Colorado REALTOR Magazine February 2021 by Colorado Association of REALTORS

c o lo r a d o

FEBRUARY 2021

REALTOR Official Magazine of the Colorado Association of REALTORS®

MAGAZINE

Pandemic Results in Surge of Buyers to Colorado’s Mountain Communities Page 22

Challenges to Keeping Connected Remain for 2021 Page 4

Colorado Finds Its Own Way in Uncertain Times Page 8

Colorado Profile of Homebuyers and Sellers Page 34

c o lo r a d o

REALTOR

MAGAZINE

The COLORADO REALTOR® is published by the Colorado Association of REALTORS® 309 Inverness Way South Englewood, CO 80112 (303) 790-7099 or 1-800-944-6550 FAX (303) 790-7299 or 1-800-317-3689

c o lo r a d o

REALTOR

MAGAZINE

FEB 2021 ISSUE:

EDITORS: Lisa Dryer-Hansmeier, V.P. of Member Services: lhansmeier@coloradorealtors.com, Nick Baker Communications & Public Relations Manager: nbaker@coloradorealtors.com DESIGNER: Monica Panczer, Creative Marketing Specialist: monica@coloradorealtors.com The Colorado Association of REALTORS® assumes no responsibility for return of unsolicited manu scripts, photographs or art. The acceptance of advertising by the Colorado REALTOR® does not indicate approval or endorsement of the advertiser or his product by the Colorado Association of REALTORS®. The Colorado Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy or completeness of the information contained herein. The opinions expressed in articles are not necessarily the opinions of the Colorado Association of REALTORS®.

From the Chair: Challenges to Keeping Connected Remain for 2021....................... 4 Meet Your 2021 CAR Leaders ..................... 5 From the CEO: A Year of Opportunities...... 6 CAR: Celebrating 100 Years........................ 7 Government Affairs Update: Colorado Finds Its Own Way In Uncertain Times................. 8 Market Trends...........................................10 Real Estate Snapshot.........................19 A YEAR OF OPPORTUNITIES CELEBRATING 100 YEARS

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This is a copyrighted issue. Permission to reprint or quote any material from this issue is hereby granted provided the Colorado REALTOR® is given proper credit in all articles or commentaries, and the Colorado Association of REALTORS® is given proper credit with two copies of any reprints.

Finding Financial Freedom.................20 Pandemic Results in Surge of Buyers to Colorado’s Mountain Communities.........22 Housing Discrimination: How Prevalent Is It?...................................................26 Get Involved and Volunteer for a Committee or Task Force.............................................28 10 Tax Tips Webinar..................................30 4 Reasons You’re Losing Real Estate Referral Business...............................31 Profile of Homebuyers and Sellers....34

The term “REALTOR®” is a national registered trademark for members of the National Association of REALTORS®. The term denotes both business competence and a pledge to observe and abide by a strict Code of Ethics. To reach a CAR director who represents you, call your local association/board.

2020 Review - What Have We Learned?... 40 RPAC Spotlight – Meet Your 2021 State RPAC Leadership................................................42 RPAC Major Investors...............................44 WHAT HAVE WE LEARNED?

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Challenges to Keeping Connected Remain for 2021 FROM THE CHAIR

Robert Walkowicz 2021 Chair of the Colorado Association of REALTORS®

“Change is the law of life. And those who look only to the past or present are certain to miss the future.” ~ John F. Kennedy. As we begin the new year, I am willing to bet that each of us and the Colorado Association of REALTORS® will face changes and challenges in 2021. How we handle those challenges will determine our future and our successes. In general, we thrive on in-person interaction with our clients and customers, our families, our communities, and our fellow REALTORS®. These times have created challenges in maintaining those interactions. Communication is more vital than ever before, and we have found new ways to reach out and keep connected. We have adapted and will continue to adapt and find ways to thrive. Many of these changes will likely be permanently incorporated into how we conduct our business in the future. Who knows what better ways to communicate lay just over the horizon? Communication and planning are two things we can control to help us be successful and keep us moving forward.

CLICK FOR ONE THING VIDEO

As you are probably aware, a new Strategic Framework was approved by CAR members during our Board of Directors meeting at Fall Forum last October. Please take a moment to read the Framework here. This is an ambitious threeyear strategic plan that CAR will be implementing. This Framework serves as a roadmap to better prepare CAR for the future as the needs of our industry continue to evolve and diversify. I am proud CAR’s leadership team rolled up their sleeves with the assistance of an incredible facilitator and built upon the prior strategic plan to create and develop a direction for the next three years. The plan outlines several areas of opportunity for CAR to better interact and develop relationships with members, local Associations, and peer groups that all share common goals. It prioritizes these and sets measurable goals to keep CAR and our members first. I look forward to seeing you – either virtually or in-person – in 2021. 4

Meet Your 2021 CAR Leaders

ROBERT WALKOWICZ Chair

MATTHEW HINTERMEISTER Chair-Elect

MARY ANN HINRICHSEN Treasurer

JANENE JOHNSON Immediate Past Chair

DAVID BARBER Appointed Past Chair

TYRONE ADAMS Chief Executive Officer

MARIA COOK Association Executive Representative

HANK POBURKA Member Services Division Chair

KATI HARKEN Legal and Risk Division Chair

SEAN DOUGHERTY Government Affairs Division Chair

BETSY LAUGHLIN Mountain District Chair

BRIAN URDIALES Metro District Chair

DAVID ANDERSON Southeast District Chair

BOB SKILLMAN Northeast District Chair

A Year of Opportunities FROM THE CEO

Tyrone Adams CEO of the Colorado Association of REALTORS®

Good riddance to 2020, right? Many of us will say yes for a myriad of reasons, but then there are those, like many of our members, who will tell you that against all odds and during unprecedented times last year was one of their best years. Even though we are not out of the woods yet, 2021 will be a special year for the Colorado Association of REALTORS® (CAR) that will be full of opportunities. CAR is celebrating its 100 year anniversary and its rich tradition and efforts in protecting private property rights and being staunch proponents of homeownership and safe and affordable housing in Colorado. We also have displayed a great track record of making real estate licensees more successful for those who choose to become a REALTOR®. Why else would our membership numbers reach over 27,700 members last year? Through a collaborative effort of our volunteer leadership and CAR professional staff we will be promoting a “Century of Opportunities” in 2021. These opportunities will include legislative efforts promoting financial literacy, incentivized affordable housing, and helping renters boost their credit scores while renting and using rent to help establish better credit. All these efforts are designed to increase the ability of Coloradans to buy a home. Through the Association, we will also be looking for opportunities to bring together more diverse and inclusive opinions and information to ensure we do not leave any potential homeowners and members behind. For instance, did you know that those with disabilities and veterans are the two most discriminated groups in Colorado according to the Civil Rights Division? Group thinking is a win-win for everyone involved: REALTORS®, consumers, and CAR. Building off last year, there will be more opportunities for more members to get engaged in CAR by serving on a committee, taskforce, CAR Foundation Board, or on CAR Business Services. One of the positive takeaways from the pandemic is we are utilizing technology more to connect with members across the entire state. We saw a significantly higher number of members participating in CAR events and business meetings over the past year. We look forward to getting even more members involved at CAR. Will you make a difference in CAR? Sign up today here. Leading up to our celebratory event at the Broadmoor Hotel, October 18 -21, we hope you will enjoy the numerous social media posts and a special 100-year book and video about the Association that CAR will be presenting throughout the year. I think most of us can agree that we are longing for the opportunities to see one another again, connect with colleagues, learn a little bit more of CAR’s history, and learn how you can help set the course for at least the next decade of your state Association. Be well and stay safe!

LEGISLATIVE

Colorado Finds Its Own Way In Uncertain Times "Democracy is messy, and it’s hard. It’s never easy." ~ Robert Kennedy Jr.

Elizabeth Peetz Vice President of Government Affairs, Colorado Association of REALTORS®

It’s hard to believe we actually turned the page on a new year because no one seems to have shed the emotional baggage of 2020 yet. Democracy is messy by design because our Founders intended it to promote discussion and deliberation. However, no one could have anticipated the incidents in D.C. that left many of us wondering what comes next in 2021. Although the polarization of our population continues to color the national political scene, we can take refuge in the knowledge that Colorado is known for finding its own way.

1) Financial literacy in high school curriculum. 2) Annual reporting by the Division of Housing on how we spend dollars in housing in Colorado. 3) Building credit for tenants that wish to enter homeownership. 4) Incentivizing affordable housing dollars approved by voters (Prop EE) to give grants to local governments that pursue best practices in affordable housing development.

The Colorado General Assembly opened on January 13, 2021 and swore in new members, but postponed most opening traditions such as the State of the State address and opening speeches. The members of the General Assembly took up only a small group of mostly time-sensitive bills over three days before recessing until February 16th out of an abundance of caution due to COVID-19. When policymakers return to legislative deliberation, we anticipate a robust new legislative session where the Democrats lead both the State House (41D-24R) and the State Senate (20D-15R) with comfortable majorities. These governing margins mean the Democrats will have more room to bring forward their agendas than in past years that featured split control of the chambers.

CAR will be vigilant in monitoring for legislation that will increase the cost of housing for energy efficiency compliance, fill budget deficits with real estate fees and taxes, and burdensome regulations on independent contractors that could hurt small businesses or consumers. Some of the bills that did not proceed in 2020 due to COVID-19, such as arbitration, special district transparency HOA regulations, inclusionary zoning, wildfire mitigation and prevention, are likely to return in 2021. We look forward to the optimism of a new year and new opportunities to engage in public policy. Thank you to all our incoming Legislative Policy Committee members who have answered the call to serve. They will be helping CAR steer good public policy that supports a strong housing market for consumers from all walks of life. Don’t forget to check in with your LPC representative throughout the session to find out what the LPC is working on in 2021.

The Colorado Association of REALTORS® is focused on legislation that will open the doors of opportunity of homeownership to all Coloradans. CAR is bringing a legislative package this year that will include:

MARKET TRENDS

Unpredictable Factors Deliver Record Setting 2020 Housing Market Across Colorado

INVENTORY OF ACTIVE LISTINGS STATEWIDE - DEC 2020 10,673

-47.5%

OCT 2020

8,444 -53.8%

NOV 2020 SINGLE FAMILY

While coronavirus delivered devastating effects on our personal and professionals lives throughout 2020, the oldest laws of supply and demand carried Colorado’s housing market through health-focused restrictions, as well as changing residential and work wants and needs. Coupled with historically low interest rates, the combination of circumstances delivered record-setting results in most measurable industry categories, according to the December 2020 housing data and year end analysis from CAR.

6,081 -20.9%

DEC 2020

4,537

3,726

2,685

-7.6%

-17.9%

-27.9%

OCT 2020

NOV 2020

DEC 2020

TOWNHOUSE/CONDO

said Fort Collins-area REALTOR® Chris Hardy. “The innovation and constant adaptation of our industry this year has been fantastic, but it’s far from over. In fact, I see this as a catalyst to future and permanent change in the way we work and live. We will need to continue to change and adapt to our new surroundings and work procedures. We have opportunities to create new paths of knowledge and get better at what we do,” said Estes Park-area REALTOR® Abbey Pontius.

Whether in the Denver-metro area or nearly any other market across the state, REALTORS® were eager to point out that inventory actually did rise during 2020 but was simply eaten up faster than what was coming available.

With December’s inventory of active listings at all-time lows for all property types, the months supply of inventory reached figures not seen before either. December’s 2,353 active singlefamily listings in the Denver metro area were down more than 68% from a year ago and reflect the lowest figure ever recorded by CAR’s Market Trends data. That scenario pushed the single-family inventory supply to 0.5 months, down more than 70 percent from December 2019. Condo/townhome inventory fell to a 0.8 month supply, down 55% from a year prior. Statewide, the numbers weren’t much better as there were only 6,081 active single-family listings in December, down 60% from a year ago and pushing the months supply to just 0.8 in the single-family market. The statewide condo/ townhome category finished the year with 2,685 active listings in December, down 52% from a year prior and leaving potential condo buyers with just a 1.1-month supply. A balanced market would have between 4-7 months supply.

“The most startling statistic of 2020 is that supply actually did skyrocket in 2020. In Denver alone, 24% more homes sold in 2020 than in 2019 while the previous change, 2018 to 2019 saw only 3.8% more sales. This means that even though 20.2% more homes became available, the increase didn’t come near demand,” said Denver-area REALTOR® Matthew Leprino. In Fort Collins, nearly 9% more homes were sold in 2020 than 2019. In Summit County, there was a 21% increase in the number of sales in 2020 over 2019. “Interest rates are expected to remain at or near record lows for the next 12-18 months, and to cap it all off, the pandemicfueled phenomenon of WFH (work-from-home) is likely to continue, allowing many employees to live anywhere they would like and not be restricted to locations near their employer’s headquarters. Colorado remains a highly desirable area to live, work, and play. It may now be all the more desirable as companies from around the globe release the geographic shackles of employee job location requirements,”

“Perhaps the most important factor to take into consideration is that recession or boom, bubble or bust or even a worldwide pandemic, people need homes,” added Leprino.

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The Colorado Association of REALTORS® market trends spokespersons have provided the following assessments of the past year, as well as some insights, analysis and advice to buyers and sellers on what the rest of 2021 may bring.

“If the unusual sales activity for the first part of January is any indication, this trend will continue. That being said, there are many sellers who chose not to sell last spring and instead, may be listing this spring, changing the supply and demand ratios we are currently experiencing. Interest rates will continue to be low through 2021 and with continued confidence in the vaccine, we expect an active market this year. However, if supply increases due to pent up necessity from last year, that may affect the seller’s market that is in place right now.

AURORA “Like the rest of the state, Aurora experienced a tremendous benefit from the low interest rates throughout the past year. With 1,866 active listings in December 2018, and 1,468 in December of 2019, we closed out 2020 with only 413 active listings. Ironically, December 2020 delivered 1,276 sold properties that were selling above asking price as soon as they hit the market. Our days on market was down 58% in December as the median price of a single-family home rose 10% from $410,000 in January to $440,000 in December. The $400,000 to $499,000 price range saw the greatest number of solds but it also experienced an inventory drop of 76% compared to 2019 with only 105 single-family homes for sale.

“To buyers out there – jump in the market now while interest rates are low and be prepared to be competitive. Better to fight to get into this market now than wish you had in a year or two. “To sellers – if you’re thinking of moving, do it now as you might be right at the top of a market that just gave you another shot and another chance to get top dollar for your home,” said Boulder/Broomfield-area REALTOR® Kelly Moye.

COLORADO SPRINGS/PIKES PEAK AREA

“We hope to see more inventory come onto the market as we move into the spring months. Warmer weather and increased availability of the COVID-19 vaccine may entice more homeowners to be active in the market,” said Auroraarea REALTOR® Sunny Banka.

“For the Colorado Springs area single-family/patio homes housing market, 2020 was unequivocally a stellar year with the year-to-date sales volume surpassing the $7 billion-mark, highest level of year-to-date sales totaling 17,337, and recordhigh average and median sales prices skyrocketing to $437,365 and $379,999, respectively. The higher end market saw an incredible surge. Year-over-year, the sales of single-family/ patio homes priced between $400,00 and $600,000 increased by over 50 percent, over 66 percent increase in homes priced between $600,000 and $1 million, and a gigantic 110 percent increase in homes priced over $1 million.

BOULDER/BROOMFIELD “Looking back to the end of 2019, Boulder and Broomfield counties appeared headed to a plateauing real estate market, and maybe even a more balanced one. Prices were up, but not much, inventory was still low but real estate professionals watched and wondered if the traditional real estate cycle was about to move to the next stage. Much to all of our surprise, the global pandemic actually provided a ‘shot in the arm’ to the real estate market and quite literally, propelled Boulder and Broomfield counties out of what appeared to be a slowing market. Boulder County experienced a healthy 5% appreciation in single-family homes and 7.9% in attached dwellings during 2020. With less than one month of inventory on the market, the demand once again outpaces supply and homes sell quickly (under 44 days on average) and within 1% of list price.

“In general, the people were experiencing a seesaw level of stress from COVID-19 as the hospital rooms were reaching capacity and the empty shelves when dealing with a home purchase. “Colorado Springs is poised for steady growth and higher demand for housing. The supply of serviced land is limited to support a higher level of building activity. Accordingly, we’ll continue to be challenged by a significant lack of inventory, especially affordable housing, and skyrocketing prices. On the other hand, the outlook for the real estate market and economic growth in general is looking very promising.

“In neighboring Broomfield, the appreciation is similar (4% and 8%, respectively) but homes here are selling faster (under 26 days on average) and often, for more than list price.

“If you are not ready for the bidding wars or if you are purchasing with a modest down payment, you may want to consider more seriously buying a new built home,” said

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Colorado Springs-area REALTOR® Jay Gupta.

compare those carrots to housing units. When a buyer enters the market looking for a carrot, and there is only one bundle for every 200 people who want them, one could imagine the pandemonium. The price of carrots would skyrocket as 200 people all place their best bid for carrots, write loveletters even, and the carrot becomes something once taken for granted, now a luxury once accessible to everyone who wanted one. Now there are 199 people left carrotless.

“2020 will go down as the most unpredictable year many of us have ever experienced. I remember sitting at a bar with colleagues the night before they were all closed. It was just days before St. Patrick’s Day, and we had no idea what was coming at that time. The new COVID-19 virus stirred a country and shook us to the core. Lives have been lost, businesses have disappeared, life savings gone, and the feeling of hope vanished the longer this lasted. That evening is burned into my mind because it’s the last evening I recall it being normal. Since then, we have been plagued with closures, struggles, and overall helplessness as the governments of the world would pick who could and could not stay open.

"Dear Reader, houses are the new carrots. The lowest-ever availability of houses was recorded in December 2020 with just 0.4 months’ worth of inventory. That means that for all single-family homes that come on the market in a typical 30day month, the supply would be sold out in just 12 days. So, what to do with the other 18 days? Well, those buyers keep on bidding, the prices keep going up and the median price keeps skyrocketing. These buyers haven’t stopped looking and they certainly didn’t stop bidding so the demand and price, continue to rise.

“And yet, through this, real estate prevailed. Thanks to extremely low interest rates and low inventory housing just withstood this virus better than almost anything else. December jumped up 10.7% on sold properties and 15.6% on median sales price. The only thing that did better on overall ROI was the stock market from the drop at the beginning of the year to now.

“Unfazed by the Pandemic, median prices continued to rise even in the March, April and May months of 2020. April, the month after the world shut down, saw a 5.9% increase yearover-year in price while May, cooling a little, also saw a 3% increase over the previous May. Despite some areas not being able to market, let alone show houses to prospective buyers, the demand only became more insatiable.

“As unemployment across our state and country skyrocket weekly, lack of inventory continues to keep the housing market on fire. We have created two economies in the midst of this. The shaking of the economic tree has not shaken real estate yet. But its roots are beginning to lose grip as the rest of the U.S. industries show staggering losses. There are only so many months in front of us where the news will continue to be like this for housing if the other news in all other sectors are poor.

“In 2021 many in this nation will begin to feel the economic tides change. Colorado may withstand that at this time due to being ‘the place’ to move. But the economy is emotionless. Its tides will change and when they do the damage in both the housing and stock market will be felt across the world. Until then, it seems it will be business as usual. Maybe we can meet at a bar, have a beer, and pretend for a bit 2020 did not occur,” said Colorado Springs-area REALTOR® Patrick Muldoon.

“In 2021, we have to assume that the demand for the singlefamily home will continue to persist. Demand for a home is one of those basic things we all need, right? New construction continues to lag despite huge production numbers and the price, well, you get the idea. Perhaps the most important factor to take into consideration is that recession or boom, bubble or bust or even a worldwide pandemic, people need homes. The trouble home sellers have gotten the market in to is this notion of ‘well, where am I going to go if I do sell? I don’t want to be a buyer in this madness.’ While true, we are stuck in a ‘chicken or the egg’ scenario where we must accept that neither really matters in the Denver market. As long as we want to remain a

DENVER COUNTY “When we visit the grocery store, the only reason there isn’t multiple bids on, say, carrots, is because the store carries more than enough to satisfy the need. More often than not, we have to assume they’ve got it down to a science and they are able to predict demand. Now, let's take the same situation and

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desirable place to live, undersupply will persist. We have two options: to either build a sensational amount of new product for homebuyers or stop paving our roads, close all commerce and impose martial law, the latter making Denver not so desirable and causing a massive uptick in supply.

than 3 or 4 weeks was like getting a plumber to your house in hunting season: it just wasn’t going to happen. Our title companies were so overburdened that trying to close even a cash deal in less than 30 days was impossible. To sum up Durango real estate in 2020: it was an incredibly exhausting year for all parties involved, not to mention all of the COVID-19 protocols that had to be followed.

“Until then, buy stock in carrots,” said Denver-area REALTOR® Matthew Leprino.

“So, what will 2021 have in store for us? As of today, there are 177 active properties and 150 pending sales overall in the county. There are 18 active listings and 47 pending transactions for properties under $500,000. Currently, we need 900 new homes just to meet the current demand. Builders I spoke to this week say they are booked out until 2022 and some as far out as 2023 for new starts. Those lucky enough to find an available builder will be faced with labor shortages and material costs that have more than doubled in the last 12 months. I believe we will see some relief with inventory with seasonal adjustments that typically happen in the summer season. The takeaway for buyers this year: be prepared, have your financing in place, and be ready to pull the trigger at a moment's notice. Any desirable properties will be snatched up right away, and don’t expect sellers to be in a negotiating frame of mind. Fasten your seatbelt, 2021 promises to be an exciting and adventurous ride,” said Durango-area REALTOR® Jarrod Nixon.

DURANGO/LA PLATA COUNTY “Traditionally a destination for second homeowners and vacationers from Texas, New Mexico, Oklahoma, and Arizona, it appears that Durango has been discovered. In 2020, we saw an influx of people moving from all areas of the country to make Durango their permanent base of operations. The endless options for outdoor activities and the healthy, laidback lifestyle that the area has to offer has been a draw for many. “2020 was a banner year for real estate sales in La Plata County. Virtually every segment of the market saw record sales volume and appreciation. The year began with historically low inventory levels, and it ended with even less options for buyers. December levels dropped to less than two months of inventory overall, and the inventory was less than two weeks for homes under $500,000. New listings were down over 8%, while sold listings were up 36%, leaving nothing but scraps for potential buyers to choose from. The median sales price rose just under 14%, breaking the $500,000 mark for the year. Condos and townhomes also saw similar increases.

ESTES PARK “Between stay-at-home orders, safe showing orders and drive though closings we never knew exactly what was around the next corner. The real estate market stayed strong, vibrant and fast paced on its way to delivering one sweet bite this year while looking at other facets of the economy. No doubt this has been a positive point to the economic pressure being felt internationally.

“Some notable statistics from 2020: first, the luxury market was one of the most active segments of the market. In the $1 million-plus category, 93 properties sold versus 43 in 2019. Properties of 35 or more acres also saw a huge increase, with 50 properties sold in 2020 compared to 28 in 2019. Land sales skyrocketed as well, with 398 parcels being sold in 2020 versus 230 parcels in 2019. The resort market also experienced a large increase in activity, with 174 units sold in 2020 versus 129 in 2019.

“Larimer County has been selling fast with sold listings up 11.5% year to date for single-family homes, and an 11.6% bump for townhome/condos. This is fantastic news to keep the ball rolling. However, the inventory cannot support the demand. This is no new statement, but the incredibly low inventory is pushing prices up as well. Inventory for single-family homes plummeted down to 58% of what it was in December 2019, and townhome/condos followed suit with another whopping -44.2% dip in inventory. This puts single-family homes down 61.9% in months supply of inventory and a negative 48.1% months supply as compared to December 2019 year for

“The buyers learned quickly that the Boys Scouts’ mantra, ‘always be prepared’ was never more applicable than when trying to buy a home in 2020. Buyers that hesitated or didn’t have their finances in order were sure to miss out on their dream homes. Other challenging aspects of 2020 were the bottlenecks created by the sheer volume that the market experienced. Getting an appraisal or inspection done in less

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townhome/condos. This has put a major strain on the market and is forcing prices up. The average sales price has increased 9.4% for single-family homes to $513,076, and townhome/ condos average sales price has gained 8.9% to $341,898. With the low inventory, days on market has also shortened. Singlefamily homes are living on the MLS for an average of 64 days, down 11.1% from 2019. Townhome/condos are going even faster at a 12.5% decrease for days on market, down to an average of 70 days. With the staggeringly low inventory and rising average sales prices, it’s no surprise that single-family homes are selling for over list price at 100.2%, an increase of 1.3%. Townhome/condos are nipping on their tails with 99.3% of list price received.

by high demand. Mortgage interest rates are ridiculously low which increases the purchase power for buyers which somewhat offsets increasing prices of the few homes available for sale. This tug-of-war creates a steady flow of transactions and was in place until the pandemic shut everything down in early 2020. “With the near-complete societal shutdown mid-March through May 2020, the steady flow of housing transactions was artificially restrained and just like with a thumb over the end of a hose, the pressure in the hose grows and the water begins to spray out – lower in volume but higher in velocity. The need for housing remained steady as people continued to move to Colorado and as younger folks branched out to form their own households. The shutdown increased the velocity of the transaction process as desperate buyers bought the few available homes, often sight unseen. Transactions slowed but the pressure continued to build. In June, with the restraints on showing property lifted, the thumb over the end of the hose was removed. Homeowners felt somewhat safer to sell or anxious to refinance to a lower monthly payment. Buyers remained anxious to buy and housing transactions streamed out across the state. Record numbers of transactions were completed for the year with effectively nine-and-a-half months to sell them. Brokers, lenders, appraisers, inspectors, title insurers, contractors all made up for slowed times of March, April, and May by doing more business in 2020 than 2019 (in Fort Collins, nearly 9% more homes were sold in 2020 than 2019). It has taken through the Christmas holiday season for the stream of transactions to return to the steady and modest flow of the pre-pandemic.

“The innovation and constant adaptation of our industry this year has been fantastic, but it’s far from over. In fact, I see this as a catalyst to future and permanent change in the way we work and live. We will need to continue to change and adapt to our new surroundings and work procedures. We have opportunities to create new paths of knowledge and get better at what we do. The biggest challenge is staying involved, keep connected, and above all, stay positive. “Clients this year have been incredible and understanding through this tough year. Understanding however doesn’t necessarily get you to close on a property. A little grit, prequalification and putting the best offer first goes a long way. With the fierce competition on listings priming your clients in advance to prepare for emotional ups and downs like rejected offers, being outbid, competing with multiple offers is paramount. It can be frustrating with the intensity of the current market but with the right preparation and mindset you will get to close on your dream property. Patience is a virtue.

“In the Fort Collins area, the most striking numbers showed a nearly 57% drop in active inventory year-over-year; median price settled in at $447,000 for the year-end average; and the price points with the biggest gains occurred in the luxury market with a 48% increase in homes sold between $700,000 and $1 million, and a near 40% increase in townhomes sold between $300,000 and $400,000. And perhaps the most startling statistic for 2020, homes sold for over $1 million increased by 80%.

The coming year will stay strong for real estate. If interest rates stay competitive, and people continue re-organizing their way of life, work and school needs, the home is morphing into more than just a home. Some need more space; others may decide it’s time to downsize as their finances have changed. We have to be ready for change and the future is knocking on our front doors,” said Estes Park-area REALTOR® Abbey Pontius.

“What does the New Year hold? Likely, more of the same. Restrained housing supply coupled with high buyer demand will continue to drive prices higher. Interest rates are expected to remain at or near record lows for the next 12-18 months, and to cap it all off, the pandemic-fueled phenomenon of WFH (work-from-home) is likely to continue, allowing many employees to live anywhere they would like and not be

FORT COLLINS “The flow of homes for sale and homes purchased along the Front Range is as steady as the water from a hose with the spigot turned on low. Yes, low. The flow of our housing market is at once constrained by a lack of inventory and propelled

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restricted to locations near their employer’s headquarters. Colorado remains a highly desirable area to live, work, and play. It may now be all the more desirable as companies from around the globe release the geographic shackles of employee job location requirements.

to $530,000 and $312,000 for condo/townhomes. Days on market is at 18, which will decline in January 2021with the continued high demand and lower supply. “For buyers to be competitive they need to be very aggressive, passing on inspections, offering over asking price and covering any appraisal deficiencies. New builds are not keeping up with demand and it is challenging for builders to get in the $300,000 to $400,000 range which is the most sought-after product,” said Golden/Jefferson County-area REALTOR® Barb Ecker.

“The coming year won’t be without its obstacles, however. We must gain the upper hand in reducing the rampant spread of the virus, vastly improve the number of vaccinations given, and provide relief to frontline workers and hospitals. We need to re-open the restaurants, schools, and other small retail businesses lest our economy falter and prolong and even delay recovery. Tenants may default on leases. Banks may begin to foreclose on delinquent mortgages. The commercial real estate may find an over-abundance of office space due to WFH trends. There’s no telling how serious any of these possible scenarios may play out – but one thing seems certain; the steady flow of real estate transactions appears to be undeterred,” said Fort Collins-area REALTOR® Chris Hardy.

GLENWOOD SPRINGS/GARFIELD COUNTY “The most interesting statistic coming out of the Garfield County Market in 2020 seems to be the amount of property listed and sold is not that different from 2019. Agents spent the year lamenting over the lack of inventory, when in fact, inventory was up over 2019 by close to 5%. Sold listings surpassed 2019 by 18% with the median and average sale prices up 18% and 23%, respectively. The big change was in the buyer arena. As many rural and resort areas have attested to our markets have seen an influx of out of state buyers, many of them second homeowners, scrambling to get a place in the mountains. Multiple offers have become the norm and escalation clauses are highlighted in every offer. The frenetic pace has attributed to the decline in days on market by 51% or an average of 45 days, and 1.7 months of supply, which is unheard of for the end of December.

FREMONT AND CUSTER COUNTIES “Fremont County year-over-year new listings were down 2.4% while sales were up 6.5%. Our median sales price delivered a year-over-year increase of 12.2% while the average sales price of $282,252 reflects an increase of 17.9%. For the year, the median sale price came in at $250,000. “Looking forward, our 1.5-month supply of inventory is the lowest this area has seen in many years and our biggest challenge for 2021 will be the continuation of the fight for inventory as many Americans realize that the work from home scenario is viable. Smaller more affordable communities such as the Canon City, Florence, and Penrose areas become the hot ticket. My advice to my clients is simple and comes from this Chinese proverb, ‘The best time to plant a tree was 20 years ago. The second-best time is now,’” said Fremont and Custer County-area REALTOR® David Madone.

“Unfortunately, for the local trying to get a foothold in the market, many of the offers coming from out of the area are cash. At the same time low interest rates fueled the firsttime home buyer to get off the couch, so to speak, and quit paying astronomical rental rates by buying their own home. These dynamics have created ‘the perfect storm.’ Homes with accessory dwelling units and ‘mother-in-law’ units have reigned supreme in this market as a way for first time homebuyers to purchase more home with the guarantee of income to help with their payments. The single-family home market was really the shining star in 2020 as more and more homebuyers realized they needed more dedicated space for work and family. The townhome/condo market remained steady from 2019 with inventory down 1.6%, sold listings down 8%, median and average sold prices up slightly by 3%, respectively.

GOLDEN/ARVADA – JEFFERSON COUNTY “It was surprising to see Jefferson County’s December new listings increase more than 25% for single-family homes and more than 50% for condos/townhomes compared to a year prior. Inventory is at 0.3 months supply, a 75% drop from 2019, and the lowest inventory we have ever recorded. These circumstances have driven the single-family median sale price

“As we move towards 2021, Garfield County will continue to

continued on next page

struggle with affordable housing for its workforce. With no major developments in single-family neighborhoods on the horizon we can expect rising prices and a continued frenetic pace in sales,” said Glenwood Springs-area REALTOR® Erin Bassett.

In South Fork, there are price points with no homes available. Buyers are hoping the bubble will burst so they can capture the black diamond run. Sellers & buyers watched the average sales price jump to $479,367 (up 20.4%) from 2019 ($398,000). Days on market changed slightly, higher at 136 days, not uncommon for a resort community. Historically, days-onmarket is longer as the discretionary resort buyers do not have the same sense of urgency to purchase as traditional home buyers. With minimal inventory and rising prices, even these buyers are feeling the pressure of buy now.

GRAND JUNCTION/MESA COUNTY “It was definitely a year of many firsts in the Grand Junction housing market as our new listings were the lowest seen in the last four years, yet our pending and solds were the highest for that same period. Our median price ended the year at $288,000, which is $70,000 more than in 2017, and our average price ended the year at $319,572, an increase of $75,000 from 2017. Also, our active listings are dramatically lower, down 45% from 2019, and down 50% from 2018. We sit with just 1.2 months of inventory.

“The realistic view is Pagosa Springs and South Fork has at least a decade-long of homes underproduction in new inventory construction. Unlike larger metropolitan Colorado areas, Pagosa Springs and South Fork do not have the builder construction companies. And, even if they did, there is not the workforce and weather to sustain large numbers of new home construction in any given year. “The winter is still young. More snow will grace southwest Colorado and bring visitors who will embrace the southwest Colorado lifestyle. The 2021 black diamond shows sellers it is a remarkable time to sell, as their home, condo or land value is at an all-time high and there is an abundance of buyers who have low interest rates as their buying power. With the onset of the COVID-19 vaccine and spring snow melt, more inventory will embrace the market and sellers will experience a more comfortable selling atmosphere. Buyers should be on their game with pre-qualification letters, and market knowledge to help them make the strongest offer,” said Pagosa Springs-area REALTOR® Wen Saunders.

“Our local economy might be faring a little better than some other parts of the state, thanks to our 5 Star Business Program. This is a program that was launched by our Health Department and Chamber of Commerce, and those businesses that applied had to guarantee to maintain an extensive checklist of requirements over and above any other mandates, which allowed them to be able to accommodate better percentages of customers. Other counties are now adapting the program, as Gov. Polis gave the program his blessing. “Because of continuing low interest rates, I believe 2021 will continue very similar to the last few months of 2020. The most challenging issue will be the lack of inventory, which does not seem to be improving. Our clients need to realize they might not get everything that is on their list of wants if they really want to be able to buy. Also, they will need to make decisions quickly, as demand will exceed supply at least in the first, and maybe even the second quarter of the year,” said Grand Junction-area REALTOR® Ann Hayes.

PUEBLO “Pueblo’s December listings rose 3.8% and solds were up 23.5% over 2019. For the year, active listings were up 1.4% and solds up 10.8%. The median sales price is up 13.2% to $240,000 for the year. The percent of list price received rose to 99.1% for 2020. December ended with less than a month supply of inventory.

PAGOSA SPRINGS

“The past year also delivered the sale of five homes over $1 million compared to 0 in 2019. As we talked about all year long, low inventory was the biggest problem in 2020. The positive in this market was and remains low interest rates.

“2020 was an epic year of real estate sales numbers in Pagosa Springs and South Fork. Every price category shattered records from previous years with the now result of slim inventory, down a crushing 76% in December 2020. Even land mimicked homes sales statistics with record sales numbers. Buyers would never have imagined there would be a day with seeking a home with only the selection of 3-12 homes (or less) in every price point.

“The 2021 market looks to remain strong with low inventory and low interest rates dominating the story. The demand for homes will be high and sellers won't have a problem finding

continued on next page

buyers who will need to make strong offers and quick decisions in the multiple offer environment. We anticipate and hope that new home construction will also stay strong in 2021,” said Pueblo-area REALTOR® David Anderson.

“Is there a heaven? Oh yeah. It's the place where dreams come true. We call it Steamboat,” said Steamboat Springs-area REALTOR® Marci Valicenti.

SUMMIT, PARK AND LAKE COUNTY

STEAMBOAT SPRINGS/ROUTT COUNTY

“Buying and selling real estate in our mountain communities in 2020 was like that experience of skiing down a slope in the middle of a snowstorm when you unknowingly hit a jump and land in a puff of powder. These aren’t normal conditions, but everyone is excited when they tell their story in front of a cozy fire. Sellers are happy because their properties moved quickly at a great price. Buyers are happy because they have their getaway and can relax, play and work in a beautiful environment with lots of year-round recreational opportunities.

“Field of Dreams. That’s what we became." “When COVID-19 concerns caused for every event to be canceled including the marathon, Mustang Rally, Triple Crown, 4th of July Parade & fireworks, Art in the Park, Strings in the Mountains, Parade of Homes etc., we feared for our small businesses - just like Ray Kinsella feared for the survival of his Iowa farm. But then, they came. They came in record numbers to flyfish, tube the Yampa river, play golf, tennis, pickleball, bike ride, hot air balloon ride, kayak, water ski, paddleboard, hike, ATV, camp and hunt. And they came to buy real estate. Buyers needed to decide whether to ‘go the distance’ and in doing so, would compete in many multiple offer situations. At a time where new listings are typically scant, December saw an increase in new listings as sellers continue to take advantage of the market, helping to increase total residential listings over 2019 by approximately 6%. Like most of the state, inventory is the biggest problem and active listings for single-family were down 70.3% and townhouse/condo listings were down 59.6%. Last year at this time, there was a seven-month supply of single-family homes and a 3.5-month supply of townhome/ condo; current supply is 1.7 and 1.2 months, respectively. The median sales price for a single-family home in 2020 was up 13.1% to $840,750 and 14.7% to $489,950 for townhomes/ condos.

“Records were broken with over $2 billion in Summit County sales in 2020. Sales of homes over $1 million soared with more selling this year than ever before. Even with low inventory, down 56% for active listings, there was a 21% increase in the number of sales. This means more properties sold fast, which leaves fewer homes on the market. It is a snooze-you-lose situation for buyers. “More people from the front range are buying homes in Summit, Lake and Park counties than ever before. As people feel comfortable travelling, we’ll see that mix shift to out-ofstate buyers. As interest rates stay low and demand stays high, our prices will be stable or rise. Be calm, be ready, be patient, and then be ready to go, go, go,” said Summit-area REALTOR® Dana Cottrell.

“The upper-end market of $2 million and above closed 70 transactions in 2020 vs. 37 in 2019 at an average price of just under $3.1 million. Routt County is blessed with a lot of private land and there were 328 closings on vacant parcels ranging from $4,500 - $4.9 million with an average sales price of $381,621.

TELLURIDE “’There’s gold in them thar hills’ – that was the saying in 1875 when the first gold was discovered in Telluride. By 1900, $360 million of gold was extracted from the mines in and around Telluride where the population neared 5000.

“With the current market, buyers will need to keep their eye on the ball, while it seems sellers may hit it out of the park. As the Steamboat Resort continues its process for approvals of a 650acre expansion that would make Steamboat the 2nd largest Colorado ski resort and construction of the longest gondola in North America (the Wild Blue Gondola), the desirability of real estate in the Steamboat Springs area looks to stay promising.

“March 14, 2020 the Governor of Colorado closes all ski areas due to a national COVID-19 pandemic. For approximately two months, the real estate market sputters until the first week in June. Then all heck broke loose and buyers were calling to escape the cities, find a place they could ‘hunker down’, and somehow work remotely and set up online learning for their kids and grandkids. They also wanted a place to get outside as

continued on next page

much as possible to stay sane and healthy.

cautiously optimistic that we might get back to even by yearend.

“Total 2020 sale volume in dollars - $1,161,696,436 and 814 transactions. Telluride population in 2020, approximately 2640 full time registered voters. Population on a festival weekend as high as 11,000 with cars parked out of town for five miles.

“Thanks to some amazing results in the third and fourth quarters, the final numbers in both units and dollars set records for the year. Units were plus 24% versus year-end 2019 and dollar performance was even greater with the year-end dollars plus 51% versus 2019. We have never experienced this level of growth in any six-month period with a swing of 50% in units and 72% in dollars in the second half of the year. The trend in unit sales continued as the under $1 million category dropped from 64% in 2019 to 55% in 2020. All other priced niches picked up the sales and the $5 million-plus niche increased 66% for a total of 5% of unit sales.

“Lesson: The gold miners of 1875 should have held on to their real estate! “Thoughts about the real estate market for Telluride in 2021: Colorado is a beautiful state with a wide variety of wonderful summer and winter resorts. However, Mother Nature has significantly restricted the development in and around Telluride and the Mountain Village due to tight terrain and mountains. There hasn’t been a new subdivision in or near either town in over 20 years. In my opinion, the Telluride and Mountain Village supply of real estate is the most restricted of any resort in Colorado.

“The negative of the tremendous sales performance is a significant inventory dearth. The total inventory is down 46.8% versus same period 2019. This is the lowest inventory in more than 20 years. It translates to 2.7 months of supply for the total market. We could be limited in growth in the forthcoming months without an infusion of new listings. Everyone is aggressively pursuing new listings, but time will tell the success level.

“At the end of 2010, there were about 1,600 listings in the Telluride MLS in San Miguel County. On December 31, 2020, there were 344. If something comes on the market that is in your price range and reasonably close to what you’re looking for, put in an offer today at asking price or very, very close to it if you can pay cash.

“Suffice it to say, projecting 2021 at the moment is questionable as inventory is the overriding issue and the only thing we can focus on is convincing our clients this is definitely a sellers’ market if that is a thought in the foreseeable future,” said Vailarea REALTOR® Mike Budd.

“Parting thought: Inventory goes away faster as it shrinks. By the summer I may get to play enough golf to lower my handicap. There is always a silver lining,” said Telluride-area REALTOR® George Harvey.

MONTHS SUPPLY- DEC 2020 VAIL 2.2

“The year finally came to an end with December setting records just like each month in the second half. No one forecast the phenomenal performance that occurred. On June 30, 2020 we were sitting at a negative 26% in units and negative 21% in dollars versus the same period in 2019. Everyone was

2.3

2.1

2.3 1.1

0.8 +15.8%

- 4.5%

-61.9%

OCT 2020

NOV 2020

DEC 2020

SINGLE FAMILY

+35.3%

0.0%

-52.2%

OCT 2020

NOV 2020

DEC 2020

TOWNHOUSE/CONDO

Real Estate SnapShot S TAT E O F C O L O R A D O - D E C E M B E R 2 0 2 0 PERCENT OF LIST PRICE RECEIVED

99.8

Historical Median Sales Price

1.2%

AVERAGE DAYS ON MARKET

-24.6%

YTD 2020= 44 YTD 2019= 48

$500000

$400000

$300000

$200000 June 2018

MONTHS SUPPLY

-61.9%

0.8

Single Family Condo

State of Colorado

Sep 2018

Dec 2018

Mar 2019

June 2019

Sep 2019

Dec 2019

Mar 2020

Median Sales Price $449,250 $400,000

12.2%

12.3%

YTD 2020= 139,752 YTD 2019= 142,604

8.7

-57.1

DEC 2020= 10,522 DEC 2019= 9,050 YTD 2020=126,381 YTD 2019= 115,948

2020

2019

Inventory of Active Listings %

19.8%

$400,000

2020 2019

DEC 2020= 6,493 DEC 2019=5,785

$435,000

Sep 2020 Dec 2020

Single Family Condo

State of Colorado

$348,294

2019= 2.1

June 2020

$319,500

$330,000

9.0%

6.6%

2020 2019

2020

$309,500

2019

Sold Listings 10,522

20,770

9,050

-60.1%

15,226

-49.0%

16.3

8,920 6,081

2020 2019

Total Market

Single Family

2,685

5,264

7,810

6,887

24.6%

13.4% 2,650 2,127

2020 2019

Condo

Total Market

Single Family

Condo

Percent changes calculated using year-over-year comparisons. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing.

For more data visit ColoradoREALTORS.com 19

Finding Financial Freedom by Larry Kendall, Author of Ninja Selling

"In my experience, financially secure sales

Constantly under financial stress? Here are some ways to live the life you’ve dreamed. Sales associates can’t have the lives they dream about if they are under continuous financial pressure. One of our responsibilities, as leaders, is to help them achieve financial freedom.

associates take better care of their clients, are

THE BIG MYTH

much more productive

Old school sales management taught us to, “Keep your sales associates broke and hungry. They will sell more.” This has not been my experience. Financially pressured salespeople sell less for two reasons:

and are better team members.”

1. They’re not looking out for the best interests of their client. Clients sense this “commission breath” and stop working with them. Associates under pressure sell less.

2. The financial pressure creates a scarcity (fear) mindset that impacts their relationships, their marriage and their health. It causes career burnout. In my experience, financially secure sales associates take better care of their clients, are much more productive and are better team members. As leaders, it’s in the interests of our clients, our sales associates and our company to create a system for our associates to create financial freedom. In the garden at our office are two large stones with 33 names engraved on them. These 33 people have been with our company for 30 years or more— some for 40 years. Anyone who stays with us for 30 years goes on the rock. They are the core of our 200-associate firm. Nearly all 33 associates are multimillionaires. It’s part of our culture. In addition, a very high percentage of our other sales associates have already achieved financial freedom as well— some are only in their 20s and early 30s.

What’s their wealth secret? They simply do two things: They follow our sales system (Ninja Selling) to increase their incomes, and they follow the Wealth Creation Model.

business account to receive their commission checks. Then out of this business account, they write a check into their personal account each month (or twice a month) for their living expenses. They are putting themselves on salary. In addition, they can set up separate accounts for taxes, college, retirement and investment. We have our accounting department designed to help them with this. Many of our top producers say this simple system, with our help, has made them wealthy. Some have commented, “It’s like magic! I don’t know how it happened, but it did!” Having a system is the key. 4. Invest in real estate. Help them invest in real estate. We have investment classes every month for our associates and our clients.

Astute observers of the overall housing market, not just homeowners, but the whole market, can only wonder how Americans are going to fix this situation without a robust economic recovery—which now seems doubtful with the re-emergence of COVID-19 cases. How will problems in the rental market affect the owned and occupied segment?

5. Financial Intelligence. Help them develop financial intelligence by offering classes with accountants, attorneys and financial planners. They especially need to learn how taxes work. Is there anything more disheartening than seeing a $500,000+ income producer lying awake at night worrying about how they will pay their bills or their taxes? As leaders, we can help them find financial freedom. Set up this simple system and make it part of your culture. Your people will be healthier, wealthier, happier, better salespeople and better team players.

1. Make it a priority. It’s a stated goal and priority in our company to help our people find financial freedom. This discussion is part of the annual business planning process. 2. Increase income. Coach them on the Ninja Selling System to help them increase their income and their income per hour.

This article originally appeared in the December 2020 issue of REAL Trends newsletter and is reprinted with permission of REAL Trends Inc.

3. Control the baseline. Show them how to keep their baseline living expenses under control by putting themselves on salary. We encourage them to set up a

Pandemic Results in Surge of Buyers to Colorado’s Mountain Communities

ow inventory, high demand, and prices at record levels. That has been the common refrain since the COVID-19 pandemic began early last year when buyers began taking advantage of record low interest rates and moved out of their apartments or upgraded to larger homes. With many buyers having the luxury of working remote since the beginning of the pandemic, they have more flexibility than ever before in where they can live.

versus how many leave it each calendar year. It found Colorado ranked sixth.

Much of the focus has centered on buyers fleeing the cities for the suburbs; however, states offering wide open spaces and natural beauty are seeing an influx of new faces. In Colorado, towns with mountain views have become beehives of activity as real estate agents show prospective buyers an ever-dwindling supply of properties.

• Change in employment status or work arrangement (including ability to work remotely) – 32.65%

Last month, United Van Lines also has released their own 2020 national migration study in which they asked why Americans moved. For those relocating to Colorado, new residents cited the following reasons: • Desire to be closer to family – 32.65%

• Lifestyle change or improved quality of life – 20.18% • Retirement – 17.46% • Personal and family health and wellbeing – 6.58% Whether it is Telluride, Vail, Steamboat Springs or other mountain communities, REALTORS® have moved at a breakneck pace.

It is too soon for U.S. Census data and federal tax returns to reveal population changes in Colorado’s mountain counties over the past year. However, surveys from moving truck companies provides insight into how Colorado fared last year.

“The Telluride market was having a normal good year until March 14th when the governor closed all the ski areas in Colorado. During April and May, sales volume was mostly the closing of transactions that were already in escrow. Then

In January 2021, U-Haul released its 2020 migration trends report that tracks how many U-Haul vehicles enter a state

continued on next page

about mid-June it was if the flood gates had opened,” said Telluride-area REALTOR® George Harvey. “Personally, I had 12 buyer referrals in 10 days. That’s unheard of given the price points of Telluride real estate. Starting with August, every month set a record by more than double any other previous month through December.”

Steamboat Springs-area REALTOR® Marci Valicenti said, “Our market has been in a declining inventory situation for years. The pandemic was a decision maker: if you weren’t happy in your home before the pandemic then that feeling was accentuated every day of quarantine. People decided they needed home offices, yards, more square footage, better square footage or a different location all together.”

He added, “In Telluride, the 2007 annual sales volume was $756 million. Our best year through 2019 ever. The 2020 sales volume was $1.16 billion.” “To put inventory in perspective, in 2010 at the end of the year there were approximately 1,600 listings in the Telluride MLS. On December 31, 2020, there were 344 properties listed for sale,” Harvey said. In Vail, REALTOR® Mike Budd has also seen “an explosion of activity” since July 2020.

Steamboat Springs saw 418 single-family homes sold in 2020, up 25.5 percent from 2019 when 333 homes were sold. The median sales price stood at $840,700, up from $750,000 – a 12.1% increase. There were 614 condos and townhouses sold last year compared to In Vail, REALTOR® 525 in 2019. The median sales price for condos increased from $427,000 in 2019 to $489,950 in Mike Budd has also 2020 – a 14.7 percent increase.

seen “an explosion of activity” since July 2020.

Budd and Valicenti described purchases in Vail and Steamboat Springs as being a mixture of primary and second homes.

“The second half of the year did approximately $2.1 billion in volume, which is greater than the any year in total for the past five years,” Budd said. “We have driven our inventory to a record low status, and in the opening up to the mid-range pricing niches days on market have dropped dramatically. The upper range of price niches are closer to traditional norms.”

“We have seen a significant upgrade from smaller second homes to larger, more permanent residences. Working remotely has definitely been a factor in purchasing,” Budd said.

In 2020, there were 856 single-family homes sold in Vail compared with 667 in 2019, an increase of 28.3 percent. The median sale price was up 33.9 percent, $1,161,582 in 2020 versus $867,200 the previous year – a 33.9 percent increase. Townhouse and condo sales went up 20.4 percent, with 887 units sold in 2020 versus 737 in 2019. The median sales price was $700,000 compared to $627,500 in 2019 – an increase of 11.6 percent.

In Telluride, however, many buyers are still purchasing second homes.

“Our buyers are 50 percent primary and 50 percent second home buyers. Some, but not many, sellers are sympathetic to locals who are trying to obtain ‘affordable’ housing during multiple-offer situations,” said Valicenti.

“They are using them for much longer periods of time. Those homes also may become their permanent residence,” Harvey said. continued on next page

Harvey said Telluride’s location and infrastructure has resulted in those with second homes to wait out the pandemic while working remotely.

he added. Valicenti said, “Fifty percent of our buyers are local. Of the remaining 50 percent, 25 percent are from the Front Range and 25 percent are from out-of-state.”

“Smaller crowds, outdoor spaces, and recreation make it easier for homeowners to keep safer from COVID. And, of course, the internet has made work from anywhere possible,” he said. “Many people were forced to work from their homes; they have now learned they like that arrangement because it can be combined with outdoor recreation. This forced trend is probably here to stay to some degree…many don’t want to fight the traffic back home.”

She also said Steamboat Springs buyers are a mix of those who are coming from an urban environment as well as those who are already living in a rural or suburban surroundings. “People come to Routt County because of the lifestyle, all the recreational activities that we have, and the abundance of private and public lands that surround us! Our buyers like the fact that we are not on the I-70 corridor and that we don’t get day traffic,” she added.

Valicenti has seen a similar situation play out in Steamboat Springs.

Harvey said the top three states from which Telluride’s buyers came were Texas, Arizona, and California. And the top three cities from which buyers came were Austin, Dallas, and Houston.

“When the pandemic hit in March, there were many second homeowners in town who decided not to go back to their primary residence for several months. We have definitely seen many of these second homeowners take advantage of being able to work remote and staying for longer periods of time,” she said.

“The dollar volume of Texas buyers was almost the same amount of the next six states. Let’s just say the attraction of cool summers for recreation in Colorado is very appealing if you live in a state that is pretty toasty in the summer,” he said.

Buyers in these three areas spanned a mix of in-state and out-of-state, with Vail and Steamboat Springs being popular with existing residents.

It could be months or years before we know if COVID-19 has created a permanent population shift in Colorado’s mountain communities. However, this much is certain in the immediate future: the attraction of having a home surrounded by mountains, whether it’s a primary or secondary home, shows no signs of abating.

Budd said in Vail approximately 50 percent of the buyers are local, with 20 percent from Front Range, 30 percent from other states and one percent from foreign countries. He said the top five states buyers came from are Texas, Florida, Illinois, California, and New York, with 72 percent of the sales from those five states coming from just Texas and Florida. “I believe the migration from urban to mountain is a factor in all the key markets, but even more so in the bottom three,”

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Housing Discrimination: How Prevalent Is It? A new Homes.com survey shows that the majority of people do not experience housing discrimination. OTHER SURVEY RESULTS

More than 15% of U.S. consumers have personally experienced housing discrimination as they attempted to rent or purchase a property, according to a new Homes.com survey of 2,000 adults. But, even more important for real estate agents is that 30% are unfamiliar with any of six key federal housing programs including Federal Housing Administration (FHA) loans, Section 8 housing vouchers, private mortgage insurance, the Truth in Lending Act, the Making Home Affordable program and the Quality Housing and Work Responsibility Act. More than half of the respondents unfamiliar with any of these programs have annual household incomes of less than $100,000 a year.

Survey respondents reported encountering bias in one or more scenarios including rental applications (7%), home financing (4%), home searching with an agent (3%), home appraisals (3%) and/or other residential purchase services (3%). Black respondents were the most likely to face housing bias (56%), followed by biracial/multiracial (45%), Latinos/Hispanics (45%), American Indians/Alaskan Natives (31%) and non-Hispanic whites (12%). The problem also spanned every income level from less than $100,000 to more than $500,000.

That presents a huge opportunity for real estate professionals and lenders to learn about these programs so they can point potential homeowners and renters in the right direction.

THE SURVEY ALSO REVEALED THAT: • Two-thirds of respondents believe housing discrimination exists in their community in varying degrees, with 33% saying it is “not common at all.” The “not common” response was highest in the Northeast with 40% expressing that opinion. • 60% don’t know how to report Fair Housing law violations or concerns, despite the fact that one-fifth of that group indicated they had experienced housing discrimi-

nation.

SURVEY SAYS...

• 31% believe the No. 1 hurdle to homeownership for lowincome families is insufficient affordable housing, with 38% of those respondents residing in the West. Other obstacles cited included downpayment costs (30%), lack of access to stable employment (16%), mortgage payment costs (15%) and not enough housing inventory (9%).

60%

Don’t know how to report Fair Housing law violations or concern.

• 62% believe that federal housing policies should actively encourage diverse communities, highlighting the nation’s growing social desire to challenge existing remnants of community segregation in favor of inclusivity and equality.

31%

No. 1 hurdle to homeownership for low-income families is insufficient affordable housing.

“Homes.com is passionate about, and committed to, providing education and resources that champion equal access to housing for all,” stated Dave Mele, president of Homes.com. “These survey insights highlight how the real estate industry can help consumers achieve their housing needs, which is why Homes.com is launching a platform to provide those resources.”

62%

Believe that federal housing policies should actively encourage diverse communities.

continued on next page

Get Involved and Volunteer for a Committee or Task Force Available committees and task forces include: Audit Committee CAR Foundation CAR Political Action Committee CAR Business Services Chair Advisory Groups Colorado Project Wildfire Task Force Diversity & Inclusion Finance Committee Grievance Committee Investment Committee Leadership Council Legislative Policy Committee Member Services Committee MLS Forum NAR Director Committee Past President/Chair Forum Professional Standards Property Management Forum REALTOR® of the Year Committee Regulatory Policy Committee RPAC Fundraising Strategic Thinking Committee Young Professionals Network 100 Year Celebration Task Force 2021 Global Task Force

Don’t stand on the sidelines – the only way to make a difference is to get involved. CAR is always looking for new volunteers to serve on various committees and task forces. Participating as a CAR volunteer provides you with the opportunity to test and expand your leadership skills as well as increase your professional contacts. CAR has numerous committees, task forces, and work groups where you can lend your experiences.

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TAX WEBINAR

10 TAX TIPS FOR REAL ESTATE PROFESSIONALS As a real estate professional, you have a whole list of tax deductions available to you. And hopefully you’re taking advantage of them!

for by the money you would’ve normally paid to the IRS.

But even the most seasoned real estate professionals are usually missing out on thousands of dollars worth of deductions every year.

10 TAX TIPS FOR REAL ESTATE PROFESSIONALS

Which means that you’re probably giving the IRS thousands of dollars every year for free. That’s money you’re legally entitled to keep, but that you are essentially donating to the government each year.

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LEARN MORE 30

4 REASONS YOU’RE LOSING REAL ESTATE REFERRAL BUSINESS The year just began and you want to make sure you’re ahead of the game.

(rather than you chasing them down). They are also usually warm or hot leads and enter your relationship with trust because someone they know has vouched for you.

A good place to start would be to look at how many referrals and recommendations you are getting. Why is this important? Well, 92% of consumers trust recommendations from friends and family above all other forms of advertising (RETechnology). When someone is thinking of making a huge decision like buying or selling a home, you can be sure they seek advice from trusted friends and family.

Here’s a hard question: are you getting the number of real estate referrals from past clients that you should be getting? Here are 4 possible reasons that you may be missing out on real estate referral leads and how to start getting more now: REASON 1: YOUR PAST CLIENT CAN’T REMEMBER YOUR NAME.

Referrals are simply the best source of leads for real estate professionals. No matter how much time, effort and money you invest in other forms of lead generation, nothing beats referrals. Referrals are so valuable because they come to you

The shocking truth is that 85% of homeowners say they would use the same agent again or recommend the agent continued on next page

to others – yet less than 25% actually do. The primary reason they didn’t make the recommendation? They couldn’t recall the name of their Agent! Such a simple oversight could end up costing you a lot of real estate referral business.

it’s not too late to add value now! Action step: You can’t change the past, but you can learn from it and provide better service in the future. Wowing your clients with a wonderful experience is crucial for gaining more referral business. Sometimes agents become overwhelmed and drop the ball. Protect yourself from making this error by using the Active Business features in your real estate CRM. A robust Active Business area acts like your virtual transaction coordinator, keeping you organized and in control. It also allows you to handle business more professionally than you ever thought possible.

Action step: Make it a priority to keep in touch with your past clients. An easy way to keep in touch is by sending a professional monthly e-Newsletter, automatically sent through your real estate CRM. Also, remember to follow up with them every few months and on special occasions. Your CRM can remind you when to reach out to your contacts, making it easier than ever to keep in touch. Your past clients will remember your name and appreciate the ongoing relationship.

REASON 3: YOU’RE NOT MAKING REFERRALS TO OTHER VENDORS.

REASON 2: YOU DIDN’T PROVIDE EXCELLENT SERVICE.

Are you familiar with the term, “you scratch my back, I’ll scratch yours”? It certainly applies when it comes to giving referrals! If you’re not regularly recommending reputable contractors, landscapers and decorators, they are likely not referring you either!

This is likely the reason you fear the most– your past clients are not recommending you because you did not provide them with the level of service they expected. Truth is, we all have days when we aren’t at our best. Most Agents can recall a particularly difficult transaction in their career. Move forward and learn from these mistakes, and remember that

Action step: Build a Business Directory in your real estate

continued on next page

CRM. It’s a list of reputable professionals that you can refer to your clients. Your clients will appreciate you sending them to quality vendors, and the vendors will certainly appreciate you sending them business! Inform those in your Business Directory that you will be sending them referral business. Also, let them know you’d welcome any real estate referrals that they can send your way! (And by the way, who do you think the vendors in your Business Directory will call when they want to buy or sell a house?)

referrals again and again! If you’ve been making any of these mistakes, now is the time to correct them. Start generating more high-quality real estate referral business by keeping in touch and offering excellent service. Do not forget to refer to other vendors and ask for referrals! A real estate CRM can help you gain more referrals by equipping you with the tools you need. Keep in touch by sending direct mail or a professionally written monthly e-Newsletter. Getting automated reminders of clients’ birthdays and keep in touch calls is another good way to keep in touch. Providing better service by being better organized and on top of all the details related to your listings and closings is also a good habit to develop.

REASON 4: YOU DIDN’T ASK FOR REFERRALS! Sometimes you have to ask for what you want! While you know that referrals are critically important to your real estate business, your clients don’t necessarily understand the value of these referrals. Failing to ask for referrals is one of the most obvious mistakes Agents make, and they may lose business for this reason.

Make this your year and invest in a tool that will help you grow your referral business. You’ll be amazed at the impact on your business. Many agents see their GCI jump by tens of thousands of dollars per year. And the best way to grow your referrals is to use a real estate CRM and keep in touch system such as IXACT Contact. See the difference IXACT Contact can make in your business! Start your 5-week FREE trial now!

Action step: The obvious time to ask for referrals is when you complete a transaction with a client, so certainly include that in your conversation. Another opportunity when referrals come naturally is when you speak with a past client on their move-in anniversary. As you build a relationship with your client through regular email marketing and Keep in Touch phone calls, you can ask if they know of anyone who is thinking of moving. Remember to let your past clients know how much you appreciate their referrals. And when they do refer you, send them a thoughtful thank you gift. It’s these extra touches that will inspire people to send you real estate

2020 PROFILE OF HOME BUYERS AND SELLERS COLORADO REPORT The NATIONAL ASSOCIATION OF REALTORSÂŽ Profile of Home Buyers and Sellers is an annual survey of recent home buyers and sellers who purchased in the last year, from July 2019 to June 2020. This report allows industry professionals to gain insight into detailed buying and selling behavior. While every year is a unique time capsule where buyers and sellers purchase amid a changing economic environment, 2020 is especially distinctive as COVID-19 impacted Americansâ&#x20AC;&#x2122; lives starting in March 2020.

ers continued to fall to 31 percent, from 33 percent the year before. This is the lowest share since 1987 when it was at 30 percent. While first-time buyers have had record low interest rates they have also faced a housing environment that has scarce inventory and rising home prices. Tightened inventory is affecting the home search process of buyers. Due to suppressed inventory levels in many areas of the country, buyers are typically purchasing more expensive homes as prices increase. The number of weeks a buyer searched for a home fell to eight weeks from 10. Many buyers took advantage of new virtual tours and virtual listings and used those in their search process. Buyers continue to report the most difficult task for them in the home buying process was just finding the right home to purchase.

Buying a primary residence for home buyers is a financial decision, but also an emotional decision that involves many lifestyle factors. For most home buyers, the purchase of a primary residence is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. The information provided supplies understanding, from the consumer level, of the trends that are transpiring. This survey covers information on demographics, housing characteristics, and the experience of consumers in the housing market. Buyers and sellers also provide valuable information on the role that real estate professionals play in home sales transactions.

Increased prices are also impacting sellers. Tenure in the home remained at a high of 10 years this year. Historically, tenure in the home has been six to seven years. Sellers may now have the equity and buyer demand to sell their home after stalling or delaying their home sale.

Buyers needed the help of a real estate professional to help them find the right home for them, negotiate terms of sale, and help with price negotiations. Eighty-eight percent of buyers used an agent Data is collected from a nationally representative to help them purchase a home. Sellers, as well, sample of recent home buyers who purchased a of buyers used an turned to professionals to help market their home primary residence in the 12-month period between agent. to potential buyers, price their home competitively, July and June. Data is also representative of the and sell within a specific timeframe. The use of agent to geographic distribution of home sales. Consumer names sell the home reached historical highs of 89 percent. While are obtained from Experian, a firm that maintains an extenthe survey asked about iBuyer options, less than one percent sive database of recent home buyers derived from county of sellers used these online-only programs. Only eight perrecords. cent of sellers sold via For-Sale-By-Owner (FSBO). Among all buyers last year, the share of first-time home buy-

88%

continued on next page

ing or electricity at 44 percent. Buyers who purchased previously-owned homes were most often considering a better overall value at 35 percent. In Colorado, 36 percent of new home buyers were looking to avoid renovations and problems with plumbing or electricity and 35 percent of previously owned homes were looking for a better overall value.

HIGHLIGHTS CHARACTERISTICS OF HOME BUYERS • First-time buyers made up 31 percent of all home buyers, down slightly from 33 percent last year and the lowest share since 1987. In Colorado, 25 percent were first-time buyers.

• Detached single-family homes continue to be the most common home type for recent buyers at 81 percent, followed by seven percent of buyers choosing townhomes or row houses. In Colorado, buyers bought single-family homes at 84 percent.

• The typical buyer was 47 years old this year, and the median household income for 2019 rose again this year to $96,500. In Colorado, buyers were 47 years old and have a median income of $108,800.

• Sixty-two percent of recent buyers were married couples, • Senior related housing declined slightly this year at 18 percent were single females, nine percent were 12 percent, with 17 percent of buyers typically single males, and nine percent were unmarried purchasing condos and nine percent purchasing couples. In Colorado, 67 percent were married a townhouse or row house. Six percent bought couples, 15 percent were single females, nine senior related homes in Colorado. percent were single males, and seven percent • There was a median of only 15 miles between of buyers were were unmarried couples. married the homes that recent buyers purchased and • Twelve percent of home buyers purchased a multithe homes that they moved from. In Colorado, it generational home, to take care of aging parents, bewas 15 miles. cause of children over the age of 18 moving back home, • Home prices increased again this year to a median of for cost savings, and to spend more time with aging $272,500 among all buyers. Buyers typically purchased parents. In Colorado, that share was 11 percent. their homes for 99 percent of the asking price. • Ninety-one percent of recent home buyers identified as In Colorado, the median home price was $411,000 at heterosexual, three percent as gay or lesbian, and one 100 percent of the asking price. percent as bisexual. In Colorado, 90 percent identified as • The typical home that was recently purchased was 1,900 heterosexual, three percent as gay or lesbian, and two square feet, had three bedrooms and two bathrooms, and percent as bisexual. was built in 1993. In Colorado, the typical home was 2,230 • Eighteen percent of recent home buyers are veterans and square feet and built in 2005. two percent are active-duty service members. Seventeen • Overall, buyers expect to live in their homes for a median percent are veterans and five percent are active-duty of 15 years, while 21 percent say that they are never movservice members in Colorado. ing. In Colorado, that number is 15 years. • At 29 percent, the primary reason for purchasing a home was the desire to own a home of their own. In Colorado, this was 25 percent.

67%

THE HOME SEARCH PROCESS

• For 43 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 18 percent of buyers first contacted a real estate agent. In Colorado, 38 percent looked online first and 24 percent contacted a real estate agent.

CHARACTERISTICS OF HOMES PURCHASED • Buyers of new homes made up 15 percent and buyers of previously owned homes made up 85 percent. In Colorado, this share is 25 percent for new homes and 75 percent for previously owned homes.

• Recent buyers found their real estate agent to be the most useful information source, with 72 percent citing them as very useful, followed by mobile or tablet search devices at 62 percent. Eighty-three percent found real

• Most recent buyers who purchased new homes were looking to avoid renovations and problems with plumb-

continued on next page

estate agents and 74 percent found mobile and tablet search devices very useful in the home search process in Colorado.

this was 74 percent. • Ninety-one percent of buyers would use their agent again or recommend their agent to others. Ninety-two percent would recommend their agent again in Colorado.

• Buyers typically searched for eight weeks and looked at a median of nine homes, five of which were viewed solely online. In Colorado, buyers searched for eight weeks and looked at 10 homes, three of which were solely online.

FINANCING THE HOME PURCHASE

• The typical buyer who searched primarily on a laptop • Eighty-seven percent of recent buyers financed their or desktop spent 10 weeks searching and visited home purchase on a national level and 87 percent 10 homes, compared to those who searched in Colorado. Those who financed their home primarily on mobile devices and searched for purchase typically financed 88 percent and in eight weeks and visited nine homes. In ColoColorado it was 86 percent. of buyers were rado, those who searched via desktop/laptop very satisfied • First-time buyers who financed their home looked at nine homes over 10 weeks; those who typically financed 93 percent of their home searched via mobile devices looked at 10 homes compared to repeat buyers at 84 percent. In over six weeks. Colorado, the share was 95 percent of first-time buy• Among buyers who used the internet during their home ers and 81 percent of repeat buyers. search, 89 percent of buyers found photos and 86 percent • For 58 percent of buyers, the source of the downpayment found detailed information about properties for sale very came from their savings. Thirty-eight percent of buyuseful. In Colorado, 86 percent found photos very useful ers cited using the proceeds from the sale of a primary in their home search process. residence, which was the next most commonly reported • Sixty-four percent of recent buyers were very satisway of securing a downpayment. In Colorado, 53 percent fied with their recent home buying process, up from 63 used savings and 48 percent used proceeds from sale of a percent a year ago. In Colorado, 64 percent were very primary residence. satisfied with the process. • For 11 percent of buyers, the most difficult step in the home buying process was saving for a downpayment. In Colorado, 13 percent said saving was the most difficult HOME BUYING AND REAL ESTATE PROFESstep. SIONALS

64%

• Of buyers who said saving for a downpayment was difficult, 47 percent of buyers reported that student loans made saving for a downpayment difficult. Forty-three percent cited high rent/current mortgage payment, 36 percent cited credit card debt, and 35 percent cited car loans as also making saving for a downpayment hard. In Colorado, 31 percent had credit card debt, 31 percent cited high rent/current mortgage payment, 28 percent reported having student loan debt, and 18 percent had car loans.

• Eighty-eight percent of buyers recently purchased their home through a real estate agent or broker, and six percent purchased directly from a builder or builder’s agent. In Colorado, 86 percent purchased through a real estate agent. • Having an agent to help them find the right home was what buyers wanted most when choosing an agent at 51 percent. In Colorado, 56 percent worked with an agent to find the right home. • Forty percent of buyers used an agent that was referred to them by a friend, neighbor, or relative and 13 percent used an agent that they had worked with in the past to buy or sell a home. In Colorado, 38 percent used referrals to find their real estate agent.

• Buyers continue to see purchasing a home as a good financial investment. Eighty-three percent reported they view a home purchase as a good investment and 91 percent in Colorado.

• Seventy-three percent of buyers interviewed only one real estate agent during their home search. In Colorado, continued on next page

HOME SELLERS AND THEIR SELLING EXPERIENCE • The typical home seller was 56 years old, with a median household income of $106,500. In Colorado, the median age was 47 years with a median income of $108,800.

HOME SELLING AND REAL ESTATE PROFESSIONALS typical seller lived in home

• Sixty-seven percent of sellers found their agent through a referral from a friend, neighbor, or relative or used an agent they had worked with before to buy or sell a home. In Colorado, that figure was 71 percent.

years • For all sellers, the most commonly cited reason before selling for selling their home was the desire to move • Seventy-five percent of recent sellers contacted closer to friends and family (15 percent), followed only one agent before finding the right agent by that it was too small (14 percent), and a change they worked with to sell their home. In Colorado, it in family situation (12 percent). In Colorado, the reasons was 76 percent. include to move closer to friends and family (16 percent), • Ninety-one percent of sellers listed their homes on the change in family situation (14 percent), and job relocation Multiple Listing Service (MLS), which is the number one (13 percent). source for sellers to list their home. In Colorado, it was 97 • Sellers typically lived in their home for 10 years before percent. selling. In Colorado, sellers also sold after 10 years. • Seventy-seven percent of sellers reported that they pro• Ninety percent of home sellers worked with a real estate vided the agent’s compensation, compared to 78 percent agent to sell their home and 92 percent in Colorado. in Colorado. • For recently sold homes, the final sales price was a median 99 percent of the final listing price and in Colorado it was also 99 percent.

• The typical seller has recommended their agent twice since selling their home. Thirty-eight percent of sellers recommended their agent three or more times since selling their home. In Colorado, this share was 32 percent.

• Recently sold homes were on the market for a median of three weeks, the same as last year and two weeks in Colorado.

• Eight-nine percent said that they would definitely (74 percent) or probably (15 percent) recommend their agent for future services. In Colorado, 80 percent said definitely and 11 percent said probably.

• Thirty-three percent of all sellers offered incentives to attract buyers; this was 23 percent in Colorado. • This year, home sellers cited that they sold their homes for a median of $66,000 more than they purchased it. In Colorado, the median was $48,500.

• Sixty-nine percent of sellers were very satisfied with the selling process and 64 percent in Colorado.

CLICK TO READ FULL REPORT

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WHAT HAVE WE LEARNED?

Much has been learned from COVID-19 about how consumers value their homes, but there’s more. Here’s an analysis of the importance of real estate. By Steve Murray, Real Trends

The year 2020 won’t easily be forgotten. In the broader sense, as a people we faced an unprecedented—in modern times—pandemic. Many Americans still have to reckon with personal financial stress from lost jobs and income. In the midst of this, one of the most contentious presidential elections ever was held.

Even with all that, the country muddled through. Families and communities supported each other in ways seldom seen before. Despite civil unrest in some urban core areas, people did the best they could to stay safe. Importantly, we learned that maybe we are stronger as a nation than we thought. The middle held. From our view, here is what we learned in our business.

Meanwhile, after a sharp decline in housing sales from midMarch until roughly the end of May, housing sales rose to heights not seen since the record years of 2005-2006. Tens of thousands of families moved to the suburbs and flooded second-home regions across the country. The reasons were varied. In fact, how big this wave is and how long it may continue are still being debated.

1. Homes Are No. 1. Americans value their home as more than just an investment but as a place to ride out storms and feel safe. The great migration from April 2020 continues to this day and strongly supports this. As more Americans have the option to work from home from any location, they will choose different kinds of housing that fit these entirely new lifestyles. Want further evidence? Look at the jump in homeownership this year.

Record housing sales, strong home-price gains and roaring equity markets were all indications of parts of the economy that brushed off the decline in the general economy. At the same time, unemployment remained well above where it was before the pandemic caused an economic shutdown. And major parts of the economy, such as tourism-related businesses, dining out, sports, education, and many state and local governments all suffered, and continue to suffer.

2. Virtual Transactions Are Vital. We learned that, in fact, having an integrated transaction platform and sale-to-close system is vital to the conduct of brokerage.

3. The Successful Get More Successful. We learned that in challenging markets, the best people don’t just survive— they thrive. Top agents and brokerage firms gained share, which we have confirmed in a number of markets and will confirm even more with our 2021 REAL Trends brokerage and agent rankings.

7. Core Services Make Brokerages More Competitive. We learned that those brokerage firms with core services, such as mortgage, title insurance and escrow are much better positioned to compete than those without them. Earnings from these core services in the aggregate may exceed earnings from brokerage in the aggregate for the 100 largest brokerage firms in the country.

4. Wasted Money. We learned that even the best brokerage firms were wasting hundreds of thousands of dollars in expenses that were unnecessary.

We have much to be thankful for despite the ordeal of 2020. Readers have their own top things they learned this year. We invite you to share them with us. Send your lessons learned to Tracey Velt, managing editor, at tvelt@realtrends.com.

5. Communication Rules. We learned that, in some cases, remote communication works better than in-person. Many brokers shared with us that the agent participation levels for both company communications and education were measurably higher online than in person—and less expensive.

Steve Murray is a partner in REAL Trends Consulting, a brokerage consulting, M&A and valuation service. He is also a senior adviser for HWMedia, the owner of REAL Trends content, rankings and more. This article appeared in the January 2021 issue of Real Trends Newsletter and is represented with the permission of Real Trends, Inc. Copyright 2021.

6. Value of the REALTOR® Association. We learned the true value of the REALTOR® association, particularly at the state and national levels. Without their efforts to keep brokerages, essential service workers and independent contractors eligible for federal assistance, the carnage in our industry would have been much worse. 41

RPAC SPOTLIGHT

Meet Your 2021 State RPAC Leadership MEET SHERI NAMER-GRIEGO 2021 RPAC CO-CHAIR

Angelou, “We may encounter many defeats, but we must not be defeated.” Sheri said, “We need to invest in RPAC to protect our business so that we can't be defeated. There are so many things in our industry that are constantly under attack. Investing in RPAC helps build up our war chest so that we are always prepared. It's the cheapest insurance policy that you can buy.”

As a working professional, Sheri is the Broker/Owner of Prestige Realty LLC in Grand Junction, and mother of two grown children, a 22-yearold boy and 22-year-old girl (no, they aren't twins). In her down time, Sheri loves working out at the gym— it’s her stress relief.

MEET LADAWN SPERLING 2021 STATE RPAC CO-CHAIR LaDawn is a residential REALTOR® in the Denver Metro Area—helping people with their real estate goals is what drives her. She also serves on the State Housing board representing Congressional District 7.

Something most people don’t know is that she lived in Breckenridge for almost four years working various jobs and snowboarding before moving to the Denver area. She lived in Arvada for nine years, before moving back to Grand Junction. She got her start in real estate first as a personal assistant, and six years later opened her very own office. Sheri has been investing in RPAC for almost 11 years. "RPAC gives me the ability to be out working with my clients while my investment is helping REALTORS® fight issues. I'm very passionate about my job and protecting the industry I love. Simply put, RPAC is our industry insurance,” she said.

Outside of her professional life, LaDawn loves to read and is currently in two book clubs. She is passionate about community involvement and serves on the board of two local organizations, The Action Center and Spay Today. Since she is so busy, she likes to find time for peace and serenity and do yoga multiple times a week bright and early at 5:30 a.m. She and her husband have four cats (Elvis, Mari, Belle, and Emily), and live in Lakewood. Supporting local businesses is extremely important to LaDawn, whether it is a restaurant or local shop. LaDawn tries to live every day aligned

Sheri’s 2021 New Year’s resolution is to help as many families as possible buy or sell their home. And she would like to educate her peers on the importance of investing in RPAC, even if it's only $25. Every bit helps. Her message to CAR members for 2021 is inspired by Maya

continued on next page

with her core values: safety, community building, managing change for others, and serious FUN!

In Richie’s spare time he enjoys spending time with his two Dobermans, trying out new recipes, spending time in the great Colorado outdoors, and staying connected to his community—Arvada.

Most people don’t know that LaDawn is originally from Nebraska and grew up on a farm. Her graduating class in high school was only 13 people. LaDawn became licensed in 2014 and started investing at the $100 level. She worked her way up to be a major investor. In her previous life, she worked on political campaigns in Nebraska—RPAC was always very supportive of the candidates she worked with.

Something many don’t know about Richie is that he cannot function in clutter. If you want some great entertainment, take Richie to a messy space and watch the internal conflict show on his face! The conflict is that he really wants to clean, but has no idea where to start.

“RPAC does so much to support homeownership and fair housing, and I feel that having a voice for homeowners at a local, state, and national level is essential. It is nice to see the involvement of RPAC with some of the issues impacting property rights at a local level,” she said. “I ran for city council several years ago, and although I was not successful, it was so great to have the financial support as a REALTOR®. Ultimately, RPAC protects homeownership.”

Richie has been investing in his success and investing in RPAC since 2016. “RPAC advocates for those we serve and protects property rights. It also our industry, which allows me to focus more on the day-to-day operations of my business. To me, one word that best describes RPAC is advocacy,” he said. Education, inspiration, and delegation are Richie’s three goals for the year. Continue education for himself (earn another designation) and educate consumers, inspire others to create the life they desire through real estate, and learn to embrace the support around him and delegate.

LaDawn’s professional goal for 2021 is to sell $20 million in real estate. And her personal goals are to have a beautiful back yard by summer with her landscaping project this spring and tame Belle, the neighborhood feral cat.

Richie’s words of wisdom for CAR members are: “Everyone loves a smart investment, and the smartest investment for CAR members is an RPAC investment. For less than $3 a day, a major investor can protect our industry and the homeowners we serve!”

LaDawn thinks it is essential for CAR members to know that RPAC looks out for REALTORS® and homeownership in general. Her message to CAR members for 2021 is "You may not always agree with every candidate RPAC supports, but understand that both parties are supported. Candidates are interviewed by REALTOR® members and they discuss topics important to homeownership during that time."

LEARN MORE ABOUT RPAC

Thank You

MEET RICHIE AVERILL 2021 STATE RPAC YPN CHAIR

CAR would like to thank everyone who invested in RPAC in 2020. Your involvement

Professionally, Richie enjoys being a member of The Knoll Team at Madison and Company Properties and an active member of the Denver Metro Association of REALTORS®. At DMAR, he served as the Chair of Government Affairs for two years, and was the host of CAR's MIC Drops educational video series. Richie is a proud graduate of the CAR Leadership Academy and served as a mentor for the last three years.

last year in RPAC is critical to our industry’s success and its ability to operate, especially during the difficulties of COVID-19 when consumers

needed

navigate

the

homeownership process safely. Although we came up short in our investment goals, we have our marching orders to achieve all goals for 2021. When we work together, anything is possible.

Updated December 30, 2020

Colorado Association of REALTORS® RPAC MAJOR INVESTORS 2020

Updated March 6, 2017

NAR Presidents Circle

($1000 min. to RPAC and $2000 to national political parties or NAR-selected federal candidates)

Tyrone Adams, Colorado Association of REALTORS® David J. Barber, South Metro Denver REALTOR® Assoc. Brandon Brennick, Denver Metro Assoc. of REALTORS® Amy Dorsey, Vail Board of REALTORS® Karen Frisone, Denver Metro Association of REALTORS® Micah George, Grand Junction Area REALTOR® Assoc. George Harvey, Telluride Association of REALTORS® Ann Hayes, Grand Junction Area REALTOR® Assoc. Janene Johnson, Grand County Board of REALTORS® Jay Kalinski, Boulder Area REALTOR® Association Keith Kanemoto, Longmont Assoc. of REALTORS® Piper Knoll, Denver Metro Association of REALTORS®

Michael Labout, Pikes Peak Assoc. of REALTORS® John Lucero, Denver Metro Association of REALTORS® Melissa Maldonado, South Metro Denver REALTOR® Assoc. Scott Matthias, South Metro Denver REALTOR® Assoc. Chris McElroy, Fort Collins Board of REALTORS® Larry McGee, South Metro Denver REALTOR® Assoc. Ron Myles, Denver Metro Commercial Assoc. of REALTORS® Marcel Savoie, South Metro Denver REALTOR® Assoc. Bonnie Smith, Summit Association of REALTORS® Linda Romer Todd, Grand Junction Area REALTOR® Assoc. Kay Watson, South Metro Denver REALTOR® Assoc.

NAR Corporate Ally Program

(Multiple Listing Services voluntarily investing in RPAC)

Aspen Board of REALTORS® Boulder Area REALTOR® Association Coldwell Banker Fremont Realty Colorado Association of REALTORS® Colorado Group Realty Denver Metro Association of REALTORS® Fort Collins Board of REALTORS® Glenwood Springs Association of REALTORS® Grand Junction Area REALTOR® Association Gunnison-Crested Butte Association of REALTORS® IRES, LLC Kentwood Commercial, LLC

Loveland-Berthoud Assoc. of REALTORS® Mountain Metro Association of REALTORS® Pikes Peak Association of REALTORS® Pikes Peak Realtor Services Corp South Metro Denver REALTOR® Association Steamboat Sotheby’s Summit Association of REALTORS® Summit MLS Title Company of the Rockies Tupper’s Team Vail Board of REALTORS®

Golden R - Annual Investment of $5,000+ David J. Barber, South Metro Denver REALTOR® Assoc. Amy Dorsey, Vail Board of REALTORS® Micah George, Grand Junction Area REALTOR® Assoc. Keith Kanemoto, Longmont Assoc. of REALTORS® Piper Knoll, Denver Metro Assoc. of REALTORS® John Lucero, Denver Metro Assoc. of REALTORS® Scott Matthias, South Metro Denver REALTOR® Assoc. Chris McElroy, Fort Collins Board of REALTORS®

Ron Myles, Denver Metro Commercial Assoc. of REALTORS® Bonnie Smith, Summit Association of REALTORS® Kay Watson, South Metro Denver REALTOR® Assoc. Denver Metro Association of REALTORS® Grand Junction Area REALTOR® Association IRES, LLC Vail Board of REALTORS®

Platinum R - Annual Investment of $10,000+ Gary Bauer, Denver Metro Assoc. of REALTORS® George Harvey, Telluride Association of REALTORS® Linda Romer Todd, Grand Junction Area REALTOR® Assoc.

Boulder Area REALTOR® Association Pikes Peak Association of REALTORS® Pikes Peak Realtor Services Corp

Updated December 30, 2020 Updated March 6, 2017

Crystal R - Annual Investment of $2,500+ Karen Frisone, Denver Metro Assoc. of REALTORS® Heather Hankins, South Metro Denver REALTOR® Assoc. Kelly Kniffin, Durango Area Association of REALTORS® John Mitchell, South Metro Denver REALTOR® Assoc.

Robert Walkowicz, Loveland-Berthoud Assoc. of REALTORS® Mountain Metro Association of REALTORS®

Sterling R - Annual Investment of $1,000+ Marjorie Genova, Grand Junction Area REALTOR® Assoc. John Gillam, Durango Area Association of REALTORS® Jace Glick, Denver Metro Assoc. of REALTORS® Irving Gomez, South Metro Denver REALTOR® Assoc. Euan Graham, Denver Metro Assoc. of REALTORS® Heidi Greer, Denver Metro Assoc. of REALTORS® Sheri Griego, Grand Junction Area REALTOR® Assoc. Scott Grossman, Denver Metro Assoc. of REALTORS® Devan Hall, Grand Junction Area REALTOR® Assoc. Deborah Hansen, Loveland-Berthoud Assoc. of REALTORS® Lauren Hansen, Colorado Association of REALTORS® Tina Harbin, Grand Junction Area REALTOR® Assoc. Steve Harder, South Metro Denver REALTOR® Assoc. Ed Hardey, South Metro Denver REALTOR® Assoc. Chris Hardy, Fort Collins Board of REALTORS® Kati Harken, South Metro Denver REALTOR® Assoc. Debi Harmon, Montrose Association of REALTORS® Joan Harned, Vail Board of REALTORS® Tyler Harris, Grand Junction Area REALTOR® Assoc. Ann Hayes, Grand Junction Area REALTOR® Assoc. Toni Heiden, Grand Junction Area REALTOR® Assoc. Annette Hejl, Grand Junction Area REALTOR® Assoc. Susan Hendricks, Grand Junction Area REALTOR® Assoc. Phil Heter, Denver Metro Assoc. of REALTORS® Amanda Hill, Grand Junction Area REALTOR® Assoc. Mary Ann Hinrichsen, South Metro Denver REALTOR® Assoc. Matthew Hintermeister, Telluride Association of REALTORS® Deborah Howes, Pikes Peak Association of REALTORS® Brad Inhulsen, Greeley Area REALTOR® Association Juli Jacobson, Grand Junction Area REALTOR® Assoc. Janene Johnson, Grand County Board of REALTORS® Jay Kalinski, Boulder Area REALTOR® Association Larry Kendall, Fort Collins Board of REALTORS® Pamela Kiker, South Metro Denver REALTOR® Assoc. Krista Klees, Aspen Board of REALTORS® Justin Knoll, Denver Metro Assoc. of REALTORS® George Konchar, South Metro Denver REALTOR® Assoc. Cynthia Kruse, Vail Board of REALTORS® Kevin Kuebert, Vail Board of REALTORS® Dave Kupernik, Denver Metro Assoc. of REALTORS® Shannon Kyle, Glenwood Springs Association of REALTORS® Betsy Laughlin, Vail Board of REALTORS® Polly Leach-Lychee, Telluride Association of REALTORS® Matthew Leprino, Denver Metro Assoc. of REALTORS® Elizabeth Levinson, Denver Metro Assoc. of REALTORS® Jill Limberg, Steamboat Springs Board of REALTORS® Cheri Long, South Metro Denver REALTOR® Assoc. Alan Lovitt, Pikes Peak Association of REALTORS® Russ Loya, Fort Collins Board of REALTORS® Kevan Lyons, REALTORS® of Central Colorado Mike MacGuire, Pikes Peak Association of REALTORS®

Andrew Abrams, Denver Metro Assoc. of REALTORS® Tyrone Adams, Colorado Association of REALTORS® David Anderson, Pueblo Association of REALTORS® Monica Anderson, Grand County Board of REALTORS® Brian Anzur, South Metro Denver REALTOR® Assoc. Barbara Asbury, Pikes Peak Association of REALTORS® Piyush Ashra, South Metro Denver REALTOR® Assoc. Richie Averill, Denver Metro Assoc. of REALTORS® Ann Bagwell, South Metro Denver REALTOR® Assoc. Windy Bailey, Pikes Peak Association of REALTORS® Rebecca Balboni, Durango Area Association of REALTORS® Sunny Banka, South Metro Denver REALTOR® Assoc. Karen Becker, South Metro Denver REALTOR® Assoc. Ed Behr, Pikes Peak Association of REALTORS® Kassidy Benson, Denver Metro Assoc. of REALTORS® Chris Bettin, Durango Area Association of REALTORS® Bruce Betts, Pikes Peak Association of REALTORS® Pat Bigley, Pikes Peak Association of REALTORS® Lisa Bikki, Grand Junction Area REALTOR® Assoc. Nick Bokone, South Metro Denver REALTOR® Assoc. Brandon Brennick, Denver Metro Assoc. of REALTORS® Michel Brossmer, Denver Metro Assoc. of REALTORS® Mike Budd, Vail Board of REALTORS® Michael Burkhard, Grand Junction Area REALTOR® Assoc. Michael Burns, South Metro Denver REALTOR® Assoc. Janna Burton, Grand Junction Area REALTOR® Assoc. Sterling Campbell, Pikes Peak Association of REALTORS® Bobbie Carll, Durango Area Association of REALTORS® Randy Case, Pikes Peak Association of REALTORS® Amy Cesario, Denver Metro Assoc. of REALTORS® Kathy Christina, Summit Association of REALTORS® Joseph Clement, Pikes Peak Association of REALTORS® Carol Click, Four Corners Board of REALTORS® Camellia Coray, Pikes Peak Association of REALTORS® Jacob Curbow, Pikes Peak Association of REALTORS® Mercie Curbow, Pikes Peak Association of REALTORS® Charles D’Alessio, Pikes Peak Association of REALTORS® Natalie Davis, South Metro Denver REALTOR® Assoc. David DeElena, South Metro Denver REALTOR® Assoc. Amanda DiVito Parle, Denver Metro Assoc. of REALTORS® Chris Djorup, Denver Metro Assoc. of REALTORS® Christopher Doyle, Fort Collins Board of REALTORS® Molly Eldridge, Gunnison-Crested Butte Assoc of REALTORS® Amanda Erickson, Durango Area Association of REALTORS® William Fandel, Telluride Association of REALTORS® Amanda Fein, Denver Metro Assoc. of REALTORS® James Flaum, Vail Board of REALTORS® Shelby Foster, South Metro Denver REALTOR® Assoc. Angela Fox, Denver Metro Assoc. of REALTORS® Danielle Frisbie, Pikes Peak Association of REALTORS® Bob Fullerton, Glenwood Springs Association of REALTORS®

Updated December 30, 2020 Updated March 6, 2017

Lynn Snyder Goetz, South Metro Denver REALTOR® Assoc. Diane Sorensen, Denver Metro Assoc. of REALTORS® Tami Spaulding, Fort Collins Board of REALTORS® LaDawn Sperling, Denver Metro Assoc. of REALTORS® Stephanie Tanis, Pikes Peak Association of REALTORS® Steven Thayer, Denver Metro Assoc. of REALTORS® Ron Thorne, Mountain Metro Association of REALTORS® Mark Trenka, Denver Metro Assoc. of REALTORS® Alice Van Westenberg, Denver Metro Assoc. of REALTORS® Allan Vaughan, Fort Collins Board of REALTORS® Steve Volkodav, Pikes Peak Association of REALTORS® Lisa Wade, Boulder Area REALTOR® Association Peter Wall, Denver Metro Assoc. of REALTORS® Andrea Warner, Pikes Peak Association of REALTORS® Scott Webber, Telluride Association of REALTORS® Dean Weissman, Pikes Peak Association of REALTORS® Robert Werthman, Pikes Peak Association of REALTORS® Brad Whitehouse, South Metro Denver REALTOR® Assoc. Brenda Wild, Aspen Board of REALTORS® Jim Wotkyns, Durango Area Association of REALTORS® Merrite Wyatt, Grand Junction Area REALTOR® Assoc. Debra Yund, REALTORS® of Central Colorado Greg Zadel, Denver Metro Assoc. of REALTORS® Sandi Zimmerman, Denver Metro Assoc. of REALTORS® Sabrina Zunker, Denver Metro Assoc. of REALTORS® Aspen Board of REALTORS® Colorado Group Realty Fort Collins Board of REALTORS® Glenwood Springs Association of REALTORS® Gunnison-Crested Butte Association of REALTORS® Glenwood Springs Association of REALTORS® Kentwood Commercial, LLC Loveland-Berthoud Assoc. of REALTORS® South Metro Denver REALTOR® Assoc. Summit Association of REALTORS® Summit MLS Title Company of the Rockies Tupper’s Team

David Madone, Royal Gorge Association of REALTORS® Gary Maggi, Loveland-Berthoud Assoc. of REALTORS® Donna Major, Pikes Peak Association of REALTORS® Melissa Maldonado, South Metro Denver REALTOR® Assoc. Tammy Marasia, Denver Metro Comm. Assoc. of REALTORS® Michael Marcus, South Metro Denver REALTOR® Assoc. Janet Marlow, South Metro Denver REALTOR® Assoc. Bill McAfee, Pikes Peak Association of REALTORS® Joe Bob McGuire, Durango Area Association of REALTORS® Stew Meagher, South Metro Denver REALTOR® Assoc. Deven Meininger, Durango Area Association of REALTORS® Robbin Merta, Boulder Area REALTOR® Association Charles Gary Miller, Pueblo Association of REALTORS® Kristen Miller, Denver Metro Comm. Assoc. of REALTORS® Steven Mills, Gunnison Country Association of REALTORS® Toni Milyard, Grand Junction Area REALTOR® Assoc. Kelly Moye, Boulder Area REALTOR® Association Daniel Muldoon, Pikes Peak Association of REALTORS® Kirstin Muldoon, Pueblo Association of REALTORS® Patrick Muldoon, Pikes Peak Association of REALTORS® Dawn Mullin, Vail Board of REALTORS® Abbi Teresa Munn, Durango Area Association of REALTORS® Emily Sian Murphy, Boulder Area REALTOR® Association Mitch Myers, South Metro Denver REALTOR® Assoc. Christopher Mygatt, Boulder Area REALTOR® Association George Nehme, Pikes Peak Association of REALTORS® Rebecca Nehme, Pikes Peak Association of REALTORS® Jarrod Nixon, Durango Area Association of REALTORS® Chad Ochsner, Denver Metro Assoc. of REALTORS® Roberto Ortiz, Loveland-Berthoud Assoc. of REALTORS® Wynne Palermo, Pikes Peak Association of REALTORS® Mike Papantonakis, Denver Metro Assoc. of REALTORS® Al Parker, Denver Metro Assoc. of REALTORS® Kevin Patterson, Pikes Peak Association of REALTORS® Elizabeth Peetz, Colorado Association of REALTORS® Karen Peirson, Aspen Board of REALTORS® Jay Peterson, Vail Board of REALTORS® Scott Peterson, Colorado Association of REALTORS® Linda Philpott, South Metro Denver REALTOR® Assoc. David Pike, South Metro Denver REALTOR® Assoc. Hank Poburka, Pikes Peak Association of REALTORS® Amanda Potter, Grand Junction Area REALTOR® Assoc. Veronica Precella, Boulder Area REALTOR® Association Bobbi Price, Pikes Peak Association of REALTORS® Sally Puff-Courtney, Telluride Association of REALTORS® Julia Purrington, Mountain Metro Association of REALTORS® Debra Ann Reardon, Pikes Peak Association of REALTORS® Randy Reynolds, Pikes Peak Association of REALTORS® Anna Rickenbach, Grand Junction Area REALTOR® Assoc. Gretchen Rosenberg, Denver Metro Assoc. of REALTORS® Laura Ruch, Denver Metro Assoc. of REALTORS® Crissy Rumford, Vail Board of REALTORS® Ulrich Salzgeber, Steamboat Springs Board of REALTORS® Scott Sammons, Boulder Area REALTOR® Association Marcel Savoie, South Metro Denver REALTOR® Assoc. Brett Sawyer, Boulder Area REALTOR® Association Rebekah Scarrow, Grand Junction Area REALTOR® Assoc. Dennis Schick, Fort Collin Board of REALTORS® Laura Sellards, Vail Board of REALTORS® Christine Serwe, Durango Area Association of REALTORS® John Simmons, Loveland-Berthoud Assoc. of REALTORS® Richard Sly, South Metro Denver REALTOR® Assoc. Alan Smith, Mountain Metro Association of REALTORS®

Colorado REALTOR Magazine February 2021

Articles inside

Market Trends

Referral Business

10 Tax Tips Webinar

From the CEO: A Year of Opportunities

Pandemic Results in Surge of Buyers to Colorado’s Mountain Communities

Its Own Way In Uncertain Times