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last a lifetime.
8 Salt Lake Board of Realtors® Nears $500,000 in Down Payment Assistance
Dave Anderton
12 Income Steady, Even as Market Slows: 2025 Member Trends
Melissa Dittmann Tracey
16 Is It Time to Ditch the 'Date the Rate, Marry the House' Phrase?
Melissa Dittmann Tracey
18 Builders Are Sweetening the Deal
Melissa Dittmann Tracey
20 As Inventory Rises, Home Buyers Are Seeing Opportunity
Melissa Dittmann Tracey
22 Selling Your House over Asking Price Isn’t a Given Anymore—Here’s How to Improve Your Odds
The Lighter Side of Real Estate
24 A TikTok Prank that May Inspire You to Buy a New Front Door (Even if You're Not a Victim) The Lighter Side of Real Estate
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.
Photo: Dave Anderton
President Claire Larson Woodside Homes of Utah LLC
First Vice President
J. Scott Colemere Colemere Realty Assoc.
Second Vice President Morelza Boratzuk RealtyPath (South Valley)
Treasurer Jenni Barber Berkshire Hathaway (North SL)
Past President
Dawn Stevens Real Broker, LLC (Canyons Luxury)
CEO Curtis Bullock
DIRECTORS
Jodie Osofsky
Summit Sotheby's Int'l Realty
Janice Smith
CB Realty (Union Heights)
Eric Santistevan Engel & Volkers (Holladay)
Kristel Gough
Summit Sotheby's (Draper)
Lori Khodadad
CB Realty (Union Heights)
Kim Farber Eleven11 Real Estate LLC
Russ Orchard Century 21 Everest
Donna Pozzuoli BHHS UP (N. Salt Lake) Mo Aller Equity RE (Advantage)
Linda Mascher Realtypath LLC (Advisors)
Sheri Linn Ramsay Real Broker, LLC
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
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Graphic Design
Ken Magleby Patrick Witmer
Sales Staff Paula Bell Dan Miller
Salt Lake Board: (801) 542-8840 e-mail: dave@slrealtors.com Web Site: www.slrealtors.com
The Salt Lake Board of
® 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 ®
Believe in Others, Believe in Yourself
I read Hillbilly Elegy back in 2016—before it became a political lightning rod. Back then, it was simply a story that moved me. It reminded me of my own journey and crystallized a few core beliefs that continue to shape how I live, lead, and lift others.
Here are three truths that stuck with me:
If someone believes in you more than you believe in yourself, it’s only a matter of time before you start believing too.
Success isn’t handed to you—you have to pursue it with grit and determination.
You don’t always realize the impact you have on others—positive or negative.
When my family moved to the U.S. in 1980, I didn’t speak a single word of English. I was in fourth grade; my younger brother was in second. The one thing I had going for me? My cousin was in my class. I wasn’t alone. She believed in me, even when I couldn’t understand the words around me. That gave me courage.
And yes, I learned English quickly—although I’ll admit, one moment didn’t go so smoothly. A boy at recess said something I didn’t understand… so I punched him. To this day, I have no idea what he said. But that chaotic moment sparked something in me. It lit a fire to figure things out fast.
Years later, as a broker, I’ve had the privilege of hiring many new real estate professionals. Often, these are people fresh out of school, still uncertain if they belong. I never hesitated to give someone a chance if I saw potential and drive.
One day, long after hiring a young agent, I received a note that simply said: “Thank you for believing in me when I didn’t believe in myself.”
That moment stayed with me. It reminded me that our belief in others can be the turning point in their lives—even when we don’t realize it.
As Dr. Wayne Dyer said, “If you believe, you can achieve.”
Making an impact doesn’t require grand gestures. Sometimes it’s a smile, a kind word, a moment of presence. Recognizing someone’s effort—even if the result wasn’t huge. Telling someone, “You’re good at this,” when maybe no one else has ever said it. These moments matter.
Life is hard. Obstacles are real. But determination and work ethic can take you far. Don’t wait for opportunity—create it. So keep practicing. Send the thank-you note. Make the call. Follow up. Build habits that generate results. And above all, be the person who sees the best in others.
Because when you believe in others, you unlock something in them. And when you believe in yourself—there’s no limit to what you can achieve.
Claire Larson President
REALTOR is
REALTORS
Happenings
Realtors® Tour Taylorsville City
On August 17, Realtors® toured the Taylorsville City offices and heard from city officials about the future of this primarily single-family home community. The visit was part of the Government Affairs Committee’s initiative to help Realtors® better understand the communities they serve. Taylorsville, centrally located in Salt Lake County, spans 6,200 acres and is largely built out, with fewer than three acres of unentitled land remaining. The city recently adopted its 2025 General Plan, which projects a need for 7,000 additional housing units by 2060. To meet this goal, Taylorsville plans to encourage targeted growth near transportation corridors, help address the regional housing shortage, and revitalize underutilized areas into vibrant mixed-use spaces.
Realtor® Day at the Parade
On July 30, members of the Salt Lake Board of Realtors® enjoyed an afternoon of food, prizes, and discounted tickets to the Salt Lake Parade of Homes during the annual Realtor® Day event, sponsored by the Salt Lake Home Builders Association. This year’s Parade of Homes, held August 1–16, showcased innovative designs including multigenerational living homes, private loft apartments, and basement ADUs. As part of the event, members also donated food items to the Utah Food Bank in exchange for complimentary parade tickets.
In the News
Seventy-five percent of metro markets (170 out of 228) registered home price gains in the second quarter of 2025, according to the National Association of Realtors®’ Metropolitan Median Area Prices and Affordability and Housing Affordability Index. That figure is down from 83% in the first quarter. Only 5% of metro areas saw double-digit price gains, compared to 11% in the first quarter.
In the Salt Lake City metro area, the median home price reached $588,000 in the second quarter, ranking 30th highest in the nation. Prices increased 0.8% year-over-year.
Nationally, the median singlefamily existing-home price rose 1.7% year-over-year to $429,400, setting a record high. This follows a 3.4% year-overyear increase in the first quarter.
“Home sales and the homeownership rate are underperforming relative to job growth,” said Lawrence Yun, chief economist for NAR. “There have been over 7 million net job additions compared to the pre-COVID peak. However, elevated mortgage rates have kept home sales below pre-COVID levels. The homeownership rate has fallen by a full percentage point since early 2023. If interest rates decline, the strongest release of pent-up housing demand is likely to occur in states with significant job growth in recent years, such as Idaho, Utah, the Carolinas, Florida, and Texas.”
At Summit Sotheby’s International Realty, we see real estate as a way to make a lasting difference in people’s lives. Through Summit Sotheby’s Cares, every transaction helps support Utahns in personal, tangible ways. Since 2010, our agent contributions have helped students access education, families put food on the table, artists share their work, individuals receive mental health care, first responders answer the call and communities protect the lands they cherish. It’s more than giving—it’s about showing up, pitching in and helping people thrive.
$2,300,000+ donated to 100+ non-profits over 15 years
Scan or call 435.649.1884 to learn more or participate
Jessica Renfeldt
Heart Transplant
Recipient
DonorConnect Spokesperson
Salt Lake Board of Realtors® Nears $500,000 in Down Payment Assistance
Salt Lake Realtors® are finding new ways to strengthen communities.
By Dave Anderton
The Salt Lake Board of Realtors® has reached a major milestone. By the end of this year, its American Dream Grant program will have awarded more than $500,000 in down payment assistance to first-time homebuyers.
The American Dream Grant was launched in 2019 under the leadership of then-Board President Scott Robbins. At the time, the grant was $5,000 per family. In 2023, the amount was increased to $7,500 as housing costs continued to rise.
“Helping first-time buyers achieve the dream of homeownership strengthens our communities and creates lasting stability for families,” said Claire Larson, president of the Salt Lake Board of Realtors®. “These grants not only provide financial assistance but also demonstrate the generosity and commitment of Realtors® to giving back.”
In 2025 alone, the association will award 18 grants totaling $135,000, while also supporting a different
Photos: Dave Anderton
local charity each month. From assembling snack packs for students to delivering a truckload of food to the Utah Food Bank, Realtors® are finding new ways to strengthen communities.
Recently, Elissa Tran,
standing together, and showing our community that Realtors® and affiliates care just as much about people as we do about helping them find a place to call home,” Tran said. “We are really trying to be out there in the community.”
Community Support Beyond Housing
In addition to providing down payment assistance, the Board has supported a variety of local charities in 2025, including:
• Turtle Shelter Project – Created winter survival vests for individuals experiencing homelessness along the Wasatch Front.
• Utah Foster Care – Wrote letters of encouragement to local foster families.
• Granite and Jordan Education Foundations –Assembled 180 snack packs for students in need.
• Utah Food Bank – Collected and donated an entire truckload of food to help local families.
• Giving Grinch – Assembled and delivered more than 648 flower bouquets for Valentine’s Day to local seniors.
• Friends of the Children’s Justice Center – Donated and assembled 30 hygiene kits for children.
• American Heart Association – Go Red for Women –Raised $2,700 to support heart health research and awareness.
• ARUP Blood Drive – Collected 44 units of blood, resulting in 132 separate blood products.
• The INN Between – Served dinner and participated in activities with residents.
• Family Promise – Volunteered time to clean up the playground for children and families experiencing homelessness.
• Lasagna Love – Prepared and delivered 25 homemade lasagnas to families in need of a homecooked meal.
Through these combined efforts, Salt Lake Realtors® continue to make a lasting impact—not only by helping people buy their first homes, but also by improving the overall well-being of the communities they serve.
Funding the American Dream Grant
Funds for the American Dream Grants come from three sources:
1. Direct donations from Realtors®
2. A portion of the Realtor® license plate fee
3. Interest from the trust accounts of participating real estate brokerages
Dave Anderton is the communications director of the Salt Lake Board of Realtors®.
About the Salt Lake Board of Realtors®
The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. The Board is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Board empowers its members to better serve the public through continuing education, advocacy, and a professional code of ethics.
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Income Steady, Even as Market Slows: 2025 Member Trends
The median gross income of a Realtor® rose to $58,100 in 2024—up from $55,800 in 2023. The typical member completed 10 transaction sides in 2024.
By Melissa Dittmann Tracey
Even with sluggish sales in many areas, real estate agents are showing a commitment to stay the course and support buyers and sellers through shifting market conditions, according to the newly released National Association of Realtors®’ 2025 Member Profile. Seventyfour percent of real estate professionals who are Realtors® were “very certain” they will remain active in the business for the next two years, appearing to shrug off slower home sales.
“The real estate market will always have a consistent flow of new entrepreneurs,” said NAR Deputy Chief
Economist Jessica Lautz. At the same time, existing practitioners are expanding their business specialties or remaining focused on helping their clients overcome their biggest stressors in the market: housing affordability and elevated mortgage rates.
“Despite the headwinds in the current market,” Lautz said, “the majority of agents who are Realtors® plan on staying in real estate as an active professional.”
That commitment should pay off for them and their clients when the housing market sees a turnaround: NAR is forecasting existing-home sales to increase
by the end of 2025 by 3% and surge by 14% in 2026, according to the association’s latest housing forecast
Guiding Clients Through the Market’s Biggest Challenges
In recent years, elevated mortgage rates and rising home prices have put tremendous pressure on buyers’ budgets. In fact, this year, “affordability” surpassed “difficulty in finding the right property” as the biggest hurdle buyers facing, according to the Member Profile. The top home-buying barriers (in order), according to Realtors®, are:
1. Housing affordability: 25%
2. Expectation that mortgage rates might come down: 19%
3. Lack of inventory: 17%
4. Difficulty in finding the right property: 10%
5. No factors are limiting potential clients: 7%
6. Expectation that prices might fall further: 6%
7. Low consumer confidence: 4%
8. Difficulty in obtaining mortgage finance: 3%
9. Ability to save for down payment: 2%
10. Ability to sell existing home: 2%
Incomes Rise, Sides Hold Steady
In addition to highlighting challenges in the market, NAR’s Member Profile gives real estate professionals an annual look at the median income and expenses in the industry. The 2025 Profile, released Aug. 6, is based on a survey of NAR members reporting their 2024 transaction data.
Overall, responses showed the median gross income of a Realtor® rose to $58,100 in 2024—up from $55,800 in 2023. The typical member completed 10 transaction sides in 2024, holding steady from 2023’s numbers. The typical sales volume remained at $2.5 million in 2024, also unchanged from the previous year.
Experience Continues to Pay Off
The typical Realtor® had 12 years of experience, up from 10 in last year’s report. The share of members with more than 25 years of experience rose to 21% this year, up from 19% last year.
“As Realtors® gained a larger network of referrals and previous clients and experience, their income generally rose,” the report notes. For example, Realtors® with 16 years or more experience had a median gross income of $78,900. By contrast, Realtors® who’d worked in the business for two years or less had a median gross income of $8,100.
Real estate often isn’t a first career stop. Among Realtors® who transitioned from another career, most came from sales, retail, business or finance. With a median age of 57—and 44% of Realtors® over age 60— NAR members bring deep professional experience and maturity to the table.
Diversifying Services Through Specialties
Although 70% of NAR members specialize primarily in residential brokerage, there is a range of primary specialties among members—and many real estate professionals ramp up business opportunities by branching out. Among the most common secondary specialties cited by Realtors® are residential property management, relocation and commercial brokerage.
Past Clients Remain Key Source of Leads
Keeping in touch with past clients remained an important part of maintaining customer pipelines. Realtors® typically earned 20% of their business from repeat clients and 21% through referrals from past clients and customers.
The longer real estate professionals stay in the business, the more clients come to them—reducing the need to constantly prospect for new leads. Among those with 16 or more years of experience, 40% said repeat clients made up more than half their business. Referrals were also more common, accounting for 28% of business for more seasoned agents.
Budgeting Smartly in a Time of Inflation
Faced with high inflation, real estate pros are budgeting wisely for business expenses. The total median annual business expenses were $8,010, a slight decrease from $8,450 in 2023, NAR’s Member Profile shows. The largest expense category continues to be the cost of operating a vehicle for business.
Technology Is a Vital Client Connection Tool
“It’s clear that technology can assist home buyers when
inventory is limited and buyers are moving further distances,” the report said.
Many Realtors® use websites to not just promote their property listings but also to post information about the buying and selling process, helping them reach prospective clients who are in the research phase. Real estate pros are also using social media to connect with leads, particularly focusing on Facebook, LinkedIn and Instagram.
The most common technologies used by NAR members are the multiple listing service, and electronic forms and signatures. But several emerging technologies are also gaining prominence, including apps for CMAs and design. (Stay up to date on innovations in real estate with NAR’s Technology and Innovation blog.)
Melissa Dittmann Tracey is a contributing editor for Realtor® Magazine and editor of the Styled, Staged & Sold blog.
Is It Time to Ditch the ‘Date the Rate, Marry the House’ Phrase?
Younger buyers may be banking too heavily on refinancing in the future, leading
them to take big financial risks, a new study warns.
By Melissa Dittmann Tracey
For years, the lending and real estate industries have tossed around a catchy mantra: “Date the rate, marry the house.” The idea is that you shouldn’t let today’s higher mortgage rates stop you from buying the home you want. After all, someday, you can refinance when rates drop.
But according to the Truework 2025 Recent Homebuyer Report, that approach is turning into a risky financial bet, particularly for younger buyers who may be counting too heavily on a refinance “safety net.”
Truework, a platform that verifies borrowers’ income and employment, conducted a national survey of 1,000 recent home buyers and found that nearly two-thirds of Gen Z buyers (64%) and millennial buyers (65%) said refinancing to a lower rate is important to their financial health—double the share of baby boomers (32%).
“Younger buyers are betting their financial future on the hope that interest rates will drop significantly enough to make refinancing viable,” said Ethan Winchell, cofounder and president of Truework.
Yet forecasts show no major rate drops ahead. Mortgage rates have stayed in the mid- to high-6% range over the last year. The National Association of Realtors® projects average rates of 6.7% in 2025 and 6% in 2026, barring any major action from the Federal Reserve.
Mortgage expert Todd Carson explains why this reliance on refinancing is risky. “The obvious danger is that rates don’t drop,” said Carson, director of sales performance for Planet Home Lending in San Francisco. “[Buyers] need to understand that a future refinance is not automatic. Life can happen. Circumstances could change that might affect qualifying—personally or in the market. As the proverb says, ‘nothing in life is guaranteed.’”
Why So Many Are Depending on It
The Truework report warns of a growing “refinancing dependency crisis” or “refinancing time bomb” that could even trigger future defaults if the trend continues. Unlike past generations who expected to keep their original mortgage, many younger buyers are essentially betting their financial stability on the hope that the Fed will eventually lower rates, the report cautioned. Carson said the trend is fueled by financial pressure and inexperience. Many Gen Z and millennial first-time buyers feel squeezed by record-high home prices and elevated mortgage rates. They may also be holding out for the rock-bottom 2%–3% rates of 2020–2021 to return. But “2020–2021 was a perfect storm for low rates, mainly due to historically low Fed rates and quantitative easing,” he said. “Waiting for those exact conditions again could mean waiting forever.”
The Truework report also points to an information gap: Today’s buyers have constant access to real-time data and financial advice online, but often without context. “These are buyers raised on scrolling Zillow listings for fun, and now they’re getting mortgage advice through TikTok and YouTube,” the report noted. That combination of information overload and lack of depth could leave some overconfident in taking on riskier strategies.
This knowledge gap also can show up in loan choices made without fully assessing potential risks. Truework found that 11% of the 1,000 buyers surveyed admitted they don’t fully understand key mortgage terms. That’s especially true among younger buyers. That lack of knowledge may be pushing more borrowers toward adjustable-rate mortgages and temporary buydowns, which offer short-term relief but can carry long-term risks to unprepared borrowers. If rates don’t fall as expected, ARMs can reset sharply higher, straining borrowers’ finances. Earlier this month, ARM applications jumped 25% to their highest level since 2022, now making up nearly 10% of all mortgage applications, according to the Mortgage Bankers Association.
The False Refi Safety Net
The report cautioned that refinancing isn’t always a guarantee. Qualification requirements can change, and Carson outlined three common obstacles that could derail future refinancing plans:
1. Negative changes to credit
2. Reduced income
3. Falling home values
“I’ve consulted borrowers who assume that just because they have a mortgage now, they can automatically refi,” Carson said. “But maybe a spouse stopped working, they became self-employed, or [they] developed credit issues. Any of these can block a successful refinance.”
Plus, financial advisers warn that refinancing doesn’t always make financial sense. They say it usually only makes sense if you can lower your rate by at least one percentage point, due to the costs of closing fees in a refi.
A Safer Approach to Bank on the Future
Carson stressed one simple rule: Buyers must be comfortable with their mortgage payments now. “If a refi materializes later, great,” he said. “But if your financial stability depends on it, you could be setting yourself up for serious trouble.”
He urges agents to guide buyers with awareness messages like:
• Don’t overextend yourself. “What you qualify for [on a mortgage] and what you’re comfortable with are probably different amounts,” Carson said. Buyers should consider their day-to-day lifestyle, not just approval numbers, he noted—and not just hope for a future refinance for relief.
• Consider the full scope of homeownership costs. Before you commit to a purchase, go beyond mortgage principal and interest costs, and factor in utilities, HOA fees, insurance and other monthly costs.
• Move beyond online information and calculators. Have early conversations with lenders so you have a full financial picture before house-hunting.
• Go in financially prepared. Respondents to the Truework survey listed “budgeting for unexpected expenses and repairs” as their top financial hurdle. Your buyer clients need to be prepared for the expected, such as closing and moving costs, and the unexpected, such as last-minute repairs. They also need to have an emergency cushion in place.
“Buying a home can be very emotional,” Carson said, “but it’s crucial to understand your personal budget … and then stick to it.”
Melissa Dittmann Tracey is a contributing editor for Realtor® Magazine and editor of the Styled, Staged & Sold blog. Reprinted from Realtor® Magazine Online, August 2025, with permission of the National Association of Realtors®. Copyright 2025. All rights reserved.
Builders Are Sweetening the Deal
From mortgage rate buydowns to steep price cuts, record incentives are helping shrink the gap between new and resale homes.
By Melissa Dittmann Tracey
Home buyers today are navigating elevated mortgage rates and high prices that have been blamed for straining budgets. At first glance, new construction— which often carries a premium over resale homes—may seem out of reach. But a new study from realtor.com® shows the price gap between newly built and existing homes has fallen to a record low.
Besides lowering prices, builders also are stacking on sales incentives—like mortgage rate buydowns— hoping to tempt more home buyers with savings.
Builders Are Pricing to Get Buyers Moving
“Builders are pricing really aggressively during this slower selling season,” said Joel Berner, senior economist at realtor.com®. “They’ve got inventory that they need to move. They’ve got a lot of incentives in place that are helping people get into these homes, and it’s really a good option for buyers—all over the price spectrum.”
To help lower costs, builders also are adding smaller homes and townhomes to their inventory mix, said Danushka Nanayakkara-Skillington, vice president of forecasting and analysis at the National Association of Home Builders. Townhomes made up one in five new single-family starts in the first quarter of this year, near an all-time high, according to the trade group.
“Builders are cognizant of the affordability issues facing people all over the country, and they’re responding,” Berner added.
The Incentives Race
The list of enticements is growing. “Builders are definitely trying to get buyers’ attention with
incentives,” said Nanayakkara-Skillington. Here are some of the ways:
Upgrades and perks: Two-thirds of builders offered some form of incentive in August—the highest share in at least five years, recent NAHB data showed. These range from closing-cost assistance to upgraded finishes, like decks or finished basements. Some builders have even dangled big-ticket giveaways.
“There are some big incentives in some markets, big price reductions, significant rate buy-downs, and I even saw some offering free cars or a Disney Cruise—if you buy now,” said Jacob Smith, a real estate pro with Northwest Vermont’s Lipkin Audette Team, part of Coldwell Banker’s Hickok & Boardman, and a lead sales agent for the newhome community Hillside at O’Brien Farm.
Some of the nation’s largest builders are putting serious money on the table. At Lennar, incentives averaged 13.3% of the sales price in the second quarter—nearly $60,000 on a $450,000 home. “These are outsized [incentives] for the moment,” co-CEO Stuart Miller said earlier this year. “Normalized incentives should be around 5% to 6%.”
PulteGroup also has more than doubled its incentives, jumping from $18,000 to $21,000 on a $600,000 home to more than $52,000 per sale recently.
Mortgage rate buydowns: Another powerful incentive lately is the mortgage rate buydown. These deals can shave rates from the high-6% range into the 5% range—or lower—for the life of the loan. A realtor.com analysis shows buyers of newly built homes secured rates about half a percentage point lower, on average, than those buying resale homes, translating into about
$105 in monthly savings on a $400,000 home. “In this high-rate environment, a lower mortgage rate can go a very long way,” Berner said.
Some builders are making headlines with aggressive offers. This spring, Meritage Homes promoted mortgage rates as low as 3.99%, plus $5,000 toward closing costs on select homes.
D.R. Horton, in select markets, has also offered mortgage rate buydowns of 3.99%, mostly for buyers with a Federal Housing Administration loan who might not qualify for conventional financing. The national builder is reportedly offering mortgage rates to buyers of its new homes that are 1–1.5% below current rates.
Price cuts: Builders aren’t just leaning on incentives— they’re cutting list prices, too. In August, more than one-third—or 37%—of builders reported lowering prices, the highest share since 2022. The average price reduction is 5%, NAHB data shows. Combined with incentives, these discounts are helping to narrow the gap between new and existing homes.
In fact, the new-home premium compared to existing homes shrank to just 7.8% in the second quarter, an all-time low. The median price of a newly built home has held steady, listed at $450,797, while existing home prices have continued to rise, reaching $418,300, according to the realtor.com® analysis.
The South is seeing some of the best deals in new-home construction. The five markets with the largest drops in new-home prices, according to realtor.com®, are:
• Little Rock, Ark.: -15.6%
• Austin, Texas: -8.5%
• Wichita, Kan.: -7.9%
• Jacksonville, Fla.: -7.8%
• Cape Coral, Fla.: -7.4%
Build Up a Niche?
This trend indicates that real estate professionals may want to spotlight new construction as an option to their buyers. After all, incentives are at record levels, newhome supply is higher, and price premiums compared with existing homes are at historical lows.
“I think there’s a strong value proposition to new construction in today’s market,” Smith said. Beyond the recent financial perks, buyers can often choose finishes, enjoy warranty protections, and avoid repair costs that come with older homes. In fact, the National Association of Realtors®’ Profile of Home Buyers and Sellers report found buyers who chose new homes most often did so out of desires to avoid renovations and problems with plumbing or electricity, followed by customization options and community amenities.
“Having a great real estate professional on your team can help with the market analysis … to help buyers make an informed choice” between resale and new construction, Smith said.
Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine and editor of the Styled, Staged & Sold blog.
As Inventory Rises, Home Buyers Are Seeing Opportunity
Home purchasers may find they have their best negotiating power in more than five years. Read more from NAR’s latest housing report.
By Melissa Dittmann Tracey
More homes are finally hitting the market—and buyers are taking notice. Existing-home sales rose 2% in July from the previous month and inched above last year’s pace, as home buyers respond to the largest inventory of homes for sale in years, the National Association of Realtors® reported. Existing-home sales reflect completed transactions for single-family homes, townhomes, condos and co-ops.
“Home buyers are in the best position in more than five years to find the right home and negotiate for a better price,” said Lawrence Yun, NAR’s chief economist. “Current inventory is at its highest since May 2020, during the COVID lockdown.” The number of For Sale signs is up nationally by about 16% over last year’s levels.
Home prices are moderating, too. The median existinghome price was $422,400 in July, representing just a 0.2% increase from a year ago, NAR reported. Monthto-month, home price increases are occurring at a noticeably slower pace.
That “ever-so-slight improvement in housing affordability is inching up home sales,” Yun said. “Wage growth is now comfortably outpacing home price growth, and buyers have more choices.”
Some Markets See Price Adjustments, But Sellers Still Faring Well
More listings and stiffer seller competition may be starting to rein in home price growth in many markets.
The essentially flat annual home price growth suggests that about half of the country is experiencing price reductions, Yun said.
But home sellers shouldn’t fret: Most are still faring well financially, and no major market declines appear on the horizon, Yun said. In July, foreclosures and short sales made up just 2% of transactions, remaining near historic lows.
Further, “the market’s health is supported by a cumulative 49% home price appreciation for a typical American homeowner from pre-COVID July 2019 to July this year,” Yun said. Over the last five years, the average homeowner’s wealth has increased by $140,900, NAR’s research showed.
For buyers, however, the mix of rising inventory and slower price growth may offer more negotiating power than they’ve had in years. Home builders also are making deeper concessions: In August, 37% of builders reported lowering their prices—the highest share since 2022—with average price cuts of about 5%, according to the National Association of Home Builders. Twothirds of builders said they’re offering incentives—such as mortgage rate buydowns or closing cost assistance—
which marks the highest use of sales incentives in at least five years.
Buyers are responding to the discounts in some markets. Condominium sales, for instance, increased in July in the South—a region where prices have fallen over the past year, Yun noted.
Also, mortgage applications—a gauge of future homebuying activity—remain well-above last year’s levels. Purchase applications were up 23% from the same week a year ago, the Mortgage Bankers Association reported. That suggests more prospective buyers are preparing to enter the market.
But Don’t Discount the Competition
While the market may be opening with more choices, buyers still can face plenty of competition. In July, 21% of homes sold above the asking price, and the average listing drew 2.1 offers, according to the latest REALTOR® Confidence Index, which reflects responses from 1,500 real estate professionals about their most recent transactions. Fifty-eight percent of real estate pros also reported that properties sold in less than one month.
Competition from all-cash buyers also remains strong. Cash transactions comprised 31% of existing-home sales in July, remaining at historical highs, NAR reported. This growing segment of buyers bypassed the elevated mortgage rates that have been blamed for sidelining many would-be buyers during the spring and summer months. First-time buyers, for example, accounted for 29% of July’s existing-home sales, well below their typical 40% share.
Regional Breakdown
Here’s a closer look at how existing-home sales fared in July across the country, according to NAR’s latest report:
• Northeast: Sales rose 8.7% in July, reaching an annual rate of 500,000. Existing-home sales are up 2% annually. Median price: $509,300, up 0.8% from a year ago.
• Midwest: Sales fell 1.1% in July, the only region to post a monthly decline last month. Yet, sales were still up 1.1% annually at an annual rate of 940,000. Median price: $333,800, up 3.9% from a year ago.
• South: Sales rose 2.2% in July compared to June to an annual rate of 1.85 million. Sales are also up by 2.2% year-over-year. Median price: $367,400, down 0.6% from a year earlier.
• West: Sales increased 1.4% in July to an annual rate of 720,000. But sales were down 4% compared to a year ago. Median price: $620,700, down 1.4% from July 2024.
Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine and editor of the Styled, Staged & Sold blog. Reprinted from Realtor® Magazine Online, August 2025, with permission of the National Association of Realtors®. Copyright 2025. All rights reserved.
Selling Your House over Asking Price Isn’t a Given Anymore—Here’s How to Improve Your Odds
Homes still selling over asking price likely have one common denominator— they were priced appropriately from the
start.
By The Lighter Side of Real Estate
When you list your home for sale, it’s natural to imagine a flurry of activity—streams of buyers coming through the door within hours, multiple offers rolling in, and a bidding war that pushes the price well above asking.
For many sellers in recent years, that wasn’t just wishful thinking—it was reality. So if you’re preparing to list, it’s completely understandable if you expect the same.
But recent data shows that just 28% of homes are currently selling over asking price. That’s the lowest level for spring since 2020. The multiple-offer frenzy
that defined the pandemic market has cooled, and sellers need to adjust their expectations accordingly. That said, 28% isn’t zero. Homes are still selling over asking—but it doesn’t happen by accident. It takes strategy, preparation, and a good read on what today’s buyers are looking for. There’s no way to guarantee a bidding war, but there are ways to increase your odds of being one of the homes that stands out.
Want to Be In the 28%? It Starts with Price
The homes still selling over asking price likely have one
common denominator—they were priced appropriately from the start.
Overpricing is a surefire way to get less than you might have otherwise, no matter the market. But in a shifting market like this, it becomes even more of a turnoff for buyers. There’s simply less room for error now.
Choosing your price based upon what a neighbor got last year—or what you want or “need” to get—is the fastest way to miss out on serious buyers.
Today’s buyers have access to a ton of information and are often more analytical. They’ve seen the comps. They’ve watched the price drops. And they probably see the headlines saying that fewer homes are selling over asking. So they’re coming in armed with hope and probably some data of their own to justify offering under asking.
However, they also recognize when a home is priced appropriately! And, regardless of the news or market shifts, there will always be buyers ready to pounce and make strong offers to not lose a house they want. The key is finding that pricing “sweet spot” that makes buyers feel like they can’t afford to lose it.
Don’t Fear the “U” Word: Underpricing (Just a Little) To many sellers, the idea of underpricing sounds risky— or even reckless. Why would you list your biggest asset for less than you think it’s worth?
But in a market where buyer enthusiasm isn’t quite what it used to be, underpricing—just slightly—can actually be one of the smartest ways to spark real momentum.
We’re not talking about slashing your price or leaving tens of thousands on the table. Often, it’s a matter of being just a smidge under where you think the market might be. That tiny difference can create a sense of urgency and competition among buyers. It shifts the conversation from “Should we make an offer?” to “We need to act now before someone else gets it.”
And that’s exactly where you want buyers— eager, decisive, and emotionally invested. In many cases, this kind of pricing strategy doesn’t just attract more interest—it can lead to multiple offers and, ultimately, a sale price that ends up above where you might have listed in the first place.
It may feel counterintuitive, but a slightly lower list price can be the spark that lights the fire.
Every Market Is Local—and Every Price Range Is Different
It’s also worth noting that national trends don’t tell the full story. Even a well-priced home might not spark a bidding war.
That 28% number is an average across the country. In some areas—and in some price ranges—multiple offers are still common. In others, the slowdown is more pronounced. What’s happening in one zip code (or even price range within a town) doesn’t necessarily reflect what’s happening in the next.
That’s why working with a local agent who understands the nuances of the current market is so important. They can help you analyze local data, set realistic goals, and position your home accordingly.
Appreciate Any and All Offers You Do Receive
In this market, every serious buyer deserves your full attention—and your appreciation.
It’s easy to feel a little let down even if an offer comes in at asking price instead of above, so if you receive offers below your list price, it could make you angry or dismissive. But if that happens, keep in mind that these are the buyers who showed up and put something on paper. That matters.
Rejecting or brushing off offers simply because they don’t match a bidding-war fantasy can lead to missed opportunities and prolonged time on the market.
Focus on who is stepping forward, not who you hoped would. The buyer in front of you may not be offering a no-contingency, cash-over-asking deal, but that doesn’t mean they’re not the best buyer you could hope for in the current market.
Even if the path to the finish line looks a little different than it might have a year or two ago, the goal is to sell your home efficiently, smoothly, and for a fair price in today’s conditions—not yesterday’s headlines.
Source: The Lighter Side of Real Estate. Check out their content marketing services at lightersideofrealestate.com.
A TikTok Prank That May Inspire You to Buy a New Front Door (Even if You’re Not a Victim)
Installing a new steel front door delivers a whopping 188.1% ROI.
By The Lighter Side of Real Estate
Once upon a time, kids would ring your doorbell and run away. Was it annoying? Sure…but it was usually in broad daylight, and the worst that came of it was a barking dog or someone muttering under their breath after finding an empty porch.
But these days, a new version of the “ding-dong ditch” prank is trending—and it’s far more disruptive,
and potentially dangerous. It’s called the “TikTok door-kicking challenge,” and it’s happening across the country at night, when people are asleep and far less likely to take it lightly.
What Is the TikTok Door-Kicking Challenge?
The challenge, as seen on TikTok and other social media platforms, involves groups of teens running up
"A new door not only improves your home’s appearance—it can add value to your home, strengthen your security, and give you some peace of mind."
to random homes and delivering a full-force kick to the front door while recording their actions to post online—usually in the dead of night.
The challenge has been around for a while now, but it seems to resurface in waves—especially during the summer months when school is out and idle time is abundant. And while the odds of it happening to your home may be low, the impact is significant for those who experience it.
It’s Not Just Scary…It Can Cause Serious Damage
Getting startled awake at 2 a.m. by a loud crash at your front door isn’t just “kids being kids.” It’s terrifying. In some cases, homeowners think it’s a break-in—or worse. And that kind of adrenaline spike doesn’t exactly lead to a restful night of sleep.
Even if it only happened once, it could leave a homeowner feeling rattled for nights to come. But after it happened to one home in Chandler, AZ eighteen times, they were so terrified and afraid that someone was trying to break in, they decided to move.
Aside from the psychological impact, there’s the very real risk of someone getting hurt. A homeowner who feels threatened might respond defensively, and a teen trying to impress their friends could end up in a situation no one wants.
And of course there’s the damage…
These kicks are hard enough to splinter wood, dent steel, and in some cases, break through the door. That means time, money, and hassle to get it fixed—in addition to the vulnerability you feel until it’s replaced or repaired.
A New Front Door Can Be a Great Investment…
Hopefully, this “trend” fizzles out like most others do. And chances are, your home won’t be randomly targeted. But still—this isn’t a bad excuse to take a fresh look at your front door. Not just for safety reasons, but for financial ones too.
Many homeowners don’t give much thought to their door once they’ve moved in. It opens. It closes. It does what it’s supposed to do. So maybe it gets the occasional paint touch-up. But unless a major renovation is happening (like new siding or a porch overhaul), doors tend to stay on the back burner.
However, a new front door is one of the best home improvements you can make in terms of return on investment.
According to the annual 2024 Cost vs. Value report,
installing a new steel front door delivers a whopping 188.1% ROI. In fact, it’s one of the only improvements that increases the value of your home more than it costs to do—the average cost to install is $2,355, and adds an average of $4,430 to the resale value.
And if you want to add even more to your home’s value, paint it charcoal, smoky, or jet black. A Reader’s Digest article recently noted that homes black front doors sold for $6,271 more than expected, on average.
Of course, there’s no guarantee a new front door (or a coat of paint) will bump your value by a specific amount—but still, that’s a pretty solid case for giving your entryway a refresh even if you’re not the victim of the TikTok challenge.
…And Give You Some Peace of Mind
Beyond the resale math, there’s another compelling reason to upgrade your front door: peace of mind.
Your front door is your home’s first line of defense. Not just against teens playing TikTok daredevils—but against actual threats, too. It’s what separates your family from the outside world. And depending on its condition, it could be the weak link in your home’s security.
If you haven’t looked at the materials and construction of your front door lately, now’s the time. Solid steel and fiberglass doors tend to offer the best mix of durability, insulation, and security. Wood doors can be beautiful— but they’re more prone to warping and damage over time, especially if they’re hollow-core or poorly sealed. While you’re at it, consider upgrading your hardware. A strong deadbolt lock, a reinforced strike plate, and heavy-duty hinges can all make a big difference. Some doors even come with built-in multi-point locking systems—great for both security and weather-sealing.
Yes, it’s an expense. But it’s not just a cosmetic one—it’s an investment in your safety, and potentially your future resale value.
The Takeaway:
It might seem like an overreaction to spend money replacing a front door because of a silly TikTok challenge. But the truth is, it serves as a good reminder that your front door deserves some careful consideration.
A new door not only improves your home’s appearance—it can add value to your home, strengthen your security, and give you some peace of mind. So if your door has seen better days—or you’re just looking for a smart improvement that checks multiple boxes—this might be the nudge you need.
Because whether it’s pranksters, rising home values, or simple peace of mind…your front door plays a bigger role than most people realize.
Source: The Lighter Side of Real Estate. Check out their content marketing services at lightersideofrealestate.com.
July 2025 Housing Watch
Salt Lake County
Salt Lake Housing Inventory Surges Nearly 40%, Easing Market Pressure
Salt Lake County home sales dipped slightly in July, with 1,115 transactions recorded—a 2.02% decline from 1,138 sales in July 2024. From January through July, a total of 7,005 homes were sold, down 3.82% compared to 7,283 sales during the same period last year.
New listings in July climbed to 1,555, an increase of 11.39% from 1,396 a year earlier. However, under-contract listings slipped 6.58% to 1,022 from 1,094. By July 31, active inventory in Salt Lake County stood at 3,356 homes, a sharp 39.66% jump from 2,403 at the same time last year.
Prices showed modest declines. The countywide median price dipped 1.03% to $549,950, down from $555,649 a year earlier. Single-family homes saw a 1.24% drop to $637,000, while the median price for multifamily properties held steady at $430,000.
“Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price,” said National Association of Realtors’® Chief Economist Lawrence Yun. “Current inventory is at its highest since May 2020, during the COVID lockdown.”
“Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price.”
Lawrence Yun Chief Economist National Association
Nationally, home sales rose 0.8% year over year in July. Yun added, “Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions. Overall, homeowners remain financially healthy, with only 2% of sales being foreclosures or short sales—essentially a historic low. Since July 2019, the typical U.S. homeowner has seen a cumulative 49% increase in home value.”
The median price reflects the midpoint where half of homes sold for more and half for less. Medians are preferred over averages, which can be skewed by a small share of high-end transactions. For accurate comparisons, median prices should be evaluated year-over-year to account for seasonality in buying patterns and changes in the mix of homes sold.
Salt Lake County
Local Market Update for July 2025
Source:
Pamela Abbott
Barton Allan
Judy Allen
Suzanne Allred
George Anastasopoulos
Brent Anderson
Clay Anderson
Diane Anderson
Kay Ashton
Sue Avalos
Margaret Averett
Laurence Bailess
Les Bailey
Brent Barnum
Veda Barrie-Weatherbee
Edward Belka
Ken Bell
Raymond Bennett
Richard C. Bennion
Steven Benton
Gregg Bohling
Russell Booth
Virginia Bostrum
Robert Bowles
Mary Ann Brady
Janet Brennan
Steve Brown
Stephen Bryant
Barbara Burt
Hedy Calabrese
Gregory Call
Gary Cannon
Tracey Cannon
Julie Carli
Carol Cetraro
Scott Chapman
Garn Christensen
Byron Christiansen
David Clark
Deborah Clark
Terry Cononelos
Jeffery Cook
Philip Craig
Dan Davis
Robert Davis
Brian De Haan
Babs De Lay
Lynn Despain
Jerard Dinkelman
Darlene Dipo
Sally Domichel
Rebecca Duberow
James Dunn
Randy Eagar
Carol Edgmon
Douglas Edmunds
Michael Evertsen
Bijan Fakhjrieh
Robert Farnsworth
Alan Ferguson
Jack Fisher
Gale Frandsen
David Frederickson
Howard Freiss
Brent Gardner
Heidi Gardner
Paul Gardner
Linda Geer
Sheila Gelman
J. Carolyn Gezon
Larry Gray
Richard Grow
D. Brent Gudgell
Klaire Gunn
James Haines
John Hamilton
Mark Handy
Grant Harrison
Stephen Haslam
Michael Hatch
Thomas Haycock
Bill Heiner
Jeffrey Helotes
Marvin Hendrickson
Terry Hill-Black
Lynda Hobson
Ted Holmberg
Sheryl Holmes
Rhys Horman
Carol Howell
Gary Huntsman
Blake Ingram
Kent Ingram
Esther Israelson
Jackson Jensen
Kevin Jensen
Ron Jenson
Jeffrey Jonas
Steve Judd
David Kenney
Kay Kenyon
Henry Kesler
Douglas Knight
Peggy Knight
Wayne Knudsen
Karl Koenig
Randall Krantz
Leah Krueger
Kathryn Kunkel
Gary Larson
Teresa Larson
Vann Larson
Fred Law
Michael Lawrence
Clark Layton
Shauna Leake
Kaye LeCheminant
Daniel Lindberg
Michael Lindsay
Martin Lingwall
Mildred Llewelyn
Don Louie
Ted Makris
Margaret Malherbe
Al Mansell
David Mansell
Dennis Marchant
Susan Mark-Lunde
Paul Markosian
Ronnald Marshall
Susie Martindale
Christopher McCandless
Curtis McDougal
Miriam McFadden
John McGee
Russell McKague
Andrew McNeil
Margene Wrigley
Henry Youngstrom
Elizabeth Memmott
Uwe Michel
Gordon Milar
Kyle Miller
Preston Miller
David Moench
Richard Moffat
Gary Monk
H.Craig Moody
Randal Moore
Thomas Morgan
Thomas Mulock
Charles Mulford
Melanie Mumford
Jacqueline Nicholl
John Nielson
Michael Nielson
Robyn Nielson
Van Nielson
Victor Oishi
Joseph Olschewski
Brent Parsons
Joan Pate
Yvonne Pauls
Derk Pehrson
Douglas Pell
Robert Plumb
Noel Quinton
Helen Rappaport
David Read
George Richards
W. Kalmar Robbins
Stan Rock
Emilie Rogan
John Romney
Marie Rosol
Christopher Ross
David Sampson
Mark Schneggenburger
Gary Shiner
Jeff Sidwell
Kent Singleton
Debra Sjoblom
Elizabeth Smith
Kenneth Smith
Rick Smith
Skip Smith
Jeffrey Snelling
Lorenzo Spencer
Kenneth Sperling
Anna Grace Sperry
Robert Spicer
Trudi Stark
Lee Stern
Sandra Straley
Gary Strang
John Strasser
Kevin Strong
Thomas Swallow
Sonny Tangaro
Joan Taylor
Rosanne Terry
Martin Vander Veur
Craig Vierig
Peter Vietti
Hilea Walker
H. Blaine Walker
Richard Walter
Dana Walton
Jerry Webber
William Wegener
David Weissman
Jeffrey Wells
Wayne Whetman
Jeff White
Darlene Whitney-Morgan
Clayton Wilkinson
Thomas Wilkinson
Kimball Willey
Douglass Winder
Robert Wiskirchen
James Witherspoon
Linda Wolcott
Cynthia Wood
Sherrill Wood
THANK YOU
To our incredible Realtor partners.
Your insight, dedication, and tireless work are at the heart of so many dream homes becoming reality. You’re not just helping close deals; you’re helping open doors, build communities, and shape futures.
We’re honored to work alongside you and excited for all we’ll accomplish together moving forward.
Anel ReyesWise Choice Real Estate -Central
Danna Bui-NegreteDistinction Real Estate
Aldo LopezSolis & Lopez Real Estate, LLC
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