Colorado REALTOR Magazine July 2020 by Colorado Association of REALTORS

c o lo r a d o

JULY 2020

REALTOR

速

MAGAZINE

Official Magazine of the Colorado Association of REALTORS速

Market Trends: Pent-Up Demand Drives Second Straight Month of Record-Setting Pending Sales Page 8

Colorado REALTORS速 Advocate at the Frontlines During 2020 Legislative Session Page 17

From the Chair: Be a Good Person Page 4

From the CEO: Focusing Our Energy Page 6

Colorado REALTORS速 Respond to COVID-19 Housing Emergency Page 22

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REALTOR

MAGAZINE

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

c o lo r a d o

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JULY 2020 ISSUE:

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

From the CEO: Be a Good Person....................4 From the Chair: Focusing Our Energy........ 6 Market Trends Report................................. 8 Colorado Real Estate SnapShot...............13 Free Tax Webinar......................................15 CAR Continues To Be Vigilant at the Capitol................................................16

COLORADO REALTORS® CONTINUE TO RESPOND TO COVID-19 HOUSING EMERGENCY

Colorado REALTORS® Advocate at the Frontlines..................................................17

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.

Covid-19 Timeline for CAR.....................18 How Financing Can Make or Break a Sale..............................................20 Colorado REALTORS® Continue to Respond to COVID-19 Housing Emergency............22 The Flight To Quality................................24 What Happen's Next?...............................26 Save Thousands Each Year on Healthcare Expenses...................................................29 Busy Professionals Want Answers While Navigating the Pandemic.........................30

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.

CYPN Benefits...........................................32 Make Moving a Breeze............................ 33 The Importance of Real Estate E&O Insurance..................................................34 Colorado REALTOR® Marketplace...........36 MEET KRIS MAGBY RPAC MAJOR INVESTOR SPOTLIGHT

RPAC Major Investor Spotlight.................37 RPAC Major Investors...............................38

Be A Good Person! FROM THE CHAIR

Janene Johnson 2020 Chair of the Colorado Association of REALTORS®

During these stressful times, it takes a lot of effort to remind ourselves to be good people. I ask you to be good neighbors, good stewards of the land, good role models, good real estate agents, good colleagues, good co-workers, good significant others. I know we think we’re good people and by far the vast majority of us truly are good! But with the pressure of a global pandemic, worries about the real estate market, and being the resident real estate professional/psychologist/marriage counselor/ economic guru/solver of all puzzles (like trying to figure out why the fireplace was built on that particular wall) has put us under a lot of stress. It’s not enough to just think we’re doing the right things because we may not be. Our minds are not fully focused. Our customers and clients are also experiencing the same stress and tension in their lives, so it’s incumbent upon us to take the high road. I became C2EX endorsed when the program first came out and I find that I return to many of those articles regularly. For some helpful information, please learn more about NAR’s ethics and professionalism. This Code is what distinguishes REALTORS® from real estate agents. As I mentioned already, stress and anxiety are high during these times of COVID-19. Not only do we need to remind ourselves to use the Golden Rule with others, we need to be the professionals that we are and think carefully about in-person showings, open houses, etc. The newest version of the Colorado Health Order has deemed open houses to be allowed and rules to be followed are the same as with any other inside event. We shouldn’t just jump into open houses as we would have done a year ago. Careful planning of how you are going to monitor people viewing the home, what safety precautions should you institute (disposable gloves, masks, hand sanitizer, disinfectant wipes, and booties to name a few), calculate how many can view the home at once, how to register their names, and possibly even find out where they came from if there needs to be contact tracing of the virus. These are all things to think about. In-person showings should probably not happen in areas that are experiencing high infection rates. NAR wrote a great article about this in the most recent REALTOR® Magazine, make sure you check it out. Also, 4

STAY UP-TODATE Subscribe to CAR's YouTube Channel!

CAR LEGAL BITES

be aware of the local rules, health orders, and regulations that might be different in your local area than the State of Colorado. Continuing with our theme of global pandemic, CAR leadership and staff finally had to make the tough decision to turn the Fall Forum into a virtual event instead of meeting in-person. As I’ve said before, I miss seeing all of you in person so much but this is for the best. Colorado seems to be doing very well with its efforts to limit the virus infections and limiting gatherings, whether indoor or outdoor. These steps have helped quite a bit. Even though we will not be meeting in person in Beaver Creek, the good news is that the event will be much more accessible to our entire membership. I’m hoping this change will enable us to get some additional attendance that we might not have gotten otherwise. And as a reminder, NAR’s REALTORS® Conference & Expo that was to be held in New Orleans in November is going to be held virtually too.

ONE THING FOR JULY

On a final note, July is RPAC month! Our Government Affairs staff has done an amazing job of keeping us informed of what is happening both at the state and national levels, advocating for our industry, and creating some wonderful events for us to stay current. You can still enter the “Diamonds Are for RPAC” drawing to win a diamond with a $25 RPAC donation here.

RPAC MINUTE JULY

Stay safe out there and I hope to see you soon!

Focusing Our Energy FROM THE CEO

Tyrone Adams CEO of the Colorado Association of REALTORS®

“The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” - Socrates As I write this, our world continues to be very different in every way one can imagine without an end in sight. We have entered an era that is being defined by fast changing shifts in market conditions, executive orders, cultural norms, societal values, and behaviors. The Colorado Association of REALTORS® (CAR) has responded to these changes, and I believe we have done so in a very positive way. Our delivery of value to members, leadership, and local Associations has been on display front and center for the past few months. Our political and regulatory advocacy efforts have been very effective, our communication strategy remains effective, and we have been providing a wealth of other benefits and features for Colorado REALTORS®.

Our delivery of value to members, leadership, and local Associations has been on display front and center for the last few months.

As we continue to march towards the end of 2020, our focus remains on the now, but has also started to shift to what is next. Whatever is next, many of the changes will require REALTOR® Associations and our members to do things differently to be successful in the new world. How do we continue to deliver value and great experiences in this new world? How do we turn this massive challenge into meaningful change? What are the opportunities of these challenging times?

OUR ENERGY IS FOCUSING ON:

Building resources to seize new opportunities CAR continues to improve its financial position so that it can be prepared to seize new opportunities like enhancing our digital platforms, providing more online professional development opportunities, and creating efficiencies with local associations that will allow them to focus more strategic initiatives versus day-to-day administrative duties and more.

Pivoting our communication efforts - Communicating effectively and easily with the CAR team, leadership, and members. The CAR Member Services team and senior leadership continue to develop new strategies and have tactical discussions on how to communicate with numerous target audiences to break through the white noise our members can experience when they receive a ton of information from a variety of sources.

Maintaining a championship team - Sustainable championship teams are always looking at how to stay at a championship level with changing times. Internally, we are looking at ways to get better by ensuring CAR staff members have the tools, resources, opportunities, and incentives to continue to do their jobs exceptionally well while delivering the experience our members deserve. Externally, we are focusing on training for our leadership to help them be better leaders for the Association and in their communities.

Enhancing our virtual experience - Virtual meetings will continue at a high rate and will be perceived as a tool that open doors to increased member engagement. More creative ways are being developed to encourage member interaction to enhance the virtual experience. This is timely news as this comes on the heels of CAR Leadership making the tough, yet prudent, decision to go virtual with the CAR Fall Forum in October because of the pandemic.

Last but not least, I would like to send a shout out to the CAR staff, local Associations executives, and our Association leaders, volunteers, members, partners, and sponsors for all your hard work and support during these challenging times. Because of your efforts, we have been able to refocus our energy on the good and on creating new opportunities.

Connecting with changing member needs/habits - We are conducting targeted member group surveys and meeting with selected groups of members virtually to get their feedback about their businesses and build relationships with influential non-state association leaders in Colorado. Our value proposition hinges on connecting with members so they can adapt to current, new, and uncertain market conditions, regulations, legislation, and business practices.

Be well, stay safe, and be positive!

INVENTORY OF ACTIVE LISTINGS STATEWIDE - JUNE

MARKET TRENDS

15,464

Housing Pipeline Surges Across Colorado in June

4.8%

15,126 12,947 -2.2%

-14.4%

5,813

5,830 APR 2020

MAY 2020 SINGLE FAMILY

JUNE 2020

5,178

4.3%

-9.3%

-23.9%

APR 2020

MAY 2020

JUNE 2020

TOWNHOUSE/CONDO

Pent-up demand drives second straight month of record-setting pending sales With pent-up demand and low inventory conditions prior to the COVID pandemic, the continued opening up of business and personal activities statewide created a surge of activity across Colorado’s housing markets resulting in new record highs for pending sales and driving the inventory of active listings to record or near record lows in many local markets, according to the latest monthly housing data from the Colorado Association of REALTORS® (CAR).

stayed flat from May to June but is up 4.8 percent from June 2019. Looking at the statewide median price environment, single-family homes jumped 2.4 percent from May to June and are up 4.4 percent over a year prior at $425,000. Condo/ townhomes hit a statewide median price of $317,950 in June, up 2.6 percent from a year prior. “If you were one of those anticipating a housing crisis due to a worldwide pandemic, our most recent data would indicate that we are far from that becoming a reality. With inventory still at record lows and buyer activity strong, we see houses come on the market as new listings only to be immediately gobbled up, with no ability to build up any type of inventory. The metro Denver housing market experienced a 3.5 percent decline in new listings in June compared to June 2019 and overall inventory of homes, including single-family, townhome/ condos dipped a dramatic 40.7 percent from a year prior to just 9,137 properties, compared to last June when there were 15,407 homes available for sale. If you’re looking for further confirmation that a housing crisis is not in our immediate future, then look no further than the under contract/pending numbers, up 32.3% compared to last June” said Denver-area REALTOR® Karen Levine.

June delivered a second straight month of record highs for pending/under contract properties in both the sevencounty Denver metro region (7,122 single-family and 2,506 townhome/condos) and across the state (11,605 single-family and 3,458 townhome/condo) since CAR began tracking the data more than a decade ago. Those numbers all reflect a more than 30 percent increase from June 2019. Sold listings also spiked from May to June, up approximately 64 percent in both the Denver metro area and statewide. Despite another solid month of new listings, the surge in buyer activity has significantly impacted the pipeline and the inventory of active listings in the Denver metro area, as well as statewide. Active listings for single-family homes were down nearly 19 percent from May to June 2019 however, they are down more than 45 percent year-over-year in the Denver metro area. Statewide, single-family home active listings were down 14.4 percent from May to June and are down almost 39 percent from a year ago.

Taking a look at some of the state’s local market conditions, Colorado Association of REALTORS® market trends spokespersons provided the following assessments:

The combination of factors pushed the median sales price for single-family and townhome/condos to record or near record highs. In the Denver metro area, the median price of a singlefamily home hit $465,000, up 1.6 percent from May to June and up 3.3 percent from a year prior. The $325,000 median price of a condo/townhome in the seven-county Denver area

AURORA “It’s summertime and things are hot. Not just the temperature, but home sales as well. Regardless of the zip code, Aurora’s housing inventory is down about 50 percent compared to June 2019 while Centennial is seeing an inventory reduction

COLORADO SPRINGS/PIKES PEAK AREA

of over 60 percent from 2019. For those homes that are available, they are selling in many areas in just 14 to 21 days with prices up 5.6 percent in Aurora where the average singlefamily home price is $406,650 and the average townhome/ condo price reached $268,000, up nearly 9 percent over last year. The best housing buys are in the 80010 and 80011 zip codes with the average price at $325,000. This price reflects a 9.2 percent increase over 2019, yet it’s not uncommon to find a mortgage payment that is less than rent.

“Last month, while the Colorado Springs-area singlefamily/“Last month, while the Colorado Springs-area singlefamily/patio home housing market shockingly recorded the lowest level of active listings, dropping to a dreadful 0.9-month supply. At the same time, we amazingly reached the highest level of monthly and year-to-date sales volumes, as well as the highest level of average and median sales prices, and fell just 59 total sales short of the highest level of monthly sales compared to any June on record. The year-over-year home sales activity saw a 2 percent increase in monthly sales, a 9.7 percent surge in the months sales volume, 2.5 percent increase in the yearto-date sales volume, 7.5 percent increase in the average sale price, and 8.8 percent increase in the median sale price. The average sales price soared to $401,980, and the median sale price climbed to $360,000. All of this while, alarmingly, active listings shrunk by more than 30 percent.

“Centennial is experiencing a 63 percent reduction in home inventory as the median price of a single-family home reached $489,000. The median townhome/condo price hit $307,000 with an average days-on-market of 16. COVID restrictions have turned our traditional spring rush into a summer rush and we’ll have to wait and see just how long it will last,” said Aurora-area REALTOR® Sunny Banka.

“When looking back 5 years and comparing single-family/ patio homes sales in June 2015 with June 2020, monthly and year-to-date sales are up over 20 and 15 percent, respectively, monthly sales volume spiraled 73 percent, year-to-date sales volume soared 68 percent, median sales and average sales prices climbed 44 percent. All of this escalation took place while active listings were down by over 53 percent.

BOULDER/BROOMFIELD “Boulder County is holding its solid real estate market in spite of the global pandemic. Many believed that by not allowing inperson showings, along with significant job loss, that the real estate market would show a measurable decline by this time. Boulder County is holding literally flat – no change in price up or down, since June 2019. Listings are down 14 percent, and inventory is tighter than it has ever been. The strong buyer demand is still fueling the market as homes are selling in an average of 48 days. The numbers look as if time stood still as we are right about where we were in all aspects of the market as this time in 2019. The pandemic might have affected an improvement in the market in this county, but it certainly didn’t cause a decline.

“Last month, 81.8 percent of the single-family homes sold were priced under $500,000, 15.4 percent were between $500,000 and $800,000, and 2.8 percent were priced over $800,000. Year-over-year, there was a 32 percent drop in the sale of single-family homes priced under $300,000, primarily due to the inventory shortage, while a 16 percent increase in homes priced between $300,000 and $600,000, over 43 percent increase in homes priced between $600,000 and $800,000, and over 58 percent increase in homes priced over $1 million.

“People either love Broomfield County or just couldn’t fathom moving during a pandemic, so the listings were down a whopping 20 percent. Sales followed, also down 20 percent. The demand for the limited inventory is strong and as soon as listings came on the market, they were gobbled up in less than 30 days. In spite of the pandemic, prices rose 4.3 percent making it appear like a decent spring market with nothing going on. One theory is that homes in Broomfield are bigger and more affordable than in its neighboring Boulder County. With people needing to work from home, have more space for children and exercise, the rush to the bigger homes in Broomfield may be one reason for the strength of this county’s market at this time,” said Boulder/Broomfield-area REALTOR® Kelly Moye.

“Sadly, pathetically low inventory and affordability challenges due to ever-soaring prices continue to be the most problematic aspect of the Colorado Springs area housing market, especially for first-time homebuyers. Though the current level of escalated prices presents a daunting challenge for our local buyers, for buyers from the Denver area, our housing prices are still very attractive. As a result, we continue to see a steadily increasing interest of Denver buyers in our Colorado Springs listings,” said Colorado Springs-area REALTOR® Jay Gupta.

continued on next page

MARKET TRENDS CONT. DENVER

a 72 percent increase,” said Estes Park-area REALTOR® Abbey Pontius.

“How’s the market in Denver? Well, it’s spectacular. There were more new homes coming to the market and there were more sales last month than during either of the previous two Junes. The average days on market is unchanged over last year, and the year-over-year median price increase was only $2000, or less than half a percent.

FORT COLLINS “Looking at the Fort Collins area June housing stats, it is clear that the easing of the public health order at the end of April created a surge in real estate activity that carried through into June.

The news is so good, in fact, that it almost overshadows the sole lousy statistic that supply is down 37 percent from June 2019. The delta between a lack of supply, despite a rise in the number of homes, can only be described as a sustained and increasing demand further proving that Pandemic or not, Denver is where people want to live,” said Denver-area REALTOR® Matthew Leprino.

ESTES PARK

“Pending sales, a leading indicator of transaction activity showing houses that have gone under contract, blossomed nearly 20 percent compared to June 2019. This bump up was sufficient to make the year-to-date number comparable to 2019 with total 2020 numbers shy of the previous year by just 3 percent. Sold listings also demonstrated a continued surge, outpacing last year’s June numbers by more than 7 percent. MEDIAN SALES PRICE STATEWIDE COLORADO

$425,000

“While these numbers reflect the anecdotal “Larimer County is showing relief and conversations with brokers around the signs of a recovering market on the 4.4% region of heightened activity, the number horizon as sold listings are up 18.1 to watch is new listings. Without a new percent and 13.5 percent for singleJUNE 2020 - SINGLE FAMILY HOME supply of inventory coming on the market family homes and townhome/condos, to satisfy this uptick in demand, existing respectively compared to June 2019. home prices are likely to continue to Our median sales price rose a pinch increase as evidenced by the 2.4 percent for single-family homes at 0.2 percent 2.6% increase in median prices. New listings to $428,000, while townhome/condos were down just over 16 percent for June saw a 5 percent increase to $315,000. JUNE 2020 - CONDO/TOWNHOME compared to last year. This has lead to Inventory remains tight however, with multiple offers across many price points in June’s new listings down 10.1 percent the region which is good news if you’re a for single-family homes and a dip of seller and somewhat frustrating news if you’re a buyer looking nearly 19 percent in the townhome/condo market compared for ‘a steal of a deal.’ Full price and over-asking offers remain a to June 2019. common element of purchase contract negotiations. However, “Estes Park is booming with closed sales up 21.4 percent for potential sellers appear to be hesitant to put their properties single-family homes and just shy of 43 percent for townhome/ on the market, perhaps due to concerns over COVID-19 and condos. The median sales price saw a large upturn compared inviting buyers to tour a seller’s home in person. to last June with single-family homes at $525,000, up 34.8 “Here’s an interesting tidbit, however. Along with all these percent and townhome/condos up 16.7 percent to $345,000. surging numbers, days-on-market also jumped up. It appears Single-family inventory was down 22.4 percent while that buyers are taking a bit more time to bite as homes are townhome/condo inventory fell nearly 40 percent. The dayson the market for nearly 12 percent longer. This could be on-market for single-family homes and townhome/condos due to several factors, among them, a concurrent surge in reis not in sync. Single-family homes are closing much quicker, financing due to low interest rates, seems to have burdened 59 days on average this past month, compared to 100 days a lenders and appraisers, leading to some delays in completing year prior. Townhome/condos have lengthened their average transactions. Also, buyers appear to be taking a bit longer to days-on-market from 68 days a year ago to 117 in June 2020,

$317,950

make a decision on which property to buy, extending the days to offer, and then of course extending the days on market. In sum, the summer surge in temperature is keeping pace with the surge in real estate transactions,” said Fort Collins-area REALTOR® Chris Hardy.

and strong competition for properties below $400,000. With a shorter spring and summer sales season due to the virus, it will be interesting to see if the market stays hot well into the fall and winter months,” said Golden/Jefferson County-area REALTOR® Barb Ecker.

FREMONT/CUSTER COUNTIES

PUEBLO

“Custer County’s continuing decrease in listings and increasing sales holds our inventory low and keeps the buyer’s market fixed. Looking back at the past two months, new listings for May were down 14.5 percent year-over-year while new sales climbed 16.4 percent. In June 2020 we saw new listings drop 24.4 percent but sales increased 58.3 percent compared to June 2019. Custer County’s average sale price of $360,821, is up 33.3 percent year-over-year but property in the area typically includes larger acreage.

“Similar to what we’ve experienced over the past four months, June brought many ups and downs to the Pueblo area housing market. Sold listings in June were down 6.2 percent compared to June 2019 and down 7.8 percent year-to-date compared to last year. Pending sales were up 29 percent year-over-year and are up 3.8 percent year-to-date as we continue to see properties go under contract quickly due to the ongoing lack of inventory. At the end of June our MLS has 272 homes for sale with 41 in Pueblo West.

“Fremont County’s new listings year-over-year are down 6.4 percent while sales, dropped nearly 12 percent. The average sale price of $252,599 is up 9.8 percent year-overyear. Comparing June 2020 to June 2019 shows an increase in new listings of 11.6 percent a possible sign that the market is catching up from the COVID shutdown. However, sales are down just over 8 percent compared to last June. Looking at the months supply of inventory, we sit at 2.8 months, a decrease of 28.2 percent from June 2019. Buyers, sellers and REALTORS® are all working together to find their way in this new era of doing business,” said Fremont and Custer Countyarea REALTOR® David Madone.

“Looking specifically at sales, we were down 19.3 percent in June compared to last year but are off just 4.9 percent yearto-date. These conditions have helped drive the continued increase in median sales price, up 6.3 percent compared to June 2019 at $238,700. Buyers still find themselves in multipleoffer bidding wars to get a home. We’re averaging 10 new home permits per week with a total of 266 since the beginning of the year,” said Pueblo-area REALTOR® David Anderson.

STEAMBOAT SPRINGS/ROUTT COUNTY “After two months of pandemic-induced hibernation, the Routt County real estate market has come roaring back. In June, more properties went under contract than in any previous month in recent history. A whopping 132 properties went pending in June, compared to a paltry 38 in April when in-person showings were banned. The largest spike was in single-family home contracts, up 50 percent versus multifamily contracts that were up 6.8 percent. Competition is tight as COVID has delayed some sellers from moving this year, impacting new listings which are down 30 percent for homes and -6.6 percent for townhome/condos from last year. While the uncertainty of COVID in April and May could have resulted in some sellers taking slightly more off their list price than they might have otherwise, the limited inventories are now resulting in several multiple offer situations. As such, we anticipate pending sales to replicate 2019s percent average

GOLDEN/ARVADA – JEFFERSON COUNTY “New listings across Jefferson County were down again in June and remain off -5.3 percent year-over-year while sold listings rose by nearly 10 percent. Our $510,000 median sales price is up 5.2 percent year-over-year with inventory on the market at an extreme low. As you would guess, the low supply and high demand will continue to drive increases in sale prices for the foreseeable future. “Looking at the condo/townhome market, new listings fell 6.1 percent year-over-year as the median sales price rose slightly to $295,000. With a 46.3 percent decline in inventory and condo/townhome prices rising, it is a tough market for first-time homebuyers as we continue to see multiple offers

continued on next page

MARKET TRENDS CONT. TELLURIDE

of list price sold to within 3-4 percent. To be expected, with low residential inventory comes the increase of interest in vacant land. While there are 54 parcels under contract in Routt County, 48 of those contracts have occurred in the last 30 days. There is good vacant land supply in certain areas. Of the pending parcels, list prices start at $38,000 and go up to $4.9 million - with an average list price of $460,549.

“In my 37 years of practicing real estate here, I don’t ever remember frantic buying in the Telluride regional market like the first six months of 2020. San Miguel County saw a 26 percent increase in the dollar amount of sales at $264.54 million. The prior five-year average was $209.81 million for the first six months of sales. A major factor was the surge in the dollar volume of Telluride condo sales and Mountain Village home sales. Sales in the more rural markets surrounding Telluride and the Mountain Village were also up 12.7 percent in dollar amount.

“Historically, the third quarter produces Routt County’s largest sales volume – particularly for the upper end segment. Activity of $2 million-plus continues to be strong with an additional 11 properties under contract this month plus eight existing for a total of 19. With nine properties in this caliber already closed, we are on pace to meet and likely beat the 37 sales of 2019.

For now, the ‘new normal’ seems to have pushed buyers to our local real estate to escape the urban areas and enjoy our outdoor activities. All of this surge is happening even though every summer festival has been cancelled in Telluride to date including the Fourth of July parade that usually takes our local population from about 2700 to as much as 25,000 for about three days. Every price point is busy as well as every sector of our real estate economy. Our biggest concern is just running out of inventory,” said Telluride-area REALTOR® George Harvey.

“With persistent low inventory and new construction that is not keeping pace with demand, it likely means homes will continue to appreciate in desirable places like Steamboat,” said Steamboat Springs-area REALTOR® Marci Valicenti.

Median Sales Price - Statewide Median Sales Price - Month Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020 Jun-2020

Single % Change % Change Townhome % Change % Change Family YTD Monthly Condo YTD Monthly $409,000 +4.9% +0.5% $310,000 +4.0% +0.0% $405,000 +3.8% -1.0% $315,000 +6.4% +1.6% $400,000 +6.7% -1.2% $312,216 +2.4% -0.9% $399,950 +5.3% 0.0% $314,950 +5.1% +0.9% $398,000 +5.7% -0.5% $315,000 +5.4% +0.0% $400,000 +0.5% +0.5% $319,000 +3.9% +7.0% $399,000 +5.8% -0.2% $307,000 +5.7% -3.9% $411,000 +6.8% +3.0% $313,000 +5.6% +2.0% $424,000 +8.0% +3.2% $329,000 +11.2% +5.1% $419,900 +5.0% -1.0% $315,000 +3.3% -4.3% $415,000 +1.0% -1.2% $317,000 +0.6% +0.6% $425,000 +4.4% +2.4% $317,950 +2.6% +0.3%

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

99.5

Historical Median Sales Price

0.1%

AVERAGE DAYS ON MARKET

-2.5%

YTD 2020= 40 YTD 2019= 48

$500000

$400000

$300000

$200000 Dec 2017

MONTHS SUPPLY

-33.3%

2.0

Mar 2018

June 2018

Sep 2018

Dec 2018

YTD 2020= 70,730 YTD 2019= 78,768

-1.2%

YTD 2020= 60,514 YTD 2019= 61,259

Sep 2019

Dec 2019

$417,500

4.4%

4.6%

2020 2019

2020

$317,950 $310,000 $399,000

$316,000

2.6

4.3%

2020 2019

2020

2019

Inventory of Active Listings

June 2020

$302,900

2019

Sold Listings 11,414 11,350

28,276

8,968 8,870

21,169

18,347

-35.1%

Mar 2020

Single Family Condo

12,947

-23.9%

-38.8% 5,178

JUNE 2020= 15,119 JUNE 2019= 11,430

June 2019

State of Colorado $425,000 $407,000

JUNE 2020= 14,692 JUNE 2019= 15,687

Mar 2019

Median Sales Price

2019= 3.0

-6.3%

Single Family Condo

State of Colorado

0.6% 6,804

-1.2% 1.1%

2,404 2,432

2020 2019

Total Market

Single Family

Condo

Total Market

Single Family

Condo

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

For more data visit ColoradoREALTORS.com 13

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You’ll either get a bigger tax refund from the IRS… or you’ll pay less in tax and get to keep more of your hardearned money!

… Even if you have a GREAT accountant (and especially if you don’t)

Here are just a few of the things you’ll learn:

HOWEVER…

• Discover how the new tax law makes it 300 percent more affordable to drive luxury cars than it used to be. (Plus, I’ll show you how to trade-up your vehicle for a nicer one without costing you a dime. Imagine driving a nicer car and paying less than you do now...)

Most business owners are only getting a fraction of the savings they deserve. In order to really maximize the amount of money, you can save you need to unlock more of the hidden tax deductions available for your vehicle.

• The costly mistake almost all self-employed people (and their accountants) make when claiming vehicle deductions – and how to make sure you never fork over extra money to the IRS again...

It’s not hard… but you have to know what to do proactively. Most accountants assume you already know these rules. Which means they don’t take the time to teach you – and you end up paying more than you could’ve.

• The tax loophole is SO BIG, you can drive a truck through it... literally.

Frankly, if you’re doing it right, deducting your vehicles should save you hundreds of thousands of dollars in taxes over the course of your lifetime…

This free webinar is taught by Sandy Botkin. Sandy is a former IRS attorney, a best-selling author on business taxes, and co-founder of Taxbot.

– and the “no-brainer” method to choose one that gives you the best deduction for your situation. • The simple method to legally turn more of your personal driving into business mileage so you can deduct it! • An easy-to-follow formula that will tell you when you should lease a car instead of purchasing one. (The answer’s probably going to shock you.) Know exactly which makes/models of vehicles you should buy to get up to 800% more tax write-offs than the average car. So, if you’re in business, and you like the idea of keeping a much bigger chunk of your hard-earned money out of the IRS’ greedy hands… attend this FREE Webinar on August 20, 2020.

• The two ways to write-off your car

ABOUT TAXBOT Taxbot is an app that helps automate mileage and expense tracking for self-employed people. And it does it according to IRS rules so you can rest easy that you could win in an audit.

LEARN MORE 15

LEGISLATIVE REVIEW

LEGISLATIVE

309 Inverne ss Way South Englewood, CO 80112

www.Colorad

oREALTORS. com

Read the 2020 Le gislative Review Online

CAR CONTINUES TO BE VIGILANT AT THE CAPITOL During these very unconventional times Vice President of Government when we are facing Affairs, Colorado Association of enormous obstacles to REALTORS® our daily lives to pursue our businesses, support our families, or try to have honest conversations about what is happening around the country, I am reminded of the powerful words of historian Doris Kerns Goodwin; “Progress goes up and down throughout history, but the most important changes in the country come from the ground up.”

3) Passed permanent remote notary authorization that protects consumer data privacy (SB 096 status: signed into law).

Elizabeth Peetz

4) Amended a tax bill that would have harmed small businesses by taking away tax benefits for independent contractors if they make at least $75,000 annually (HB1420 status amended to higher threshold of $500,000 for single filers and sent to Governor). 5) Protected mom and pop landlords and ensured regular processes, such as credit checks, HUD processing delays, and other aspects of business operations do not put housing providers at risk for additional litigation (SB 224, HB 1332 passed and sent to Governor).

More than ever, CAR has been on the frontlines at the Capitol this year protecting property rights, the ability for REALTORS® to operate, and dealing with budgetary deficits that haven’t been seen in many years in Colorado. If there’s anything I’ve learned over the course of these frenetic couple of months it is that we have to be vigilant.

6) Ensured consumers will receive education about solar installations that are leased and purchased so they can make informed decisions (HB 1155 sent to Governor).

We also have to take note of what we have accomplished. I want to highlight a few of CAR’s biggest legislative and advocacy successes this year. These could be called CAR’s Significant Seven because they rank amongst many other hard fought wins and battles in advocacy.

7) Allowed local governments to delay, waive, or suspend interest on property taxes (HB 1421 was signed into law). An overview of the recent legislative session, including highlights of CAR’s priority legislation and COVID-19 advocacy, are covered in the 2020 Legislative Review. You will see how CAR, through the tireless efforts of LPC members, was able to accomplish some long-sought goals during this unique and unpredictable legislative session.

1) Ensured real estate was declared essential by Governor Polis, and this paved the way for showings and open houses to continue. 2) Prevented property taxes from quadrupling for short-term rentals being classified as commercial property rather than residential property. (SB-109 status died in committee).

As the country’s attention turns to the elections this November, your CAR Government Affairs team will be working hard with Colorado REALTORS® to prepare for the 2021 legislative session to ensure your voices are heard.

Colorado REALTORS® Advocate at the Frontlines UNPREDICTABLE. When I reflect on all that has occurred in 2020 thus far, unpredictable is a word that comes Barbara Asbury to mind. On top of 2020 CAR Legislative Policy an intensely active Committee Chair legislative session, we are facing a global pandemic that decimated the state budget coffers, and a renewed rise in activism for racial equality and ending police brutality. Our post-Covid-19 society is also seeing historic rises in unemployment rates and a volatile stock market.

a significant win by passing the permanent authorization of remote notarization (SB-96) in Colorado. Covid-19 has amplified the need to operate remotely. Remote business operation allows the real estate industry to notarize documents virtually and thereby increases access to homeownership, all while guaranteeing that consumers’ sensitive and personal information remains protected. When a proposal to increase taxes on Colorado’s small businesses emerged (HB-1420), over 4,200 Colorado REALTORS® took action to contact state legislators and Governor Polis to explain the devastating impacts additional taxes would have on small businesses who are doing all they can to re-open safely and recover financially from Covid-19 closures. Thanks to CAR’s strong relationships and our robust advocacy strategies, Colorado REALTORS® have a seat at the table. We are proud to be a resource for Colorado’s policymakers. The 41 members of the Legislative Policy Committee (LPC) take proactive stances on issues important to us as we continue to be the voice for real estate in Colorado.

Guided by the lessons learned from the Spanish flu of 1918, Colorado residents were ordered to stay home for several months to stop the spread of Covid-19. Stay-at-home orders and social distancing requirements paused the work of the legislature for several weeks, postponing the usual early May adjournment date to mid-June. To keep Colorado’s economy afloat and provide relief to those hit hardest, policymakers worked long hours to quickly address several new priorities. In the waning days of the legislative session, Coloradans facing housing hardship found access to relief through $19 million in federal CARES Act dollars in HB-1410, which balances the financial assistance needs of renters and homeowners through the Department of Local Affairs. Another bill, SB-222, creates a small business grant program funded by $20 million in federal funds to get aid to so many businesses who are struggling to reopen their doors.

Thank you to these dedicated and hardworking LPC members in one of the most unpredictable legislative sessions we’ve ever seen. To all our members who answered the calls to action to communicate the importance of these issues and their impacts on our industry to state legislators, we praise your passionate involvement and eagerness to make a difference. CAR is always up for the challenge, and impactful public policy solutions for the 2021 legislative session will be the next path ahead. We continue to build relationships with policymakers and community partners, work to strengthen communities, and protect our industry. We promote initiatives that lift up small businesses that enable economic vitality and support innovative solutions to address our diverse housing needs for all Coloradans. Why? Because That’s Who We R.

Every year, the Colorado Association of REALTORS® (CAR) embraces new opportunities and new challenges as we protect property rights at the Capitol. After years of hard work and negotiations with industry stakeholders, CAR celebrated

2020 COVID-19 TIMELINE OF ADVOCACY

CAR asked for Executive Order for Remote Notarization.

MARCH 19

CAR and other stakeholders request emergency mortgage assistance up 80% AMI.

MARCH 30

CAR requests remote notary executive order extension which is granted until May 30th.

CAR asks for Real Estate to be declared essential anticipating Shelter-inPlace: “Essential services related to real estate transactions include, but are not limited to, title searches, appraisals, permitting, inspections, construction, moving, and the recordation, legal, financial and other services necessary to complete a transfer of real property.”

MARCH 22

CAR engages with the Attorney General’s and Governor’s office to clarify that “showings, walkthroughs, and inspections” are critical components of a real estate transaction.

MAR 31- APR 8

CAR submits recovery taskforce ideas for Governor Polis Economic Stabilization and Growth Taskforce.

APRIL 23

APRIL 24

CAR sends Governor Polis letter on guidance for Open Houses during next phase Protect Your Neighbors.

Governor signs permanent Remote Notary authorization legislation into law.

JUNE 19

JUNE 26

COLORADO ASSOCIATION OF REALTORS®

CAR collaborates with Colorado Bar Association to create COVID-19 addendum for contract to buy and sell.

MARCH 24

Colorado Governor issues Stay-at-Home order and Real Estate Transactions are deemed NOT Essential.

MARCH 25

Within 24 hours, CAR got Stay at Home order amended to include Real Estate Transactions as essential.

MARCH 26

As a direct result of CAR’s advocacy with the Governor, AG, DORA, real estate appraisals, closings, home inspections, and final walk throughs are considered essential.

CAR advocates with government entities and stakeholders about the essential nature of real estate and impact the Order is having on consumers, REALTORS®, and the industry.

CAR proactively submits recommendations for new Safer-at-Home phase to clarify real estate activities to include: 3 people only at scheduled listing appointments where virtual meetings are not feasible. In addition to staging, photography and lockbox clarifications.

APRIL 9

APRIL 10-20

APRIL 21

CAR signs onto stakeholder letter to Governor Polis and Joint Budget Committee to request eligible use of Covid-19 relief funds be spent for housing assistance.

Division of Real Estate release Safer At Home guidance to all real estate licensees. CAR had the opportunity to participate in developing this document.

MAY 4

MAY 8

Additional guidance for Safer-at-Home real estate showings is issued.

APRIL 27

New Public Health Order allows for Open Houses in compliance with the social distancing calculator for indoor events.

JUNE 30

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How Financing Can Make or Break a Sale Simon Kafati FirstBank Assistant Vice President, Mortgage & Consumer Lending

Six Things to Consider to Ensure Money Doesn’t Get in the Way of Your Next Closing

Buying a home is a complicated process for everyone involved, including real estate agents and brokers who know what’s going on. From the perspective of the homebuyer, especially those making their first forays into homeownership, it can be a whirlwind of confusion and frustration. Compound that with the negative economic impacts from COVID-19, and you’ve added uncertainty to the equation.

period of time? Talk through these questions, so a buyer can truly wrap their head around the magnitude of their purchase. KEEP CREDITS IN CHECK It seems like this goes without saying, but low interest rates can be enticing for other large purchases that need financing. Make sure buyers know to avoid opening any new credit lines, increasing the balances on credit cards or other loans, or drawing from savings accounts that will be utilized for down payments and closing costs. This could lead to a delay in closing, or worse, cause a buyer to no longer qualify for a loan.

It’s safe to assume most folks perusing the market understand the risk, or are financially stable enough, to be making such a significant purchase at this time. But it doesn’t hurt to reiterate the importance of finding the right home, with the right loan, from the right lender, for a given budget. As an agent, don’t neglect the financing part of the home-buying process. Here are some things to consider on your next deal, which may lead to a speedy and smooth closing:

LOW RATE ENVIRONMENT Speaking of interest rates, be prepared to explain why rates are low, and why they won’t stay low. It should not come as a surprise that a majority of prospective buyers are not interest-rate savvy, only understanding that: low rates = a good time to buy. For those who can secure funding at this time, that assumption may be true. But if the economy worsens, returns on savings could be diminished, credit card limits could shrink, and the market as a whole may take more time to recover. These aren’t make or break points for every prospective buyer, but always things to consider.

KNOW THE PRICE RANGE Getting pre-qualified for a mortgage will help someone understand the ceiling on their price range. However, that can be misleading, potentially getting an individual in over their head. It is equally important to understand whether the monthly payment on a new home is not only feasible for your buyer, but comfortable. Consider presenting the following questions: Is it more or less than your current housing payment? Can you make the new payment without impacting your lifestyle and budget? Assuming a household’s income is never a guarantee, is there a safety blanket to maintain payments for a

AFFORDABLE HOUSING PROGRAMS The previous point may encourage some homebuyers, but know that programs are available to ease financial burdens for those who could use it. There are a slew of

Affordable Housing Programs available that can be used payments, tax and insurance payments- and how they to buy a new home or refinance existing mortgages. They affect their price range. are designed for people with low-to-moderate incomes, based on a percentage of the average income in their GO ABOVE AND BEYOND community. Nonprofits, local Housing Authorities, and Even with relaxed guidelines, social distancing is just even financial institutions, including about the only certainty for the imFirstBank, offer competitive terms for mediate future. This means would-be borrowers earning low-to-moderate homebuyers are leaning more on incomes. Outside of FirstBank’s own technology, opposed to the tried Instead of just being the program, it partners with a handful and true showing. Instead of just of organizations that provide down being the broker between buyers broker between buyers payment assistance. FirstBank has and sellers, this is an opportunity to and sellers, this is an established an exclusive program with be the eyes, ears and brains of the opportunity to be the Impact Development Fund, helping operation. Acquaint yourselves with eyes, ears and brains of qualified low-to-moderate income borvarious neighborhoods and types of rowers by providing up to 20 percent of properties. Utilize the tools available the operation. the purchase price or $30,000 (whichevto buyers, like watching Realtor.com er is less) in down payment assistance. alerts and market-specific resources, to stay on top of homes as they are Additional affordable housing prolisted. grams, from low interest loans to grants, are out there and ready to be taken advantage of. Know what products are Be a trusted resource on a variety of things, most notably available in your market because their requirements may the home’s resale value, neighborhood, if the size matches fit more buyers than usual in this recent downturn. the buyer’s needs, and all around expertise from experience. Talking someone into the right home, or out of the COMMUNICATION IS KEY wrong home, is a great way to market Encourage buyers to have thorough conversations with yourself as a trusted agent and potheir lenders about what documentation will be needed tentially secure future business. throughout the mortgage process. It’s always best to be prepared early on, which can help them get organized. Talk about interest rates, homeowners association (HOA)

FOUNDATION REPORT

Colorado REALTORS® Continue to Respond to COVID-19 Housing Emergency Colorado Association of REALTORS® Foundation Awards Grants Totaling $125,000 to 11 Colorado Non-Profits in June, in addition to $125,000 granted in May The ongoing economic impact of COVID-19 pandemic has left many Coloradans unable to make rent and mortgage payments due to layoffs and furloughs. In light of this unprecedented emergency, the Colorado Association of REALTORS® Foundation announced on June 19, 2020 it is awarding additional grants totaling $125,000 to 11 Colorado non-profit organizations to assist individuals and families experiencing housing-related emergencies as well as aid in the construction of affordable housing units. The Foundation will offer another grant cycle opportunity from July 13, 2020 to Aug. 31, 2020, with an additional $100,000 invested across Colorado by Sept. 15, 2020. The most recent grant recipients include: •Advocates for Victims of Assault – Summit Advocates (Frisco) –

$12,500 • Archway Housing (Lakewood) – $7,000 • Chaffee Housing Trust (Buena Vista) – $10,000 • Grand Junction Housing Authority (Grand Junction) – $12,000 • Greccio Housing (Colorado Springs) – $10,000 • Mercy Housing (Denver) – $15,000 • Project Hope of Gunnison Valley (Gunnison) – $7,250 • Rocky Mountain Children’s Health Foundation (Arvada) – $13,750 • Safehouse Progressive Alliance for Nonviolence (Boulder) – $7,500 • Ray of Hope Cancer Foundation (Denver) – $10,000 • Veterans Community Project (Longmont) – $20,000 Advocates for Victims of Assault – Summit Advocates supports survivors and their dependent children by providing the only emer-

gency shelter in Summit County, CO and by assisting survivors and their dependent children in applying for and obtaining long-term, safe and affordable housing in the community. Through its Living Beyond Violence Program, the CAR Foundation grant will assist with move-in expense assistance and rent subsidies for survivors and their dependent children. Archway Housing offers quality affordable housing with tailored services and resources to enhance the social and economic well-being of families. CAR Foundation funds will be used to provide rental assistance to up to 140 households and prevent eviction for up to 60 households. Chaffee Housing Trust targets households earning less than 80 percent of Area Median Income (AMI). The av-

erage AMI of current CHT homeowners is 67 percent and the average CHT renter AMI is 50 percent. By providing local workers with housing, CHT bring stability and equity building none existed. The grant will be used to purchase a 17,000 sq. ft. lot in a new development with the capacity to build eight condominium homes exclusively for low-income county residents and workers. Grand Junction Housing Authority provides housing to vulnerable people in the community by providing security deposits to households that have been approved for affordable housing but lack the funds for security deposits due to COVID-19 circumstances. For the remainder of 2020, GJHA estimates 65 households will need security deposit assistance, which averages $1,000, and is not available from other sources. The funding from the CAR Foundation will assist 12 households this year. Greccio Housing provides an Eviction Prevention Program to prevent the threat of homelessness or eviction to individuals and families who are experiencing a one-time major life crisis. The funds from the CAR Foundation will be used to fund direct assistance for 10 families enrolled in the program to fulfill its mission. Mercy Housing has halted evictions, stopped late fees, and is creating payment plans for those whose income is affected during the

COVID-19 pandemic. CAR Foundation funds will be used for rental assistance in to support COVID-19 financial hardships, such as loss of employment, COVID illness, or childcare loss. Project Hope of Gunnison Valley supports, educate, and provide confidential advocacy to individuals affected by domestic violence, sexual assault, and/or human trafficking. The CAR Foundation grant will provide transitional housing and rental assistance. Rocky Mountain Children’s Health Foundation improves the quality of life for families, sick children, and infants. The funds from the CAR Foundation will provide rent and mortgage assistance to families with a pediatric patient, in the Rocky Mountain region, who are experiencing a financial burden that is compromising their ability to pay non-medical expenses. Safehouse Progressive Alliance for Nonviolence has been supporting individuals and families who are experiencing domestic violence for 41 years. Funds from the CAR Foundation will help SPAN continue to provide direct financial assistance for rent. Ray of Hope Cancer Foundation supports patients who are facing dire financial circumstances, many of whom were struggling prior to receiving their cancer diagnosis

and have no capacity to meet this added expense. Funds from the CAR Foundation will provide $500 grants for 20 patients throughout the entire state of Colorado. Veterans Community Project is an innovative housing program dedicated to ending Veteran homelessness through tiny home veterans’ villages and community and outreach centers that offer housing stability and wraparound services to all veterans who walk through the door. Funding from the CAR Foundation will be used to co-sponsor a tiny home in the VCP Village – Colorado. Additional Grants Available in July The CAR Foundation will offer a second grant cycle from July 13, 2020 to Aug. 31, 2020, with an additional $100,000 that will be invested across Colorado by Sept. 15, 2020. Nonprofit organizations that provide housing-related services are encouraged to apply. Grant Guidelines and Acceptance Conditions can be found on the CAR Foundation website at http://carfoundation.org/. Contact Stacey Brown, sbrown@ coloradorealtors.com or 303-7857126, with questions regarding submissions. Additionally, in May 2020 the CAR Foundation awarded $125,000 in disaster relief grants to three Colorado non-profit organizations: Brother’s Redevelopment, Colorado Coalition for the Homeless, and Habitat for Humanity of Colorado.

by Larry Kendall, Author of Ninja Selling

THE FLIGHT TO QUALITY Tough markets bring out the best in us all. It’s happening again! It happens every time there is a disruption in the market. Buyers and sellers flee to quality. They want sales associates with smarts, experience, and systems. Sales associates want companies with leadership, marketing, technology, and brand. Top associates build their business during times of chaos. Top companies grow market share. Tough markets bring out the best in both. When you ask the highest producers and best companies in our industry why they’re so good at what they do, they’ll tell you it’s because they do the basics better than anybody. Call them basics or fundamentals. I call them universals—the things that are important universally. Universals are the backbone of creating a strong foundation for your business. Universals work in any market.

FOCUS ON RELATIONSHIPS The most common universal among high-performing individuals and organizations is a focus on relationships.

Why? Relationships endure regardless of the market. In times of uncertainty, such as the COVID-19 crisis, having a foundation of strong, well-nurtured relationships can mean the difference between still being in business or not. Relationships are a durable competitive advantage. They give you predictable results in every kind of market– especially tough markets. Your relationships with your sales associates and their relation-ships with their clients are your most valuable assets. Do you have a system for building and nurturing them?

FREQUENCY OF INTERACTION Whether with your clients or your kids, relationships are built and maintained through the “frequency of interaction.” We call it flow. Live-flow is face-to-face and voice-to-voice interaction. Autoflow is through mail, email, text, and social media. In hot markets, it’s easy to get busy and fall out of flow. It’s easy to chase leads and transactions and worry continued on next page

about relationships later. What happens when the market softens? There is a price to be paid for neglecting your relationships.

1. You survive and thrive in the downturns. Your people build their business, and your company builds market share.

In times of uncertainty, people turn to the professionals they 2. You provide certainty to your people in an uncertain know (are in flow with) and trust to deliver the goods. The time. You have systems that produce predictable results key is to have a system that keeps you in flow with clients regardless of the market. Strengthening an individual’s and associates in all markets. When a sense of confidence and control is a tough market hits, it’s too late to start fundamental of great leadership. building relationships. Dig your well Focus on building 3. You build a great culture. As Peter before you are thirsty. relationships, implementing Drucker said, “Culture eats strategy for lunch.”

systems that give

SYSTEMS

predictable results,

Keep your universals as your top priority. Focus on building relationships, implementing systems that give predictable results, providing certainty, and creating an invaluable culture. Then, prepare for the flight to quality as you attract and keep the best associates and clients.

providing certainty, and Do your associates have a system that keeps them in flow with their clients? creating an invaluable Just as importantly, do you have a flow culture. system to build and maintain your relationships with your sales associates? If you’re looking for guidance in building flow systems, check out Win the Race to Be Top of Mind in the April REAL Trends newsletter. Top sales professionals and top companies have these systems This article originally appeared in the July 2020 issue of REAL in place. In this market, they’re paying big dividends. Trends Newsletter and is reprinted with the permission of REAL Having the universals of strong relationships and systems Trends, Inc. Copyright 2020. that deliver predictable results in all kinds of markets does three things for your organization: 25

YOUR BUSINESS

WHAT HAPPENS NEXT? Will we have a complete housing sales recovery by the end of the year? By Steve Murray, President, REAL Trends, Inc. Currently, the number of showings across the country is equal to or exceeding showings on the same date a year ago, according to the ShowingTime Index. When the ShowingTime Index started trending up in most markets in early April, it rightly predicted the strong return of written contracts that have taken place since mid-April.

after a recession. Yes, there are transactions, but historically not at the level before the start of a recession.

A COMPLETE RECOVERY?

WHAT WILL PREVENT A HOUSING RECOVERY?

This means a complete recovery in housing sales might not happen this year. We’ve reviewed several economists’ forecasts, including those from NAR, Zillow, and Mortgage Bankers. Their projections for 2020 housing sales go from 4.5 percent in the rosiest prediction (MBA) to down 25 to 28 percent. While averaging these are unrealistic, it appears that housing sales units for 2020 will be down 15 to 20% for the year. The good news is that the worst is likely behind us, and the annualized level of housing sales will be better in the third and fourth quarter than it was in the second. Generally, these economists believe that full recovery will occur later in 2021.

Two issues will prevent a full-scale housing sales recovery. There are nearly 40 million Americans out of work, and not all of them will be back at work soon, which means most of those will not buy a home anytime soon. Further, these are not all waiters and retail workers, as some assume. Many white-collar managerial jobs were lost and will not be quickly recovered, if at all.

Economists from outside of housing believe that the general economy will get hit hard in the second quarter, with GDP falling between 25 and 30 percent in the second quarter-—an unprecedented decline—while GDP will recover from growing in the double-digit ranges in the third and fourth quarters of 2020. However, none believe the loss of output from the March to June period will be made up by year-end.

This is the fifth housing recession since 1980. I’ve had a frontrow seat to them all. One thing that occurred, anecdotally, in each downturn is that the high-priced segment of the housing market gets quiet for a period, even after a recession ends. This segment of the market tends to hibernate for 12 to 18 months

During the end of March and early April, written contracts predicted a substantial decline in closed sales for late April and May. The level of closings in the period from mid-May through the end of June will be off from where they were a year ago by a smaller amount than any forecasters thought just a month ago. If the Spring surge continues for another month, July and August may be down about the same level.

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Hundreds of Colorado REALTORS® Are Using This Benefit to Save Thousands Each Year on Healthcare The Colorado Association of REALTORS® has been making a dedicated effort to help lower the cost of healthcare for its members. These efforts have produced options for CAR members that are both high-quality and cost-effective. Check it out! Since June 2019, CAR has made a refreshing alternative for managing healthcare costs available by utilizing the Sedera Medical Cost Sharing Community. Through Sedera’s Medical Cost Sharing model, members save between 30 – 60 percent on health care costs. Many REALTORS® have already found this option to be a great way to address their healthcare expenses, and several have provided testimonials to help other members understand the solution and their experiences with it. You can read those testimonials here. In April 2020, a new approach was launched that paired the Sedera membership with Redirect Health to provide a high-quality solution for managing small and large medical costs. Enrollment includes the following: 1. Redirect Health, which provides unlimited 24/7/365 access for smaller and preventive needs via virtual primary care and care coordination for larger medical needs.

2. Careington Vision and Dental, a vision and dental discount plan included for enrollees for no extra cost. 3. NewAm Health Prescription Discount Plan, an effective prescription discount program. 4. Sedera, a national Medical Cost Sharing Community which addresses the large medical costs caused by accidents, illnesses, surgeries, etc. It is important to note that Sedera does have limitations on sharing for procedures to treat pre-existing conditions. Please make sure you understand these limits prior to enrolling. We strongly encourage anyone interested in this option to start by watching this short video that outlines the program. For more information, please contact Alpine Association Benefits or visit them online. We are thrilled that so many of our REALTORS® (and industry partners) are taking advantage of this option. We hope many more will find it to be an effective solution for managing healthcare expenses for themselves and their families.

For more information call 720-5235524, email: info@AlpineAssociationBenefits.com, or visit: www.AlpineAssociationBenefits.com. IMPORTANT: SEDERA, INC. IS NOT AN INSURANCE COMPANY AND THE SEDERA MEDICAL COST SHARING MEMBERSHIP IS NOT ISSUED OR OFFERED BY AN INSURANCE COMPANY. WHETHER A SPONSORING ENTITY CHOOSES TO SEND MONETARY ASSISTANCE TO YOU AND/OR YOUR FAMILY TO HELP WITH YOUR MEDICAL EXPENSES WILL BE TOTALLY VOLUNTARY AND NEITHER YOU NOR SEDERA, INC. HAS ANY RIGHT TO COMPEL PAYMENT OF MEDICAL COST SHARING COSTS FROM ANY MEMBER. THE SEDERA MEMBERSHIP IS NOT AND SHOULD NEVER BE CONSIDERED TO BE OR TO BE LIKE A GROUP INSURANCE POLICY OR AN INDIVIDUAL INSURANCE POLICY. WHETHER YOU RECEIVE ANY MONEY FOR MEDICAL EXPENSES, OR WHETHER OR NOT THIS MEMBERSHIP CONTINUES TO OPERATE, YOU AS THE MEMBER WILL ALWAYS REMAIN LIABLE FOR YOUR UNPAID MEDICAL EXPENSES AND DO NOT HAVE ANY LEGAL RIGHT TO SEEK REIMBURSEMENT OR INDEMNIFICATION FOR ANY SUCH EXPENSES FROM SEDERA, INC. OR ANY OTHER MEMBER OR SPONSORING ENTITY. THIS IS NOT A LEGALLY BINDING AGREEMENT TO REIMBURSE OR INDEMNIFY YOU FOR THE MEDICAL EXPENSES YOU INCUR, BUT IS AN OPPORTUNITY FOR YOU TO ASSIST OTHER MEMBERS IN NEED, AND WHEN YOU ARE IN NEED, TO PRESENT YOUR MEDICAL BILLS TO OTHER MEMBERS AND SPONSORING ENTITIES AS OUTLINED IN THESE GUIDELINES. THE FINANCIAL ASSISTANCE YOU MAY RECEIVE WILL COME FROM OTHER MEMBERS AND/OR SPONSORING ENTITIES, AND NOT FROM SEDERA, INC.

Busy Professionals Want Answers While Navigating the Pandemic Have you noticed the pandemic has created a plethora of new questions but provided very few answers? By Bill Saltz, LegalShield

A common question professionals have been asking is about getting one's affairs in order. It shouldn’t take a pandemic to make basic planning a priority, but it has definitely created more urgency for many Americans.

amount back.” Some common travel questions during the pandemic include: • If I cancel my trip, do I have a right to get a refund on my hotel, plane ticket, etc.?

In fact, Fox Business reported: “In the face of COVID-19, Google traffic on how to make a will is at its highest level ever. And yes, you should have a will in place but you should also have in place a health care power of attorney and a property power of attorney, in case you need a loved one to make a decision for you, should you or your loved ones become unable to make decisions about health care or assets. A health care Power of Attorney is also important if you have adult children (at college or out of the house); otherwise, you won’t be given access to their medical information or be able to weigh in on your children’s treatments, once they are legally adults.”

• My cruise was canceled due to a travel ban. What are my rights? • I’m a student and I’m concerned about my travel or studies abroad. What should I do? • I’m trapped overseas and need to get back home. What are my options? Finances are also a major concern during these uncertain times. A recent survey by The Harris Poll found that nearly nine in 10 (88 percent) Americans say the COVID-19 crisis is causing stress on their personal finances.

Some common questions to consider: • Is my estate planning in order? Is my will prepared and updated?

Some common questions include: • Will the bank foreclose on my home if I miss a mortgage payment due to governmental action and lost wages?

• If I get sick, should I set up a Power of Attorney so a family member can make decisions for me?

• What are my rights if there is a run on the banks?

• Are there any legal documents I need to bring with me to the hospital?

• Can my landlord evict me or can the electric company disconnect me if I don’t pay my bill on time? • Are there any specific legal steps I can take to protect my wealth?

While estate planning is vitally important, it’s not the only thing weighing on people’s minds right now.

For parents with children in school, this is another area of unprecedented uncertainty and concern.

Yahoo Finance reported a recent survey that an estimated 59 million people in the U.S. have lost money because of cancellations of pre-paid travel, sporting events, concerts, Broadway shows, business conferences, weddings, and more.

Some common questions include: • My child's school is closed. What options related to their education are available to me?

Furthermore, the survey found that “Refunds have been hard to come by. Only 30 percent of people in the U.S. who spent money on cancelled plans have received or will get the full

• My child is attending college. Do I have the right to receive reimbursement for services not received, such as housing,

tuition, and food plans? • My child is overseas and needs to get back to the U.S. What options do we have?

nerable. Electronic health records, according to an FBI report, are more valuable than a credit card number because health records can be used to file fraudulent insurance claims, obtain prescription medication and advance identity theft.”

Another area of concern which has heightened during the pandemic is an increase in sophisticated scams and identity theft.

So what about you? What questions have you had during the pandemic? If you’re interested in qualified answers and support for questions that come up, the Colorado Association of REALTORS® is now making resources available that are provided by LegalShield and IDShield.

One of the latest is identity thieves capitalizing on increasing unemployment rates to receive money in our name. As a record number of Americans continue to file for unemployment, identity thieves are taking advantage of the situation by committing unemployment fraud against overwhelmed state agencies.

LegalShield provides a full-service in-state law firm on “speed dial” to help you navigate a variety of everyday issues, such as preparing your will by experienced attorneys without leaving your house and reviewing contracts for a lease or purchase. They will also assist in consumer matters, mortgage and refinancing, landlord/tenant issues, credit disputes, tax questions, child support/custody matters, and answer any other personal or business legal-related questions you have.

But it’s not just state programs that are paying the consequences. Criminals are using stolen personal information of individuals to make fake claims. People are discovering that identity thieves have fraudulently filed for unemployment using their name after receiving details about their benefits from the state.

IDShield provides industry-leading 24/7 proactive monitoring of your identity, and is the only provider where a simple phone call puts you in touch with a dedicated licensed fraud investigator who will provide complete identity restoration services (100 percent success rate) all backed by an Unlimited Service Guarantee.

Another new scam is fraudsters setting up fake testing sites to prey on those wishing to be tested for COVID-19. AARP reported that “People seeking the tests were told to pay $240 in cash or give their Medicare or Medicaid cards and Social Security cards to verify their identity, and that if they were enrolled in the government health care plans, the plans would be billed.”

Everyone deserves Legal and ID protection. And now through CAR, you can afford it.

Additionally, USA Today reported that “Hacking incidents have climbed 75 percent in North America and 125 percent in Europe in recent months on information technology systems leveraging COVID-19, much of it at health care facilities, says Wendi Whitmore, a cybersecurity expert and Vice President of IBM X-Force.

For more information go to http://www.shieldcorealtors.com/ or click here to register for our upcoming statewide webcast. Questions? Your VIP Contact Bill Saltz at 888.499.3221 or Bill@BillSaltz.com.

More employees working from home and cash-strapped medical facilities stretched thin are making many systems vul-

go ahead,

enjoy dinner on us!

CLICK FOR YOUR CHANCE TO WIN A $30 GRUB HUB GIFT CARD To be eligible to be entered into the drawing, follow the CYPN Instagram account and like the most recent post. ColoradoRealtor_YPN

MAKE MOVING A BREEZE

by Ilan Levy, Exodus Moving

Important Things to Remember When Planning Your Move • Find a Reputable Mover: Ask your REALTOR®, friends and neighbors for recommendations; research companies online that are endorsed by the Better Business Bureau. • Use Your Cupboards: Start using up food items you would rather not ship (i.e. dry, frozen or canned goods). • Think About Health: Research and locate health care professionals in your new town for yourself and your family. If you have a pet, also research and locate a veterinary clinic ahead of your move. • School Records Transfer: Once you know which schools your children will be attending, start the transfer/ registration paperwork, and have your current schools send transcripts and any additional records to the new educational institutions. • Organize Childcare: Moving can be stressful with small children and pets around. If alternate child and pet care are an option, you may want to arrange for that on move day.

Last Minute Tips Tape it up: If your mover is NOT doing your packing, have all boxes fully packed and taped shut before the crew arrives. Ensure boxes are not over- or under-filled so they can be neatly stacked. Label each side of boxes with contents and whether or not it is fragile. Remember Pictures: It’s important to have all pictures and shelves removed from the walls and appropriately protected, or prepared to be packed by the movers. Take Care of Yourself: The day before your move, get takeout or go out for dinner to your favorite local restaurant. Also remember to get a good night’s sleep. At this point, it’s time to relax and let your movers take the worry out of your moving day!

After Your Move, Have Some Fun Do something to make yourself feel at home in your new place. Perhaps consider hosting a house-warming party and inviting your new neighbors (following all CDC guidelines, of course). This will give you something to look forward to and will expand your social circle in your new community. For more information and a detailed checklist visit: www. Exodusmoving.com/resources

THE IMPORTANCE OF REAL ESTATE E&O INSURANCE We all know insurance is important. There is a reason we have coverage on our health, homes, and lives. We understand why brokers in Colorado are required to carry Errors and Omissions insurance.

Over the past five years, the average amount paid on an E&O claim in Colorado was $12,688,595.00. This includes all fees and legal expenses incurred defending claims. The total paid claims against REALTORS® annually is well into the millions of dollars.

the Colorado REALTOR® E&O Program. The Williams Underwriting Group policy gives you superior coverage and increased limits over base minimum coverage. And because you’re a CAR member, you automatically qualify for the Additional Coverage’s Endorsement (a $40 value at no additional charge). This endorsement gives you policy features you wouldn’t otherwise have access to without additional premiums, including coverage for sale of owned residential property subject to conditions and defense regulatory complaints and higher limits for fair housing.

If E&O insurance is so important, why do so many brokers buy the minimum coverage to protect themselves? Most of us don’t go out and buy the cheapest possible health insurance. We know that if we ever truly need to use it, we’re going to want the broadest coverage the market has to offer. E&O insurance should be thought of in the same terms as protecting your health.

You may be thinking that you’ll just stick with the basic coverage because you’ve been brokering real estate transactions for many years and you’ve never had a claim. Claims are much more common than most brokers realize. Most of our claims come from licensees who have never had a previous claim.

Eight plus years ago, the Colorado Association of REALTORS® teamed up with Williams Underwriting Group to create

Please keep in mind one of the main reason’s claims are denied is the allegations made against a licensee are not covered. You owe it to yourself to have the broadest coverage possible to limit the possibility of a claim not being covered. If coverage is denied, you are left to pay legal fees and any settlements or damage awards on your own. This could have severe financial implications for you. CAR works on an annual basis with our partners at Williams Underwriting Group to identify market needs and provide our members affordable access to superior coverage. The result is better coverage for your dollar and professional peace of mind. Please contact Williams Underwriting Group at 1-800222-4035 or email us at wug@wugieo.com with any questions concerning your Colorado E&O Insurance.

Do you or your firm have adequate limits of coverage for large transactions? Excess Coverage.

for claims against an insured for discrimination in the performance or failure to perform professional services. The excess policy provides additional limits of liability We also offer a Real Estate Sales Ownership Interest over a firm’s or individual’s underlying insurance. If a Coverage Extension endorsement for the sale of owned claim is covered under the underlying insurance the real property, residential or commercial, including excess policy will provide additional limits up to the investment property, in which a licensee or spouse of a limit chosen, in the event the underlying limits have licensee has more than 25 percent financial or ownerbeen exhausted.Example: A licensee’s underlying limits ship interest. The policy limits of liability of liability are $100,000 per wrongful applies, there is no sublimit limitation. A act. A covered claim is made and $5,000 deductible applies to damages damages of $200,000 are awarded to It’s easy to increase your only (not defense expenses) under this the claimant. The underlying insurlimits of liability. endorsement ance will pay $100,000 with a $1,000 deductible being paid by the licensee. To request an application The excess policy will pay the remainContact US AT ing $100,000 of damages with a $0 How do I obtain a quote for deductible applying to that payment. Excess Coverage? wug@wugieo.com

Who does the excess policy cover?

The Excess policy premiums are determined on an underwritten basis and are in addition to the premiums paid for the underlying insurance. An excess application must be completed to obtain a quote for the excess coverage.

Or call 1-800-222-4035.

The coverage is for real estate firms whose licensees are all insured through our underlying insurance policy as provided by Zurich American Insurance Company. The policy covers the firm, licensed agents, and unlicensed assistants while performing professional services on behalf of the real estate firm. Protection also automatically extends to franchise grantors.

Contact WUG at 1-800-222-4035 or send an email to: wug@wugieo.com to request an application. Williams Underwriting Group, (WUG) is the industries trusted source for excess coverage. WUG underwrites and prices the excess coverage on behalf of the carrier, Zurich American Insurance Company. This allows us to respond quickly to your excess real estate professional liability needs.

What are the limits of liability? Excess limits of liability available are: $1M/$1M, $1M/$2M, $1M/$3M and $2M/$2M. In addition to higher limits, the excess policy automatically includes coverage for: (1) Environmental Hazards claims up to a sublimit of $100,000 for claims against an insured seeking damages for failure to advise of the existence of pollutants, asbestos, radon or lead and (2) Fair Housing discrimination claims up to a sublimit of $100,000

EXPERIENCED PROFESSIONALS WORKING FOR YOU!

YOUR BENEFITS AS A CAR MEMBER

Become a Partner! Kevin Jackson Director of Business Services kjackson@coloradorealtors.com 303-785-7108

REALTOR® BENEFITS

CTMeContracts, an MRI Software company

First Bank Official Bank of CAR to help REALTOR® customers with their mortgage lending and banking needs.

29% off in first year for electronic contract software.

TaxBot Mileage and Expense Tracker

AMARKI

Members get 2 Weeks free.

A dynamic online marketing tool to increase activities and sales. Free lite version or a discount.

Kaplan Real Estate Education

Alpine Association Benefits

10% off all of your pre-licensing and Continuing Education needs.

Health programs for your medical, dental, and vision needs.

IXACT CRM

Williams Underwriting Group

Organize your contact data and get more referrals. Get IXACT Contact CRM FREE for 5 Weeks!

Real Estate E&O Insurance Additional Coverage Endorsement at no additional premium.

Office Depot/Office Max

IT Please

Members can receive up to 75% off on over 93,000 products.

Tele-Tech support for REALTORS at up to 60% off retail price.

IdentaVault

Exodus Moving and Storage

Identity theft protections for REALTORS®.

Moving your office or office equipment? Exodus can help. Call 800-549-1488

Legal Shield / ID Shield

Blue Social

Legal support for REALTORS® and their families on any topic as well as Identity theft protection.

Blue Social is a digital business card that you can add to your smart phone.

WWW.COREALTORMARKETPLACE.COM

LEARN MORE AND START SAVING ONLINE!

RPAC MAJOR INVESTOR SPOTLIGHT: KRIS MAGBY Who are you in your professional career?

Why did you decide to become a Major Investor?

I’ve been a REALTOR® with Muldoon Associates since 2001. I received a degree in computer sciences, but the economic downturn caused me to shift directions and focus on real estate full time. At first, I started working with a lot of bank-owned properties and foreclosures and learned a tremendous amount about the business in those years. That knowledge has helped me build my business into who I am today and has made me a better REALTOR®.

I’ve always made contributions to RPAC, but it’s been the usual $25 with my dues, $50 here or there for RPAC fundraisers. I knew it was important and I really wanted to contribute. But everything changed for me during this COVID-19 pandemic. I saw firsthand how hard the advocacy arm of NAR, CAR, and my local Association were working to keep real estate listed as an essential service and keep us in business. My broker and his brother are both Major Investors and they’ve always talked to me about becoming one. But what really sealed the deal for me was how hard RPAC and all of the people involved in our advocacy programs worked for us through all of this. Without RPAC, our efforts would not nearly have been as effective as they are today.

I love working with first time homebuyers. Their passion, their excitement, their nervousness…it’s all so fresh and invigorating to me. I recently helped a 73-year-old Vietnam Veteran purchase his very first home, and I’ve never been prouder of a transaction. I absolutely love helping people realize the American dream of home ownership.

So it was easy for me. I researched a bit more about what RPAC does, I called Tess Pickerel at the Pueblo Association of REALTORS® for some direction and guidance, and then I went online and made my contribution. It was easy and it felt like the right thing to do.

Who are you outside of your professional career? I collect animals. I have three horses, two dogs, and two cats currently on my six-acre ranch. I love spending time with my animals. Just being with them, feeding them, hanging out with them is my way of decompressing and dealing with life’s challenges. Nothing is better to me than coming home after a long day and just spending time with my two Thoroughbred/Quarter Horse mixes and my one Paint. They bring me peace.

What would you tell your colleagues about why they should invest in RPAC? I think everyone should do it. If I can put it in very plain terms, RPAC saved our butts not only during this pandemic but beyond and into the future as well. RPAC and our advocacy program are out there fighting for us and working to prevent government actions that would hurt us, hurt our business, and hurt the dreams of our clients and consumers. I strongly encourage everyone to become a Major Investor to RPAC, or at the very least to contribute what you can and do our part to help fight for our industry.

Tell us something interesting about you that people might not expect or know? I’m a bit of an introvert and one of the things that surprises people about me is that I’m a real computer nerd. I‘m a big online gamer. I love spending time playing games like Fallout and Call of Duty just having fun.

Major Investors invest at least $1,000 in RPAC annually. For more information click here. 37

Updated July 13,2020

Colorado Association of REALTORS® RPAC MAJOR INVESTORS 2020

Updated March 6, 2017

NAR Presidents Circle

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

Tyrone Adams, Colorado Association of REALTORS® David J. Barber, Aurora Association of REALTORS® Gary Bauer, Denver Metro Association of REALTORS® Brandon Brennick, Denver Metro Assoc. of REALTORS® Michael Burkhard, Grand Junction Area REALTOR® Assoc. Dale Carroll, South Metro Denver REALTOR® Assoc. Joe DiVito, Denver Metro Association of REALTORS® Amy Dorsey, Vail Board of REALTORS® George Harvey, Telluride Association of REALTORS® Ann Hayes, Grand Junction Area REALTOR® Assoc. Janene Johnson, Grand County Board of REALTORS® Jay Kalinski, Boulder Area REALTOR® Association Keith Kanemoto, Longmont Assoc. of REALTORS®

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

NAR Corporate Ally Program

(Multiple Listing Services voluntarily investing in RPAC) IRES Pikes Peak REALTOR® Service Corp

Pikes Peak REALTOR® Service Corp REcolorado Platinum R - Annual Investment of $10,000+ Pikes Peak REALTOR® Service Corp REcolorado Gary Bauer, Denver Metro Association of REALTORS® Linda Romer Todd, Grand Junction Area REALTOR® Association Pikes Peak REALTOR® Service Corp REcolorado Boulder Area REALTOR® Association Pikes Peak REALTOR® Service Corp Colorado Association of REALTORS® REcolorado

Golden R - Annual Investment of $5,000+ David Barber, Aurora Association of REALTORS® Amy Dorsey, Vail Board of REALTORS® George Harvey, Telluride Association of REALTORS® Keith Kanemoto, Longmont Association of REALTORS® Michael Labout, Pikes Peak Association of REALTORS® John Lucero, Denver Metro Association of REALTORS® Michael Marcus, South Metro Denver REALTOR® Assoc.

Scott Matthias, South Metro Denver REALTOR® Assoc. Chris McElroy, Fort Collins Board of REALTORS® Larry McGee, South Metro Denver REALTOR® Assoc. Ron Myles, Denver Metro Comm. Assoc. of REALTORS® Bonnie Smith, Summit Association of REALTORS® Kay Watson, South Metro Denver REALTOR® Association Grand Junction Area REALTOR® Association

Crystal R - Annual Investment of $2,500+ Karen Frisone, Denver Metro Association of REALTORS® Heather Hankins, South Metro Denver REALTOR® Association John Mitchell, Aurora Association of REALTORS® Robert Walkowicz, Loveland-Berthoud Association of REALTORS®

Sterling R ~ Annual Investment of $1,000+

Updated July 13, 2020

Updated March 6, 2017 David Madone, Royal Gorge Association of REALTORS® Donna Major, Pikes Peak Association of REALTORS® Melissa Maldonado, South Metro Denver REALTOR® Assoc. Tammy Marasia, Denver Metro Comm. Assoc. of REALTORS® Stew Meagher, South Metro Denver REALTOR® Assoc. Robbin Merta, Boulder Area REALTOR® Association Kelly Moye, Boulder Area REALTOR® Association Daniel Muldoon, Pikes Peak Assoc. of REALTORS® Kirstin Muldoon, Pueblo Association of REALTORS® Patrick Muldoon, Pikes Peak Assoc. of REALTORS® Mitch Myers, Aurora Association of REALTORS® George Nehme, Pikes Peak Assoc. of REALTORS® Rebecca Nehme, Pikes Peak Assoc. of REALTORS® Chad Ochsner, Denver Metro Assoc. of REALTORS® Roberto Ortiz, Loveland-Berthoud Association of REALTORS® Mike Papantonakis, Denver Metro Assoc. of REALTORS® Wynne Palermo, Pikes Peak Assoc. of REALTORS® Al Parker, Denver Metro Assoc. of REALTORS® Elizabeth Peetz, Colorado Association of REALTORS® Karen Peirson, Aspen Board of REALTORS® Scott Peterson, Colorado Association of REALTORS® Linda Philpott, Aurora Association of REALTORS® David Pike, South Metro Denver REALTOR® Assoc. Hank Poburka, Pikes Peak Association of REALTORS® Anna Rickenbach, Grand Junction Area REALTOR® Assoc. Gretchen Rosenberg, Denver Metro Assoc. of REALTORS® Crissy Rumford, Vail Board of REALTORS® Ulrich Salzgeber, Steamboat Springs Board of REALTORS® Marcel Savoie, South Metro Denver REALTOR® Assoc Laura Sellards, Vail Board of REALTORS® Christine Serwe, Durango Area Association of REALTORS® John Simmons, Loveland-Berthoud Association of REALTORS® Richard Sly, South Metro Denver REALTOR® Assoc Lynn Snyder Goetz, South Metro Denver REALTOR® Assoc Tami Spaulding, Fort Collins Board of REALTORS® LaDawn Sperling, Denver Metro Assoc. of REALTORS® Steven Thayer, Denver Metro Assoc. of REALTORS® Mark Trenka, Denver Metro Assoc. of REALTORS® Steve Volkodav, Pikes Peak Association of REALTORS® Robert Werthman, Pikes Peak Association of REALTORS® Brenda Wild, Aspen Board of REALTORS® Jim Wotkyns, Durango Area Association of REALTORS® Debra Yund, REALTORS® of Central Colorado Greg Zadel, Denver Metro Assoc. of REALTORS® Sandi Zimmerman, Denver Metro Assoc. of REALTORS® South Metro Denver REALTOR® Association

Tyrone Adams, Colorado Association of REALTORS® David Anderson, Pueblo Association of REALTORS® Brian Anzur, South Metro Denver REALTOR® Assoc Barbara Asbury, Pikes Peak Association of REALTORS® Piyush Ashra, Aurora Association of REALTORS® Richie Averill, Denver Metro Assoc. of REALTORS® Ann Bagwell, Aurora Association of REALTORS® Windy Bailey, Pikes Peak Association of REALTORS® Rebecca Balboni, Durango Area Association of REALTORS® Sunny Banka, Aurora Association of REALTORS® Karen Becker, Aurora Association of REALTORS® Bruce Betts, Pikes Peak Association of REALTORS® Lisa Bikki, Grand Junction Area REALTOR® Assoc. Nick Bokone, South Metro Denver REALTOR® Assoc. Brandon Brennick, Denver Metro Assoc. of REALTORS® Michael Burkhard, Grand Junction Area REALTOR® Assoc. Janna Burton, Grand Junction Area REALTOR® Assoc. Sterling Campbell, Pikes Peak Association of REALTORS® Randy Case, Pikes Peak Association of REALTORS® Kathy Christina, Summit Association of REALTORS® Jacob Curbow, Pikes Peak Association of REALTORS® David DeElena, Aurora Association of REALTORS® Molly Eldridge, Gunnison Country Assoc. of REALTORS® Amanda Erickson, Durango Area Association of REALTORS® Amanda Fein, Denver Metro Assoc. of REALTORS® Angela Fox, Denver Metro Assoc. of REALTORS® Danielle Frisbie, Pikes Peak Association of REALTORS® Bob Fullerton, Glenwood Springs Association of REALTORS® Marjorie Genova, Grand Junction Area REALTOR® Assoc. Micah George, Grand Junction Area REALTOR® Assoc. Heidi Greer, Denver Metro Assoc. of REALTORS® Sheri Griego, Grand Junction Area REALTOR® Assoc. Devan Hall, Grand Junction Area REALTOR® Assoc. Lauren Hansen, Colorado Association of REALTORS® Tina Harbin, Grand Junction Area REALTOR® Assoc. Steve Harder, South Metro Denver REALTOR® Assoc. Ed Hardey, Aurora Association of REALTORS® Chris Hardy, Fort Collins Board of REALTORS® Debi Harmon, Montrose Association of REALTORS® Tyler Harris, Grand Junction Area REALTOR® Assoc. Ann Hayes, Grand Junction Area REALTOR® Assoc. Toni Heiden, Grand Junction Area REALTOR® Assoc. Susan Hendricks, Grand Junction Area REALTOR® Assoc. Mary Ann Hinrichsen, South Metro Denver REALTOR® Assoc. Matthew Hintermeister, Telluride Association of REALTORS® Deborah Howes, Pikes Peak Association of REALTORS® Juli Jacobson, Grand Junction Area REALTOR® Assoc. Janene Johnson, Grand County Board of REALTORS® Jay Kalinski, Boulder Area REALTOR® Association Kelly Kniffin, Durango Area Association of REALTORS® Justin Knoll, Denver Metro Assoc. of REALTORS® Piper Knoll, Denver Metro Assoc. of REALTORS® Pie Konchar, South Metro Denver REALTOR® Assoc Cynthia Kruse, Vail Board of REALTORS® Kevin Kuebert, Vail Board of REALTORS® Betsy Laughlin, Vail Board of REALTORS® Matthew Leprino, Denver Metro Assoc. of REALTORS® Karen Levine, Denver Metro Assoc. of REALTORS® Cheri Long, Aurora Association of REALTORS® Russ Loya, Fort Collins Board of REALTORS® Kevan Lyons, REALTORS® of Central Colorado

Colorado REALTOR Magazine July 2020

Articles inside

RPAC Major Investor Spotlight

The Importance of Real Estate E&O Insurance

Make Moving a Breeze

Busy Professionals Want Answers While Navigating the Pandemic

Expenses

How Financing Can Make or Break a Sale

CAR Continues To Be Vigilant at the Capitol

Colorado REALTORS® Advocate at the Frontlines

The Flight To Quality

Free Tax Webinar

Market Trends Report

From the Chair: Focusing Our Energy