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Turning Houses into Homes®

Four Things Every Realtor® Should Know in Today’s Real Estate Market p. 10

Table of Contents Features 10 Four Things Every Realtor® Should Know in Today’s Real Estate Market Curtis A. Bullock

18 When You Give to RPAC, You’re

Helping Keep Real Estate Essential

Lori Khodadad 22 2020 Major Investors 24 2020 RPAC Investors 26 Change Your Mindset to Reach Your Goals

Anna Parker 30 Three Pandemic-Fueled Housing Trends to Watch

Columns 7 Language Matters Matt Ulrich – President’s Message

Departments 8 Happenings 8 In the News 28 Housing Watch

On the Cover: Cover: Kelley Anderson Photo left: onephoto©/ 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.

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Hannah Cutler Coldwell Banker Residential

President Matt Ulrich Ulrich Realtors®, Inc.

Language Matters

Laura Fidler Summit Sotheby’s

First Vice President Steve Perry Wise Choice Real Estate

Amy Gibbons KW South Valley Jennifer Gilchrist Utah Key Real Estate

Second Vice President Rob Ockey Century 21 Everest

Tony Ketterling Equity Real Estate

Treasurer Carlye Webb Summit Sotheby’s

Claire Larson Woodside Homes John Lucky Coldwell Banker Residential

Past President Alicia Holdaway Summit Sotheby’s

Sophie Reece Berkshire Hathaway

CEO Curtis Bullock

Janice Smith Coldwell Banker Residential

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

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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.

The current real estate market is intense and fast-paced. In many ways, it is more challenging than the 2007-2009 financial crisis. However, unlike the fallout from the Great Recession when there were too many homes for sale and too few buyers, today’s market is the exact opposite. Simply put, there is not enough housing inventory. In fact, housing inventory levels across the Wasatch Front are roughly 70 percent lower today than a year ago. Record low inventory means multiple offers are the new normal. Too much demand has pushed housing prices to all-time highs. These conditions add enormous stress to home buyers as they compete against dozens of other buyers for the same property. In an attempt to win, offers can become convoluted and downright confusing. It is important to serve our clients professionally and remember that we act as fiduciaries to our clients. Language matters. Realtors® should take a step back and consult with their brokers and attorneys when writing offers that deal with escalation clauses, offers above appraised value, and the removal of contingencies. Escalation clauses can create a lot of confusion if not worded properly. For instance, is there a cap in the escalation clause? Is the offer escalating off the highest offer received? Is the escalation clause going beyond the appraised value? Buyers should keep in mind that just because they are submitting an escalation clause, sellers aren’t required to accept it. Another common pitfall is language involving offers above appraised value. Many buyers in today’s market are willing to bring additional cash to closing even if the appraisal comes in low. The Utah Association of Realtors® has a new appraisal addendum involving offers above appraised value. This form will solve a lot of the problems with poorly worded addenda that create confusion. In multiple offer situations, listing agents should consult the Multiple Offer Disclosure Form by the Utah Association of Realtors®. This form outlines three approaches a seller can take in dealing with multiple offers. Remember, it’s up to the seller. As a listing agent, help your seller from the beginning. Explain the methods and scenarios. Being the expert and communicating that knowledge are critical. In these challenging times, our clients expect more from their Realtors®. Make sure your knowledge and skills match the challenges before us. Be the voice of reason. Be the professional.

Matt Ulrich President

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

March 2021 | Salt Lake Realtor ® | 7

Happenings

In the News Utah’s Housing Market is No. 1 in the Nation A new Housing Heat Index report from Bankrate.com named Utah the No. 1 strongest housing economy in the fourth quarter of 2020.

f11photo©/ Adobe Stock

Salt Lake Realtors® Earn No. 1 Spot in Per Capita Money Invested in RPAC The Salt Lake Board of Realtors® in 2020 was the No. 1 mega Realtor® association in per capita money raised for the Realtors® Political Action Committee (RPAC), according to the National Association of Realtors®. Members of the Board invested $68.95 per Realtor®. The MetroTex Association of Realtors®, covering the Dallas-Fort Worth area, came in second place at $35.77 per member. With less than 9,000 members in 2020, Salt Lake Realtors® contributed more than $574,000 to RPAC during the 2020 calendar year, earning the association the No. 6 spot in most dollars raised. The Miami Association of Realtors®, with more than 45,000 members, earned the No. 1 spot with $1 million raised.

“Before the coronavirus recession, Utah’s housing market was on fire,” the report said. “Then came the COVID-19 pandemic, which sent residents of Northern California and Seattle in search of affordable homes and more space, and an already-hot market grew hotter.” Montana, Nebraska, Idaho, and Indiana rounded out the top five best housing markets, the report said. Hawaii came in dead last because of poor job growth, soaring unemployment, and low appreciation. Illinois, Louisiana, New York, and Washington, D.C. joined Hawaii in the bottom five housing economies. “The prominent rankings of states in the Mountain time zone illustrate a shift in the housing market: Americans are still drawn to healthy labor markets, but even before the coronavirus pandemic, they were growing less willing to pay up to live in places like San Jose, Seattle and Boston,” the report noted. The financial information website analyzed data like home prices, overdue mortgages, unemployment and cost of living to rank the housing economies in all 50 states and Washington, D.C.

More Cash Buyers In the current market, more people are paying cash for homes. In the fourth quarter of 2020, there were 1,202 cash buyers on the Wasatch Front, up 19 percent from the fourth quarter of 2019. However, since the total number of sales has also increased, the ratio of cash buyers to total buyers has remained about the same. In the fourth quarter of 2020, cash buyers represented 10.6 percent of total buyers – only a slight increase from the 10.3 percent of total buyers during the same period in 2019.

8 | Salt Lake Realtor ® | March 2021

“With home prices soaring and remote working the new norm, Americans have been taking a hard look at where they live – and many have decided to move out of pricey coastal markets,” Jeff Ostrowski, an analyst at Bankrate.com, said in a written statement. “States such as Utah, Montana and Idaho have proven especially attractive to Californians leaving the nation’s most expensive housing market.” Alicia Holdaway, past president of the Salt Lake Board of Realtors®, was quoted in the report. “People suddenly have the ability to choose where they live, because they’re not tethered to an office,” Holdaway said. “We’ve had a net in-migration that’s been happening for years, and that’s only increased.”

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Four Things Every Realtor® Should Know in Today’s Real Estate Market By Curtis A. Bullock

Q: Should a Buyer submit multiple offers on multiple properties if they intend to only buy one house? A: This question has come up several times over the past couple months and has generated a lot of differing opinions. I have read multiple articles, consulted with other attorneys, and given this some thought that I will share here. I don’t claim to have all the answers to this question, nor am I going to give a “yes” or “no” answer on whether you should do this or not. The reason is that every situation is different. I would invite you to consult your broker and/or brokerage attorney with questions on specific transactions. Having said that, in no particular order, here are some suggestions and things to consider: 1. Earnest Money Deposits - Buyers will often photocopy one earnest money check and submit a copy of this same check with each of the offers. This can be problematic because only one of the offers will have

10 | Salt Lake Realtor ® | March 2021

earnest money, the others will not. On the offers that don’t have their own separate earnest money check, the Buyer could be in breach of contract if not delivered as required. 2. Implied Covenant of Good Faith & Fair Dealing - In purchase contracts in Utah, implicit is the requirement that the parties act in good faith and fair dealing. I see this argument made in almost every breach of contract case litigated here in Utah. Suppose your Buyer has two offers that are accepted on two different properties. The Buyer is only intending to purchase one property. The Buyer proceeds through due diligence on both. The Buyer then cancels one of the contracts. The Seller later discovers the Buyer was legally obligated on two contracts and becomes upset. The Seller sues the Buyer for breach of implied covenant of good faith and fair dealing. Is this likely? Will the Seller win this case? Hard to say.

New Africa©/ Adobe Stock

I have not seen this specific case argued in Utah, but it is possible. Either way, your Buyer may have to defend themselves. 3. Withdraw Offers that Haven’t Been Accepted - If after counseling with your client, the Buyer decides to make multiple offers, be sure to immediately withdraw any unaccepted offers to avoid being legally obligated on more than one property. Use the Buyer Notice of Withdrawal of Offer form to retract other offers before they are accepted. 4. Contract Contingencies - Suppose your Buyer goes under contract on multiple properties and there are no contingencies in the REPC. This is unlikely but given the market conditions and the extreme competition we are seeing today, Buyers are often waiving inspection, appraisal and financing contingencies. If that is the case, be careful. The Buyer would likely be in breach of contract on one of the contracts if the Buyer failed to close. 5. Disclosure to the Seller - To avoid any potential legal problem, some attorneys argue that a Buyer should disclose to the Seller that they are making multiple offers on more than one property. This may weaken the Buyer’s offer, but if this disclosure is made, it is less likely for the Buyer to have a problem. The Seller will

12 | Salt Lake Realtor ® | March 2021

have been made aware of what the Buyer’s intentions are up front. 6. Add Specific Contract Language - If making more than one offer on more than one property, the Buyer might consider adding language that makes the REPC subject to the Buyer’s final acceptance after the Seller accepts the offer. Doing this lets the Seller know right up front that the Buyer has submitted numerous purchase offers. Consult with your broker and/or attorney to create such contract language. 7. Is it Ethical? The jury is out on this one. Many agents and brokers argue this practice is unethical. Many argue that it is perfectly fine if done correctly. Again, I think it depends on the specific circumstances and what transpires. Ultimately, if an ethics complaint is filed, all the facts and circumstances would be weighed by the Professional Standards Committee and decision would be made. 8. Are there any alternatives to multiple offers? Some brokers and agents argue that rather than making multiple offers, you are better off making a solid offer, one at a time, that is competitive and that meets the Seller’s needs. 9. Be kind. This is a difficult environment especially for Buyers. In the end, people are going to be frustrated and someone is

not going to be the successful Buyer. As Realtors® it is our duty to bring professional objectivity to the transaction and help our clients through this stressful transaction. Q: Can I use a combination key box at my listing? A: We are hearing about more and more contractor or combination key boxes being used at listings instead of the Supra key box. Here’s why you shouldn’t use a contractor key box: 1. You don’t have authority from the Seller to use one unless you alter your listing agreement in writing. The Exclusive Right to Sell Listing Agreement states that the listing brokerage is authorized to “have an MLS or local board of Realtors® approved/endorsed security key-box installed on the Property.” 2. Contractor boxes are less secure. The ERTS Listing Agreement states that “If the Seller authorizes the Broker, or Seller’s Agent, to install a non-MLS or local board of Realtors® approved/endorsed security key-box on the Property, Seller acknowledges that it may

not provide the same level of security as the MLS or local board of Realtors® approved/ endorsed security key-box.” 3. There is more liability for the listing agent and brokerage when using a contractor or combination key box. E&O Insurance may not cover a problem resulting from the use of a contractor box. Suppose the home is broken into and something is stolen or vandalized. Insurance coverage may or may not be available. 4. Yes, the Supra box is a bit more expensive but the security it offers outweighs the cost. Remember, the Salt Lake Board of Realtors® will buy back members’ used key boxes if not needed anymore for $60. Or you can sell it to a colleague. Call the Board for details. 5. The Supra key box helps ensure an orderly and streamlined system of showing homes among thousands of Realtors® around the state every day. As Realtors® we have the critical duty to ensure our clients’ homes are secure. It is quite a remarkable thing that homeowners allow other

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5) Are the correct signatures on the contract? 6) What is the offer price? What are the net proceeds to the seller? 7) Does the buyer have the right to do a home inspection? 8)What is the buyer’s inspection deadline, if any?

Q: Can the Seller have more than one accepted back-up contract at the same time on the same property? A: To answer this question, first go to the BackUp Addendum which should be used for any back-up contract you write. There is no language in that addendum that contemplates that there is more than one back-up contract. The BackUp Addendum simply says that if the primary contract fails, then “this back-up contract shall become the new primary contract.” So, without modifying this language, the standard Back-Up Addendum does not allow for multiple back-ups. But could more than one back-up contract be agreed to on the same property by modifying this language? The short answer is yes, with some careful drafting and modification to the Back-Up Addendum (on a separate addendum) that notifies the buyer that there are more than one back-up contracts in place. If you do this, I recommend consulting with your broker and/or legal counsel to properly draft this language so you avoid legally binding the Seller to more than one buyer at a time. Realtors® - With low housing inventory, backup contracts will continue to be common so be sure to think through this issue and give it some careful consideration as you advise your clients. Q: How do I help my client choose the best offer? A: Looking to sell your home in this intense real estate market? If you are, it is possible you will receive multiple offers on your home depending on its condition, location and price. Reviewing multiple offers to make sure you pick the best one is much more than just looking at the offer price. Here is a list of 25 potential questions you will need to be able to answer when reviewing offers and working through the transaction: 1) How much is the earnest money? 2) When does the earnest money become nonrefundable for the buyer? 3) When will the transaction close? 4) Was the contract properly filled out and legally binding?

14 | Salt Lake Realtor ® | March 2021

9) Is there an appraisal contingency, if so, what is the deadline? 10) Is there a financing contingency, if so, what is the deadline? 11) Does the buyer have to first sell their home to qualify to purchase the new home? If so, by what deadline? 12) Who is paying the closing costs? Are they being split? 13) After the transaction closes, when is the seller required to deliver possession of the home? 14) When is the seller disclosure deadline? Is there enough time to provide all the necessary legal disclosures? 15) Who pays for the HOA transfer fee? 16) What items are included with the sale? Can I remove my Ring doorbell and Nest thermostat? 17) Are any items of personal property excluded from the sale? 18) What type of title insurance policy am I required to provide the buyer? 19) Do I have to provide and pay for a home warranty plan? 20) Is there any additional earnest money that buyer will deliver during the escrow stage of the transaction that could become non-refundable making the offer stronger? 21) Will the buyer allow me to rent back if needed? 22) What is the deadline to accept the offer? 23) Does the buyer’s agent have enough expertise and experience to get the job done? 24) Where is the earnest money going to be held until closing? 25) If the appraisal comes in low, what happens? More than ever before, an experienced Realtor® is crucial in helping a client make the right choice. Curtis A. Bullock is an attorney and CEO of the Salt Lake Board of Realtors®.

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When You Give to RPAC, You’re Helping Keep Real Estate Essential Real estate in 2020 in the State of Utah was deemed an essential business. Other states weren’t so lucky. By Lori Khodadad I am privileged to chair the Government Affairs/RPAC Committee at the Salt Lake Board of Realtors®. I joined this committee in 2014 when Claire Larson was the Committee Chair. I remember being amazed at how much knowledge the members of this committee had about what was going on in all of the cities along the Wasatch Front with regard to property rights and other real estate related issues. I knew a lot about Holladay, where I live, and I wanted to know more. I was so impressed, that I asked Claire to speak at my office about Government Affairs and the importance of the Realtors® Political Action Committee. As everyone in my office can attest, few sales meetings go by without me giving a plug about what is happening in our community and why our RPAC investments are so crucial to our industry. In 2017 my large office had 100 percent RPAC

18 | Salt Lake Realtor ® | March 2021

participation. I challenge every office, big or small to do the same. It isn’t easy, but it is a satisfying and productive accomplishment. The Government Affairs/RPAC Committee meets monthly (currently via Zoom). Each month features a speaker from the political community educating us on up-to-the-minute issues happening around us. Oftentimes, we know what is going on behind the scenes before the general public does. What a great way to stay a step ahead. The committee is broken into three subcommittees; elections, events, and community outreach/education. Briefly, the elections committee interviews candidates running for city and county positions. They are asked questions related to property rights and Realtor® issues, why they are running and how they are managing their campaigns. As

a group we recommend to the RPAC Trustees which candidates are deserving of financial and/or in-kind contributions through RPAC. Candidates are given money solely on their positions on property rights and real estate issues and not on their party affiliations. The events committee plans and holds many fun events and drawings throughout the year. In 2020, and so far in 2021, these events have mainly been virtual and drawings, but watch for live events to come as soon as possible. The community outreach/education committee observes what is happening in our cities by attending city and community meetings where property issues are on the agenda, reading the minutes and acquainting themselves with city leaders. The education side reaches out to Realtors® and affiliates to teach them about what RPAC is and the importance of making RPAC investments. Keep an eye out for articles in upcoming issues to learn more about Government Affairs and RPAC and how you can get involved. I asked several of my Realtor® colleagues why they invest in RPAC and why they feel it is important to their business. You will see some common threads as you read through their responses. “As a young Realtor® that invested in RPAC I knew little about it or how it affected me. I just saw Realtors® I respected donate so I followed. I see my investment to RPAC as a minimum standard of being a well-rounded Realtor® now almost 17 years in the business. It is a small monetary investment that my clients and myself reap the rewards. This year we saw this up close and personal as real estate was put on hold during the pandemic, but then brought back as an essential service. It gives me peace of mind knowing that we can support leaders that will support homeownership rights in every category. Laurel Simmons Associate Broker Summit Sotheby’s “My wife Linda and I contribute to RPAC for many different reasons. During the beginning of the Covid-19 pandemic, I was in contact with Realtor® friends of mine in Pennsylvania. They were unable to practice real estate because they were not designated an essential business. That lasted three months for them. That’s three months of very limited or no production. We’re very fortunate that in the State of Utah we are considered an essential business. We owe that to RPAC, and the difference they’ve made in our business and our professional lives.” Dan & Linda Mandrow Coldwell Banker Realty

Keep an eye out for articles in upcoming issues to learn more about Government Affairs and RPAC and how you can get involved.

“I have supported and seen the positive impact of RPAC for over two decades. It is our voice in the legislature and our lobby against unfavorable bills. Simply stated, they don’t just represent Realtors® they are the watchdog for homeowners; protecting property rights and ownership interests.” Dave Winters RE/MAX Associates “I feel very passionate about donating to RPAC as they fight for the very people who support my career as well as myself as a homeowner! I believe in what I do and I love what I do. My donations help give a voice to my clients and how they are taxed. RPAC fights for my livelihood and that is priceless. I wish that I had fully understood the importance of RPAC earlier in my career. We should educate more agents on what RPAC exactly does for us and why we should all donate more. All Realtors® should give back to continue protecting our clients. It is the right thing to do!” Katie Olsen Coldwell Banker Realty When asked why I invest in RPAC my first thought is “why wouldn’t I invest in RPAC?” It is such a minimal amount of money and helps my clients, friends, neighbors, and family protect their property rights. I will continue to be a major investor in both lean and productive years. There is no better way to protect my business and what I love doing. Join a committee at the Salt Lake Board of Realtors®, participate in your city council, planning commission, and community council meetings. Learn more about what RPAC does for you, your business and your clients. You will clearly see the impact it has on our profession. Lori Khodadad is the 2021 chairwoman of the Government Affairs/RPAC Committee.

March 2021 | Salt Lake Realtor ® | 19

CONGRATULATIONS! REALTYPATH’S TOP PERFORMERS OF 2020

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March 2021 | Salt Lake Realtor ® | 23

Change Your Mindset to Reach Your Goals By Anna Parker

Just a week ago I celebrated my five-year anniversary as a licensed Realtor®. When I got my license there were four highly respected Realtors® within a stone’s throw from my house. I was new to Utah, had only a small group of friends (two were Realtors®) and had almost no idea of how I was going to get any business! I am a full-time mom with three kids at home. I was scared, but somehow I just knew I was meant to do this. Myths and faulty beliefs have no place in my business or my life. I could have told myself many debilitating stories such as, “my SOI is too small,” or “I don’t have time to be successful,” or “every Realtor® I know is more experienced than I am.” These are excuses to weaken your efforts. Any excuse can slow you down if you believe it. Do not let these stories play out in your head. In less than five years, I have made the Realtor® 500 list two times. I did not pay for leads. I want to share with you how I did it so you can do it too. 1. Mindset: Every day I got up an hour early and wrote down my goals, imagined myself as a success, and journaled about how I was going to reach my goals. It was exhilarating!

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2. Network: Remember, “a rising tide lifts all boats.” Hang around and be actively engaged with winners. Spend time with other Realtors® who are experiencing the success you want. Join their “lunch and learns,” mastermind groups, and book clubs. Model your behaviors after them. 3. Believe: Success and abundance are a mindset. Tell yourself you’re awesome, you can do it, and you are successful. Celebrate the little wins so your mind gets used to being rewarded for success. 4. Do the work: Every day I set out to expand my circle. Start a book club, attend a cooking class, join a hiking group, volunteer at your kids school, get involved! And when you are involved make sure people know that you love what you do. It is easy to work real estate naturally into conversations so you can tell people how much you love your work! If you’d like to connect, mastermind and grow, reach out any time. I would love to help you succeed! Anna Parker is a Realtor® with Utah Key Real Estate.

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JANUARY HOUSING WATCH Depleted Inventory Levels Are Biggest Challenge Facing Home Buyers and Realtors®

In January, there were 1,055 sales in the Salt Lake area, up 7 percent compared to January 2020.

Home sales in Salt Lake County continued to increase at the start of 2021 as more households were formed and net in-migration soared. In January, there were 1,055 sales in the Salt Lake area, up 7 percent compared to January 2020. In Davis County, home sales fell in January to 276 closings, down 14 percent from 321 in January 2020. Nationally, home sales climbed 24 percent in January compared to the same month one year ago.

The biggest headwind facing Realtors® in 2021 are depleted inventory levels. In Salt Lake County, the inventory of homes for sale in January fell to 1,042 listings, down 58 percent from 2,457 listings in January 2020. In Davis County, there were just 228 homes for sale in January, down 65 percent from 647 listings in January 2020. As of March 1, the five-county Wasatch Front area had just 1,105 active listings, down 68 percent from 3,491 listings a year earlier. “Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” said Lawrence Yun, chief economist for the National Association of Realtors®. “Sales easily could have been even 20% higher if there had been more inventory and more choices.” The median existing-home price for all housing types in January in Salt Lake County was $395,000, up 10 percent from $358,594 a year earlier. The median price per square foot for homes sold in the county in January increased to $195.15, up from $164.98 per square foot a year ago. In Davis County, the median price climbed to $385,700, up 15 percent from $335,450 in January 2020. Nationally, the median existing-home price for all housing types in January was $303,900, up 14 percent from January 2020 ($266,300), as prices increased in every region. January’s national price jump marks 107 straight months of yearover-year gains, according to a statement by NAR. In spite of low housing inventory levels, Yun said he believes the housing outlook looks solid for 2021. First-time buyers across the country were responsible for 33 percent of sales in January, up from 31 percent in December 2020 and from 32 percent in January 2020. NAR’s 2020 Profile of Home Buyers and Sellers – released in late 20204 – revealed that the annual share of first-time buyers was 31 percent. Individual investors or second-home buyers, who account for many cash sales, purchased 15 percent of U.S. homes in January, up modestly from 14 percent in December 2020, but down from 17 percent in January 2020. All-cash sales accounted for 19 percent of transactions in January, unchanged from December but down from 21 percent in January 2020.

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March 2021 | Salt Lake Realtor ® | 29

Three Pandemic-Fueled Housing Trends to Watch Since the pandemic began last spring, surveys by the National Association of REALTORS® of its members have consistently identified bidding wars, an uptick in first-time home buyers, and the increasing desire for the suburbs and vacation homes as the top housing trends. Buyer competition. As mortgage rates have dropped to record lows, home buying has surged. But the supply of homes for sale on the market is severely below buyer demand, which has resulted in fierce bidding wars for limited housing stock. REALTORS® participating in NAR’s REALTORS® Confidence Index Survey are reporting that there is an average of nearly four offers per sold property. First-time buyers increase. First-time buyers are being drawn to the market due to the lower mortgage rates. The share of firsttime buyers was 33 percent in 2020. But there could have been even more. “First-time buyers could have made a bigger entry with mortgage rates falling by nearly a percentage point in 2020, but rising prices made a home purchase less affordable,” Scholastica “Gay” Cororaton, a research economist for NAR, said in a post on the association’s Economists’ Outlook blog. “The lack of supply for lower-priced homes on the market and the higher down payment and closing costs that go with rising home prices

30 | Salt Lake Realtor ® | March 2021

likely kept potential buyers on the sidelines.” First-time buyers spend a median of $250,000, which is about 85 percent of the median sales price, NAR research shows. But with the supply so tight, many are stretching their budgets further. Read more: Bypassing the Starter Home: Delayed First-Time Buyers Are Going Big Suburbs and vacation homes grow in appeal. As more people work remotely and otherwise freed from work commutes, they’re being drawn to vacation homes. Sales of vacation homes increased by 16.3 percent in 2020 over 2019. The share of vacation homes increased to 5.5 percent of overall sales in 2020, which is a higher share of total existing homes than in recent years. The counties that have been the most popular vacation destinations, posting double-digit growth in home sales, are Lee, Fla.; Barnstable, Mass.; Horry, S.C.; Sussex, Del.; Brunswick, N.C.; Cape May, N.J.; Worcester, Md.; Camden, Mo.; and Crow Wing, Minn. More real estate professionals also report they have a higher share of clients who live in the city who now want to purchase a property in the suburbs or a rural area. NAR REALTORS® Confidence Index Surveys, August-December 2020.

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