Colorado REALTOR Magazine February 2022 by Colorado Association of REALTORS

c o lo r a d o

FEBRUARY 2022

REALTOR Official Magazine of the Colorado Association of REALTORS®

MAGAZINE

CAR Foundation Mobilizes to Help Boulder County Fire Victims Page 12

Market Trends... “Unprecedented” and “Shocking,” page 24

PLUS: CAR Chair Message: At the Center of it All Page 4

CAR CEO Message: Lead or Someone Else Will Page 5

The Housing Gap: It’s Still a Problem Page 8

c o lo r a d o

REALTOR

c o lo r a d o

MAGAZINE

REALTOR

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

MAGAZINE

EDITOR: Lisa Dryer-Hansmeier, V.P. of Member Services: lhansmeier@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®.

FEBRUARY 2022:

This information provides understanding, from the consumer level, of the trends that are transpiring. This survey by NAR covers info on demographics, housing characteristics, and the experience of consumers in the housing market.

Chair Message: At the Center of it All................. 4

In Colorado, the typical buyer was 47 years old, and had a median household income of $108,900. 25% said the primary reason for purchasing a home was the desire to own a home of their own.

26%

26%=First-time home buyers

72%

28%

PREVIOUSLY OWNED

NEW HOMES

In Colorado, the typical home that was recently purchased was 2,230 SQ/FT, had 3BR/2BA and was built in 2005. Median Sales Price 2021 =$411,000

3 BR 2 BA

CAR Joins Coloradans for Energy Access........... 6 The Housing Gap: It’s Still a Problem................. 8

64% Married Couples

There was a median of only 15 miles between the homes that recent buyers purchased and the homes they moved from.

100% of asking price in CO

CEO Message: Lead or Someone Else Will.......... 5

14% Single Females

8% Single Males

12% of Colorado home buyers purchased a multi-generational home to take care of aging parents, for cost savings, and because children over the age of 18 are moving back home. 16% of recent home buyers are veterans and 5% are active duty service members in Colorado.

BUILT in 2005

$411,000 median price 2230 sq/ft

Colorado buyers expect to live in their homes for a median of 15 years. Twenty percent say they are never moving.

12%

16%

15 Years

COLORADO PROFILE OF HOME BUYERS AND SELLERS Information from the 2021 National Association of REALTORS® (NAR) Colorado Profile of Home Buyers and Sellers.

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.

CAR Foundation Mobilizes to Help Boulder County Fire Victims........................................... 12 Colorado's Heart Award................................... 14 Thank You RPAC Investors................................ 15 RPAC Roadmap................................................. 16 CAR Economic Summit & REALTOR® Day at the Capitol Photo Recap................................... 18 Women’s Council of REALTORS® Colorado Reestablished................................................... 20 Leadership Academy New Leader Goals.......... 22 Market Trends in Colorado............................... 24 Real Estate Snapshot........................................ 33 The Down Payment Dilemma........................... 34 Colorado Project Wildfire................................. 36 4 Strategies to Stay Top-of-Mind with Past Clients.......................... 38 Congratulations Local ROTYS.......................... 40

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.

Colorado Profile of Home Buyers and Sellers................................................................ 41

COLORADO PROJECT WILDFIRE

36 3

At the Center of It All

REALTORS® Needed Now, for the Future FROM THE CHAIR Matthew Hintermeister 2022 Chair of the Colorado Association of REALTORS®

Some of the key ideas presented at the panel were: • Adaptive reuse of commercial space and hotels. • The fact that if every person in Summit County built an Accessory Dwelling Unit, there would be enough workforce housing. • Harnessing the gains of density (such as already available water sources). • Making prefabricated and mobile homes affordable and attractive for long-term homebuyers. • Consumers renting to own their own homes, tax revenue stream diversification, right-size homes for our aging population and a portable homestead exemption.

e had a wonderful experience at the CAR Economic Summit & REALTOR® Day at the Capitol at the beginning of February. All of our speakers, including the state’s demographer, an economist, and an incredible panel of experts gave us some amazing information. And we do appreciate Governor Polis addressing our CAR membership. As he said in his speech, “REALTORS® are at the center of it all.” Here are some things I took away from this amazing event, where 300 of our members attended in-person and watched virtually via Livestream: Census Data & 2022 Forecasting: While many people think that Colorado has seen huge numbers in growth from other states, that’s not the case. Elizabeth Garner, our state demographer, said that Census data showed a flattening of our state population. And get this - this was starting to happen even before the pandemic. In a separate presentation, Economist Patty Silverstein agreed, but they both said the next five years of home buying and selling will be momentous, thanks to the largest age group coming into the prime homebuying market: millennials. Out of all the generation groups in Colorado, they make up most of our population. Access to Housing and Fair Housing: A panel of experts devoted to better access to housing gave us great insight. Innovation is needed and REALTORS® are a big part of it. Please make sure to read the article in the magazine about Fair Housing and some new innovations surrounding the data that we have for home buying opportunities. Of course, if there is anything that you would like to share with our CAR Legislative Policy Committee, please reach out to the Vice President of Government Affairs Liz Peetz (who gave her own amazing presentation.) The Government Affairs team is working to make our REALTOR® voices heard and you are welcome to attend meetings to listen in. Finally, please consider attending the CAR Spring Summit in Vail, April 19-21, where you can expect to find more great informational sessions, more professional development, more networking, and more ways to get involved in the association. Registration will be opening soon, and I hope to see you there!

Lead or Someone Else Will Our REALTOR® Associations must rethink who they are and why they matter if they want to stay relevant. An association that acts as a monument, versus a movement, will succumb to the numerous industry-shaping options that now exist. If you don’t believe me, look at the history of companies that used to be powerhouses i.e., Kodak, Nokia, Xerox, Blockbuster, Toys R Us, and Pier 1 Imports. It takes effective leaders to help prevent this from happening. And that’s why we are looking forward to seeing your application for one of CAR’s Officer positions for 2024.

FROM THE CEO Tyrone Adams CEO of the Colorado Association of REALTORS®

Our engaged and effective leaders help associations govern forward in the good times and in times of uncertainty. As we all know, the real estate industry is certainly going to change for the better, worse, or indifferent. I remember NAR’s 2015 Danger Report published by Stefan Swanepoel, one of our national speakers. A few of the dangers he lists to REALTOR® Association’s sustainability were: • A leadership that is not in unison with the fast-paced world. • Too much focus on protecting the status quo! Many leaders are not willing to face the situation and embrace significant change. • Elected leaders who make uninformed decisions. Now you can add this to the industry danger list: more competition in several areas. The evolution of brokerages and other real estate entities is chipping away at the value proposition the different REALTOR® associations had cornered for decades. For consumers to get real estate data, they used to have to know the secret handshake or password to access it. Now housing data is at the fingertips of all consumers, REALTORS®, and non-member agents.

The best way to make sure Colorado REALTORS® are ready for changes in our associations is by ensuring we have innovative, courageous, and knowledgeable volunteer thought leaders. Are you one of them?

There is also something even simpler that is hurting our profession: Associations used to be the best way to network with other REALTORS® and industry partners. Now we have competition from local, state, and national companies that are also finding ways of bringing our members together. We are accepting applications for Chair-elect, Treasurer, District Chair-elect, and NAR Directors. We have three NAR Director positions available, plus this year we will also elect NAR Directors from small-membership boards (1-499) and medium membership boards (500 – 1999). You can fill out the CAR Officer Candidate application by April 7. QUESTIONS: Contact Theresa Harvey at tharvey@ColoradoREALTORS.com or 303-785-7103.

Colorado Association of REALTORS® Joins

Coloradans for Energy Access The Colorado Association of REALTORS® joined a newlyformed coalition that aims to keep natural gas as one of the most affordable, equitable, and accessible forms of energy in Colorado.

The Coalition advocates that natural gas is meeting the energy demands of 1.8 million households and 150,000 businesses. Access to reliable, affordable energy is foundational to economic development and job growth.

Coloradoans for Energy Access, a 501c(4), has a mission to maintain affordability while working to reduce energy emissions.

“Homes hold tremendous potential for reducing emissions. As natural gas systems become cleaner and more efficient, this fuel can help hundreds of thousands of homeowners across the state reduce their energy espenses and lessen the carbon impact,” said Adams.

“That’s the dual goals of Coloradans for Energy Access: providing low-cost energy while supporting a healthy environment,” said CAR CEO Tyrone Adams. The Coalition is made up of businesses, organizations, and utilities and workforce leaders that support access to natural gas in homes and businesses. CAR is joined by Colorado Apartment Association, Apartment Association of Metro Denver, Atmos Energy, American Public Gas Association, BOMA, Farm Bureau of Colorado, Waste Management, Excel Energy, and many more.

These technological advances to improve energy efficiency in commercial and home appliances along with developments like renewable natural gas have enabled Colorado natural gas systems to become more effective. These technologies have significantly lowered methane and CO2 emissions without requiring costly equipment upgrades, helping the state meet its reduction goals.

LET ’S CELEBRATE

Fair Housing Month April

JOIN US FOR FOUR ENGAGING SESSIONS!

History & Risk Management

April 5, 9:00am – 10:15am Virtual | 1 CE credit Gain an understanding of the Fair Housing Act and the history of Fair Housing in Colorado. Then learn about the common ways REALTORS® can violate the Fair Housing Act with interactive case studies.

NEW

NAR's Implicit Bias Training April 12, 9:00am – Noon Hybrid | 3 CE credits Participants in the course will learn how to overcome unconscious biases that can get in the way of providing equal professional service to everyone. In-person attendees will receive lunch after the session to network.

NAR’s Fairhaven Challenge April 1 – April 22, Midnight This is a challenge to complete the NAR Fairhaven Simulation. REALTORS® will have until April 22nd at Midnight to complete the Fairhaven Simulation. https://fairhaven.realtor/

Fair Housing for Everyone April 26, 9:00am – 10:15am Virtual REALTORS® and guest speakers from across the state will share the tools they implement to practice Fair Housing and support diverse communities in their neighborhoods.

Show your passion for Fair Housing and participate in all 4 sessions and receive a special Fair Housing gift from CAR.

LEARN MORE AT COLORADOREALTORS.COM/FAIRHOUSING

The Housing Gap: It’s Still a Problem What REALTORS® Can Do to Better Serve All Coloradans For decades, the real estate industry has been looking at what factors are contributing to the “housing gap,” a term often used to describe segments of the population who are not keeping up with homeownership rates of white families. There are various reasons: everything from access to credit, education, socioeconomic and social considerations, barriers due to race or ethnicity, discrimination, lending issues, and more.

Statistically, the United States overall has been seeing a gap of 30 percentage points between white and black populations, with Hispanic and Asian populations falling behind white homeownership rates by 25 percent and 14 percent, respectively. Incredibly, in 1960, before the Civil Rights movement and Fair Housing laws, there was a 27-point gap between Black homeownership (38%) and White homeownership (65%). Why has this housing gap actually widened since then, and what can REALTORS® do to help? Over the years, real estate organizations such as the National Association of Real Estate Brokers (NAREB), the National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America (AREAA), and the National Association of Gay & Lesbian

Real Estate Professionals (NAGLREP) have done studies to learn about the obstacles that Black, Hispanic, Asian, LGBTQ, and indigent communities face in attaining homeownership. One of the main recommendations that comes out of this research is educating families and individuals on the process and benefits of buying a home. Many first-generation homebuyers do not have the knowledge of financial literacy passed down to them. In many cases, their parents and grandparents had never owned a home. Some populations report overall nervousness and fear about the credit/mortgage process and believe it will be difficult to get a mortgage. REALTORS® can also make a difference by collaborating with their local housing officials, attending public meetings, volunteering for spots on planning commissions, and being at the table anywhere a

conversation about housing is happening. Taking the opportunity to learn how redlining and other exclusionary practices impacting the communities they serve is important. The future client base for a REALTOR® is a diverse community. Does your business model think about the future of who your buyers will be?

Education is Key • Black renters interested in becoming homeowners reported a lack of information (how to buy a home, get a REALTOR®, get a mortgage) as barriers to homeownership. • Asian American and Pacific Islander homeownership rates may be directly positively impacted through education about credit history, credit systems, and the mortgage process. • 56% of Hispanics believe it would be difficult to get a home mortgage, and the number of mortgage applications submitted reflect this belief, even with FHA/RHS loan types. • LGBTQs continue to rent vs. own due to the drastic need for targeted education about the home buying and mortgage process. Over half of LBGTQ report feeling fearful about the credit/mortgage process.

taxes forever. Dearfield Fund by Gary Community Investments. Black first-time homebuyers can apply for down-payment assistance that can be used toward buying a home. The innovation comes when the homeowner sells or refinances. The homeowner then returns the original amount plus five percent of the home's appreciation “to support the next home buyer on their journey to wealth.” Down Payment Resources. Since 2008, Down Payment Resource has maintained a centralized database of every homebuyer and down payment assistance (DPA) program in the country. The database can help potential homebuyers identify down payment resources for veterans, first-time buyers, people who work within certain professions (first responders, education, healthcare workers), people with disability, or programs to help people based on race or ethnicity.

How CAR is Working to Close the Gap

Tools to make sure your clients are “mortgage-ready” are available on CAR’s Consumer Center and with your local associations. And of course, the period after buying a home is just as critical. Looking at a new homeowners’ budget, debts, tax obligations, and maintenance is an equally important part of sustaining homeownership. Educating clients around credit, mortgage, contracts, appraisals, insurance, inspections, and their rights if they experience discrimination are all ways that REALTORS® can ensure their clients become successful home owners.

Thanks in part to CAR’s 2021 Century of Opportunity legislation package, high school graduation requirements now include financial literacy so that students have a better understanding of credit, debt, and student loans, as well as preparing for homeownership and retirement (HB21-1200).

Other Resources for Clients

The CAR Government Affairs Division has done detailed research on how access to credit in communities can minimize access to housing. “The biggest hurdle in diverse communities is making the down payment,” said VP of Government affairs Liz Peetz. “We know that affects additional costs over the life of the loan. For many diverse communities, entering the homebuying market later in life means a loss of $70,000 of lost wealth generation.”

First Time Home Buyers Savings Accounts: In 2016, CAR was also one of the first states in 2016 to implement the First Time Home Buyers Account “to meet people where they are.” A First‐time Homebuyer Savings Account allows any Coloradan to set aside up to $50,000 toward the costs of closing on a new home. The earnings on those funds — interest and capital gains — are free from Colorado state

Any REALTORS® who might want to get involved should collaborate in their local school district to volunteer to be a part of these discussions around financial literacy, credit, and homeownership.

The Century of Opportunity package also included HB211134, which allows for credit building through pilot programs that level the playing field for populations of color by giving renters opportunities to build their credit by being reliable, and responsible tenants. “The Century of Opportunity legislation was developed and based on our NAR and diverse REALTOR® housing groups’ research showing that in diverse populations of color, there were barriers to accessing affordable homeownership. We wanted to take the conversations that we were all having about racial justice during the pandemic and turn that energy into impactful public policy that can positively open doors to homeownership for all Coloradans,” said CAR CEO Tyrone Adams. “We worked side by side with an amazing thought leader at Habitat for Humanity, who was also working on related issues and became our Century of Opportunity partner.” CAR’s Government Affairs team and the Legislative Policy Committee hope to advocate for builders and developers with a "rent to own" model. This is becoming popular in places with land outside of the more expensive urban areas. “If you can build credit while renting, you are that much more prepared to enter into the homebuying process. A person can identify a house to rent, and then work their way into ownership,” said Peetz.

3 by 30 The Black Homeownership Collaborative, a new coalition of more than 100 organizations and individuals, launched a commitment to create 3 million new Black homeowners by 2030 through an ambitious 7-point plan. The Black Homeownership Collaborative identified seven areas requiring attention to make it its goal possible within nine years: 1) homeownership counseling; 2) down payment assistance; 3) housing production; 4) credit and lending; 5) civil and consumer rights; 6) homeownership sustainability, and; 7) marketing and outreach. Among the actions called for by the group are increased funding for housing counseling services, a targeted down payment assistance program, and restoration of all legal doctrines and provisions of law that address systemic discriminatory policies. The Black Homeownership Collaborative is led by a steering

committee of executives from the Mortgage Bankers Association, NAACP, National Association of REALTORS®, National Association of Real Estate Brokers, National Fair Housing Alliance, National Housing Conference, National Urban League, and Urban Institute. “The persistent gap in homeownership rates among Black and white Americans illustrates how racial inequality in our society translates into wealth inequality,” said Bryan Greene, vice president of policy advocacy at the National Association of REALTORS® (NAR). “NAR is pleased to join this dedicated group of widely-respected organizations in the Black Homeownership Collaborative to pursue our shared goals. We look forward to continuing our work to secure federal and local-level policies which will raise Black homeownership levels, strengthen communities, and improve the American economy.”

Other Initiatives to Create Additional Housing and Down Payment Resources: In the recent report from the Colorado legislature’s Transformative Interim Report on housing, the recommendation is to spend unused COVID-19 relief dollars on 15,000 affordable homes. For perspective, Colorado usually builds around 40,000 homes in one year. Based on research conducted by the state of Colorado, the state needs 325,000 new homes per year for the housing market to return to a “balanced market”. Generally, a balanced market will lie somewhere between four and six months of supply. Among dozens of affordable housing initiatives across the state, Governor Polis’ office is looking into new home products involving 3D printing prefabrication technology. They are also looking at commercial adaptive reuse and Denver’s City Council just approved miles of new zoning to allow for Accessory Dwelling Units along Colfax Ave.

New Federal Legislation: On April 14, 2021, lawmakers introduced 17 housing-related bills. One of them, the Downpayment Toward Equity Act of 2021, also known as the $25,000 First-Time Home Buyer Grant, addresses a related campaign promise of the Biden administration: To give Americans direct financial assistance to help them buy quality housing. This bill establishes a grant program through the Department of Housing and Urban Development for states and other entities to provide qualifying assistance to certain first-time, firstgeneration home buyers in purchasing a home. Qualifying assistance includes down payment for mortgage, closing costs, reduction of mortgage interest rates, subsidies for shared equity homes, or certain preoccupancy modifications to a home to accommodate persons with disabilities. The Committee on Banking, Housing, and Urban Affairs held hearings about the Downpayment Toward Equity Act of 2021 on February 10, 2022. No votes were held and no changes to the bill were reported. The bill was introduced to Congress but has yet to be heard.

April is Fair Housing Month CAR’s Diversity and Inclusion Committee has planned an array of educational opportunities to help REALTORS® keep their commitment to Fair Housing. Join us for engaging sessions, including: • History of the Fair Housing Act in Colorado • NAR’s Implicit Bias Training • A challenge to complete NAR’s Fairhaven Simulation • Daily practices to support diverse communities in your neighborhood Visit http://www.coloradorealtors.com/fairhousing to explore these educational opportunities.

Join the Ranks for 2023-2024 CAR Leadership

CAR Officer Applications Due by April 7 CAR Leadership members manage CAR business; provide direction and leadership to our membership; and act on behalf of the CAR Board of Directors between its two annual meetings. Why Get Involved As a CAR Officer? 1) Expand exposure for yourself and your firm. 2) Connect with people outside of your market. 3) Build leadership skills that will improve your business. 4) Represent at the local and state board level. 5) Provide valuable input in the decision-making process. 6) Form relationships with people who are experts in other disciplines. 7) Gain foresight into industry issues and trends. 8) Help CAR achieve its mission, goals, and priorities. Openings for 2023-2024 Chair-Elect, Treasurer, District Chair-Elects, and NAR Directors. Click here to apply for an Officer position

CAR FOUNDATION UPDATE

CAR Foundation Mobilizes to Help Boulder County Fire Victims One of many homes destroyed in the Marshall Fire.

The CAR Foundation’s Boulder County Fire Relief Fund has raised more than $200,000 through the generous support of Colorado REALTORS® and industry partners such as REcolorado.

The CAR Foundation, the philanthropic and community engagement arm of the Colorado Association of REALTORS®, has had a busy start to 2022. The Foundation ramped up to support victims of the Boulder County Wildfires, which roared through the towns of Louisville, Superior and unincorporated Boulder County on December 30, 2021. Fueled by hurricane-force winds, the fires destroyed or damaged more than 1,100 structures, nearly 1,000 of which were homes. “Colorado REALTORS® are at the heart of our communities, having been helping our neighbors through the Colorado Association of REALTORS® Foundation for 30 years, and providing housing-related disaster relief is one of our most impactful missions.” said 2022 CAR Foundation Chair Katia Leon y Leon. “In partnership with REALTORS® around the nation through the REALTORS® Relief Foundation, we are honored to offer assistance to individuals and families who have lost their home or have been displaced from their home due to the Boulder County Fires,” she said.

Grants for Nonprofits in the Boulder Community The Foundation’s Boulder County Fire Relief Fund began raising funds to support victims with grants to nonprofits providing direct services. Through the generous support of Colorado REALTORS® and industry partners such as REcolorado, which provided a $25,000 matching gift incentive, the Fire Relief Fund has raised more than $200,000. Applications are now open for nonprofit organizations to apply for grants, which will be evaluated and funded each week until the Fund has been fully disbursed. Mortgage and Rental Aid for Individual Households To help individuals and families directly, the CAR Foundation was awarded a $2 million grant from the REALTORS® Relief Foundation to provide mortgage and rental relief. Founded as a REALTOR® response to the terrorist attacks of 9/11, the REALTORS® Relief Foundation’s mission is to provide housing related disaster relief. Those who were affected by the fire can apply for up to $3,000 for mortgage or rental assistance. More than 466 applications have been received and aid

2021 NAR Good Neighbor Award Winner: Bob Bell, Denver

2021 Colorado Heart Award Winner: Matt Robbins, Gunnison

has been approved and sent to 238 households so far, totaling more than $563,831. Victims can apply here. Funds are available on a first-come, first-served basis for qualified applicants through April 8, 2022, or until the grant is depleted, whichever occurs first. Funding for the Future – You Make an Impact While Boulder County Fire Relief efforts will be ongoing, efforts surrounding the CAR Foundation’s mission will continue. More than $100,000 in grants went to qualified nonprofits after raising more than $100,000 at the CAR 100 Year Celebration. “We knew that many, many Colorado communities were still impacted by the pandemic and that nonprofit organizations around the state were continuing to see record-breaking need for their services,” said Amy McDermott, Foundation Executive Director. “Our 2021 grants were a direct result of fundraising support from REALTORS® and are helping programs that offer services such as homelessness prevention coaching, supportive housing for families experiencing homelessness, and development of affordable housing, just to name a few.” The CAR Foundation will continue its successful program, Colorado’s Heart Award, launched in 2021, and take applications from REALTORS® who give back to their communities by volunteering, donating, or holding leadership positions in local nonprofits. Matt Robbins, REALTOR® from Gunnison, was honored as the inaugural Colorado’s Heart Award winner in 2021. Read about Robbins and the district finalists here.

2022 CAR Foundation Chair Katia Leon y Leon

Welcome 2022 CAR Foundation Chair Katia Leon y Leon With more than 14 years of experience in leadership positions in government agencies, multinational corporations, and consulting, as well as degrees in Corporate Communication and Marketing, Katia Leon y Leon brings a high-visibility approach to her role as Foundation Chair. “In 2022, I envision the CAR Foundation supporting even more Colorado communities around the state. For us to do that, I believe we need to connect more deeply with local associations, learning about what really matters to each community," said Leon y Leon. “By forging close relationships with local boards, we can better learn about their needs and provide support for local efforts.” Leon y Leon has served on the Foundation Board since 2020. She has lived in Douglas County since 2007, and was born and raised in Lima, Peru. She has decades of customer service experience, which, combined with her training and marketing background, has built a successful knowledge base for her business as a REALTOR®. In her free time, Leon y Leon enjoys spending time in the mountains, skiing, golfing and playing tennis. Those interested in learning more about the CAR Foundation, and its work with local associations should contact Katia Leon y Leon or Amy McDermott at amcdermott@coloradorealtors. com. See the next page to submit an application for Colorado's Heart Award.

Colorado Association of REALTORS® Foundation

COLORADO’S

HEART AWARD 2021 DISTRICT FINALISTS

2021 Colorado’s Heart Award Winner - Matt Robbins - 1971 GHS Football Memorial Foundation

• Bob Bell – Metro District – Denver, CO (Charity – Food for Thought) • Brenda Case – Western District – Grand Junction, CO (Charity – Mutual Aid Partners) • Sean Dougherty – Northeast District – Fort Collins, CO (Charity – Realities for Children) • – Southeast District – Colorado Springs, CO (Charity – HBA Cares)

DO YOU KNOW A REALTOR® MAKING A DIFFERENCE IN THEIR COMMUNITY? Nominate them for the Colorado’s Heart Award and they could win a donation to the charity of their choice. The Colorado’s Heart Award recognizes REALTORS® who positively impact their communities through volunteerism, charitable contributions, and community leadership.

Every single nominee will receive a donation to their charity of choice!

2021 NAR Good Neighbor Award Winner Bob Bell, Food for Thought, in Denver. All finalist from the Colorado’s Heart Award will be considered for this national award.

DEADLINE APRIL 21, 2022

AWARD DETAILS

HOW TO APPLY

• REALTORS® may nominate themselves or be nominated by other REALTORS®, their local board, a community member or the organization they serve. • Every nominee will receive a donation to their charity of choice. • District Finalists will receive a donation to the charity of their choice.

Apply online starting April 1, 2022 at ColoradoREALTORS.com/heartaward/ Applications due by April 21, 2022.

QUESTIONS? Contact Amy McDermott at amcdermott@coloradorealtors.com for more information or an application.

www.ColoradoREALTORS.com/heartaward

THANK YOU RPAC INVESTORS PHOTOS FROM JAN 31 RPAC RECEPTION

Thank you to everyone for supporting the REALTORS® Political Action Committee (RPAC) in 2021! A HUGE Congratulations to the below associations on hitting all 3 RPAC goals for the year (Amount Raised, Participation, and Major Investors). Your dedication and support help shape the political future for the real estate industry, and we couldn’t do it without each and every one of you. Mountain Metro Glenwood Springs Telluride Vail Four Corners Grand Junction Pikes Peak Royal Gorge Steamboat Springs Are you looking to be a Major Investor in 2022? Check out our road map of fun events and activities throughout the year to complete your $1,000 investment on the next page!

2022 RPAC Major Investor WAYS TO FULFILL YOUR $1,000 INVESTMENT RPAC’s Major Investors are an elite and passionate group of REALTORS® whose investments shape the political future of the real estate industry. Major Investors are eligible to participate in the RPAC Recognition Program, with specific benefits and accolades that acknowledge their support.

REALTOR® DAY AT CAPITOL RECEPTION & RAFFLE JAN 31-$25

INVEST $1,000 THROUGHOUT THE YEAR

2 Early Bird Pledge Kickoff

FEB - $300 PLEDGE= FREE COASTER

MAJOR INVESTOR WINE TASTING

MARCH - $300

SILENT VIRTUAL AUCTION JUNE

6 new major investor giveaway

PHONE BANK & BBQ

Questions? Contact ksavery@colorado realtors.com

JULY

SEPTEMBER

INVEST BY

8 FALL FORUM RPAC RECEPTION OCTOBER - $25

DEC

SPRING SUMMIT RPAC RECEPTION APRIL - $99

VIRTUAL COCKTAIL CLASS NOVEMBER $99-$300

FINISH LINE

www.coloradorealtors.com/invest

Contributions to RPAC are not deductible for federal income tax purposes. Contributions are voluntary and are used for political purposes. The amounts indicated are merely guidelines and you may contribute more or less than the suggested amounts. The National Association of REALTORS® and its state and local associations will not favor or disadvantage any member because of the amount contributed or a decision not to contribute. You may refuse to contribute without reprisal. Your contribution is split between National RPAC and the State PAC in your state. Contact your State Association or PAC for information about the percentages of your contribution provided to National RPAC and to the State PAC. The National RPAC portion is used to support federal candidates and is charged against your limits under 52 U.S.C. 30116. Federal election law prohibits RPAC from soliciting contributions from persons outside the restricted class. Any contributions received from outside the restricted class will be returned.

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ECONOMIC SUMMIT & REALTOR® DAY at the CAPITOL

Access to Housing Panel with Albus Brooks, Peter LiFari, Tamara Pogue, and J. J. Ament.

2022 CAR Chair-Elect Natalie Davis greets the crowd attending the Access to Housing Panel.

2022 CAR Chair Matthew Hintermeister

Women’s Council of REALTORS® Colorado Reestablished Congratulations to the Women’s Council of REALTORS® Colorado, who have recently reestablished their charter in Colorado. The council’s mission is to advance women as business leaders in the real estate industry and in the communities they serve. The council, which consists of four local networks, will support and lead the local networks to become future leaders in the real estate industry. LEADERSHIP 2022-2023

Jennifer Gerdes President HomeSmart Realty

Liz Bowen President Elect Red Bow Realty

Windy Bailey State Liaison Equity Colorado

Kate Kelley Treasurer WK Real Estate

Tabatha Ratlliff 1st Vice President Berkshire Hathaway Home Services

“We don’t just have professional relationships with each other,” said President Jennifer Gerdes, “it is a more intimate, personal relationship that sometimes our industry needs.” As a state network, the council supports its local leaders and works to train new leaders within their membership, with hopes that they go on to lead at the local, state, and national associations. “#leadersmadehere is what we are about,” said Gerdes. Join the Colorado Women’s Council at their Inaugural Installation Event ($15/reservation) Wed, March 23, 2022, 4-6 pm Berkshire Hathaway HomeServices Innovative Real Estate, Denver Office 2460 West 26th Ave., #120C, Denver, CO 80211 Eventbrite link to installation event Next Meeting: June 2, 2-6 pm at SMDRA. Contact Jennifer Gerdes for more information, womenscouncilofrealtorsco@gmail.com.

New LEADER

GOALS Jon Queen, Coldwell Banker Realty Highlands Ranch To one day help formulate its strategy and advance its interests at the local and national levels.

Charity Vermeer, RE/MAX Alliance Crossroads To participate in learning and networking and to support our REALTOR® organization.

Lisa Nguyen, RE/MAX Professionals To advocate for change, ethics, fair housing and diversity for all and to be the voice of our communities.

Chelsea Thomas, Cox Real Estate Group To educate REALTORS® to improve their value proposition and to increase their ability to protect their clients.

Margaret Herdt, Turn Key Realty To promote opportunities for all brokers, whether you are a big-name company or an independent agent.

Christie Smith, RE/MAX of Pueblo/Pueblo West To help support each other in different areas of the state and address the lack of geographical knowledge.

Miguel Valenzuela, Coldwell Banker RealtyDenver Central Location To give back to my community and continue to grow in the world of real estate.

Courtney Peroutka, eXp Realty, Mountain House Properties To participate more in legislation, wildfire management, property rights, and the REALTOR® grievance process.

Richard Kim, RKS and Associates Work as an adviser and be an advocate for the community to make the community a better place to live with their families.

Shelly Vincent, eXp Realty To place REALTORS® at the forefront of the real estate industry.

Tasha Beckman, EXIT Realty DTC To continue to assist in homeownership as well as legislative and regulatory adjustments.

Amanda Edmondson, RE/MAX Alliance FTCSouth To learn from and engage with leaders which will increase my ability to advocate for others.

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Michael Seguin, Engel & Völkers To promote safe and attainable housing for all.

Dorothy Steel, Steel Team Properties To help educate, support, and raise the professionalism of our REALTOR® community.

Jay Brown, Coldwell Banker To understand how state leadership works and how CAR intertwines with the bigger NAR picture.

Learn More About CAR's Leadership Academy

MARKET TRENDS

“Unprecedented” and “shocking,” REALTORS are running out of ways to describe state’s record low housing inventory

INVENTORY OF ACTIVE LISTINGS STATEWIDE - JAN 2022 7,480 4,151

3,173

Despite a nice, but expected seasonal uptick in the number of new listings that came to the Colorado housing market in January, a strong month of pending/under contract activity quickly gobbled up available inventory, once again keeping active buyers pushing the limits of their budgets and patience, according to January data from the Colorado Association of REALTORS®. While the volume of closings fell in January, per traditional calendar activity, the overall inventory picture remains “unprecedented and shocking” to even the most experienced REALTORS® working in markets across the state. January’s inventory of active listings fell to yet another round of alltime lows. In the seven-county Denver-metro area, there were just over 1,400 single-family homes available, off 57% from a year ago, and 461 condo/townhome properties, off 74% from January 2021. Statewide, a total of 4,151 singlefamily properties reflects a 44.5% dip from a year prior, while the 1,011 active condo/townhome listings represent a fall of more than 68% from a year ago. All of these conditions have pushed the months supply of inventory to 0.5 months or less both Denver metro and statewide – once again, record lows. A balanced market, according to the National Association of REALTORS®, would have approximately six months inventory supply to create opportunities for both buyers and sellers. As a result, median pricing held steady from December to January but remains up 17 – 19% in both the seven-county Denver metro area and statewide, with the condo/townhome properties on the higher end of that range. The percent of list price received also ticked back up between 101 – 102% in January after dipping slightly over the previous 4-5 months. Accessibility and affordability remain a significant theme

1,011

-44.5% JAN 2022

JAN 2021

SINGLE FAMILY

-68.1% JAN 2022

JAN 2021

TOWNHOUSE/CONDO

across all markets as the CAR Housing Affordability Index – a measure of how affordable a region’s housing is to consumers based on interest rates, median sales price and median income by county, – is down 22% from a year prior in both Denvermetro and statewide. With diverse and local factors playing in across the state, here is a snapshot look at some local market numbers and summaries from CAR spokespeople: • Aurora – There were only 164 total active listings (singlefamily, condo/townhome) at the end of January for the entire city of Aurora – the third largest city in the state. • Broomfield - There were eight new listings for the entire month of January in Broomfield. Eight listings. That is a number that many REALTORS® carry on their own for the month, not the entire real estate community, combined. • Crested Butte/Gunnison –There are currently 30 single family homes on the market which doesn’t sound like a low number until you consider that none of them are under $1 million and only 7 are under $2 million. • Denver County – Had seen supplies hovering from around two months of inventory in peak 2016 months to just 0.2 months today – which means – in just 6.2 days (0.2 months) of a normal 31-day month, every home that has or will become available that month is sold. The median price for a townhome or condo in Denver County fell 1.2% from January 2021 to ‘22. During the same period last year, the increase was 8.2%. From 2019 to ‘20, a 17.6% increase. Price increases are slowing and, in this instance, pretty close to zero.

• Durango/La Plata County – There are no active singlefamily listings in the three largest subdivisions in the Durango market. There are only 13 active properties within the Durango city limits. Twelve of these properties are single-family homes (and four of those homes haven’t even been built yet). The remaining active property is a condo/townhome. La Plata County has roughly 50 single-family properties currently active with 55 pending.

single-family homes.

• Estes Park/Larimer County – Active listings are down 71.2% with single-family home new listings down 38.3% and condos/ townhomes off a similar -32.7%. Historically, Larimer County has been in a constant flux of rises and falls considering new listings. Looking back, a similar mountain-shape pattern has taken place since the year 2010 where the valley of the graph reaches its lowest low in the winter months and steadily shoots back up to its highest peak in the summer months.

• Steamboat Springs/Routt County – January 2022 delivered 24 active single-family listings and 26 homes that went under contract – fortunately, 14 new listings came on and, to date, there are 32 active listings. Multi-family saw a similar predicament with 19 active listings and 26 units that went under contract with 24 respective new listings that came on and 18 currently available.

• Fort Collins/Northern Larimer County – In 2002, the active inventory of single-family homes for sale at the end of January was a staggering 1,117 homes with 173 homes selling that month for a total sales volume of just over $40 million at a median price just over $200,000. Fast forward 20 years to January of 2022: Active inventory at the end of the month was just 95 homes. 122 homes were sold for a total sales volume of nearly $73 million. Median price topped out at $541,000 selling on average for more than 2% over the list price. • Glenwood Springs/Garfield County – In 2010, when the market was starting a slow recovery, there were approximately 700 homes active in Garfield County, with the inventory rising to nearly 950 single-family homes mid-year. From mid-2010 to today, it is a clear, steady decline ending with a total of just 80 single-family homes and 21 townhomes active in January 2022. The months supply of inventory hovered between 40-50 months for homes and 28-32 months for townhomes in 2010. Today, both sectors are less than one month. • Grand Junction/Mesa County – Inventory of active listings sits at 0.7 months supply, with a total of just 265 active listings which is down 27.8% from January 2021 • Jefferson County – There were only 125 single-family homes on the market in January 2022 and just 50 condo/townhomes. The median sales price for single-family homes reached $646,000 compared to this time last year, the median price was $546,200. For condo/townhomes the median sales price was $393,250 at the end of January, compared to last year’s $299,000, almost the same amount of equity growth as the

• Pueblo – In January, the Pueblo West Metro Board initiated a moratorium on permits and water taps scheduled to last until the middle of March. Although it may not be a significant problem, Pueblo West did account for 59% of last year’s approved permits. That could add up to about 77 homes not getting built this year, when we need all we can get.

• Summit, Park & Lake Counties – We ended the year with over $3 billion in sales volume, 31% above 2020. Singlefamily home prices in Summit went up a whopping 87.3% to an average of $2.84 million compared to last January. The highest price home sold was $12.2 million and the lowest was $815,000. • Superior – There were two listings for sale in all of Superior and 23 under contract in just the month of January as those who lost their homes try desperately to stay in the same community while they try to rebuild. • Telluride – January dollar amount of sales was $88.27 million, an all-time record for January. However, the number of sales were down 34% making it five months in a row for a decrease in this category. We’ve been expecting this reduced number of sales for over a year as we are finally running out of sellers willing to leave the Telluride region for a big profit. • Vail – The market continues to amaze as transactions were down 14.1%, yet dollars generated were positive 8.8%. The increase continues to be driven by the $3 million-plus pricing niches as the under $3 million niches lost 3 points of market share – which was immediately picked up by the upper end niche. This trend has continued since the middle of 2021 and will continue until more property is available in the lower price points. Taking a more in-depth look at some of the state’s local market data and conditions, Colorado Association of REALTORS® market trends spokespersons provided the following assessments:

AURORA “Despite my 42 years of working in the Denver-Aurora area as a REALTOR®, the January numbers were nothing short of shocking. To say that there is no inventory is a drastic understatement. The number of active listings in the entire city of Aurora sits at a miniscule 164. That may be a more appropriate number for a singular zip code but not the total of all active single family, condos and townhomes for the entire City of Aurora, the 3rd largest city in the state of Colorado. “The lowest priced option in that very small pool is a onebedroom condo at $155,000. The lowest priced single-family home is listed at $267,000 in Meadowood but you’ll need to hurry, because there is only one single-family residential home available under $300,000. The next available option in the city is listed at $379,000. Again, only one home is available at $379,000. In fact, under $445,000, across all Aurora zip codes, you will find only seven active listings. “It makes perfect sense that prices have increased 19.8% over the past year, with some zip codes, 80015 for example, increasing over 23%. Plan to pay a median price over $500,000 in zip code 80013, and up to $740,000 median in southeast Aurora’s 80016. “With inventory this low and buyers calling daily, we do not expect a decrease in pricing in the near future. Interest rates are increasing, but they are still historically low. With labor shortages, supply chain issues, cost increases on fees, permits, labor and material, builders cannot build homes fast enough. Patience and persistence are key,” said Aurora-area REALTOR® Sunny Banka.

BOULDER/BROOMFIELD “Can we possibly use the word ‘unprecedented’ yet one more time? The story of low inventory coupled with high demand and rising prices is nothing new. We’ve been talking about it for two years now. In the Boulder and Broomfield county markets, we are seeing trends and experiencing a market like we truly have never seen before. It is actually, unprecedented. “First, there are eight new listings for the entire month of January in Broomfield. Eight listings. That is a number that

many REALTORS® carry on their own for the month, not the entire real estate community, combined. With only eight new listings and a few new construction homes still on the market from December, the mad rush to buy in this area has pushed the prices up by a whopping 36% since last January. Second, the data shows a 101.8% sales price/list price ratio, but once January sales close in February, they will likely reflect closer to 10%-15% over list price. Buyers have heard the news about the rising interest rates and they want in. “To add to the challenge in these counties, the Marshall fire destroyed 1,100 homes, leaving the same number of displaced families trying to find housing. There are two listings for sale in all of Superior and 23 under contract in just the month of January as those who lost their homes try desperately to stay in the same community while they try to rebuild. “Boulder County started with higher prices and has likely outpriced the majority of the new homebuyers, which seem to make up the majority of the homebuying population at the time. Inventory is still low, but prices rose a modest 8.7%. Attached units rose 4.5%, nothing to brag about to our neighbors in other counties. The lack of affordability may finally be slowing down the more expensive areas. It may just be the lead into a more balanced market one day,” said Boulder/Broomfield-area REALTOR® Kelly Moye.

CRESTED BUTTE/GUNNISON “Historically, January and February are the slowest months for closings in the Crested Butte/Gunnison area. The first quarter of 2021 was very busy with a lot of land selling that had been on the market for a long time (multiple years in some cases). The first month of this year is starting to show the effects of the lack of inventory with the number of transactions down 1/3 from last year and less than half the dollar volume. It is still a seller’s market with well-priced properties of all types going under contract with multiple offers in a matter of days. “Since June 2020, prices in the area have skyrocketed and there is no sign that they will be going down anytime soon. Combining the price increase and the low number of homes for sale paints a very different picture for buyers. There are currently 30 single family homes on the market which doesn’t

sound like a low number until you consider that none are under $1 million and only seven are under $2 million. It wasn’t long ago that $3 million was the most expensive house in the area and now there are 13 listed for that or more. There are eight homes under contract that are listed for $2 million or less so that tells you that homes in this price range are still appealing to buyers if the quality and location are appropriate for the price. “Inventory numbers are lower than we have seen since before 2008 for all property types – single family, condos/townhomes and vacant land. In many areas, the number of properties for sale is less than half of what they were last year at this time. Listings continue to be king and buyers need to be prepared to act quickly when the right property comes along,” said Crested Butte-area REALTOR® Molly Eldridge.

DENVER COUNTY “Where there’s a will, there’s a way and when it comes to prices, buyers have found a way. Long ago, we used to report numbers that weren’t ‘low inventory, high prices’ but as any reader knows, that is the carbon copied headline from around 2014 on. Today, fresh on the heels of the you-knowwhat-pandemic, the emergence of spring and borderline insane demand for housing, we see that the will of weary homebuyers in the Denver Metro area has found a remedy albeit likely a temporary one. From 2016 through 2019, there was a cyclical supply and demand that fluctuated with the temperature. When the months got warmer, buyers would emerge like a grizzly bear in deep hibernation only to find that many, many other grizzlies were also starved. Seller grizzlies would get their home ready to market, list and close. Buyer grizzlies would emerge famished for food, ahem, housing and absorb anything and everything in sight. As the daylight would fade, so-to would the market and supply along with it. From early 2020 on, however, there has been close to zero seasonality for our bear friends as there hasn't been enough to feed their appetite in the peak months. Denver County, for example, had seen supplies hovering from around 2 months’ worth of inventory in peak months in 2016 to just 0.2 months today. Put differently, in just 6.2 days (0.2 months) of a normal 31-day month, every home that has or will become available that month is sold. That’s the bad news.

“The good news is that buyers are changing their habits and adapting to the buying climate. During this same 2016 to 2022 timeline, there used to be a hefty difference in the demand between a freestanding home and anything else attached (condo, townhome, multi-family, etc.). When there were 1.5 months worth of inventory in the freestanding category in November 2016, for instance, there were 2.3 months worth for attached homes. Now, in January 2022, according to new data from the Colorado Association of REALTORS® for Denver County, that difference is just 0.1 month - the delta between the two products coming within a rounding error of one another. “The good news in this scenario is that while the freestanding home remains the most popular and still, the most highly desired by most, buyers have accepted that inventory is what it is, and we now have something much closer to a harmony between the categories. Add to that another startling statistic and there is a glimmer of hope that there could either be a top of the mountain with regard to price or, more negatively, a fatigue that will slow demand. The median price for a townhome or condo in Denver County fell (1.2%) from January 2021 to ‘22. That might not seem like much but during the same period last year, the increase was 8.2%. From 2019 to ‘20, a 17.6% increase. Price increases are slowing and, in this instance, pretty close to zero. “Nobody knows what the next month or, heck, the next week will look like, but we do have a noteworthy trend to observe here. Contemplating that the freestanding home now has slightly less pressure on it because of buyers’ adaptation to the attached home market, it’s not wild to consider that pricing for one will most certainly follow the other, ravenous bear-sized appetite or not,” said Denver-area REALTOR® Matthew Leprino.

METRO DENVER “The Metro Denver housing market continues to experience robust activity despite the scarce inventory. The January statistics for the townhome-condo market are staggering. New listings were down 23.6% compared to January 2021. Pendings/under contracts were down 16.4 % and sold properties were down 13.6%. Although we continue to have fewer properties to sell, the American dream of homeownership is still an important dream to achieve for

many, but it is significantly more challenging in this extremely competitive marketplace. “Add the fact that we haven't been adding many new condominium units and not enough new townhome units to the marketplace due to the Construction Defect Legislation put into place over a decade ago, available housing units will continue to be a challenge. Condominiums and townhomes have been a place where first time homebuyers could start their homeownership path and move down homebuyers could leave their large family homes and enjoy a more maintenance free lifestyle. As the 2022 Colorado Legislature went into session in January, there has been some talk about looking at revising this legislation in hopes of increasing the building of this housing product. Due to the severe lack of inventory of this type of housing, we have seen the effect on pricing with the median townhome-condo price up 19% at $400,000, which has caused the housing affordability index to drop to 92. Working with some first-time homebuyers these past few weeks, they have found properties that fit their needs and their budget, but the fierce competition of 15 to 20 offers on a property alone can be discouraging, not to mention that, to be competitive, you need to offer 10 to 20% above the list price, limit your inspection and not make the offer conditional on an appraisal, just makes the process that much more challenging for the majority. As affordability and availability continue to be challenges in today's housing environment, real estate still offers not only shelter, security and stability, but a great investment vehicle as the 19.6% appreciation would attest to,” said Denver-area REALTOR® Karen Levine.

to go: there are no homes available that suit them. This causes even less inventory to come on the market, and demand then grows even more. “The Durango market is seeing prices continue to rise by leaps and bounds. Inventory levels are continuing to plummet to near non-existent levels, and buyer demand remains very strong. At the time of this report, there are no active singlefamily listings in the three largest subdivisions in the Durango market. There are only 13 active properties within the Durango city limits. Twelve of these properties are single-family homes (and four of those homes haven’t even been built yet). The remaining active property is a condo/townhome. La Plata County has roughly 50 single-family properties currently active with 55 pending. “NAR’s definition of a healthy market is a six-month supply of inventory. La Plata County currently has less than one month's supply. Median home prices climbed by more than 18% for single-family homes and 53% for townhouses and condos compared to January 2021. Inventory levels decreased by almost 40% for single-family and 31% for condos/townhomes since January 2021. “There has never been a better time to sell a home than right now. Buyers are clamoring to secure contracts before the anticipated interest rate hike later this spring. As frustrating as it is for buyers, the peak of the market has yet to be reached. Homeownership is still considered to be one of the safest and best ways to build wealth,” said Durango-area REALTOR® Jarrod Nixon.

DURANGO/LA PLATA COUNTY

ESTES PARK/ LARIMER COUNTY

“The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource. The theory defines the relationship between the price of a given good or product and the willingness of people to either buy or sell it. Generally, as price increases, people are willing to supply more and demand less and viceversa when the price falls. What the theory doesn’t take into consideration is in real estate, a lack of inventory can almost cause a spiral feeding on itself. When there is no inventory, many potential sellers decide not to sell since there is nowhere

“Not only has the weather come in at a slow stroll this year, listings across Larimer County are following suite with active listings down -71.2%. Single-family home new listings fell 38.3% and condos/townhomes were down a similar -32.7%. These numbers are not as surprising as one may gather off first glance. Historically, Larimer County has been in a constant flux of rises and falls considering new listings. Looking back, a similar mountain-shape pattern has taken place since the year 2010 where the valley of the graph reaches its lowest low in the winter months and steadily shoots back up to its highest

peak in the summer months. This pattern is likely to continue as time goes on until new inventory can make its way to the market. “It makes sense with interest rates on the rise that people are making tough choices regarding their money and investments. There are plenty of thought-provoking choices to make in life more so when you take a glance at predictions and numbers that can relate back to yours or your client’s livelihood. When average sale prices of single-family homes in your area fall around $583,367 followed by townhomes and condos at their average of $393,000, this amount of money will have major pull on life’s choices. Do we stay, invest more in our property, and ride the slopes of the economy? Or do we sell and make the most of a new beginning? The choice can go both ways when you look at the numbers however, it isn’t always the option that sales prices are up +15.4% and property owners are seeing gains of up to +1.3% on listing prices for a total of 101.5% over asking price,” said Estes Park-area REALTOR® Abbey Pontius.

FORT COLLINS “What a difference 20 years makes. The number of homes available for sale in greater Fort Collins and northern Larimer county is at an all-time low. In 2002, the active inventory of single-family homes for sale at the end of January was a staggering 1,117 homes with 173 homes selling that month for a total sales volume of just over $40 million. Median price was just over $200,000.

multiple offers that drive the final purchase price to as much as $30,000 or more over the original list price. On a modest home that came on the market last week, there were as many as 30 offers submitted within just a few days of being on the market. “Interest rates have crept up just over 4% for a 30-year fixed rate and the forecast is for that number to climb to over 4.5% by mid-year. This will likely cast buyers to the sidelines and slow the pace of offers in the spring. Sellers may be in for a surprise if they don’t adjust their earnings expectations as buyers may simply step out of the home buying market altogether. “As current pandemic woes continue to ease and the global supply chain gets back on track, the American economy is poised to chug ahead with plenty of momentum heading into spring. Wage increases should weather inflation which is anticipated to return to a more manageable benchmark later this year. Just about any home that is put on the market will likely sell quickly and buyers will just as likely continue to compete fiercely for the few homes available to buy,” said Fort Collins-area REALTOR® Chris Hardy.

GLENWOOD SPRINGS/ROARING FORK VALLEY

“Fast forward 20 years to January of 2022: Active inventory at the end of the month was just 95 homes. 122 homes were sold for a total sales volume of nearly $73 million. Median price topped out at $541,000 selling on average for more than 2% over the list price.

“Housing and snow have a lot in common in the Roaring Fork and Colorado River Valleys. Along with the lack of snow, new single-family home listings were down 31% in January with pending sales showing a decrease of 44.2% compared to 2021. The market showed a slight increase in the townhome/condo sector with new listings being up 6.3% but pending sales decreasing 32%. The lack of inventory this January is at an all-time low. With more and more people wanting to relocate to western Colorado, the strain on affordable housing, water and infrastructure has local municipalities on edge. Sellers who have found a place to go have never had it this good and buyers moving from other pricey states are willing to pay.

“What’s striking is that 2002 was considered a ‘hot market’ and 2022 is shaping up to also be a ‘hot market’ but in a completely different way. Right now, home buyers are desperately on the hunt for a house to buy before interest rates go up any further which could price them out of eligibility for purchasing a home altogether. The problem, as the chart above illustrates, is that there just aren’t enough homes available to buy, causing

“Looking back to 2010, when the market was starting a slow recovery, there were approximately 700 homes active in Garfield County, with the inventory rising to close to 950 single-family homes mid-year. If you examine the graph from mid-2010 to today, it is a clear, steady decline ending with a total of 80 single-family homes and 21 townhomes active this January. In 2010, the months’ supply of inventory hovered

between 40-50 months for homes and 28-32 months for townhomes, today, both sectors throughout Garfield County are less than one month. “The lack of inventory, coupled with interest rates on the rise and inflation at a new high, means buyers in this market will need to be patient and lock in their rates as soon as they have successfully secured a contract,” said Glenwood Springs-area REALTOR® Erin Bassett.

GOLDEN/ARVADA/JEFFERSON COUNTY “Cash is the name of the game. If buyers have cash, either for the complete purchase of a home or to cover the appraisal deficiency from what the home appraises for and the purchase price offered, you win.

statistical categories are down with the exception of price. January 2022 median price was $370,000, up 25.4% and the average was $401,853, up 18.3%. The housing affordability index dropped to 75. We are down 50% on the $200,000 $300,000 price range in active inventory, and 30% on the $300,000 - $400,000 range. Those are our highest demand price ranges, so many buyers get disappointed. As the interest rates start to increase, it will become increasingly hard for those buyers to find a property. If you go back only 3 years to 2019, active listings in January were 837. We now have less than a third of that available and are definitely setting historical markers for the local real estate market,” said Grand Junction-area REALTOR® Ann Hayes.

PUEBLO

“In Jefferson County, there were only 125 single-family homes on the market in January 2022 and just 50 condo/townhomes. To say this is the least amount of inventory on the market in decades is an understatement. This market is brutal with buyers offering thousands if not tens of thousands over the asking price. The median sales price for single-family homes reached $646,000 compared to this time last year where the median price was $546,200. For condo/townhomes, the median sales price was $393,250 at the end of January, compared to last year’s $299,000, almost the same amount of equity growth as the single-family homes. Days on the market is currently around 20 days so homes are still selling quickly. Buyers need to be swift to tour a home as soon as it hits the market and have a game plan of how they will be able to win the bidding war amongst several other buyers,” said Jefferson County-area REALTOR® Barb Ecker.

“The year has started strong with new listings up 8.1% to a total of 293. Our pending sales jumped 25.3% compared to January 2021 and even our sold listings came in up 13% over January 2021. Our problem, like everyone else, remains lack of inventory. Despite the new builders in town, the inventory is still historically low. Getting building supplies is still a big problem and new homes are taking 6-8 months to complete with prices continuing to go up. The percent of list price received fell to 99.2% compared to last year’s over 100% ratio at this same time.

GRAND JUNCTION/MESA COUNTY

“Last month, the Pueblo West Metro Board initiated a moratorium on permits and water taps scheduled to last until the middle of March, as they look to get water issues worked out. Although it may not be a significant problem, Pueblo West did account for 59% of last year’s approved permits. That could add up to about 77 homes not getting built this year, when

“The new year in Mesa County has presented a familiar but significant challenge for home buyers. Inventory of active listings sits at 0.7 months supply, with a total of just 265 active listings which is down 27.8% from January 2021. In fact, all

“The median price sits at $295,000 at the end of January. Although prices are still going up, buyers are still putting in offers as they understand that it is cheaper to buy now instead of waiting for the market to slow down. We’re even seeing buyers from other markets starting to look a little closer at Pueblo and learn more about our market. That’s just not something I’ve seen much of over the past 25 years.

we need all we can get,” said Pueblo-area REALTOR® David Anderson.

in cash – sellers are selecting cash over finance offers most of the time as it comes down to math – cash deals close faster, less carrying costs and fewer contingencies. Buyers could end up competing against one or more cash offers and different provisions may need to be factored to compete - all the more advisable to work with a broker that has geographical expertise, since not all markets are the same and within markets there can be micro-markets that call for different pricing or strategy.

STEAMBOAT SPRINGS/ROUTT COUNTY “You’ve heard it - do the math. Now more than ever, math skills are being honed because math has gotten trickier for real estate due to historically low inventory. Buyers are having to weigh the pros and cons of living in city limits versus outside the city. Figuring out distance, time, and cost for travel, rationalization of higher or lower price per square foot of one property over another, and calculating the cost to renovate versus the cost to build are some of the quandaries that purchasers must weigh.

“There are common denominators for buyers looking to buy real estate in the mountains. Typically, they want active lifestyle, convenience to the outdoors and the activities of the area. There is also an atypical common denominator that many real estate brokers have started experiencing, which is periods of time where they have only one, or even zero active residential listings (single or multi) and the same situation occurring with pending sales. As we get nearer to summer, we usually see an uptick of house listings. The end of ski season usually brings on more multi-family properties. In the meantime, properties will trickle on and, for the vast majority, rapidly go under contract,” said Steamboat Springs-area REALTOR® Marci Valicenti.

“Buyers in 2022 will need to budget for the probability of progressive interest rate increases over the year and its effects on down-payment and buying power. Most buyers are hoping to purchase sooner than later; however, justifiably not feeling in control due to inventory. The anxiousness to purchase is often because of paying record rental rates that can continue to increase. Many have done the math and know that they could own for the same or lower monthly payment, earn tax deductions and begin the opportunity to gain equity.

SUMMIT, PARK AND LAKE COUNTY

“The first month of 2022 in Routt County revealed 24 active single-family listings and 26 homes that went under contract – fortunately, 14 new listings came on and, to date, there are 32 active listings. Multi-family saw a similar predicament with 19 active listings and 26 units that went under contract with 24 respective new listings that came on and 18 currently available.

“I don’t know how many times my jaw can hit the floor as I review the stats for Summit, Park and Lake counties, but at this point I should have a sore jaw. Summit ended the year with over $3 billion in sales volume, 31% above 2020. That is a truly amazing, record-breaking number for the area. As we enter 2022, a new year with new expectations and thoughts of change, the change is still heading in the ‘holy cow’ direction.

“When the months supply is calculated, it equates to less than one month supply of houses and less than two weeks supply of townhomes/condos. January is historically a slower period for our valley – both for sales and listings. Statistics reveal that the percent of list price received for single-family was 97.4% and 101.9% for townhomes/condos. Median sales prices are up 12% for both single- and multi-family over January 2021, while average sales prices are up almost 26% for single-family and just under 6% for multi.

“Single-family home prices in Summit went up a whopping 87.3% to an average of $2.84 million compared to last January. Of course, the market is small enough that a large sale can skew the statistics, but this represents just one less home sold in 2022. The highest price home sold was $12.2 million and the lowest was $815,000. All active residential listings range from $160,000 for a home in Leadville to about $19 million for a home in Breckenridge. The catalyst for the price increases, as we have been repeatedly commenting on, is limited inventory with new listings down over 30% and overall sales down 21%.

“The market is still seeing at least 50% of transactions closing

“Short-term rentals and affordable housing are hot topics with no perfect solutions. Per Land Title’s stats, local buyers make up 23% of the market, front range 44%, and out-of-state, 33%,” said Summit-area REALTOR® Dana Cottrell.

TELLURIDE “January dollar amount of sales was $88.27 million which was an all-time record for January. However, the number of sales were down 34% making it five months in a row for a decrease in the number of sales. We’ve been expecting this reduced number of sales for over a year. My guess is that we are finally running out of sellers willing to leave the Telluride region for a big profit. Yes, there will be some more sellers willing to take the money and run, but most won’t be able to buy back in. “At the same time, our market is losing some buyers to other Colorado resorts where the dollar just buys more square footage. It’s also hard to get a restaurant reservation between 6:30pm and 8:30pm in the pricier Telluride restaurants. We had to book our Valentine’s Day reservation a month in advance and still had to call the owner for a ‘favor’ for the time we wanted. I share this because real estate prices affect our community in positive ways and some not so positive. “On a side note, the Telluride Resort market is one of the few in Colorado in which the number of REALTORS® here is still about the same as in 2013 at the end of the Great Recession,” said Telluride-area REALTOR® George Harvey.

VAIL “The Vail Valley market continues to amaze me as transactions were down 14.1%, yet dollars generated were positive 8.8%. This increase continues to be driven by the $3 million-plus pricing niches as the under $3 million niches lost 3 points of market share – which was immediately picked up by the upper end niche. This trend has continued since the middle of 2021 and will continue until more property is available in the lower price points. The volume of $158,631,400 is amazing as the inventory is 142 units versus 408 units during the same period 2021. This reduction is negative 65.2% and is at the lowest inventory we have ever started a year over the past four decades. The months supply of inventory is 1.0 and it is definitely skewed to the upper pricing niches. “Buyer demand continues to be strong as sales are achieving 100% of asking price market wide and, in certain areas of the market sales are reaching over asking price with multiple offers. Interest rate increases will definitely impact the lower pricing niches however, a vast majority of the upper range are cash transactions. Buyers see owning real estate as a solid investment versus other alternatives in light of all the many potential negatives worldwide that are hanging out in this period of global turmoil,” said Vail-area REALTOR® Mike Budd.

The complete reports cited in this press release, as well as county reports, are available online at: http://www.coloradorealtors. com/market-trends/

REAL ESTATE SNAPSHOT STATE OF COLORADO JANUARY 2022

MEDIAN SALES PRICE

600000 500000

Colorado Single Family Homes JAN 2022 ~ $520,000 JAN 2021 ~ $445,000 16.9% YTD 2022 ~ $520,000

400000 300000 200000

Colorado Townhomes/Condos JAN 2022 ~ $400,000 18.8% JAN 2021 ~ $336,700 YTD 2022 ~ $400,000

100000 0 Mar 2020 June 2020 Sep 2020 Dec 2020 Mar 2021 June 2021 Sep 2021 Dec 2021

MORE COLORADO DATA

101.2

1.1%

PERCENT OF LIST PRICE RECEIVED YTD 2022=101.2% YTD 2021= 100.1%

AVERAGE DAYS ON MARKET

-22.2%

0.5

YTD 2022= 35 YTD 2021= 45

INVENTORY OF ACTIVE LISTINGS

2022 4,151 2022 1,011

Condo

-9.4%

JAN 2022 = 7,564 JAN 2021= 9,010

PENDING/UNDER CONTRACT JAN 2022 = 78,390 JAN 2021= 9,258

-68.1%

2021 0

JAN 2022= 1.0

NEW LISTINGS

-44.5%

2021

2000

4000

6000

8000

10000 12000

SOLD LISTINGS

-50.0%

-16.0%

-51.0%

2021

Single Family

MONTHS SUPPLY

5,390

2022

Total Market

2022

Single Family

2022

6,499

-7.1%

2021

4,774

-6.1%

2021 2022

Condo

1,662

-10.2%

2021 0

1000 2000 3000 4000 5000 6000 7000 8000

For more data, visit ColoradoREALTORS.com 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.

The Down Payment Dilemma Help Your Clients with Their Biggest Hurdle

• FHA: Federal Housing Administration (FHA) mortgages are available for as little as 3.5 percent down and a 580 credit score. FHA mortgages are offered at most banks, including FirstBank, and can be a little more flexible in buyer requirements, because the FHA “backs” the mortgage in case the homeowner defaults. But there is a drawback. Borrowers will likely pay a premium on private mortgage insurance (PMI) for the life of the loan, which can add up considerably.

DOWN PAYMENT ASSISTANCE PROGRAMS While government-backed programs can reduce the total down payment needed to secure a loan, cash to close the deal is still needed. This is where down payment assistance — which provides grants or loans to cover some or all of the down payment and closing costs — can help. Over the years, FirstBank has teamed up with several affordable housing nonprofits to offer down payment assistance for qualified homebuyers. For instance, Impact Development (formerly known as Funding Partners) is a FirstBank partner that helps first-time homebuyers and small businesses by providing up to $20,000 in down payment assistance.

Raising enough cash for a down payment is often the biggest hurdle for homebuyers. According to some estimates, it can take up to 15 years for borrowers to save towards the purchase of a home, especially with conventional mortgages, which require anywhere between 5-20 percent down. For a would-be homebuyer trying to buy a $500,000 or $600,000 house, that could equate to over $100,000 in cash needed at the closing table. The good news is there are a variety of programs to get a prospective home buyer into a home sooner than they may think. Here’s how:

FEDERALLY INSURED LOANS Federal loan programs can offer more lenient terms and requirements, especially for those struggling to get approved through traditional financing methods. Said another way, borrowers that don’t have a lot money saved or a stellar credit score may be eligible for a federal down payment assistance program to help with closing costs.

CONTACT STATE AND LOCAL HOUSING AUTHORITIES Local housing authorities are a great starting resource for down payment assistance programs in most areas. The Colorado Housing and Finance Authority (CHFA) offers first-time homebuyers grants of up to four percent on their mortgage with no obligation to repay. There are even programs available at the city and county level. For example: • Boulder County residents can receive loans from Longmont Housing and Community Investment to cover down payment and closing costs up to 8.5 percent of the purchase price. • Qualified Douglas County residents can also access low interest rate loans with down payments as low as $1,000. • The City of Aurora offers up to $10,000 in down payment and closing cost funding for qualified firsttime home buyers.

• Denver residents can turn to Del Norte, a neighborhood development group, for counseling and down payment assistance.

GET PREPARED While many of these federal loan and down payment assistance programs have more lenient eligibility criteria than conventional home loans, it’s still essential that homebuyers prepare themselves for the process. • PRACTICE BUDGETING: Before starting the mortgage lending process, always encourage homebuyers to sort personal finances with a budget. FirstBank’s Money Manager is one effective mobile banking tool borrowers can use to help do exactly that. It allows individuals to create budgets, set financial goals, monitor spending activity, track income and expenses. Not only will budgeting and tracking tell them how much house can be afforded, it can help save for a new home. • ACKNOWLEDGE INCOME LIMITS: Many down payment assistance programs are limited to homebuyers within certain income brackets that are determined by data released from HUD. Homebuyers should talk to a lender or down payment program administrator to see if they qualify.

• CREDIT CHECK: Even government-insured loans that qualify for down payment assistance programs have minimum credit requirements. It’s a good idea for borrowers to monitor their credit scores with the major bureaus before beginning the home loan process. If borrowers need to increase their score to meet requirements, there are a bevy of ways to go about that, such as keeping credit utilization below 30 percent and by consistently paying credit card bills on time. • GET EDUCATED: The home buying process can be complicated, so it’s a good idea for borrowers to educate themselves on the finer points. Homebuyer education programs teach more than just “how to get a mortgage.” They also help homebuyers determine how much house they can afford. Check out HUD for approved state and local agencies offering these types of programs. Despite market shifts that have made purchasing a home seemingly out of reach for folks, millennials in particular, homeownership remains an important component of the American dream. And with the help of governmentbacked loans and down payment assistance programs, the American dream can still be within reach.

This article was provided by FirstBank.

Colorado Project Wildfire On the heels of what is now the most destructive fire in Colorado history, we wanted to share our association’s response to this disaster, as well as our Colorado Project Wildfire efforts to educate homeowners about wildfire preparedness.

RAISING MONEY FOR VICTIMS First, and most obvious, are our efforts to raise money for victims. As you’ve likely already heard, the CAR Foundation has established the Boulder County Fire Relief Fund for the victims of the Marshall and Middle Fork fires. Over the last two months, individual Colorado REALTORS® across the state donated a total of $200,545 to the Boulder County Fire Relief Fund, which includes $51,096 raised by REColorado through their matching gift fundraiser, with the organization coming to the table with a $25,000 matching gift.

"It is through this Relief Fund that we as REALTORS® can have a direct impact on victims of these catastrophic fires," Ulrich Salzgeber, Chair of Colorado Project Wildfire. CAR Leadership and the CAR Foundation pledged $80,000 to create an “immediate need” grant fund to provide housing-related relief assistance to those impacted. If you’ve already made your tax-deductible financial contribution to this fund, thank you, and if you haven’t, please consider contributing to the CAR Foundation by clicking here. It is through this Relief Fund that we as REALTORS® can have a direct impact on victims of these catastrophic fires. In addition, the CAR Foundation has been awarded a $2 million grant from the REALTORS® Relief Foundation to be distributed to victims of the December 2021 fires. Funded through donations from REALTORS® and REALTOR® organizations and administered by the CAR Foundation, the grant will provide eligible applicants up to $3,000 of assistance per household impacted by the recent fires. A total of 466 applications have been received so far, with aid distributed to 238 households for a grand total of $563,831 distributed, with more funds headed out to families expected in the weeks ahead.

Grant details and the online application are available at: https://bit.ly/CARBOCOFireRelief. Application requests will be accepted until all funds have been distributed or until April 8, 2022. Please get this information out to anyone you know who may have been directly impacted by these fires.

SHARE YOUR REALTOR® EXPERTISE ABOUT FIRE PREPAREDNESS Clearly, just about every Colorado resident is now realizing “this could happen where I live.” We know that well over 50% of our state’s population lives in a wildfire-prone area, and that the threat of wildfire is a part of all Coloradan’s lives. One of the best outcomes we can hope for is to share the information and resources our REALTOR® family has created with our clients, neighbors, and friends so that all of us can try to protect our homes and lives. We encourage you to visit our Colorado Project Wildfire website to gain access to this information and help you be the source to your clients and community network. Our website includes a wide range of toolkit resources, including: • Downloadable Property and Insurance Wildfire Preparedness Guide (also available in hard copy), • Emergency Alert Sign Ups • Tip sheets on Making Your Home Fire Resistant • Action Guide checklists for wildfire evacuations and mitigation recommendations. There are also links to many local, state, and federal agencies and organizations with the resources you and your clients need to help protect their property and themselves.

WE WANT TO HELP IN YOUR COMMUNITY In addition, we are actively looking to engage with each of you to create and/or enhance wildfire mitigation programs in your local community. If you have interest in establishing a program in your market or grow the one you already have, we’d love to share our experiences to create an effective local program. There are also additional resources, including Colorado Project Wildfire Grant opportunities. As our most engaged members of the association and our industry, you are our greatest ambassadors. We look forward to working with you to help establish and grow our Colorado Project Wildfire reach, and we ask that you please contact us with your questions and willingness to be a part of the solution in your community. Sincerely,

Ulrich Salzgeber Chair

Sarah Thorsteinson Vice Chair

4 Strategies to Stay Top-of-Mind with Past Clients You’ve spent endless amounts of time building a loyal clientele of luxury real estate buyers and sellers, but are you nurturing them? Today, technology makes it easier than ever to attract new clients and strengthen your existing relationships, simplify your business, and tap into a high-quality source of referrals. Here are four ways to do just that:

Just remember, it’s important to make these calls without the intention of booking an appointment or pitching your services. You want clients to feel like you’re someone they can trust, so it’s best to show a genuine interest in what your client has been up to since you last spoke.

1. NURTURE CLIENTS WITH AT LEAST A MONTHLY EMAIL

4. USE SOCIAL MEDIA

Email is the easiest way to nurture clients both consistently and automatically. That means there’s no way to forget, get too busy or overthink it.

Another easy way to stay top of mind? Social media. The idea isn’t to post for the sake of posting, but to post for the sake of keeping your market expertise visible. Just like with emails, you’ll want to share valuable content rather than simply sharing listings or pitching your services. Don’t be afraid to work your own personal story and personality into your posts, either.

Keep in mind that nurturing clients doesn’t just mean sending out emails featuring listings and open houses, but rather sending ones with useful content about the real estate market or lifestyle updates. This is a great way to remind clients of your expertise and value so that when you do send links to new listings or make a pitch, they’ll be more likely to respond (or open the email in the first place). 2. SEND AN OCCASIONAL GIFT Along with sending regular emails, your clients will appreciate the occasional small gift to remember their birthdays, anniversaries or show you’re thinking of them during the holidays. Rather than simply sending flowers to clients’ homes, try sending flowers to their workplace. This way their colleagues will ask about the flowers. In turn, this leads to clients telling their colleagues about the amazing experience they had with you. Naturally, some of those colleagues then ask for your information the next time they need a real estate professional. 3. PLAN A QUARTERLY CHECK-IN CALL Unlike emails, nurturing clients with phone calls requires a little more effort but gives you an opportunity to catch up on a more personal level. Plus, a phone call is a great way to

identify potential referral opportunities when they come up in conversation.

While you don’t want to “overshare” or come off as unprofessional, you do want to share enough of yourself to help you stand out from the crowd and make it easy for clients to connect with, relate to, and respect you. Nurturing your audience, promoting your brand, and growing your client base couldn’t be easier with Amarki and it’s Easy Promote. Amarki hand picks and auto-populates a social post, email, text message, digital flyer, and a Google search ad template so all you need to do is review, approve, schedule, or send it right away. For more information, or to give Amarki a try, visit our website HERE.

About Amarki: Amarki was built by real estate experts for Brokerages and Agents based on years of industry experience and firsthand feedback. We developed a marketing tool accessible to anyone, no matter the experience, technical background, or marketing budget. By providing an intuitive tool that works “for” the agent, Amarki is able to remove the complexity of marketing tasks making agents more active.

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CONGRATULATIONS LOCAL ASSOCIATION REALTORS® OF THE YEAR FOR 2021 Aspen Board of REALTORS®: Becky Dombrowski, Aspen Snowmass Sotheby’s International Realty

Pagosa Springs Area Association of REALTORS®: Denise McCabe, Pagosa Brokers

BOLO: Scott Sammons, Sammons and Company, LLC

Pikes Peak Association of REALTORS®: Andrea Warner, Colorado Peak Real Estate

Delta County Board of REALTORS®: Myles Roberts, WesternColoradoRealty.com Denver Metro Association of REALTORS®: Steve Thayer, The Thayer Group – Keller Williams Action Realty

REALTORS® of Central Colorado, North: Austina Campbell, Coldwell Banker, Collegiate Peaks Realty

Estes Park Board of REALTORS®: Scott Thompson, Keller Williams Thompson Team

REALTORS® of Central Colorado, South: Mike Lee, Cool Sunshine Realty

Fort Collins Board of REALTORS®: Paul Hunter, Windermere Fort Collins, LLC

Royal Gorge Association of REALTORS®: Kevin Brown, Keller Williams Performance Realty

Four Corners Board of REALTORS®: Brenda Hindmarsh, Regents Real Estate Group

South Metro Denver REALTOR® Association: Heather Hankins, EXP Realty

Glenwood Springs Association of REALTORS®: Courtney Tschanz, Western Slope Real Estate

Steamboat Springs Board of REALTORS®: Meg Firestone, Steamboat Sotheby’s

Grand County Association of REALTORS®: Andrea Cox, Re/Max Resorts of Grand County

Summit REALTORS®: Dana Cottrell, Summit Resort Group

Grand Junction Area REALTOR® Association: Toni Heiden, Heiden Homes Realty

Telluride Association of REALTORS®: Sally Puff Courtney, LIV Sotheby’s International Realty

Gunnison-Crested Butte Association of REALTORS®: Matt Robbins, Monarch Realty Inc.

Vail Board of REALTORS®: Michael Slevin, Berkshire Hathaway Home Services

Loveland-Berthoud Association of REALTORS®: Matt Kurtz, The Group, Inc.

Editor’s Note: Includes ROTY names that were available at time of printing. Please contact Karen Long, klong@ coloradorealtors.com with your entry.

Mountain Metro Association of REALTORS®: Cathie Nicholson, Berkshire Hathaway Home Services Elevated Living

Pueblo Association of REALTORS®: Dawn Boyce, Re/ Max of Pueblo

In Colorado, the typical buyer was 47 years old, and had a median household income of $108,900. 25% said the primary reason for purchasing a home was the desire to own a home of their own.

72%

28%

PREVIOUSLY OWNED

NEW HOMES

64% Married Couples

There was a median of only 15 miles between the homes that recent buyers purchased and the homes they moved from.

In Colorado, the typical home that was recently purchased was 2,230 SQ/FT, had 3BR/2BA and was built in 2005. Median Sales Price 2021 =$411,000

100% of asking price in CO

3 BR 2 BA

26% 26%=First-time home buyers

14% Single Females

BUILT in 2005

$411,000 median price 2230 sq/ft

Information from the 2021 National Association of REALTORS® (NAR) Colorado Profile of Home Buyers and Sellers. 41

8% Single Males

Colorado buyers expect to live in their homes for a median of 15 years. Twenty percent say they are never moving.

12%

16%

15 Years

In Colorado, for 38% of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 38% of buyers also first contacted a real estate agent (vs. 19% nationally).

85% of Colorado buyers purchased their home through a real estate professional. In Colorado, 82% found photos very useful in their home search process.

38% Contacted a Real Estate Agent

Colorado buyers who used internet as part of their search typically searched for 10 weeks and looked at a median of 9 homes. The typical buyer who did not use the Internet during their home search spent only 8 weeks searching and visited 10 homes.

WEEKS LOOKING

HOMES VIEWED

WEEKS LOOKING

HOMES VIEWED

85% Used Real Estate Professional

60% of Colorado buyers used an agent that was referred to them by a friend, neighbor, or relative. 88% would recommend their agent again in Colorado vs. 90% nationally.

60% Referral

88% would recommend

75% interviewed one agent

91% would use again

87% Real Estate Agent

75% Internet

Information from the 2021 National Association of REALTORS® (NAR) Colorado Profile of Home Buyers and Sellers. 42

58%

58% of recent buyers were very satisfied with their recent home buying process.

86% of Colorado buyers financed their home purchase. Those who financed their home purchase typically financed 85%.

86% 86% Financed their home

The typical Colorado home seller was 58 years old, with a median household income of $104,200.

93% 94%

94% of home sellers worked with a real estate agent to sell their home.

For recently sold homes, the final sales price was a median 100% of the final listing price.

The most difficult step in the home buying process was saving for a down payment, as cited by 12% of respondents.

51%

DOWN PAYMENT FROM SAVINGS

DOWN PAYMENT FROM HOME SALE

LIVED IN HOME FOR 8 YEARS BEFORE SELLING

WEEK HOMES SOLD IN A MEDIAN OF 1 WEEK

Reasons for down payment difficulties: 31% = Student loans 28%= High rent 21% = Credit card debt

Colorado home sellers cited that they sold their homes for a median of $148,500 more than they purchased it ($85,000 was the national average).

28%

31%

21%

Information from the 2021 National Association of REALTORS® (NAR) 43 Colorado Profile of Home Buyers and Sellers.

19%

Closer to family

14%

Change in family

13%

Home too small

Colorado REALTOR Magazine February 2022

Articles inside

Top-of-Mind with Past Clients

Colorado Project Wildfire

The Down Payment Dilemma

CAR Foundation Mobilizes to Help Boulder County Fire Victims

The Housing Gap: It’s Still a Problem

Colorado's Heart Award

CEO Message: Lead or Someone Else Will

Women’s Council of REALTORS® Colorado Reestablished