtors®

As President Trump on March 27 signed a massive $2 trillion emergency spending bill into law, the National Association of Realtors® published a comprehensive guide to the 880-page bill educating Realtors® on the many benefits secured by NAR. The nation’s largest trade association is also offering separate, evolving guidance to help its members navigate the crisis. “This bipartisan relief bill delivers a muchneeded win for the American people and for our nation’s 1.4 million Realtors®,” said NAR President Vince Malta. “Over recent weeks, NAR has worked tirelessly with Congressional

20 | Salt Lake Realtor ® | April 2020

leaders to ensure small business owners, the self-employed and independent contractors were included in the federal response to this national crisis. With every two home sales generating one job in this country, the real estate industry will represent a key piece of our national recovery, and NAR will continue fighting for key provisions in a fourth relief package expected in the coming weeks.” The measure includes: • $350 billion for the Small Business Administration 7(a) loan program, allowing

under state law may be eligible to receive “Pandemic Unemployment Assistance.” This excludes individuals who have an ability to telework with pay or individuals who are receiving sick leave or other paid leave benefits. • The unemployment assistance is available to individuals who are unemployed, partially unemployed, or unable to work for the weeks impacted as a result of COVID-19 between Jan. 27- Dec. 31, 2020. These benefits will be administered by the states, in accordance with this new Federal law. • There is a maximum of 39 weeks of assistance, where the amount is equal to what is authorized under the state unemployment compensation law, plus an additional $600 per week for up to four months. Housing

eligible small businesses to secure up to $10 million toward mortgage interest, rents, utilities and payroll costs. • A significant expansion of unemployment insurance for the self-employed and independent contractors that could provide benefits for up to 39 weeks. These workers are not usually covered under traditional state unemployment benefit programs. • An employee retention tax credit estimated to provide $50 billion to companies that retain existing employees. • Rebates of $1,200 to single filers and $2,400 to joint filers, plus $500 for each child, subject to income limitations. • A 60-day foreclosure moratorium and up to 1 year of mortgage forbearance. Unemployment Benefits for SelfEmployed • Self-employed individuals, independent contractors, and other individuals who are unable to work as a direct result of COVID-19 public health emergency, and would not qualify for regular unemployment benefits

• Mortgage Forbearance - Borrowers of government-backed mortgages ((Fannie Mae, Freddie Mac, HUD, VA and USDA) can request up to 360-day payment forbearance without proof of hardship. No additional fees, interest, or penalties can be assessed for the forbearance. Except for abandoned or vacant property, there may be no foreclosure actions for 60 days from 3/18/2020. • Owners of multifamily properties who were current on their mortgage payments as of February 1, 2020, and have federally insured, assisted, or supplemented loan (Fannie Mae, Freddie Mac, FHA or any loans backed or assisted by any branch of the federal government, including LIHTC) may request forbearance for 30 days due to financial hardship, with extensions of up to a total of 90 days. Borrowers receiving the forbearance may not evict or charge late fees to tenants for the duration of the forbearance period. • Moratorium on eviction filings, or fees or penalties for tenants for nonpayment of rent for 120 days on properties insured, guaranteed, supplemented, protected, or assisted in any way by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program, covered by the Violence Against Women Act of 1994. Credit Reporting and Student Loans • If furnishers provide an accommodation and the customer makes their payment or if no payment is required, then the furnisher must report customer as current. • If the customer was delinquent before the accommodation, but brings account current,

April 2020 | Salt Lake Realtor ® | 21

then the furnisher must report customer as current.

Paid sick leave to employees impacted by COVID-19

• Furnishers may maintain status of written off accounts.

Payroll

Rent/Mortgage Payments

Debt obligations due to loss revenues

Increased costs for due to chain supply disruptions and materials.

• These provisions apply from Jan. 30, 2020 to 120 days after enactment of this bill or the end of the national emergency. • Suspends all payment due on federal student loans for 6 months. • Interest shall not accrue on these during this forbearance. • For the purpose of loan forgiveness, loans will be deemed paid during the forbearance. • Prohibits negative credit reporting or involuntary debt collection during forbearance period. Small Business Administration Provisions The CARES Act dramatically increased the role of the Small Business Administration (SBA) in efforts to assist U.S. businesses impacted by the COVID-19 crisis. The two main vehicles for these relief efforts are the SBA 7(b)(2) loans – Economic Injury Disaster Loans – and the SBA 7(a) loan program. Both loans are available to businesses with 500 or fewer employees that have been negatively impacted by the crisis. • Businesses with 500 employees or fewer, including sole proprietors, independent contractors, and cooperatives are eligible for Economic Injury Disaster Loans (EIDL) during the covered period of January 31st to December 31, 2020 in response to COVID-19. • The business must show hardship due to the Coronavirus. • The Economic Injury Disaster Loans are available for up to $2 million dollars for businesses. • During the covered period, SBA can determine loan eligibility based solely on the applicant’s credit score or use of an alternative appropriate method for determining an applicant’s ability to repay. • The SBA must waive any personal guarantee on loan advances or loans under $200,000. • Legislation provides $10 billion in funding to provide an emergency advance of up to • $10,000, which is forgivable debt, to small businesses within 3 days of the business applying for the Economic Injury Disaster Loan (EIDL). • Economic Injury Disaster Loans may be used for the following:

22 | Salt Lake Realtor ® | April 2020

Tax • Realtors® and their families and their clients, as well as most Americans, with incomes below the thresholds will receive cash payments from the federal government in the amount of $1,200 per adult plus $500 for each child under the age of 17. These payments should be sent out starting in April. • Realtors® with retirement accounts, including IRAs, can take early withdrawals of up to $100,000 from those accounts without having to pay the 10 percent early-withdrawal penalty. Those who withdraw such funds can recontribute them to the plan over three years or can keep the money and pay the tax on the withdrawals over a three-year period. • Realtors® aged 70 1/2 or older do not have to worry about taking required minimum distributions from retirement plans in 2020, or to pay the taxes on those distributions. • Realtors® who make donations of up to $300 in charitable contributions in 2020 can deduct them whether they itemize or not. • If your business has 100 or fewer employees, you can claim a refundable employee retention tax credit against payroll taxes of up to $5,000 per employee under certain circumstances. Larger employers also can claim the credit, but with more restrictions. • Employers and self-employed individuals can delay the payment of the employer-portion of the FICA (Social Security) payroll taxes or onehalf the SECA (self-employment taxes) until after 2020 – one half is due in 2021 and the other half in 2022. • Businesses with losses can carry back net operating losses (NOLs) to prior taxable years and get refunds of earlier taxes paid. 2020 Recovery Rebates for Individuals (Section 2201): • Tax credits are provided for individuals in the amount of $1,200 for single returns and $2,400 for joint returns

• plus $500 for each child (under age 17 and qualifying for the child credit);

Image licensed by Ingram Image

• Credits are reduced by 5 percent of the excess of adjusted gross income (AGI) over these thresholds:

•

$75,000 for a single return;

•

$150,000 for a joint return; and

•

$112,500 for a head of household return:

•

Thus, the credits would be fully phased out for income higher than the following amounts:

• $99,000 for a single person with no qualifying child; • $198,000 for a couple filing a joint return with no qualifying children; • $218,000 for a couple filing a joint return with two qualifying children; • $146,500 for a single parent with one qualifying child:

•

(in all cases, the level of income before the phaseout is complete increases by $10,000 per child). For limitation purposes, AGI is based on the 2019 tax return, if filed. If not, then AGI on the 2018 return would be the limit.

• There is no income floor or phase-in – all whose income does not exceed the thresholds will receive the same amount. Non-tax filers generally need not file a tax return to claim a rebate. • The credits are not available to anyone who can be claimed as a dependent on another’s return.

• If a tax return has not yet been filed for 2019, the 2018 tax return will be the point of reference. If no tax return was filed for either year, rebates can still be sent based on information on Social Security benefit statements. • The rebates are fully available to residents of U.S. Territories, including Puerto Rico. • The IRS will send out the payments electronically if any tax refund was sent in such a manner for the 2018 or 2019 tax return – also there will be a notice by mail to the last known address that the payment has been made electronically. If not, a paper check will be sent. • Also, the act calls for a public awareness campaign to inform people about the rebates. • No credit allowed if correct ID numbers (Social Security numbers) were not on tax returns, except in cases of spouses of active military personnel. • IRS and Social Security Administration are appropriated extra funds to carry out the rebates. Among a host of other initiatives, NAR is also working with lawmakers to expand access to remote online notary services and provide direct rental assistance for families who have income loss due to COVID-19. The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

April 2020 | Salt Lake Realtor ® | 23

Americans are Still Optimistic about Buying Researchers found the 45 to 54 age group is the most optimistic about buying a home at this time. Cities may be putting more social distancing measures in place to control the spread of COVID-19, but physical distance is not lessening consumers’ views on buying a home in the future. A new survey released by Point2 Homes, an online real estate marketplace, shows that home buyer sentiment remains resilient despite the global pandemic. Point2 Homes surveyed 2,900 visitors to its site from March 23 to 26 to learn their views on the short- and long-term impact the coronavirus will have on their home search. Researchers found the 45 to 54 age group is the most optimistic about buying at this time. Fifty-five percent of respondents said they are still looking to buy a home, regardless of the outbreak. Respondents over age 65, on the other hand, showed more reluctance. Twenty-seven percent of respondents over the age of 65 said they have halted any actions in purchasing a new home at this time. Overall, 34 percent of respondents said they are determined to buy a home in the next six months, and 25 percent said they plan to over the next year, the survey shows. Concerns over the coronavirus aren’t derailing many home buyers’ plans either. Forty-one percent of respondents said they have no major concerns about buying a home during this time. However, 31 percent said they do worry about their financial situation and how it might change what they can afford. Twelve percent also cited other issues, like worrying about the limited

24 | Salt Lake Realtor ® | April 2020

number of homes that will be available. Sixteen percent cited health and safety concerns over house hunting during this time. Thirty-five percent of prospective home buyers said they were no longer actively searching for a home but keeping an eye on the market and waiting until the coronavirus outbreak comes to an end, the survey showed. Nineteen percent said they are determined to buy as soon as they find the right home. More than a quarter of respondents said they’ve started looking for cheaper properties, while 42 percent of respondents said they haven’t made any changes to the homes they’re looking for, the survey shows. Many are continuing their house hunt but using virtual tools to do it. Forty-four percent of aspiring buyers say they’ve put their focus on online tools to continue their search, such as putting more emphasis on property pictures, descriptions, and virtual tours. “The reality at the moment is that many Americans are keeping their eye on the market, or are even actively searching for properties online,” Point2 Homes said in the study. “At the current pace of change, it remains to be seen how many will succeed and how many will put their plans on hold for the time being.” Reprinted from Realtor® Magazine Online, March 2020, with permission of the National Association of Realtors®. Copyright 2020. All rights reserved.

FEBRUARY HOUSING WATCH Rising Local and National Home Sales in February “For the past couple of months, we have seen the number of buyers grow as more people enter the market. Once the social-distancing and quarantine measures are relaxed, we should see this temporary pause evaporate, and will have potential buyers return with the same enthusiasm.”

Home sales in February climbed 7 percent in Salt Lake County year-over-year. In Davis County, sales were up nearly 3 percent. Nationally, for the eighth straight month, overall sales greatly increased year-over-year, up 7 percent from a year ago (5.38 million in February 2019). Pending sales in February in Salt Lake County were up 1 percent at 1,238 contracts signed compared to February 2019. Inventory of homes for sale fell to 1,940 homes, down 39 percent compared to 3,178 homes a year earlier.

Even with tightening quarantines, closed businesses and travel restrictions, preliminary data for the first quarter showed home sales in Salt Lake County inched up 0.5 percent – nearly 3,300 sales compared to 3,279 sales in Q1 2019. Final sales numbers for Q1 2020 will likely be higher when final numbers are reported next month.

– Lawrence Yun

National Association of Realtors® Chief Economist Lawrence Yun noted that February’s home sales were encouraging but not reflective of the current turmoil in the stock market or the significant hit the economy is expected to take because of the coronavirus and corresponding social quarantines. “These figures show that housing was on a positive trajectory, but the coronavirus has undoubtedly slowed buyer traffic and it is difficult to predict what short-term effects the pandemic will have on future sales,” Yun said. First-time buyers were responsible for 32 percent of sales in February, equal to the percentages seen in both January 2020 and in February 2019. NAR’s 2019 Profile of Home Buyers and Sellers – released in late 2019 – revealed that the annual share of first-time buyers was 33 percent. “For the past couple of months, we have seen the number of buyers grow as more people enter the market,” Yun said. “Once the social-distancing and quarantine measures are relaxed, we should see this temporary pause evaporate, and will have potential buyers return with the same enthusiasm.” While offering a definitive forecast is extremely difficult in light of this national and global emergency, Yun says home prices will hold on well. “Unlike the stock market, home prices are not expected to drop because of the on-going housing shortage and due to homes getting delisted during this time of crisis,” he said. Individual investors or second-home buyers, who account for many cash sales, purchased 17 percent of homes in February, equal to January and up slightly from 16 percent in February 2019. All-cash sales accounted for 20 percent of transactions in February, down from both 21 percent in January and from 23 percent in February 2019. Distressed sales5 – foreclosures and short sales – represented 2 percent of sales in February, unchanged from January and down from February 2019.

26 | Salt Lake Realtor ® | March 2020

March 2020 | Salt Lake Realtor Â® | 27

REALTOR® Connections Small Business Relief Loans The Small Business Administration rolled out its $350 billion relief package earlier this month in the itchazhong©/Adobe Stock form of forgivable loans for small business owners, independently owned franchisees, sole proprietors, independent contractors, and self-employed individuals who are struggling to pay their bills due to the shutdown orders aimed at curbing the spread of the coronavirus. Small business owners who employ 500 employees or fewer can qualify. The amount any small business is eligible to borrow is 250 percent of their average monthly payroll expenses (with individual salaries capped at $100,000 per year), up to a total of $10 million. The amount of the loan, with a 0.5 percent interest rate, is intended to cover eight weeks of payroll expenses and any additional amounts for making payments towards debt obligations. The eight-week period may be applied to any time frame between Feb. 15, 2020 and June 30, 2020. The goal of the program is to help business owners retain their employees at their current base pay. If all employees are retained and the business maintains at least 75 percent of their average salary levels during the 8-weeks, the entirety of the loan will be forgiven. If any employees are laid off or salary levels go below 75 percent, the forgiveness will be reduced by the percent decrease in the number of employees.

On the Move Aubrey and Associates welcomes the following new Realtors®: Nathanael Dardon, Kevin Lou, Veldina Abdic, Millen Atwood, Leslie Marvian, Mindy SnowWoodard, Brian Misinale, Fabiola Angulo, Gabriel Valdivieso, Chase Carter, and Andria Franklin-Arballo. Toll Brothers was honored with eight Gold Awards by The National Association of Home Builders (NAHB) at The Nationals Awards Gala in Las Vegas, including top honors in the Best Single Family Detached Model Home 3,001 to 3,500 Square Feet category for the Ashton model at the Canyon Point at Traverse Mountain community in Lehi, Utah. This is the first Gold Award for Toll Brothers Utah and comes just 11 months after the company entered the Utah market. “It’s gratifying to receive this prestigious recognition for our first Utah community,” said Scott Ilizaliturri, Toll Brothers vice president, Utah. “A Gold Award at The Nationals confirms that we’re delivering on our company’s commitment to excellence in architecture, design and quality.” Canyon Point at Traverse Mountain is a community of 204 single family homes ranging from 1,926 to 3,915 square feet. It is located at 1867 West Oakridge Drive, Lehi. Average FICO credit scores reached an all-time high of 703 in 2019, up 20 points since 2009, which is great news for borrowers, according to Clever Real Estate. The continuous hike in scores is likely due to a variety of factors, including increased credit card use, actively seeking out higher credit limits on accounts, and increased ability to monitor one’s score through free online sources. While median credit scores are on the rise, there has been a steady increase in the number of mortgages to borrowers with subprime (credit scores 581-619) and deep subprime (credit scores less than 580) risk scores since 2011, causing concern for many watching the market closely.

28 | Salt Lake Realtor ® | April 2020

SANDY DAY SANDY DAY Stewart Title Stewart Title 801-918-9669 801-918-9669 sandy.day@stewart.com sandy.day@stewart.com KOLEEN FADDIS | NMLS #486864 KOLEEN FADDIS | NMLS #486864 Mountain America Credit Union Mountain America Credit Union 801-891-5032 801-891-5032 kfaddis@macu.com kfaddis@macu.com MCCAULEY FLINT MCCAULEY FLINT U.S. Title Agency U.S. Title Agency 801-644-6970 801-644-6970 mflint@us�tleutah.com mflint@us�tleutah.com BOB GOODSON BOB GOODSON First American Title Fi First American Title Fi 801-231-5857 801-231-5857 bgoodson@firstam.com bgoodson@firstam.com BJ HANSEN| NMLS #218202 BJ HANSEN| NMLS #218202 South Towne Mortgage South Towne Mortgage 801-550-9944 801-550-9944 bj@southtownemortgage.com bj@southtownemortgage.com LARSEN LONI LARSEN LONI Pillar to Post Pillar to Post 801-244-5255 801-244-5255 lonilarsen@comcast.net lonilarsen@comcast.net BROCH LASSIG | NMLS #340314 BROCH LASSIG | NMLS #340314 OneTrust Home Loans OneTrust Home Loans 801-637-3409 801-637-3409 blassig@onetrusthomeloans.com blassig@on blassig@onetrusthomeloans.com blassig@on JOLENE LEHMAN JOLENE LEHMAN All-Points Home Inspec�ons All-Points Home Inspec�ons 801-518-7355 801-518-7355 jolene@allpointsinspect.com jolene@allpointsinspect.com JEFF LOVELAND | NMLS #1465556 JEFF LOVELAND | NMLS #1465556 Guaranteed Rate Guaranteed Rate 801-890-7682 801-890-7682 jeff.loveland@rate.com jeff.loveland@rate.com TERRIE LUND TERRIE LUND U.S. Title Agency U.S. Title Agency 801-414-4188 801-414-4188 tlund@us�tleutah.com tlund@us�tleutah.com SANDRA PERKINS SANDRA PERKINS Acclaimed Home Warranty Acclaimed Home Warranty sandra@acclaimedhw.com sandra@acclaimedhw.com KELLIE STONE | NMLS #260533 KELLIE STONE | NMLS #260533 Graystone Mortgage Graystone Mortgage 801-792-4974 801-792-4974 kstone@graystonemortgage.com kstone@graystonemortgage.com DAVE YOUNG | NMLS #66797 DAVE YOUNG | NMLS #66797 America First Credit Union Ameri America First Credit Union Ameri 801-386-6491 801-386-6491 dyoung@americafirst.com dyoung@americafirst.com

]!,j3 !+ $$!

COMMITTEE CHAIR COMMITTEE CHAIR Inspiro Financial| NMLS #261036 Inspiro Financial| NMLS #261036 801-755-4988 | mviselli@inspiroﬁnancial.com 801-755-4988 | mviselli@inspiroﬁnancial.com

!% `$13 & *1

COMMITTEE VICE CHAIR COMMITTEE VICE CHAIR Veritas Funding | NMLS #288635 Veritas Funding | NMLS #288635 801-688-0599 | khendry@vfund.com 801-688-0599 | khendry@vfund.com

With Every Adversity Comes Opportunity If there were ever a time we needed to stay in the arena, it’s now. By Alicia Holdaway What do calculus, the Golden Gate Bridge, law of gravity and the Empire State Building all have in common?

brave enough to fail forward. Let’s be clear about one thing; having courage is not the absence of fear. It’s acting bravely in spite of it.

They were discovered and built in time of great adversity. During the Great Plague of London in 1665, Cambridge University shut down and Isaac Newton was forced to stay home. It was during that time he invented calculus and while sitting in his garden, he saw an apple fall from a tree, inspiring his understanding of gravity.

If there were ever a time we needed to stay in the arena, it’s now. As Realtors®, this is not the time to step out of the arena. I want to challenge all of you to ask yourself; “when this is over, when we are on the other side of COVID-19, how will I have shown up in the world?” We may need the government to deem us “essential” to press forward with our work, but no one needs to tell you to be of value to your community.

During the Great Depression, both the Empire State Building and the Golden Gate Bridge were built. We are undeniably in extremely challenging times as a nation and as a human-race. This is uncharted territory for all of us with a lot of unknown. However, there’s one thing I know for sure. We each have a choice in how we respond to this global pandemic. When I gave my installation speech at the Holiday Social on Dec. 6, 2019, I never could have imaged what 2020 was about to bring to our association, the Wasatch Front, or Utah, let alone the entire world! I quoted Thomas Roosevelt’s famous “The Man in The Arena” speech that day. His speech ends with this “…who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.” I used this speech to articulate my belief in the importance of being brave enough to get in the arena and fight for what you believe in. Being

30 | Salt Lake Realtor ® | April 2020

Now is the time to be a calming source of reason for your clients. To take deep breaths before responding to others. To have grace with each other. To deepen your relationships and serve your community. To say thank you to those you previously took for granted. To write personal notes. Now is the time to learn a new skill. To pick that hobby back up that you love. Yoga anyone? How about a free college course online? Now is the time to get organized. To recalibrate your business systems. To invest in your real estate skills. Now is our time, as Realtors®, to shine as community members. Now is the time to stay in the arena. I’m in here with you! Alicia Holdaway is president of the Salt Lake Board of Realtors®.

We are here for you Utah. Stay strong. You have friends for life.

SALT LAKE CITY 801.990.0400 PARK CITY | ST. GEORGE | MOAB BHHSUtah.com | @bhhsutah ÂŠ2020 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomesServices of America, Inc. Equal Housing Opportunity.

Your guide through uncertain territory. Looking for clarity on the latest economic and housing news? Windermereâ€™s Chief Economist Matthew Gardner gives his take on the latest developments every

FEATURED WEEKLY ON

winutah.com/MondaysWithMatthew Call or text Monica Draper at 435.313.7905 for access to a special recorded webinar for Utah with Matthew

All in, for you.