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Table of Contents Features

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10 Ethics Violations Are Avoidable. Don’t Make These Mistakes Professional Standards Committee

14 Help Boomers Make Their Next Move Barbara Ballinger 19 RPAC Investments 22 10 Skills You Have to Calm Commission Gripes Tonya Eberhart and Michael Carr 26 U.S. Homeownership Rate Experiences Largest Annual Increase on Record The National Association of Realtors®

Ethics Violations Are Avoidable

Columns

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Help Boomers Make Their Next Move

Salt Lake Realtors® Voluntarily Contribute More to RPAC Steve Perry – President’s Message

Departments 8

Happenings

In the News

28 Housing Watch

On the Cover:

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Cover Photo: Markus©/ Adobe Stock

10 Skills to Calm Commission Gripes

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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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.

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President Steve Perry Presidio Real Estate

Morelza Boratzuk RealtyPath Hannah Cutler Coldwell Banker

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Second Vice President Dawn Stevens Presidio Real Estate

Amy Gibbons Keller Williams Jennifer Gilchrist Utah Key Real Estate

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Past President Matt Ulrich Ulrich Realtors®

John Lucky Berkshire Hathaway Jodie Osofsky Signature Real Estate Utah

CEO Curtis Bullock

Janice Smith Coldwell Banker

Directors

Carlye Webb Summit Sotheby’s

Jenni Barber Berkshire Hathaway

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

Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com President Dan Miller Art Director Jackie Medina Graphic Design Ken Magleby Patrick Witmer

Salt Lake Realtors® Voluntarily Contribute More to RPAC

Sales Staff Paula Bell Paul Nicholas

Office Administrator Cynthia Bell Snow 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.

Members of the Salt Lake Board of Realtors® continue to invest in the Realtors® Political Action Committee (RPAC) more than other Realtors® across the country. Of 172 large and mega associations in the United States, the Salt Lake Board of Realtors® in 2021 was the No. 1 Realtor® association in per capita money raised for RPAC, according to the National Association of Realtors®. Members of the Board invested $72 per Realtor®. The Northern Wasatch Association of Realtors® and Utah County Association of Realtors® tied for second place at $70 per capita. In this issue, we recognize our members that have made extraordinary investments to RPAC. Three of our members: Jim Bringhurst, Gary Cannon, and Dave Robison, have made lifetime investments of more than $75,000 each. More than 20 of our members have each made lifetime investments of $25,000 or more. For more than 50 years, RPAC has promoted the election of pro-Realtor® candidates across the United States. The money comes from voluntary contributions by Realtors®. RPAC investments are a big reason why Utah consumers don’t pay transfer taxes, don’t pay taxes on services, and are not required to hire an attorney at closing. In addition, RPAC played a crucial role in helping Salt Lake County and Utah designate real estate as an essential service during the pandemic. This designation allowed consumers to continue to buy homes and Realtors® to list and show properties. With the median price of homes in Salt Lake City and Utah climbing to new highs, let’s make sure additional fees and taxes of selling a home are never realized. Please make a commitment to invest in RPAC. By doing so, the future of the real estate profession will be bright.

Steve Perry President

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

March 2022 | Salt Lake Realtor ® | 7

Happenings

In the News

Utah Ranks Second in Highest House-Price Appreciation Utah house prices continued to climb in the fourth quarter of 2021. Prices were up 27.05% compared to the same quarter a year earlier, according to the Federal Housing Finance Agency. House prices rose in all 50 states and the District of Columbia between the fourth quarters of 2020 and 2021. The five areas with the highest annual appreciation were: 1) Arizona, 27.4 percent; 2) Utah, 27.1 percent; 3) Idaho, 27.0 percent; 4) Florida, 25.6 percent; and 5) Tennessee, 24.1 percent. The District of Columbia saw the lowest increase at 6.61%.

Source: FHFA

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Russian Invasion May Result in Decline in Mortgage Rates Mortgage rates in the U.S. have risen this year and are expected to continue doing so, but the conflict between Russia and Ukraine could throw a wild card into those projections.

100% RPAC Office Members of Coldwell Banker’s Union Height’s office each invested their fair share ($15 or more) to the Realtors® Political Action Committee (RPAC). The office was the first brokerage in the Salt Lake Board of Realtors® in 2022 to achieve 100% RPAC investment.

The 30-year fixed-rate mortgage climbed by 37 basis points over the first two full weeks of February, according to Freddie Mac. But last week, as Russia invaded Ukraine, rates dropped to 3.89% for the 30-year fixed-rate mortgage. In the first week of March, rates dropped to 3.76%. “When global investors sense increased uncertainty, there is a ‘flight to safety’ in the U.S. Treasury bonds, which causes their prices to go up, and their yield to go down,” says Odeta Kushi, deputy chief economist at First American. “Consequently, amidst heightened uncertainty due to the worsening events in Ukraine, there is a possibility that investors flock to U.S. Treasury bonds, which may result in a temporary, short-term decline in mortgage rates.” The Federal Reserve has announced it would be raising the funds rate multiple times this year and says it will address this more at its next meeting, March 15 and 16. But how aggressive the Fed is with rates could change, predicts The Mortgage Reports. The Fed’s key rate does not directly affect mortgage rates but can influence them.

8 | Salt Lake Realtor ® | March 2022

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Ethics Violations Are Avoidable. Don’t Make These Mistakes By the Professional Standards Committee

Case #1 - The Complainant represented a buyer on a

transaction. The Respondents represented the seller. After the property went under contract, negotiations regarding repairs began. As part of those negotiations, in an effort to make the deal work, the Respondent suggested that both agents contribute a portion of their commissions. As a result, the Respondent agreed to give a credit of $3500 to the buyer. The Complainant also agreed to give a $5000 credit to the buyer. Written escrow instructions that included the $3500 and $5000 agent credits was prepared but not signed by either the Complainant or Respondent or their respective brokers. Later in the transaction, the seller received a back-up offer. According to the Respondents testimony at the hearing, it was at this point that the Respondent decided not to provide the $3500 credit that was previously agreed to. However, this was not communicated to the Complainant. There was some discussion during the hearing as to whether the lender would or would not allow the $3500 agent credit. However, this issue was not clearly

10 | Salt Lake Realtor ® | March 2022

established by testimony and evidence at the hearing. It was determined that the lender did not approve of Addendum 3 which provided for a $15,000 seller credit to buyer. The Hearing Panel felt that had the revocation of the $3500 credit been honestly communicated to the Complainant in a timely manner, the dispute likely would not have occurred. The Hearing Panel also determined that this was a pertinent fact that should have been promptly disclosed by the Respondent to the Complainant in accordance with Article 3 of the Code of Ethics. Respondent to pay a $500 fine within 90 days.

Case #2 - The Complainant received a buyer lead

who was interested in touring and purchasing a home. The Complainant instructed the prospective buyer to get pre-qualified by a lender before touring homes. At that time or shortly thereafter, the Complainant had the prospective buyer sign the Exclusive Buyer Broker Agreement (EBBA). However, the terms and conditions of that agreement were not clearly explained to the buyer as it was simply emailed to the buyer for

electronic signatures. The Respondent later received a communication through an internet lead from this same buyer who was interested in touring a home. The Respondent quickly contacted the buyer and asked whether the buyer was working with another agent. The buyer said that they were not. While touring a home, the Respondent asked again whether the buyer was working with another agent to which they again responded - no. It was determined at the hearing that the buyers were not familiar with the EBBA that was signed with the Complainant. They did not realize that it was an exclusive agreement with a term of one year. Prior to presenting an offer on behalf of the buyer, the Respondent was informed of the signed EBBA with the Complainant. However, the Respondent continued in her representation of the buyer and made an offer on their behalf that was later accepted and closed. The offer made by the Respondent on behalf of the buyers included non-refundable earnest money. The Respondent was careful in explaining to the buyer the potential ramifications of including non-refundable earnest money in the offer. The buyers fully understood the risks associated with this type of offer. The Hearing Panel felt that the Respondent did in fact protect and promote the buyer’s best interests according to Article 1 of the Code of Ethics. The Hearing Panel did determine that with reference to Article 16, once the Respondent became aware of the EBBA with the Complainant,

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she should have made more of an effort to resolve the conflict either directly with the Complainant or through their respective brokers regardless of whether the Complainant properly explained the EBBA to the buyers. At some point during this time, communication between the Respondent and Complainant broke down. Although Article 9 of the Code of Ethics was not at issue in this specific case, the Hearing Panel did note that the Complainant should have better explained the nature, terms and conditions of the EBBA to the buyer in accordance with Article 9, Standard of Practice 9-2 of the Code of Ethics. The Complainant should also be made aware that it is not acceptable to have an unlicensed assistant explain the terms of any contract to a client. These matters were considered more fully in a separate complaint that was filed simultaneously with this complaint by the buyer. Respondent to take a live three-hour course on agency law for no CE credit.

Case #3 - The Complainant was a prospective buyer who discovered a home on Respondent’s website that she was interested in seeing. To see the home, she was asked to register on the Respondent’s website. Later on, the Respondent began sending potential properties to the Complainant. The Hearing Panel determined that there was a disconnect in the types of properties that the Respondent and staff were sending to the Complainant and that the Respondent had

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never met the Complainant. Shortly after registering on Respondent’s website, the Respondent asked the prospective buyer to sign the Exclusive Buyer Broker Agreement (EBBA). The EBBA was signed. The Complainant ended up later purchasing a home with another agent because she was unaware of the nature and terms of the EBBA signed with the Respondent. A conflict between the Complainant, Respondent and the agent resulted. During the hearing, it was discovered that the Respondent’s unlicensed assistant attempted to explain the EBBA to the Complainant. It was unclear during the hearing what other tasks the unlicensed assistant performed on behalf of the Respondent. With reference to Article 1 of the Code of Ethics, the Hearing Panel determined that the Respondent did not protect and promote the interests of the Complainant and that full honesty was not evident when presenting the EBBA to the Complainant. The Hearing Panel further determined that the Respondent failed to make reasonable efforts to adequately explain the nature and disclose the specific terms of the contractual relationship in accordance with Article 9 of the Code of Ethics. Specifically, that the EBBA was exclusive in nature and that it included a term of one year. During the hearing, the Complainant suggested that Respondent violated Article 15 of the Code of Ethics by making false or misleading statements about another Realtor®. However, there was no evidence to suggest that such false or misleading statements about that agent were publicized. Rather, those statements were contained in a private email and in the ethics complaint itself. With respect to Article 16 of the Code of Ethics, the Hearing Panel determined that this Article does not apply to the public as it falls under the Duties to Realtors® section of the code. There was no conduct by the Respondent that was inconsistent with an exclusive representation with another Realtor®. During the hearing, the Respondent stipulated that he has learned a lot from this experience and that he has changed some of his internal business processes to better represent clients. The Hearing Panel was concerned about the Respondent’s business practice which allowed an unlicensed assistant to explain contractual terms to a prospective buyer. The Hearing Panel expressed caution to the Respondent regarding this practice and strongly recommended more strict compliance with State law. Respondent to take a live three-hour course on agency law for no CE credit. $500 fine to be paid within 90 days.

Case #4 - The Complainants work for a home builder. On June 22, 2021, REALTOR® and Respondent posted on Facebook - “Dear City, I’m really looking forward to the return of Ft Herriman Town Days. Seeing friends and neighbors and generally having a great time. I do have a concern though. With the overwhelming city resident feeling that builders/ developers hold too much control over our city, is it really a good idea to have Complainant as a key sponsor? So may I ask, have we ever included sponsors in our logos before? What’s the cost difference

12 | Salt Lake Realtor ® | March 2022

between hanging a banner and being included in the logo? Were other sponsors given the opportunity to be included the logo? Did the council vote on this choice?” The Respondent made two relevant additional comments about the post. The first relevant comment reads: “Yes I’ve got some bones to pick with Complainant builder. They rake our city over. I’m not sure how well you follow city dealings but these guys are ruthless. But to your other point. Sponsors are a thing. But not included in the logos. This is new and reads like they own the event, not sponsored by them.” The second relevant comment reads: “But to my knowledge we’ve never done it before. And I want to know what the “donation” was and if other sponsors had the opportunity. IE is it actually policy or were favors done. Complainant builder and the land owner that feeds them, SLR have bullied and made backroom deals. Even this last week they forced planning commission to break code so that Respondent builder can build tighter homes.” Soon after the posts the Complainants communicated with the Respondent’s broker about removing them. Over a month later the posts were still active. The Complainants reached out again, this time to the Respondent, and the posts were ultimately removed. It was determined that the Facebook posts included false and misleading information. No backroom deals have occurred between the City and the Complainants or their businesses. All meetings are and were public. No favors were done to secure the advertising. The advertising was available to any sponsor willing to pay the sponsorship fee. Moreover, the Complainant was approached by the city to sponsor the event because the city was lacking sufficient support. The posts resulted in damage to the reputation of the Complainants’ businesses. Based on the evidence and testimony, the panel found the Respondent in violation of Article 12 of the Code of Ethics. Respondent failed to be honest and truthful in her real estate communications and failed to present a true picture in her representations. Respondent was also found in violation of Article 15 of the Code of Ethics. Respondent made false and misleading statements about other real estate professionals, their businesses, and their business practices. Respondent to pay a $1500 fine within 90 days. Respondent to take a live three-hour Code of Ethics class within 90 days (class is in addition to CE requirements).

Case #5 – The Complainants were potential buyers for

the Property. The Property was listed by the Respondent who also previously owned the Property. Throughout the transaction the Respondent represented she was the seller and acted as the seller. The Complainants entered a contract to purchase the Property from the Respondent. Before the Property was listed, a Planner from the City emailed the Respondent and said, “Right now, we don’t allow mother-in-law apartments, but we will be adopting a new ordinance soon that will allow that. Also, the state of Utah just passed a new bill that will allow mother-in-law apartments. So, I would recommend

applying for a business license after that unless we adopt a new ordinance before that date. You will not be able to convert the property to have three units though.” At the time the Complainants contracted to purchase the Property it was occupied by tenants. In section 1C of the seller’s property condition disclosure, it asks in paragraph C, “Is the Property or any portion of it, currently being used as a rental?” The Respondent marked “Yes.” It then asks, “To your knowledge does that use comply with local zoning and restrictive covenants, if any?” Neither “yes” or “no” was marked. The Respondent hand wrote in the blank lines following the question, “The house is Zoned Single Family But mother in laws are ok.” No permits were pulled on any of the remodeling of the home or the addition of the East unit. The attic renovation was retroactively permitted. In section 3 “Use of Property” of the seller property condition disclosures paragraph A asks, “Are you aware of any past or present non-conforming or illegal uses of the Property (such as renting the Property in violation of local zoning laws, or renting the Property without a business license where such license is required?” The Respondent marked “No”. Paragraph C under the same sections asks, “Are you aware of any past or present violations of any local, state, or federal law or regulation, or of any restrictive

covenants relating to the Property? The Respondent marked “No”. In section 2C paragraph A of the seller’s property disclosures it asks, “With the exception of cosmetic upgrades to the Property, have you remodeled, made any room additions, made structural modifications or other alterations or improvements to the Property?” The Respondent marked “No”. In section 2C paragraph C of the seller’s property disclosures it asks, “To your knowledge did any property managers or tenants make additions, structural changes, or other alterations to the Property?” The Respondent marked “No” and wrote in, “The Footprint has always stayed the same”. The hearing panel found the Respondent in violation of Article 1, 2 and 12. The Respondent failed to act honestly with all parties in her disclosures about the Property, misrepresented facts relating to the property and was not truthful in her real estate communications. The Respondent to pay a fine of $500 to the Salt Lake Board of Realtors® within 90 days of the ratification of this decision. Respondent to take a live three-hour code of ethics class, a live three-hour contracts/forms class, and the live three-hour mandatory residential class all in addition to the CE hours required for license renewal.

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Help Boomers Make Their Next Move Now that a huge wave of baby boomers has left the workforce—30 million at the height of the pandemic—many are considering where and how to live. By Barbara Ballinger As they retire from the workforce, some baby boomers are looking to relocate to maintenance-free homes or condos. Or they want to be near their children or grandchildren in what has been termed “baby chasing.” Others want to head to a warmer climate full- or parttime, often choosing active-aging communities where they can pare maintenance, enjoy activities, and meet new people.

But having more options can make the decision tough. No single choice fits every boomer’s interest, budget, and health situation, particularly since their ages range from 57 to 75 years old, said Chicago-based commercial interior designer Mary Cook of Mary Cook Associates. She has found four factors influence their decision: finances, family circumstances, home, and community or neighborhood.

However, most baby boomers want to age in place. This may require changes to their home to live more conveniently and safely as health challenges arise.

“If they’re the primary caregivers or helping with grandchildren or single parents, they may be tethered to family and a location. Sometimes their decision, if budget permits, will mean a second location for the winter or summer,” Cook said.

Many residential design options emerging today reflect trends seen in the luxury hospitality industry, like country clubs and spas, said architect Rocky Berg, whose Dallas-based boutique design firm, three, works in the hospitality, residential, and senior living segments. “Boomers are all about having choices,” Berg said. “They’re accustomed to having what they want when they want it.” 14 | Salt Lake Realtor ® | March 2022

While the 65-or-older segment now represents an important 15% of the population, it’s been described as being on the verge of becoming a “silver tsunami,” with numbers growing beyond 20% by 2050. Here are some options your boomer clients may want to consider as they weigh their next move.

the company’s home design expert. The flexible space could also house a live-in aide. Other technology tools can improve daily living for those less mobile or with impaired hearing or eyesight. Robot vacuums and smart lawnmowers are cited in senior expert Lisa Cini’s book, BOOM: The Baby Boomers Guide to Leveraging Technology.

Choosing an Active-Aging Community or Building Despite active-aging communities generating buzz, those who gravitate toward them still represent a small percentage of the boomer population. “It seems bigger because the boomer group is large, but it’s still a very small percentage,” said architect David Banta, senior living and affordable housing sector leader at BKV Group, who has focused on this niche for more than 20 years. The average age at move-in is 75, Banta said, the extreme end of the boomer cohort. “Most do so to gain low-maintenance, convenient living. They want out of their big house with some services provided and no restrictions on when they come and go, especially since some still work,” he said. The main difference between what’s available now versus 10 to 20 years ago is the greater variety in building type and what’s offered inside, such as resortquality amenities, programmed activities, upgraded finishes, and technology. debramillet©/ Adobe Stock

Aging in Place Vs. Moving to Meet Changing Needs Eighty percent of homeowners aged 50 and above want to spend their upcoming years in their current home, according to a 2018 AARP survey. The good news is that there are increasing design options and experts to help. Certified Aging-in-Place Specialists, a designation from the National Association of Home Builders, can offer insight on which features to modify in existing quarters to make life more convenient and safe. This includes adding smart-home technology, task lighting, grab bars, raised toilet seats, a shower without a threshold, wider doorways, and barrier-free entry. When a bicycle accident left her paralyzed from the waist down in 1998, Rosemarie Rossetti, Ph.D., became an expert in how to adapt a home for accessible living. She and her husband built a home in Columbus, Ohio, which became the Universal Design Living Laboratory, with every universal design feature available. Companies like The Plan Collection design layouts that homeowners can buy online to build a home that makes staying put easier. The layouts include features such as an open plan without doors, one-level living, and flexible space to accommodate either working from home or the presence of guests, said Laurel Vernazza,

Besides the traditional communities and stand-alone buildings, there are also co-housing communities and rentals for those who no longer want to own and manage their home, said Berg, whose company helped develop Cellars at Pearl, a luxury property in San Antonio, nestled next to a five-star hotel and food vendors. The common denominator is that boomers want to enjoy experiences that reflect their special interests and help build social connections, Cook said. “Forget crafts and woodworking, however,” she said. “This group has added 20 years to their life expectancy and are not at the end of their lives. They’re in their 70s enjoying wine tastings, pickleball, and bocce ball,” she said. When it comes to cost, many boomers will spend the same or more to gain these features, including namebrand appliances for reliability, Cook said. Besides designing new buildings, firms like Banta’s also work with clients to reposition existing properties by freshening finishes, reworking common areas, and adding the latest amenities.

When to Consider a Continuing Care Retirement Community Generally developed for the cohort older than boomers, continuing care retirement communities are comprised of independent living, assisted living, memory care, and skilled nursing care wings. (continued on page 18) March 2022 | Salt Lake Realtor ® | 15

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(continued from page 15) But these facilities are also undergoing changes to reflect the coming wave of boomers and their mindset. “The previous generation has been fiscally more Viacheslav Lakobchuk©/ Adobe Stock conservative and had the attitude, ‘How little could you sell me,’ while the boomers are all about choice,” Berg said. Currently, there are about 2,000 CCRCs in the U.S., but their numbers are not growing, in part because of the difficulty of finding good locations, said developer Richard Ackerman, senior managing principal of Beverly Hills, Calif.–based Big Rock Partners, a real estate development and investment firm focused on senior housing. While firms like his continue to develop new communities, they also update existing projects, so they appeal more to boomers’ evolving tastes and desire for options. Many operators seek expansion to leverage the overhead of these investments across multiple communities, Berg said. Another reason for the lack of growth is that the average age at move-in is rising, currently at 81, according to the Aging with Freedom site. Of the different CCRC options, independent living represents the biggest share at 55.6% of CCRC units. No matter the age at which residents move in, their shared goal is to be less dependent on family but live near them, retain autonomy, and have options to socialize, which, Berg said, helps residents live longer and better. “All move in as strangers and adapt. Most end up saying, ‘I wish I had done this sooner,’” he said. CCRCs are evolving in ways similar to the active-aging sector, with a greater focus on technology, programming, fitness, and entertainment. There are even more eating options. “They might want to stop at a cafe or bistro to eat, pick up sandwiches to sit in front of a TV, or dine formally. They don’t want to be told when to show up at one place for meals or one time for an activity,” Berg said. When they eat, there’s increased concern about the nutrition of available food, along with additional interest in other wellness initiatives, said Ackerman. More attention is paid to the layout and design of communities to encourage socialization and help curtail loneliness. New projects such as Big Rock’s Seafields at Kiawah Island in South Carolina are designed to attract a younger, 62-plus age group who are more fit and affluent, while still supporting inevitable aging needs. Seafields will have an in-house medical clinic operated by the Medical University of South Carolina when it opens in 2024. Its 90 units will target the younger residents who seek independent living while an additional 16 units 18 | Salt Lake Realtor ® | March 2022

are for assisted living and continuing care services. As part of the trend toward luxury, units will be larger and will have upgraded finishes, plenty of light, and outdoor space. Staff will include a lifestyle director and 24-hour concierge. Another example of the movement toward luxury among CCRC communities is River Tower, a 142-unit expansion that Berg’s firm worked on at Harbor’s Edge, a high-end senior living community in Norfolk, Va., where custom interior designs are available in residential units. While Harbor Edge’s focus is independent living in a contemporary, sociable community, it, too, offers continuum-of-care services. And Berg’s firm is also working on multiple projects with Dallas-based nonprofit Forefront Living, a developer and operator of senior communities. The work includes repositioning and expanding Forefront’s Presbyterian Village North, which offers a continuum of care, said Barbara Matamoros, corporate director of sales and marketing. “Presbyterian Village has a 41-year history of providing senior living, and through the years how we choose to live has changed,” Matamoros said. Among changes are larger living spaces with room for flexible, multiple uses, she said. In addition, services such as assisted living can be provided in a residential environment to keep residents from moving to a nursing home setting.

Not Segregating by Age While all these changes are occurring in senior living residences, developers are learning that not everyone wants to be segregated by age. The former Chicago Tribune newspaper tower was converted into condos and renamed Tribune Tower Residences. It has a prime location on Michigan Avenue and stellar views that appeal to residents of a mix of ages, said Cook. The Azure at Hacienda Lakes community in Naples, Fla., developed by Toll Brothers, is a master-planned community—also not age restricted—but targeted at the empty nester and downsizing active boomer. Sometimes, plans need to change, as was the case when the developer of the “agrihood” Serenbe outside Atlanta found that a cluster of houses planned for the boomer cohort didn’t appeal to that group. They revised the grouping for a mix of ages and are now planning an assisted living facility for a different, older population, said Garnie Nygren, managing partner of Serenbe. Barbara Ballinger is a freelance writer and the author of several books on real estate, architecture, and remodeling, including The Kitchen Bible: Designing the Perfect Culinary Space (Images Publishing, 2014). Barbara’s most recent book is The Garden Bible: Designing Your Perfect Outdoor Space, co-authored with Michael Glassman (Images, 2015). Reprinted from Realtor® Magazine Online, January 2022, with permission of the National Association of Realtors®. Copyright 2022. All rights reserved.

20 | Salt Lake Realtor ® | March 2022

10 Skills You Have to Calm Commission Gripes By Tonya Eberhart and Michael Carr

Even if you’re armed with vast amounts of knowledge of the industry, it isn’t very valuable without experience. To use a sports analogy, imagine that Michael Jordan had all the skills necessary to be a basketball phenomenon in his early teens but never put them to use. Would he be the hoops superstar he is today? Without the experience of playing the game, the short answer is no. You are no different. Without experience dealing with the ups and downs of the real estate market, you wouldn’t have the answers to the critical questions your clients seek. Is a certain obstacle to the transaction really a deal breaker? Why are certain homes selling faster than others in a particular area? Which marketing tools have been proven to work best to attract a specific customer? Which negotiating tactics are likely to move things to the closing table faster? You’ve got tools your clients don’t have. You could pull your own bad tooth with a pair of pliers, but the dentist—who went to school to learn and practice the skills of dentistry—has all the right tools. And after the procedure, the dentist knows the next step. Similarly, when it comes to real estate, only you know all the 22 | Salt Lake Realtor ® | March 2022

rules, pitfalls, and expectations. Display confidence about your real estate skills in every conversation you have with potential clients. Back that confidence up with stories or data that demonstrate your skills. You’ve got relationships your clients don’t have. You use the skills of your job as a real estate agent every day. You meet with buyers and sellers who are looking for the right property or opportunity. That means you form acquaintances and relationships that also prove invaluable over time. And you work to foster those relationships and stay on top of what matters to them. Many times, you will have a buyer in mind before you even attain a listing. Your prospects need to know this. You’ve turned objections into opportunities. You hear “no” every day. While buyers and sellers might think that is an absolute answer, you can see what is flexible and fixable. You can confidently navigate treacherous waters because you have overcome obstacles in transactions before, many of which your clients didn’t even know existed. Experience is often unveiled by answering questions your clients didn’t even know they needed to ask.

You’re more efficient at solving problems. Most people are not aware of the time that can be wasted when issues arise, unnecessarily prolonging a closing. But they definitely feel the frustration when it happens. You, however, can see through 99 percent of those issues (many of which are simply excuses) and know how to circumvent them or bypass them completely, saving your clients time and often saving the deal. You bring education and modern technology. Strategy is paramount in real estate sales. Experience provides that extra 5 percent difference that often leads to the 26 percent better return on your client’s investment. You take continuing education courses every year to learn the latest guidelines, techniques, and tactics to do your job like a pro. Through your associations, you have access to every gadget or tool that gives your client’s property a competitive edge, and many of them are exclusive to your industry or brokerage. You’re loyal to a fault—and that’s priceless. Once your client contracts with you, you are not only required by law to look after their best interests, but you also willingly offer them your loyalty. Take the story of Tenzing Norgay. When Sir Edmund Hillary became the first person on record to reach the top of Mt. Everest, Tenzing Norgay was the Sherpa who was pushing him Goodldeas©/ Adobe Stock

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while carrying his backpack. Even when you don’t receive the credit, you remain loyal and steadfast. And this loyalty wins you more than the deal—it wins lifelong customers. You act as your clients’ “broker.” “Broker” can be a noun that describes a person in a lot of industries— stock broker, franchise broker, mortgage broker—and it’s the definition most consumers think of. However, “brokering,” as it pertains to doing deals in real estate, is a verb that, by definition, describes why all real estate professionals are worth a commission. Just ask any investor whose agent was able to use their experience to navigate a multiple-offer deal by negotiating terms rather than price. The average buyer or seller may not realize how much your brokering experience can affect the bottom line of their investment. It’s imperative to communicate it early in the process. You’re the first to know. You often get the first peek at properties that are off-market or hitting the MLS soon. You know about planning and development for your area, as well as the players who are making it happen. You know about market changes that can directly affect pricing, timing, and speed of sale. This edge can put your buyers and sellers in an advantageous position that they would never realize without your experience. Many times, agents have sold a property before it even hits the MLS because of this experience. You’re always accessible. Many of you are accessible seven days a week, 52 weeks a year. And most of you have your family trained to expect a little 24 | Salt Lake Realtor ® | March 2022

interruption on occasion. There are few industries where this accessibility is expected more than in real estate. Obviously, everyone needs down time and to properly prioritize, but one of the reasons you’re worth the commission is because you’re there when your clients need you. Most of you have sacrificed both professionally and personally at one time or another to meet this expectation. Your clients should know that access is invaluable. The statistics are on your side. There are more than 500,000 active full-time agents and more than 6 million housing units sold each year in the U.S. That represents most buyers and sellers who utilize and pay for an agent to help them navigate the highly competitive and complicated real estate process. In fact, 88 percent of buyers purchased their home through a real estate agent, but among those who used the internet to search for homes, that share goes up to 90 percent, according to the National Association of Realtors®. Hiring someone with your experience can save your clients both time and money, a fact that has been proven time and again with sound statistics. Tonya Eberhart is the founder of personal branding firm BrandFace, LLC. Michael Carr is a former BrandFace clientturned-co-author and partner. They focus on helping real estate professionals become the face of their business and a star in their market. Reprinted from Realtor® Magazine Online, June 2018, with permission of the National Association of Realtors®. Copyright 2018. All rights reserved.

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U.S. Homeownership Rate Experiences Largest Annual Increase on Record Hispanic American homeownership is at an all-time high and above 50% for the first time. By The National Association of Realtors® The U.S. homeownership rate climbed to 65.5% in 2020, up 1.3% from 2019 and the largest annual increase on record. More Americans are likely to own a home now than during any year following the Great Recession (65.4% homeownership rate in 2010); however, Black Americans continue to face significant obstacles along the path to homeownership, according to the National Association of Realtors®. The homeownership rate for Black Americans – 43.4% – trails behind that of a decade ago (44.2% in 2010). Conversely, White Americans (72.1%), Asian Americans (61.7%) and Hispanic Americans (51.1%) all achieved decade-long highs in homeownership in 2020, with the rate for Hispanic Americans setting a record and reaching above 50% for the first time. NAR’s 2022 Snapshot of Race and Home Buying in America report examines homeownership trends and 26 | Salt Lake Realtor ® | March 2022

challenges by race and location to explain current racial disparities in the housing market. Using data from the 2021 Profile of Home Buyers and Sellers, the report looks at the characteristics of who purchases homes, why they purchase, what they purchase and the financial background for buyers based on race. “As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the unique challenges that minority home buyers face,” said Jessica Lautz, NAR vice president of demographics and behavioral insights. “Housing affordability and low inventory has made it even more challenging for all buyers to enter into homeownership, but even more so for Black Americans.” Housing affordability has eroded for many consumers since the start of the pandemic due to the combination (continued on page 30)

JANUARY

HOUSING WATCH Housing Inventory is at an All-Time Low

The new year started off with fewer home sales, a result of limited inventory, rising prices, and fewer move-up buyers. Indeed, there were just 520 homes for sale in Salt Lake County in January, down 39% compared to 851 homes for sale a year earlier. New listings for the month fell to 1,023, down 15% from 1,206 new listings in January 2021. Closed sales fell to 894 homes, down 17% compared to 1,081 sales in January 2021. Pending sales in January didn’t fare any better. They were down 11% year over year. The median price of homes sold in January climbed to $500,000, a 28% increase from $392,000 in January 2021. Salt Lake City now ranks as the 23rd most expensive metropolitan area of 183 metro areas in the United States, according to the latest quarterly report from the National Association of Realtors®. According to the report, Salt Lake City’s median price in the fourth quarter climbed to $506,000, up 24% from a year earlier. Salt Lake City’s housing prices are now higher than Miami, Fla., Newark, N.J., and Austin, Texas. Nationally, year-over-year, sales fell 2.3% (6.65 million in January 2021). “Buyers were likely anticipating further rate increases and locking-in at the low rates, and investors added to overall demand with all-cash offers,” said Lawrence Yun, NAR’s chief economist. “Consequently, housing prices continue to move solidly higher.” Across the country, total housing inventory at the end of January amounted to 860,000 units, down 2.3% from December and down 16.5% from one year ago (1.03 million). Unsold inventory sits at a 1.6-month supply at the current sales pace, down from 1.7 months in December and from 1.9 months in January 2021. “The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low,” Yun said. According to Yun, homes priced at $500,000 and below are disappearing, while supply has risen at the higher price range. He noted that such increases will continue to shift the mix of buyers toward high-income consumers. “There are more listings at the upper end – homes priced above $500,000 – compared to a year ago, which should lead to less hurried decisions by some buyers,” Yun added. “Clearly, more supply is needed at the lower-end of the market in order to achieve more equitable distribution of housing wealth.” The median U.S. existing-home price for all housing types in January was $350,300, up 15.4% from January 2021 ($303,600), as prices rose in each region. This marks 119 consecutive months of year-over-year increases, the longestrunning streak on record. First-time buyers were responsible for 27% of sales in January, down from 30% in December and down from 33% in January 2021. NAR’s 2021 Profile of Home Buyers and Sellers – released in late 20214 – reported that the annual share of first-time buyers was 34%. Yun explained that the forthcoming increase in mortgage rates will be problematic for at least two market segments. “First, some moderate-income buyers who barely qualified for a mortgage when interest rates were lower will now be unable to afford a mortgage,” he said. “Second, consumers in expensive markets, such as California and the New York City metro area, will feel the sting of nearly an additional $500 to $1000 in monthly payments due to rising rates.” Individual investors or second-home buyers, who make up many cash sales, purchased 22% of homes in January, up from 17% in December and from 15% in January 2021. All-cash sales accounted for 27% of transactions in January, up from 23% in December and from 19% in January 2021.

28 | Salt Lake Realtor ® | March 2022

March 2022 | Salt Lake Realtor ® | 29

“As the gap in homeownership rates for Black and White Americans has widened, it is important to understand the unique challenges that minority home buyers face.” – Jessica Lautz, NAR vice president of demographics and behavioral insights (continued from page 26) of record-high home prices and record-low inventory. Since 2019, home prices have spiked 30% – or about $80,000 for a typical home, while housing inventory has declined to under one million units available for sale. Approximately half of all homes currently listed for sale (51%) are affordable to households with at least $100,000 income. Nationwide, nearly half of all Asian households annually earn more than $100,000. However, 35% of White households, 25% of Hispanic households and only 20% of Black households have incomes greater than $100,000. NAR’s analysis found that the most affordable states for Black households to purchase a home are Maryland, West Virginia, Kansas, Ohio and Indiana. Conversely, the least affordable states for Black households are Utah, Oregon, California, Nevada and Rhode Island. In terms of renter households, half of Black Americans spend more than 30% of their monthly income on rent. Almost three out of 10 Black renter households (28%) and one in five White renter households (20%) are severely cost-burdened – defined as spending more than 50% of monthly income on rent. Nationwide, NAR estimates that 47% of White renter households and 36% of Black renter households can afford to buy a typical home when comparing the qualifying income to purchase a home and the median income of renter households. “Black households not only spend a bigger portion of their income on rent, but they are also more likely to hold student debt and have higher balances,” Lautz added. “This makes it difficult for Black households to save for a down payment and as a result, they often use their 401(k) or retirement savings to enter homeownership.” Black households (41%) are more than twice as likely as Asian households (18%) and nearly twice as likely as White households (22%) to have student loan debt. Approximately a quarter of Hispanic households (26%) reported having student loan debt. The median student loan debt for Black households ($45,000) exceeded that of Hispanic ($35,500), White ($30,000) and Asian ($24,400) households. Student debt is often a major impediment for prospective home buyers in saving for a down payment. Black and Hispanic applicants (7% each) were rejected for mortgage loans at greater rates than White and Asian applicants – 4% and 3%, respectively. Black Americans (14%) and Hispanic Americans (12%) were at least twice as likely than White Americans (6%) 30 | Salt Lake Realtor ® | March 2022

to tap into their 401(k) or pension funds as a down payment source for a home purchase. Such actions can diminish future wealth growth. Conversely, almost four out of 10 White Americans (38%) used the funds from the sale of their primary residence to serve as a down payment for a home compared to only 25% of Hispanic, 21% of Black and 16% of Asian Americans. The study noted that for those who said they witnessed or experienced discrimination in a real estate transaction, nearly a third of Black respondents (32%) said they faced stricter requirements because of their race. That compares to 19% of White respondents, 16% of Hispanic respondents and 4% of Asian respondents. Approximately one-third of Black and White home buyers (32% each) and almost a quarter of Hispanic home buyers (23%) said they witnessed or experienced discrimination with the type of loan product offered. Approximately seven in 10 White Americans (69%) said they purchased a home in a neighborhood where the majority of the residents were of the same race. However, about a quarter of Hispanic Americans (26%) and less than a fifth of Black (17%) and Asian Americans (15%) said the same. NAR is working to ensure Realtors® are active leaders in the fight to close the racial homeownership gap. NAR serves on the steering committee of the Black Homeownership Collaborative, whose seven-point plan aims to increase Black homeownership by a net 3 million by 2030. NAR has also stepped up the real estate industry’s efforts to end bias and discrimination. Its “ACT” plan emphasizes “Accountability, Culture Change, and Training” to advance fair housing in the industry. NAR’s interactive training platform, Fairhaven, puts real estate professionals in simulated situations where discrimination in a real estate transaction can occur. Also, NAR’s implicit bias video and classroom trainings offer strategies to help Realtors® override biases in their daily interactions. To increase the nation’s housing inventory, NAR is advocating that all levels of government include funding for affordable housing construction; preserve, expand and create tax incentives to renovate distressed properties; convert unused commercial space to residential units; and encourage and incentivize zoning reform. Moreover, expanding new-home construction by an additional 550,000 units a year for 10 years would create 2.8 million new jobs and generate more than $400 billion in economic activity. NAR and the Rosen Consulting Group’s Housing is Critical Infrastructure: Social and Economic Benefits of Building More Housing report examines the causes of America’s housing shortage and provides a range of actions that can effectively address this longtime problem. The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

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