Salt Lake City is the capital and the most populous municipality of the U.S. state of Utah. With an estimated population of 190,884 in 2014, the city is the core of the Salt Lake City metropolitan area, which has a population of 1,153,340 (2014 estimate). Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area. This region is a corridor of contiguous urban and suburban development stretched along an approximately 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,423,912 as of 2014. It is one of only two major urban areas in the Great Basin (the other is Reno, Nevada).
The world headquarters of The Church of Jesus Christ of Latter-day Saints (LDS Church) is located in Salt Lake City and the city's street grid system is based on the temple constructed by the Church at its center.
Immigration of international LDS members, mining booms, and the construction of the first transcontinental railroad initially brought economic growth, and the city was nicknamed the Crossroads of the West. It was traversed by the Lincoln Highway, the first transcontinental highway, in 1913, and presently two major cross-country freeways, I-15 and I-80, intersect in the city. Salt Lake City has since developed a strong outdoor recreation tourist industry based primarily on skiing, and hosted the 2002 Winter Olympics. It is the industrial banking center of the United States.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Salt Lake City, Utah. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Salt Lake City, Utah, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the West rose 7.5%, to $372,400, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Utah, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Salt Lake City||$307,900||11.2%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Utah.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
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At the 2010 census, Salt Lake City's population was 75.1% White, 2.6% African American, 1.2% American Indian and Alaska Native, 4.4% Asian, 2.0% Native Hawaiian and other Pacific Islander, 10.7% from other races and 3.7% of mixed descent. 22.3% of the total population were Hispanic or Latino of any race. The city's population has historically been predominantly white. Between 1860 and 1950 whites represented about 99% of the city's population but this changed dramatically in the decades that followed.
As of 2010, 37.0% of the population had a bachelor's degree or higher. 18.5% of the population was foreign born and another 1.1% was born in Puerto Rico, U.S. insular territories, or born abroad to American parent(s). 27.0% spoke a language other than English at home.
There are 186,440 people (up from 181,743 in 2000), 75,177 households, and 57,543 families residing in the city. This amounts to 6.75% of Utah's population, 18.11% of Salt Lake County's population, and 16.58% of the new Salt Lake metropolitan population. The area within the city limits covers 14.2% of Salt Lake County. Salt Lake City is more densely populated than the surrounding metro area with a population density of 1,688.77/sq mi (1,049.36/km²). There are 80,724 housing units at an average density of 731.2 per square mile (454.35/km²).
The Salt Lake City-Ogden metropolitan area, which included Salt Lake, Davis, and Weber counties, had a population of 1,333,914 in 2000, a 24.4% increase over the 1990 figure of 1,072,227. Since the 2000 Census, the Census Bureau has added Summit and Tooele counties to the Salt Lake City metropolitan area, but removed Davis and Weber counties and designated them as the separate Ogden-Clearfield metropolitan area. The Salt Lake City-Ogden-Clearfield combined statistical area, together with the Provo-Orem metropolitan area, which lies to the south, have a combined population of 2,094,035 as of July 1, 2008.
There are 75,177 households, out of which 27.0% have children under the age of 18 living with them, 41.1% are married couples living together, 10.2% have a female householder with no husband present, and 44.3% are other types of households. Of the 75,177 households, 3,904 were reported to be unmarried partner households: 3,047 heterosexual, 458 same-sex male, and 399 same-sex female. 33.2% of all households are made up of individuals, and 9.7% have someone living alone who is 65 years of age or older. The average household size is 2.48, and the average family size is 3.24.
The city's age distribution was (as of 2000):
The median age is 30 years. For every 100 females there are 102.6 males. For every 100 females age 18 and over, there are 101.2 males. The median income for a household in the city is $36,944, and the median income for a family is $45,140. Males have a median income of $31,511 versus $26,403 for females. The per capita income for the city is $20,752. 15.3% of the population and 10.4% of families are below the poverty line. Out of the total population, 18.7% of those under the age of 18 and 8.5% of those 65 and older are living below the poverty line.
Large family sizes and low housing vacancy rates, which have inflated housing costs along the Wasatch Front, have led to one out of every six residents living below the poverty line.
Fewer than 50% of Salt Lake City's residents are members of The Church of Jesus Christ of Latter-day Saints. This is a much lower proportion than in Utah's more rural municipalities; altogether, LDS members make up about 62% of Utah's population.
The Rose Park and Glendale sections are predominantly Spanish-speaking with Hispanic and Latino Americans accounting for 60% of public school-children. The Centro Civico Mexicano acts as a community gathering point for the Wasatch Front's estimated 300,000 Latinos, Mexican President Vicente Fox began his U.S. tour in the city in 2006.
Salt Lake City is home to a sizeable Bosnian American community of more than 8,000 residents. Most of them came to Salt Lake City during the Bosnian War in the 1990s. The large Pacific Islander population, mainly Samoanand Tongan, is also centered in the Rose Park, Glendale, and Poplar Grove sectors. Most of Salt Lake City's ethnic Pacific Islanders are members of the LDS Church though various Samoan and Tongan-speaking congregations are situated throughout the Salt Lake area including Samoan Congregational, Tongan Wesleyan Methodist, and Roman Catholic. Just outside Salt Lake City limits, newer immigrant communities include Nepalis, and refugees of Karen origin from Myanmar (formerly Burma). Salt Lake City also has the third largest Sri Lankan community in the United States.
Salt Lake City has been considered one of the top 51 "gay-friendly places to live" in the U.S. The city is home to a large, business savvy, organized, and politically supported gay community. Leaders of the Episcopal Church's Diocese of Utah, as well as leaders of Utah's largest Jewish congregation, the Salt Lake Kol Ami, along with three elected representatives of the city identify themselves as gay. These developments have attracted controversy from socially conservative officials representing other regions of the state. A 2006 study by UCLA estimates approximately 7.6% of the city's population, or almost 14,000 people, are openly gay or bisexual, compared to just 3.7%, or just over 60,000 people, for the metropolitan area as a whole.
In 2007 Salt Lake City was ranked by Forbes as the most vain city in America, based on the number of plastic surgeons per 100,000 and their spending habits on cosmetics, which exceed cities of similar size. However, this likely reflects a concentration of plastic surgeons within the city limits but whose client base includes the entire metropolitan area. Forbes also found the city to be the 8th most stressful. In contrast to the 2007 ranking by Forbes, a 2010 study conducted by Portfolio.com and bizjournals concluded Salt Lake City was the least stressful city in the United States. In 2014, CNN deemed Salt Lake City to be the least stressed-out city in the United States, citing the low cost of living and abundance of jobs.
A 2008 study by the magazines Men's Health and Women's Health found Salt Lake City to be the healthiest city for women by looking at 38 different factors, including cancer rates, air quality, and the number of gym memberships.
Historically known as the "Crossroads of the West" for its railroads, when nearby steel, mining and railroad operations provided a strong source of income with Silver King Coalition Mines, Geneva Steel, Bingham Canyon Mine, and oil refineries, Salt Lake City's modern economy is service-oriented. Today the city's major sectors are government, trade, transportation, utilities, and professional and business services. The daytime population of Salt Lake City proper swells to over 315,000 people, not including tourists or students.
Local, state, and federal governments have a large presence in the city, and trade, transportation, and utilities also take up a significant portion of employment, with the major employer being the Delta hub at Salt Lake City International Airport. Equally significant are the professional and business services, while health services and health educational services are significant areas of employment, including the largest health care provider in the Intermountain West, Intermountain Healthcare. Other major employers include the University of Utah, Sinclair Oil Corporation, and The Church of Jesus Christ of Latter-day Saints.
Besides its central offices, the LDS Church owns and operates a for-profit division, Deseret Management Corporation and its subsidiaries, which are headquartered in the city.
Salt Lake City is home to one Fortune 500 company, Huntsman Corporation, and two Fortune 1000 companies, Zions Bancorporation and Questar Corporation. Other notable firms headquartered in the city include AlphaGraphics, Sinclair Oil Corporation, Smith's Food and Drug (owned by national grocer Kroger), MonaVie, Myriad Genetics, Creminelli Fine Meats and Vehix.com. Notable firms based in nearby cities within the metropolitan area include Arctic Circle Restaurants, FranklinCovey, and Overstock.com. Metropolitan Salt Lake was also once the headquarters of American Stores, the Skaggs Companies, and ZCMI, one of the first department stores; it is owned by Macy's, Inc. Former ZCMI stores now operate under the Macy's label. High-tech firms with a large presence in the suburbs include Adobe, ColcaSac, eBay, Unisys, Siebel, Micron, L-3 Communications, Telarus, and 3M. Goldman Sachs has its second biggest presence in Salt Lake City.
Other economic activities include tourism, conventions, and major suburban call centers. Tourism has increased since the 2002 Olympic Winter Games, and many hotels and restaurants were built for the events. The convention industry has expanded since the construction of the Salt Palace convention center in the late 1990s, which hosts trade shows and conventions, including the annual Outdoor Retailers meeting and Novell's annual BrainShare convention.
Downtown Salt Lake City continues to modernize its commercial real estate. 111 Main, a 440,542 sq. ft. Class A office tower is expected to finish construction during the 4th quarter of 2016. Other projects in the downtown area include the 2,500-seat George S. and Dolores Dore Eccles Theater, and a mixed use retail and boutique hotel planned along Regent Street.