Colorado REALTOR® Magazine November 2021 by Colorado Association of REALTORS

c o lo r a d o

NOVEMBER 2021

REALTOR Official Magazine of the Colorado Association of REALTORS®

CAR Announces 2021-2022 Leadership Page 8

MAGAZINE

Denver’s Bob Bell Named Good Neighbor Award Winner page 31

PLUS: Legal Update: New Loan Deadlines Page 6

John Wendt Honored as the 2021 CAR REALTOR® Of The Year Page 14

Legislative Update: Decisions Are Made by Those Who Show Up Page 18

c o lo r a d o

REALTOR

MAGAZINE

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

c o lo r a d o

REALTOR

MAGAZINE

NOVEMBER 2021:

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

Be Good To Each Other............................... 4 Volunteering for a Better Future................ 5 New Loan Deadlines................................... 6 CAR Announces 2021-2022 Leadership..... 8 Meet 2022 CAR Chair Matthew Hintermeister.............................................. 9 CAR Foundation Update........................... 10 RPAC Major Investor Spotlight................. 12 CAR Leadership Academy: Where are the Now?......................................................... 13 LEGAL UPDATE: NEW LOAN DEADLINES

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.

John Wendt Honored as the 2021 CAR REALTOR® Of The Year.............................. 14 CAR 100 Year Celebration........................ 16 Decisions Are Made by Those Who Show Up.................................................... 18 Congratulations Local ROTYS.................. 21 Market Trends in Colorado....................... 22 Real Estate Snapshot................................ 30 Denver’s Bob Bell Named Good Neighbor Award Winner........................................... 31

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.

Construction Costs & Supply Shortages.................................................. 32 51 CAR Members Selected to Serve on 36 NAR Committees and Boards................... 36 CAR Committee Spotlight: Diversity & Inclusion................................................... 38 CAR Looks to Expand Project Wildfire With Growing Member Engagement................ 39 CONSTRUCTION COSTS & SUPPLY SHORTAGES

The Importance of Proper Healthcare..... 40 Lolo Gifts................................................... 42 CAR Ethics, Arbitration & Legal Hotline: Year-End Round-Up........... 43

Be Good To Each Other FROM THE CHAIR Robert Walkowicz 2021 Chair of the Colorado Association of REALTORS®

s I conclude my year as Chair at CAR, I am humbled by the honor of serving and the friendships I’ve made along the way. This past year has shown that our industry has fortitude in our new normal, and it's given us the chance to celebrate our 100 years as an association. This year, CAR leadership began the work we promised in the strategic framework and plan that we created near the end of 2020. -Advocacy and Outreach: Our Government Affairs team and committees kept us an essential service so we could do business and help our clients find housing, even amidst the pandemic. Our Legislative Policy Committee unrolled its successful Century of Opportunity Legislation during the legislative session. -Our Commitment to Diversity and Inclusion and our committee by the same name started the dialogue so that REALTORS® can be more inclusive in their workplaces and personally. -Communication and Engagement in the Form of the CAR Foundation, which provides grants to organizations to help Coloradoans with disaster relief, housing affordability, and advancing homeownership. By 2023, CAR will continue this work to increase consumer awareness around the benefits of working in a direct relationship with a REALTOR®; provide seamless communications and opportunities in working with all local associations; and create a sustainable way to continue CAR leadership and involvement. I am truly grateful to my leadership team this year for overcoming obstacles and creating paths forward. I’m also thankful that I got to work with CAR staff, who paved the way for us to be successful. My hat is off to Matthew Hintermeister, our incoming Chair for 2022, and his leadership team, who will keep working to complete CAR’s goal of completing its strategic framework goals by 2023. Now, my last thought comes to you in the form of a question: How can you personally build on the successes we had in 2021? I know I will still be working to keep our momentum into 2022 and beyond. Thank you, and be good to each other.

Volunteering for a Better Future

e just finished celebrating our 100-Year Celebration at the Broadmoor Hotel in Colorado Springs. It is safe to say our members really enjoyed themselves. Nothing against the other venues where we have held our previous conventions, but there is something magical about the Broadmoor. Another big reason the celebration was special is due to the success the Colorado Association of REALTORS® (CAR) has achieved as an organization during this past century. One of the main reasons for this success is because of resolute and committed volunteers who helped pave the way.

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

Going into 2022, the real estate industry will be facing various challenges such as protecting private property rights, helping solve the affordable housing crisis, creating more opportunities to be a more diverse and inclusive association, and enhancing the value proposition for Colorado REALTORS® to name a few. Volunteer REALTORS® helped get us this far and now more than ever we need members to volunteer once again to help us achieve even greater success over the next 100 years. If you feel you can lead, attract, and inspire volunteers to achieve their absolute best, you are exactly the type of leader that CAR needs to help make the real estate industry more successful, keep the REALTOR® at the center of the transaction, and position the Association for the future. We have 13 committees and numerous forums and Chair Advisory Groups where you can volunteer your experiences to help develop proactive solutions to the challenges mentioned above and in the future.

Volunteer REALTORS® helped get us this far and now more than ever we need members to volunteer.

The process is simple, all you have to do is click here, select the committee you are most interested in, and then fill out and submit the application. Please note that appointments are complete for Government Affairs committees in 2022, however those of you who are interested in CAR’s legislative activities can sit in the meetings to stay in-tune with our legislative efforts. If you are interested in serving as a 2024 CAR officer - CAR Chair-Elect, Treasurer, District Chair-Elects, and NAR Directors-- click on the link to view the credentials for each position. Applications will be available for Officer positions beginning Wednesday, Dec. 1, 2021. We look forward to your involvement in 2022!

NEW LOAN DEADLINES LEGAL UPDATE Scott Peterson General Counsel for the Colorado Association of REALTORS®

It is a triennial ritual for the very most diligent of Colorado REALTORS®. Like the fervent anticipation of a child on Christmas Eve, the drooling gaze of a dog awaiting a treat, the excited trepidation as the roller coaster attendant confirms that you are locked into the ride, and your anxious pause as you open the front door to your in-laws on Thanksgiving Day… on tenterhooks, Colorado REALTORS® await the triennial delivery of the Colorado Real Estate Commission approved contracts. Well, friends, your wait is over. The 2022 revisions to the Commission approved contacts are available now. (BUT NOT FOR USE UNTIL January 1, 2022!) For those of you who have not already downloaded the redlines, I would encourage you to do so using the link above. It is the best way to visually see each of the individual changes that have been incorporated into the new Contract to Buy/Sell (CBS) forms. Moreover, I would encourage each of you to take a comprehensive contract update course BEFORE THE NEW YEAR. Once the clock strikes midnight on January 1, you will be required to use the new forms immediately. Well, after your New Year’s hangover wears off, of course. As you may imagine, there are loads of changes to the new CBS forms. Some of the changes are what I would describe as “non-substantive” (clerical, clean-up, punctuation, etc.) but there are also a variety of important “substantive” changes. In the interest of calling out my FAVORITE contract modification for 2022, I wanted to discuss the important, exciting, and substantive modification to Paragraph 5 of the new CBS:

PARAGRAPH 5 – FINANCING In the current version of the CBS, Paragraph 5.2 is entitled “New Loan Review” and it provides the Buyer with the ability to terminate the contract if the New Loan is not acceptable to the Buyer (in their sole subjective discretion) based on the loan’s “availability, payments, interest rate, terms, conditions and cost…”. As such, the loan’s objective “availability” (the lender’s approval of the loan/buyer/property) is tied to the Buyer’s consideration and satisfaction with the loan’s “payments, interest rate, terms, conditions and cost” (the loan terms). Because of the loan “availability” (lender approval) component, the “New Loan Review” deadline is commonly the final contingency the Buyer has to terminate the contract and is typically very close to the Closing Date. Based on the “sole subjective” rights that a Buyer has to terminate for “New Loan Review,” it opens the door for the use of the contingency by the Buyer to get out of the contract very late in the transaction. In other words, as the contact is currently written, a Buyer could terminate at the New Loan Review deadline by saying they

Much Awaited: • Holiday House Guests • CREC Approved Contracts

are no longer comfortable with the interest rate or monthly payments (in their sole, subjective discretion) and the Seller is in a difficult position to refute the Buyer’s termination. In my opinion, the broad and subjective nature of this contingency has led to a Seller being unfairly penalized by a Buyer’s late, bad faith termination. Particularly since, in most cases, the Buyer knows their interest rate and monthly payment VERY early in the transaction. In the new, 2022 CBS, Paragraph 5.2 will be splitting loan “availability” (lender approval) away from the buyer’s “subjective” approval of the new loan’s “terms” (payment, rate, conditions, costs, etc.). To accomplish this, the CBS will now have two different dates & deadlines under “New Loan” – Paragraph 5.2.1 (“New Loan TERMS”) and Paragraph 5.2.2 (“New Loan AVAILABILITY”).

NEW LOAN TERMS On or before the “New Loan Terms” deadline, the Buyer will be forced to consider whether the new loan’s proposed terms (the loan’s “payments, interest rate, conditions, and costs or any other loan terms”) are subjectively acceptable to the Buyer. As contemplated, this deadline will likely be set MUCH earlier in the contract than the current loan deadline. Based on federal lending (TRID) requirements, a lender is compelled to generate a Loan Estimate (LE) document within days of a prospective borrower submitting a loan application. The LE document is expected to essentially “mirror” the final, mandatory Closing Disclosure (CD) document that is generated 3+ days prior to Closing. Therefore, a Buyer should have a very clear understanding of their complete loan “terms” shortly after making Loan Application. As such, within days of receiving their LE document, a Buyer will be able to waive their subjective contingencies related to the loan terms and commit

to moving forward based on the loan’s specific terms.

NEW LOAN AVAILABILITY The remaining loan deadline (“New Loan Availability”) will be reserved for the lender’s underwriting and approval process of the Buyer for the new loan. Based on the time frame legitimately required for the underwriting process (appraisal, income verifications, credit worthiness, etc.), the New Loan Availability deadline will likely be the last contingency in most contracts. Unlike the current contract’s loan deadline, however, the Buyer’s subjective consideration of the new loan’s terms will no longer be a basis for their termination so late in the contract period.

WHY? In my view, this modification to the loan contingencies has been a long time coming. One of the most common complaints I receive on the CAR Legal Hotline is from listing agents regarding a buyers very late termination of the contract based on the “loan contingency.” In many cases, the loan is “available” to the buyer but, in their sole, subjective discretion, one of the loan’s terms are allegedly unacceptable to the buyer. The seller and listing broker are understandably frustrated and feel that the buyer’s termination based on “loan” is being used in bad faith, but due to the explicit subjectivity of the current deadline, it is very difficult to challenge the termination’s legitimacy. The New Loan Terms deadline will allow sellers to demand an earlier date for the buyers to make their subjective decisions regarding the loan and seems more reasonable to sellers. I hope everyone has a fantastic Holiday season and avoids the dreaded sigh before opening the front door to Thanksgiving Day guests!

CAR Announces 2021-2022 Leadership The Colorado Association of REALTORS® (CAR) recognizes its 2021-2022 Leadership Council. Matthew Hintermeister, a broker associate at LIV Sotheby’s International Realty in Telluride, Colo., was inducted as chair, a role he will assume on Dec 1, 2021. Working in tandem with the leadership council, he will assist with strategic planning, helping to set the organization’s direction and vision for the coming year. The board’s main responsibilities include leading and coordinating volunteer efforts of the association aimed at maintaining stability in Colorado’s real estate industry, protecting private property rights, supporting efforts for affordable housing opportunities, and providing resources and services designed to help Colorado REALTORS® succeed in their business.

Top officers who will serve with Hintermeister are: Chair-Elect: Natalie Davis, The Evolution Group, Greenwood Village Treasurer: Dana Cottrell, Summit Resort Group, Dillon Immediate Past Chair: Robert Walkowicz, The Group, Fort Collins

Division Chairs Legal & Risk Division Chair: Derek Camunez, RE/MAX Avenues, Denver Member Services: Abbey Pontius, Anderson Realty & Management, Estes Park Government Affairs: Richie Averill, Madison & Company, Arvada

2021-2022 Leadership Council: District Chairs Heather Hankins, EXP Realty, Englewood Jackson Horn, Douglas Elliman Real Estate, Aspen Cher Smith, ERA Tradewind Real Estate, Longmont David Madone, River Street Real Estate, Cañon City Lynn Gillespie, RE/MAX 4000 Inc., Grand Junction

Other Appointments Appointed Past President: George Harvey, The Harvey Team Inc., Telluride AE Representative: Robyn Pale, Telluride Association of REALTORS® Ex-Officio Tyrone Adams (CAR) - CEO

Meet 2022 CAR Chair Matthew Hintermeister At a young age, Matthew Hintermeister knew he wanted to be a part of real estate. He would often go with his parents to see property in his hometown of Oyster Bay, New York, or while traveling around the globe. Now as a 20 year-resident of Telluride, Colo., Matthew was just celebrated as CAR’s 2022 Chair at the 100 Year Celebration, Conference & Expo at the Broadmoor. His love for Telluride began when he and his family vacationed there during his high school years. After he graduated from Phillips Academy and Bates College, he moved to Telluride where he has been a REALTOR® for 20 years; 19 of those spent at LIV Sotheby’s International Realty with Scott Webber and his managing broker, Peggy Raible. “My favorite part of real estate is connecting people to Telluride. Seeing their fresh amazement when they look at the views. It’s what I experienced as a 14-year-old. Helping people find what they need is what I really enjoy.” And the rest, as they say, was written in the stars, atop the San Juan Mountain Range surrounding Telluride. Hintermeister’s REALTOR® life began getting recognized as the 2008 & 2019 Telluride REALTOR® of the year. Matthew is a Past-President of the Telluride Association of REALTORS®, former CAR Mountain District Vice President, CAR Director, and now as the 2022 Chair of CAR. Getting involved in the association leadership was something his mentors suggested. “The first time I came to a CAR Convention at the Broadmoor was back in 2004 as a state Director for my local board. It was rather overwhelming; however, I was able to begin meeting folks from all over our state and get an idea of how this all worked, Hintermeister said. “Thankfully, along the way, I met a few key mentors, Bonnie Smith and Kay Watson, who pushed me to further my involvement both at the state and local level. And of course, our AE Robyn Pale has been a great support. They all told me I would get more out of my profession if I got even more involved.” During his time as Chair in 2021, Hintermeister’s theme is “Moving Forward Together” and he hopes to move past the political divide and represent the REALTOR® party and association. He is a frequent visitor at both Colorado and the U.S. Capitols to advocate for homeowner and private property rights and was appointed to the National Association of REALTORS® Public Policy Coordinating Committee.

“I want us as REALTORS® to remind ourselves about what we are here for. We can debate politics all day long, and argue and dislike one another,” said Hintermeister.” At the end of the day, we should all agree that we are here for nearly 30,000 paying members and they want us to propel and protect the real estate industry.” Matthew recalls the time this all became clear to him. “I had to sit down with a handful of Colorado REALTORS® and a U.S. Representative who I could not tolerate. But in the end, that Representative supported our REALTOR® agenda. You must take the personal beliefs and the political aisles out of the work you do for CAR.” Matthew, who is gay, is proud to be part of a diverse CAR leadership team. “When I see that I’m standing next to the first African American Chair-Elect who’s a woman, (Natalie Davis) and knowing who I am, I’m proud that CAR places a strong emphasis on diversity at the top level.” He added: ‘This has to do with how we interact with each other and our communities. We stand to protect the real property interests of all races, colors, disabilities, familial statuses, sexual orientations, gender identities, and national origins. We cannot overlook or ignore any violation of these people’s rights; we need to continue to protect them every single day.’” Matthew sees this beyond his REALTOR® family. He was recently President of the Telluride AIDS Benefit where he has been a Board member for 16 years. The annual fashion show and fundraiser raised $260,000 to support AIDS testing and research in Telluride; Moab, Utah; and Eswatini, Africa. The most recent benefit raised $260,000 with Hintermeister leading the paddle-raiser at the end of the event. In addition to his dedication to the real estate industry, Matthew speaks both French and Spanish and enjoys all of the outdoor activities that Telluride provides. Gardening, international cultures, and European art and history are also high on his list. He’s looking forward to rescheduling a river cruise with his parents to Vienna along with his three sisters. To contact Matthew Hintermeister, please email him at telluridebroker@aol.com.

CAR FOUNDATION UPDATE

Over 30 Years, the Foundation Has Invested More Than $8 Million in Colorado Communities As the

Colorado Heart Award Winner Matt Robbins with Deborah Shipley

philanthropic arm of CAR, the Foundation’s mission is to support safe and attainable housing, advance homeownership and provide housing related disaster relief.

Turning 30 is an exciting milestone, and the CAR Foundation made a splash to celebrate its 30th year in 2021. At its inaugural fundraising reception, held at the CAR 100 Year Celebration and sponsored by REcolorado and FirstBank, the Foundation met its goal by raising $100,000, with which it plans to make $100,000 in grants to qualified nonprofits. Nearly 300 guests enjoyed networking, a high-end silent auction, exuberant live auction and presentation of the first-ever Colorado’s Heart Award. Thank you to the many donors and supporters who attended and contributed – with your support, the lives of thousands of Coloradans will be impacted! As the philanthropic arm of CAR, the Foundation’s mission is to support safe and attainable housing, advance homeownership and provide housing related disaster relief. Read on for a recap of the CAR Foundation’s year. Over 30 years, the Foundation has invested more than $8 million in Colorado communities. Under the leadership of Chair Deborah Shipley of REcolorado and Executive Director Amy McDermott, who joined the Foundation in January 2021, the CAR Foundation undertook ambitious goals. In April, the Foundation launched its first ever Impact Report, tell-

ing the story of the thousands of Coloradans who were helped by the Foundation in 2020 – more than $350K was invested in Colorado communities, which is a greater than 600% increase from previous years. The increased grantmaking tells a compelling story about the positive impact YOU, our Colorado REALTORS®, continue to have on communities across the state. In 2020, the Foundation touched 4,735 lives – and counting. The Foundation Board embarked on a full Strategic Planning process and approved a 3-5 year Strategic Plan in April. You can read the plan here. Significant operational systems have been put into place that will keep the Foundation stable for the future, including written financial, investment and spending policies; donor database software to track contacts and donations as well as escrow interest and a fully online electronic grant application integrated into the donor database. Additionally, the Board implemented a new committee structure consisting of Engagement, Governance, Finance and Fundraising Committees. Also in 2021, the Foundation launched the Colorado’s Heart Award to recognize REAL-

2021 NAR Good Neighbor Award Winner: Bob Bell

At the Auction: Justin and Piper Knoll

TORS® around Colorado who give back to their communities by volunteering, donating, or leading local nonprofits. The response to a call for nominations was tremendous. A committee consisting of Debra Parmenter, James Pacheco (both past Good Neighbor Award Winners), Katia de Orbegoso, Beverlee Henry, and Tyrone Adams had their work cut out for them, ultimately naming Matt Robbins, REALTOR® from Gunnison, Colorado, as the inaugural Colorado’s Heart Award winner. Foundation Chair Deborah Shipley and Chair-Elect Katia de Orbegoso presented Robbins with his award at the 100 Year Celebration CAR Foundation Reception on Oct. 18, 2021. The following REALTORS® were named Colorado’s Heart Award District Finalists: • Brenda Case, Western District • Tiffany Canady, Southeast District • Sean Dougherty, Northeast District • Bob Bell, Metro District Applications were submitted to NAR’s Good Neighbor Award on behalf of our winner and District Finalists and we are thrilled to share that the Metro District Finalist, Bob Bell, was chosen as a 2021 judged Good Neighbor Award winner! Learn more here. Thanks to a $50K matching gift from the Colorado Association of REALTORS®, the Foundation’s 2021 Grant Cycle is currently underway. 15 organizations submitted first round applications and have been invited to submit full applications. Organizations will be evaluated at the final CAR Foundation Board meeting of the year, and funding will take place prior

At the Auction: Scott Matthias, Chris Djourp

to the end of the calendar year. Join the impact by making your year-end donation to the CAR Foundation now! With your support, the Foundation will continue its mission to help Coloradans achieve safe and attainable housing, learn about home ownership, and receive housing-related disaster relief. Donate here and receive our iconic heart pin with your $100 donation. WHAT’S TO COME FOR THE FOUNDATION? • Board applications are still open and positions are available! Apply here: • The Foundation will launch an Advisory Group in 2022, welcoming REALTORS®, industry partners, past Directors and potential future Directors who would like to provide guidance and connections for the Foundation. Stay tuned for more information. • The Foundation will release its first-ever full Annual Report in early 2022! GET INVOLVED • Become a donor, supporter or connector – introduce us to your network or brokerage. Ensure your brokerage participates in the escrow interest program, by which the Foundation receives the majority of its funding. • Look for the Colorado’s Heart Award cycle to open again for nominations in Spring 2022

RPAC MAJOR INVESTOR

S p ot l igh t

BARB RILEY FIRST-TIME RPAC MAJOR INVESOTR IN 2021 Who are you in your professional life? I’m Barb Riley, a broker associate at Coldwell Banker Global Luxury Cherry Creek. I have 40 plus years of experience in the real estate industry, hav-ing earned my first real estate license in Seattle in 1978. I got my Managing Broker’s license in Colorado in 1981. I hold the CMRS, TRC, MRP, SFR and VA Rep designations. The direction of my business has always been people-based, not geography-based. I’ve sold properties from Firestone down to Larkspur, from Bailey to Bennett, and everywhere in between. I’m also proud to be the incoming Chair of the Board at the South Metro Denver REALTOR® Association. Who are you in your personal life? I love to travel. I made it a goal to visit all 50 states before I was 50 and I did it. I’m also an avid fisherman. I own eighteen fishing poles—from ice fishing gear to deep sea fishing rigs. I also love the outdoors. I feel closest to God when I’m on top of a Fourteener. Finally, the military and service are both close to my heart and in my blood. I’m a daughter of an Army veteran, a sister of an active-duty Army officer, and my grandson’s dad is a disabled Marine veteran. What’s something interesting about you that many people might not know? I was born at a World Heritage Site in Puerto Rico, the 16th century Castillo San Felipe del Morro Fortress that guards the port of San Juan today and is protected by the National Park Service. Why is RPAC important to you? – REALTOR® advocacy made a huge difference in our industry in the ability to stay in business in the last two years. Without advocacy and the backbone that RPAC provides at the state and federal levels, it is unlikely that we would have received the PPP

Grants and other federal aid to help small businesses stay afloat. Similarly, we had to fight to earn “essential” status at the state level when many of our colleagues around the county weren’t so fortunate. With the challenges we face these days at the federal level, our involvement in advocacy is more important than ever. I’m happy to do my part and contribute to RPAC. Notes from a Colleague: “As a REALTOR® who has invested in RPAC for over 40 years, this year, Barb stepped up to become a first-time major investor because she recognizes how detrimental the regulations on our industry could have been during the pandemic without our RPAC advocacy and she sees the true value of RPAC for REALTORS®. Congratulations on becoming a new major investor Barb!” – Bonne Smith, fellow SMDRA member. What do you want to share with those who are considering investing in RPAC? I believe very strongly that every REALTOR® should, at a minimum, be contributing $99 to RPAC, and hopefully more. Our investment is inexpensive political insurance for our business. It protects us and allows us to continue to do business in the future. I want all our fellow members to stand with me and fight for our industry!

LEARN MORE ABOUT RPAC

WHERE ARE THEY A

NOW?

pply today to attend the 2022 Leadership Academy. Classes begin January 20, 2022, focusing on leadership preparation and growing your relationships and referral network. What You’ll Gain: • Mentor meet-ups and leadership guidance throughout. • Media and communications training. • Governance principles and topics. • Legislative information and economic big picture strategy.

SHELBY FOSTER, 2020

MATTHEW LEPRINO, 2017

Current leadership position: 2022 Colorado Young Professional Network State Chair

Current leadership position: CAR Spokesperson and REcolorado Director

“This was a great experience. I learned a lot, gained more confidence, and feel even better prepared for new leadership roles.” – Natalie Davis, 2015 Graduate. Logistics: • Spring Summit and Economic Summit/ REALTOR® Day at the Capitol registration fees included. • Eight sessions (in-person and virtual) over four months at different metro-area venues. • Apply by November 27

JASON WITT, 2019

Current leadership position:2021 Four Corners Board of REALTORS® Board President

• Many applications will be submitted, but this program is limited to 12 REALTORS®. Attendance at all events is required, and the fee is $450.

LEARN MORE TODAY

NATALIE DAVIS, 2015

Current leadership position: 2022 CAR Chair-Elect

JOHN WENDT HONORED AS THE 2021 CAR REALTOR® OF THE YEAR Select members throughout state also honored for distinguished service John Wendt III, managing broker at Coldwell Banker Mason Morse Real Estate, in Carbondale, CO, was named CAR’s REALTOR® of the Year. The award is the most prestigious award given to a CAR member and is a culmination of a distinguished career within the REALTOR® organization— at the local, state, and national levels. In addition to leadership within the association, the REALTOR® of the Year is a person active at the community level and successful in business. A REALTOR® member for 40 years, Wendt was president of CAR in 1993. He introduced CAR’s successful member benefit program, the “Legal Hotline,” which allows REALTOR® members to get legal information to ensure that home buyers and sellers are getting accurate information and fair treatment. He served on Colorado’s Real Estate Commission from 2018-2021. “I’m not aware of a commissioner that has had as extensive real estate experience as John,” said Marcia Water, Division Director of the Colorado Real Estate Commission, Department of Regulatory Agencies. “Not only is he a wealth of information about the mountain market, but he provided us with valuable insight regarding the affordable housing issues that Colorado is facing across the State.” Wendt is instrumental as an educator, often mentoring new brokers in their early years as REALTORS®. Initially, Wendt received his Bachelor of Science in teaching from the Colorado State University. After he became a REALTOR® in the 1980s, he quickly got involved in teaching for the association and developed curriculum for the Graduate of REALTORS® Institute (GRI) accreditation and introduced the Master of Real Estate designation. He’s taught on all subjects at both the state and

Evan Boenning, 2020 CAR REALTOR® of the Year presents the award to John Wendt.

national level, including construction, finance, contracts, risk management, ethics, antitrust and fair housing. He served as an expert witness in several cases regarding real estate professional ethics and wrote legislation that both codified agency law and created the duties of transaction brokers. Wendt founded the Colorado Real Estate Network, a southwest-region Multiple Listing Service that began in Grand Junction, Delta, Montrose, Pagosa and Durango. He also served on the Glenwood Springs Association of REALTORS® Board of Directors as chair in 2009 and 2012. “He is one of our industry’s most requested educators and mentors,” said CAR CEO Tyrone Adams. “His wealth of real estate knowledge and history is a benefit to Colorado REALTORS®.” In addition to honoring Wendt, outgoing CAR Chair Robert Walkowicz presented the association’s Distinguished Service Award honoring outstanding contributions to the real estate industry and the association.

REBECCA COOPER RECEIVES 2021 CYPN OF THE YEAR AWARD

Honorees were: Kati Harken, Keller Williams Realty-DTC, Greenwood Village Sean Dougherty, RE/MAX Alliance-Boardwalk, Fort Collins Deborah Shipley, REcolorado, Greenwood Village Natalie Davis, The Evolution Group, Greenwood Village Kay Watson, K. Watson Properties, Metro Brokers, Englewood Other awards included: Lifetime Achievement Award presented to attorney Kent Levine for time served on the Colorado Real Estate Commission. CAR Government Affairs Political Service Award presented to Denver REALTOR® John Lucero for his tireless support of private property rights, homeownership, and the real estate industry.

Rebecca Cooper, a REALTOR® at milehimodern in Denver received the 2021 Gus Williams Colorado Young Professionals Network’s (CYPN) REALTOR® of the Year award. She was recognized as a young professionals who strives each day to better the industry and their local community. Cooper is a leading real estate broker associate and a founder and director of Beloved. The nonprofit’s mission is to assist people affected by sex trafficking through prevention, intervention, and restoration programs. In addition to the award, CYPN donated $500 to Cooper’s other favorite charity, AsOne Ministries, an organization that addresses poverty in rural, underserved communities in Uganda. “Thanks to Rebecca for her dedication to those who are living in peril and for representing our REALTOR® family,” said CYPN chair Spencer Hellwig, who presented Cooper with the award.

Rebecca Cooper Receives the CYPN of the Year Award from Spencer Hellwig, CYPN Chair.

The Colorado Association of REALTORS® CYPN is a group of REALTORS® who are “young at heart or young in age” and lead the way in the real estate industry and their local communities through educational, philanthropic, and social events. They value education, cultivate leaders, and support local communities. For more information, visit www.coloradorealtors.com/colorado-young-professionals-network.

100 YEAR C E L E B R A T I O N, CONFERENCE & EXPO

Robert Walkowicz presents Distinguished Service Awards to Sean Dougherty, Kati Harken, Deborah Shipley, Natalie Davis, and Kay Watson. He also presented Kent Levine with a Lifetime Achievement Award.

2022 CAR Chair-Elect Natalie Davis presents the Diversity and Inclusion awards to Kentwood Real Estate, Lori Pace, and Elevations Credit Union.

John Lucero receives the CAR Political Service Award from Sean Dougherty.

Decisions Are Made by Those Who Show Up LEGISLATIVE UPDATE

Elizabeeth Peetz VP of Government Affairs for the Colorado Association of REALTORS®

Colorado experienced extremely low voter turnout this year despite being one of the founding states of “vote by mail.”

Colorado was in a rejection kind of mood as election day 2021 went down in the books on November 2. The three statewide ballot measures were defeated by large margins. They would have: given more control to the legislature over federal dollars post pandemic (78), cut property taxes (120), and funded tutoring programs after school for low to moderate income households (119). Colorado experienced extremely low voter turnout this year despite being one of the founding states of “vote by mail” and its public policy that makes it easier to vote, not harder. Just ask Major League Baseball, which moved the All-Star Game to Colorado after a controversial voterrelated law passed in Georgia. Thankfully in Colorado, several important business-friendly public officials won seats and a costly ballot measure for housing was defeated in Castle Rock. Thanks to those local boards who made their voices heard and for stepping up for our industry to make a difference! The national electoral mood was decidedly a return to moderate politicians in some of the biggest races, all while the federal Congress is pursuing a game of chicken between the most progressive politicians who want to increase government programs and the more conservative or pragmatic factions within both parties that have sticker shock on the costs of the Build Back Better infrastructure and socialspending packages. We’ll have to wait and see what 2022 brings, but no matter how you look at it there’s going to be significant activity across every state and Congress after the redistricting map dust has settled. In Colorado we elected (and CAR strongly

supported) instilling a participatory democracy that increases transparency around drawing the congressional and state legislative lines with an independent commission. We will have seats that are competitive for both parties and a new congressional seat based on our population growth over the last century. And that’s not all. In January we will turn the corner into a new season of Government Affairs –the Legislative Session. Election years are not always the best times to find those big compromises, since we see many officials up for re-election or maybe even being drawn into a district with a colleague or opposing party legislator. And the last two years have been the most active in history related to continuous rule-making. All of that sets the stage for a very busy legislative season and CAR will be right there on the front lines working for the real estate industry. We anticipate several pieces of legislation that the Legislative Policy Committee will work on including: short term rentals, continued work to appropriate the federal ARPA housing dollars, definitions of mom and pop landlords, arbitration, green energy and building regulations, wildfire mitigation, water storage, special districts, appraiser and cam regulations, HOA bills, insurance requirements, and commuter regulations related to greenhouse gases to name a few. As you head into the holidays for a well-deserved end to a busy year, remember: “Speech is the voice of the heart” - Anna Quindlen “Decisions are made by those who show up” - President Bartlett, The West Wing TV Show

CONGRATULATIONS LOCAL ASSOCIATION REALTORS® OF THE YEAR FOR 2021 Aspen Board of REALTORS®: Becky Dombrowski – Aspen Snowmass Sotheby’s International Realty Delta County Board of REALTORS®: Myles Roberts, WesternColoradoRealty.com Denver Metro Association of REALTORS®: Steve Thayer, The Thayer Group – Keller Williams Action Realty

Mountain Metro Association of REALTORS®: Cathie Nicholson, Berkshire Hathaway Home Services Elevated Living Pagosa Springs Area Association of REALTORS®: Denise McCabe, Pagosa Brokers Pueblo Association of REALTORS®: Dawn Boyce, Re/ Max of Pueblo

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

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

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

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

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

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

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

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

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

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

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

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

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

Editor’s Note: To honor all associations’ timeframes for award announcements, we will list remaining recipients in the January 2022 issue of Colorado REALTOR® magazine. Please contact Karen Long, klong@ coloradorealtors.com with your entry.

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

MARKET TRENDS

It’s All About That Pace Housing Inventory and Buyer Demand Tug-of-War Rages On, Results in Additional Increases in Median Prices Statewide In most markets across the state, the pace of available inventory slowed in October and was quickly consumed by the insatiable demand that has come to define the Colorado housing market in 2021, according to the latest monthly market data and analysis from the Colorado Association of REALTORS®. “The pace at which homes are selling remains robust, but the dynamic has changed. In the Fort Collins area, 225 new listings came on the market and 256 listings were sold. This single ratio describes the ongoing disparity between supply and demand; more homes sold than came on the market leaving supply well below demand,” said Fort Collins-area REALTOR® Chris Harvey. In Metro Denver, inventory fell month-over-month, with fewer listings available resulting in fewer sales, escalating singlefamily median sales price from $562,000 in September to $570,000 in October. Year-over-year, new listings are down 9.8% for single family and -19.3% for condo/townhomes, sold listings for single family is down a staggering 22.2% and -13.9% for condo/townhomes, and median sales price is up over 14% for single-family and 11.6% for condo/townhomes as eager buyers clamor to pin down an ever-shrinking pool of available homes. “We all know prices are up and ‘affordability,’ well, what does that even mean anymore? It seems the definition can sometimes change from month to month as a relative response to what a ‘normal’ house sells for. That said, we know Denver is no longer the affordable relocation destination it once was,” said Denver-area REALTOR® Matthew Leprino. Statewide, new listings for single-family properties have fallen

INVENTORY OF ACTIVE LISTINGS STATEWIDE - OCT 2021 11,848 7,723

4,938 2,039

-34.8% OCT 2021

OCT 2020

SINGLE FAMILY

-58.7% OCT 2021

OCT 2020

TOWNHOUSE/CONDO

8.1% over this time last year, resulting in an 18% drop in sold listings, causing a related spike in median sales price up 15.4% from October 2020. Townhouse/condo property types have fully recovered from any discernable slump caused by the pandemic and are seeing the same trends as other property types, with a more aggressive 16.9% drop in inventory, 15.6% drop in sold listings, and a 12.4% jump in median price over October 2020. “Townhouse/condos are considered more affordable in Larimer County and I believe this property type is filling a gap in affordability, for now at least,” said Estes Parkarea REALTOR® Abbey Pontius. Mountain resort communities continue to see an influx of outside buyers, pushing inventory to new lows. “The lack of inventory continues to steal the headlines in La Plata County. October single-family new listings dropped 41% from the same time last year. Single-family inventory fell 55% to just over a month and a half supply,” said Durango-area REALTOR® Jarrod Nixon. While the Colorado housing market usually sees seasonal slowdowns during the fall season, REALTORS® across Colorado continue working at a feverish pace as demand marches on. “What seasonal slowdown? After a somewhat typical end-ofsummer market, the housing market must have taken a note from the Broncos playbook – we’re back. With the days on the market averaging just 35 in Boulder and 13 in Broomfield, homes are selling as fast as they did in the spring,” said Boulder/ Broomfield-area REALTOR® Kelly Moye. Taking a look at some of the state’s local market conditions, Colorado Association of REALTORS® market trends spokespersons provided the following assessments:

AURORA “The housing market continues to show high demand in the Aurora and Centennial markets. Inventory continues to be down 50% from last year at this same time. Days on the market in Aurora is down 45% from last year at this time, with the average days on the market at 11 days. Multiple offers and offers over the list price are still very much a reality. If you take a drive out to zip code 80019, near Tower Road and 64th Ave., you will experience a flurry of building from new home builders. With supply chain delays and shortages, builders just cannot build fast enough. Resale homes in the 80019 zip code of Aurora boast at least a 15% increase with the median price of $542,000. Due to the costs of lumber, labor, and materials, new home prices have risen at a much faster rate. “Going to the south, zip code 80016 shows a 48% decrease in inventory of single-family homes at a $735,000 median price, a16.7% increase over last year. Multifamily in 80016 is selling at a median price of $432,500 with only 8 multifamily homes currently available. The 80013 zip code in Central Aurora shows 38 active listings. Buyers better hurry as they only last 8 days on the market and plan to pay a median price of $488,000. “Centennial is just as hot. Inventory is down 50% with only 55 properties on the market. Plan to pay $625,000 as the median price, up 13.8% from last year. “Clearly, the suburbs are still in high demand with buyers looking for extra space for working or schooling from home. Offices and a basement area for a quiet separated space is a common request. Homes that can accommodate additional family members are also frequently requested. Many buyers are anticipating bringing in an elder family member or a return home of the high school graduate,” said Aurora-area REALTOR® Sunny Banka.

be. We have seen more migration from other states than what is typical, and the buyers have money to spend. The supply and demand balance is clearly in the seller’s favor in Boulder. “Attached properties are making a comeback, too, as buyers feel more comfortable in a tighter-knit community than they did last year. Median prices are up about 10% and days on market continue to decline. This market might just drive right through the holidays,” said Boulder/Broomfield-area REALTOR® Kelly Moye.

BRIGHTON/I-76 CORRIDOR “As the fall season continues with nice weather, buyers are still out looking for homes. Out the I-76 Corridor, the market is not showing any signs of softening. In fact, the year-todate average prices are up from January, ranging from 12.4% to 18.7%, depending on the county. Brighton has one of the lower year-to-date average sales price increases of 12.9%, with an average sales price of $531,638. As the growth and affordability along the I-76 Corridor continues to impact both residential and commercial markets, we are slowly seeing this area becoming a suburb of the Denver area. We are seeing new home construction inventory with the many new construction sites around Brighton, Commerce City, and Reunion areas. I have visited multiple new home builder sites and was pleasantly surprised when buyers are offered choices of homes that are in different stages of completion. If you have previously put your new build home buying on hold, you may want to reconsider at this time. Many builders try to push to get their homes under contract before the end of the year. There is still time to get into a new home before the holidays,” said Brighton-area REALTOR® Jody Malone.

COLORADO SPRINGS/PIKES PEAK AREA BOULDER/BROOMFIELD “What seasonal slowdown? After a somewhat typical end-ofsummer market, the housing market must have taken a note from the Broncos playbook – we’re back. The warm fall weather has us feeling a little bit like spring and with the days on the market averaging just 35 in Boulder and 13 in Broomfield, homes are selling as fast as they did in the spring. Broomfield’s market has appreciated 17% and Boulder has risen 23% so far this year. It seems that people who can work remotely have decided that the quality of life in Boulder is where they want to

“It was amazing weather here in the Pikes Peak Region all of October. Very few times in Colorado do you actually get a fall, and this year we were amazed with colors changing on the trees, warm daytime temps, and what most called the best October in recent memory. It is one of my favorite months also because we get to enjoy Halloween. With COVID rules relaxing and parties coming back online, people were out in full force enjoying the socializing. And not only were there some scary costumes and movies, but housing remained terrifying for buyers.

“Here are the amazing facts about our economy nationwide: It is in freefall. Ignore the jobs added report until you subtract that from the first-time unemployment claims to find out that we actually lost jobs. GDP is retracting. Inflation is now knocking on everyone’s door. Gas, food, goods, and services are all up. Interest rates are also up from their lows. If you try to find good news, there isn’t a lot to go around. But through it all, we have housing. I don’t know if this is good news or not. If you are a seller, it is. If you are buying, it is not. Home prices went up 16.8% year-over-year across all properties. Single-family homes were up 18 percent to $450,000 as a median price. “October also brought some of the biggest news to hit real estate in many years. The real estate goliath, Zillow, announced they would stop buying homes for the remainder of 2021, but shortly after announced they would shut down their entire iBuyer business model. They stated it was due to the algorithms not being accurate and paying far too much for homes far too often that left them losing $550 million and now offloading 7,000 homes nationwide. As I look across the national landscape and start hearing about economical slowing, I wonder if Zillow is getting out while the getting is good? Let’s keep in touch and see how we progress into next year, shall we?” said Colorado Springs-area REALTOR® Patrick Muldoon. “In October 2021, the inventory of single-family/patio homes in the Colorado Springs market was 19% higher compared to October 2020, while the sales were down by 5.3%. However, last month we recorded the highest level of year-to-date sales, monthly and year-to-date sales volumes, as well as record-high average and median sales prices compared to any October on record. The year-over-year single-family home sales activity saw a 5.3% increase in the year-to-date sales, 12% increase in the months’ sales volume, 25% increase in the year-to-date sales volume, 18% increase in the average sale price, skyrocketing to $510,180, and over 16% increase in the median sale price ascending to $446,000. “The single-family home sales data shows that during the past 5-years, from October 2016 to December 2021, the monthly sales increased by 30%, year-to-date sales by over 18%, monthly sales volume by 125%, year-to-date sales volume by over 102%, average sales price by over 73%, and median sales prices by over 74%. All of this while, appallingly, active listings declined by 53%.

“Last month, 64.1% of the single-family homes sold were priced under $500,000, while 28.5% were between $500,000 and $800,000, and 7.4% over $800,000. Year-over-year, there was over 63% decline in the sale of single-family homes priced under $300,000, primarily due to the inventory shortage while we had a 42% increase in homes priced between $400,000 and $600,000, over 68% increase in homes priced between $600,000 and $1 million, and a huge 125% increase in homes priced over $2 million. “Buyers generally purchase properties offering competitive values, even in a robust real estate market. Unsurprisingly, even while the listings are at a low level, over 32% of the El Paso County, and over 42% of the Teller County active listings in the Pikes Peak MLS had price reductions. Unequivocally, low inventory and affordability challenges due to ever-soaring prices continue to be the most challenging aspect of the Colorado Springs-area housing market,” said Colorado Springsarea REALTOR® Jay Gupta.

DENVER COUNTY “We all know prices are up and ‘affordability,’ well, what does that even mean anymore? It seems the definition can sometimes change from month to month as a relative response to what a ‘normal’ house sells for. That said, we know Denver is no longer the affordable relocation destination it once was. With that change comes a staggering new price point that quickly alters what we can tangibly calculate as the ‘average.’ The ‘average,’ as it’s known, simply takes all the highs and lows and everything in between, totals them up and divides the total by the number sold - October’s average was $762,038. With that calculation, you get a number that both represents the highs and lows but leaves out a key perspective, what the middle, or the vast majority of homes are nearer selling to. The median, on the other hand, depicts the center of the data and in doing so, represents an accurate metric of what most homes in the Denver market are transacting at. “Last month, Denver’s median for a freestanding home was $605,000. Since February of 2016, the Colorado Association of REALTORS® has tracked both the median and average in Denver and what we see now is a widening gap between the median and average that is coming close to doubling in only 5 years. In 2016, the averaged difference was only $83,703 while in 2020, the number was $139,110. Last month’s data,

October of 2021, saw a difference of $157,083. Going back to what that depicts; it means that either the highs are getting higher or the lows are getting lower (or both), and since we are acutely aware that prices haven’t fallen in some time, this is a direct metric of just how ‘high end’ Denver has become. With a widening gap where an ‘average’ takes in to account the highest of the high prices, we see that not only are the expensive prices getting higher but also that the median or middle homes aren’t growing nearly as fast – and that’s good! A welcome fact for those feeling like they can never enter the market as it currently stands. (Spoiler alert; real estate price always increases up in the long-term. The time to buy is always now.) “While luxury tends of be a more fickle beast and can alter course far faster than the middle, one could predict that this variation won’t last forever. In the meantime, Denver is a luxury destination where 2, 3 and even $15 million-dollar homes do sell. Last month alone, 7 freestanding homes closed above $3 million in Denver - a very far cry from the metro area’s median freestanding home price in February of 2014, just $249,563,” said Denver-area REALTOR® Matthew Leprino.

DURANGO/LA PLATA COUNTY “The lack of inventory continues to steal the headlines in La Plata County. October single-family new listings dropped 41% from the same time last year. Single-family inventory fell 55% to just over a month and a half supply. The median sales price did flatten out for October with just under a one percent increase, a good sign for potential buyers entering the market. “The condo/townhome market is also experiencing incredibly tight inventory levels with sales down almost 50% in October versus last year, again due to a lack of options. The monthly supply in this category is down 74%, with just over a twoweek supply available. “As of today, only 11 single-family homes are currently available in Durango proper. Only 54 single-family homes are for sale in the entire county. The condo/townhome market is even tighter, with just four condos and two townhomes for sale in town. If inventory levels continue to fall over the next couple of months, buyers will be asking Santa for more housing options instead of their two front teeth this Christmas. Happy Thanksgiving everyone,” said Durango-area REALTOR® Jarrod Nixon.

ESTES PARK/ LARIMER COUNTY “As I was driving into the office this morning, piloting the curves and dodging some wildlife, I equated my drive to the last 2 years of my professional life. Diving, dodging, curving, pivoting (that term is so worn out), finding new and creative ways to navigate this market while keeping integrity and grit intact, and educating clients on this fast-paced, arguably overpriced seller’s market. I had even thought to bring out the old cattle prod to scare off any other potential showings, but we know that isn’t the best approach. “Joking aside, REALTORS® in this market are working hard to get their buyers into properties to even see them before putting in an offer (if not already under contract when listed), hoping to not be too late, and hopeful to not be instantly excluded by offering asking price. Inventory is incredibly low, so when clients start looking… it’s like… ‘We can go see the two houses in your desired price range. Don’t worry about a second showing… you need to act now’” “This is not the good old days of showing, second showing, going to bring the ‘pro in the family’, then bringing an offer. Single-family home inventory is down 43.3% from October 2020. Townhouse/condo inventory is down 60.9% from October 2020. Thankfully, I haven’t personally had any clients with buyer’s remorse, but that phrase is becoming more prevalent as the list to purchase time has been slashed. Buyers don’t have the time to think thoroughly and are possibly waiving inspections and other safeguards to sweeten the deal to the seller. “Larimer County is seeing new listings in single family homes down 15.9% from October of last year. Year-to-date doesn’t look as bad, but a 8.1% dip is not a comfortable place when we have such an influx of implants coming to this area. Townhouse/condos are feeling some strain, but not like the single-family homes. Townhouse/condos new listings are down 6.5% year-over-year, however, year-to-date, this property type has gained in new listings 3.8%. Are these repercussions from COVID still leaving folks less comfortable with community living? The numbers don’t reflect that every client looking to purchase is fearful of this. Townhouse/ condos are considered more affordable in Larimer County and I believe this property type is filling a gap in affordability, for now at least. Year-to-date, townhouse/condo sold listings are up 6.1%, but compared to October last year they are down an incredible 23.8%. Single-family homes are seeing a

similar trend. Sold listings are down 26.5% for October 2021 compared to 2020, but the year-to-date numbers say there is a 0.2% growth in overall solds. “With fierce competition, average sales prices have spiked. With an average at $620,823, single-family homes have gained 13.5% from October of last year, year-to-date reflects even more at 15.6%. Townhouse/condos are building in energy as well. The average sales price of a townhouse/condo was $397,462 this year, compared to $337,495 last October, a 17.8% gain. “Days on the market continues to plunge to a tight and feverish pace. I truly feel for the lenders, appraisers and other field workers who help us get to the closing table. Singlefamily homes are sitting at roughly 45 days until close, a 27.4% decrease from last year. Townhouse/condos have gone from approximately 90 days to 61, a 32.2% decrease. Percentof-list price continues to increase with the demand and low inventory. Single-family homes are fetching 102.3% of list price, and townhouse/condos are right alongside at 101.7% of list price received. “This is definitely a seller’s market. Working with buyers has my head dizzy. We will continue to curve, swerve, and be creative to navigate down this crazy road of real estate,” said Estes Parkarea REALTOR® Abbey Pontius.

FORT COLLINS “The pace at which homes are selling remains robust, but the dynamic has changed. In the Fort Collins area, 225 new listings came on the market and 256 listings were sold. This single ratio describes the ongoing disparity between supply and demand; more homes sold than came on the market leaving supply well below demand. The pace has eased somewhat, but the competitive nature of the market remains challenging. Look at June 2021 when 404 new listings hit the market and 350 were sold in that month. Technically, there was a surplus of 54 listings leftover to be sold in July. The pace at that time of the year was certainly competitive with homes selling for well over asking and nearly every home sold had multiple offers on it. “Fast forward to October and you’ll see that because fewer homes have come on the market, fewer buyers have been able to make purchases. Inventory is being devoured at quite a clip, leaving very little ‘left over’. Multiple offers are still quite

common and driving home purchase numbers higher, hence the ongoing increase in median price. In June it was $506,750; in October, the median price for single-family homes tipped just over $511,000. Same market – just more expensive. “Interest rates remain historically low, but buyers are starting to see the writing on the wall as the Fed gave notice that it will begin to taper its purchase of treasury bonds as long as current inflationary numbers begin to decline. Interest rates for mortgages are expected to rise after the first of the year if this scenario plays out. “One other note on the term ‘pace’; the average days on market has dropped by over 28% from last year. Homes in the Fort Collins area were on the market (from list date to close date) for just 53 days on average,” said Fort Collins-area REALTOR® Chris Hardy.

GLENWOOD SPRINGS/ROARING FORK VALLEY “Home sales in the Roaring Fork Valley continue to break all records. Whether you are observing inventory, prices, days on market or affordability, the statistics continue to baffle even the most seasoned agents. Even while new construction projects are coming on the market, inventory remains at what is an all-time low. The single-family sector showed a decrease of 29% in new listings, while the townhouse-condo sector came in at a staggering 48% less than October of last year. Pending sales, which is the most real-time measure of buyer activity, showed a slight increase of 3.2% in the single-family market, but a whopping decrease of 50% in multi-family units. “Median sales prices across the six zip codes observed in this report have gone up 28.2% to $675,000 for a single-family home and 5% to $340,000 for a townhome-condo location. As we know, when buyers have limited product to choose from, they must make their best offer which often means a quick close. This effects days on market and our months’ supply of Inventory. In October, the Days on Market in our singlefamily homes dropped to 34 days, a decrease of 41.4%. The townhome-condo sector showed a reduction of 52.5%, or 38 days. Inventory of single-family homes was at a 1.6-month supply compared to October of 2020 when we had 2.6 months and 2019 when October showed a much more balanced market of 5 months.

“The growing pains we are seeing throughout the Roaring Fork and Colorado River valleys are as apparent in the political environment as they are the traffic. At a recent Glenwood Springs City Council meeting, amid boos and jeers from the public sector, the council voted to approve annexation of a controversial commercial/residential development that would allow an additional 300 housing units to be built in West Glenwood. Later in the meeting the same council approved a 6-month moratorium for any development over ten units,” said Glenwood Springs-area REALTOR® Erin Bassett.

GOLDEN/ARVADA – JEFFERSON COUNTY “With this uncommonly warm weather for this time of the year, you would think there would be more homes on the market and more buyers. However, in Jefferson County it is just the opposite. There are fewer homes coming onto the market and some homes are actually sitting for a bit. The numbers for October do not reflect this observation; from this time last year, days on the market for single-family homes is down to 15 days - a 21% decrease - along with solds, down 11%, and inventory, down 27% year-over-year. This is the time of year for a seasonal slowdown and that must be what we are seeing in the market. “For condos/townhomes, it’s the same story: solds are down 18%, new listings down 4.9%, inventory down 39.7%, and days on the market down 33% from this time last year. There just is not much to look at right now in Jefferson County. The homes that are out there are passed over for either too high of a price tag or because the home is not in good condition,” said Golden/Jefferson County-area REALTOR® Barb Ecker.

GRAND JUNCTION/MESA COUNTY “Mesa County continues to experience lack of inventory and shortened days on market. Our current total of 502 active listings is only a 1.4-month supply, with days on market at 68 days. As a result, activity is down 27.6% with 310 solds. High demand for properties continues, and new construction is under contract often before dirt is even moved as buyers are driving through, talking to subcontractors, and contacting builders directly. Both median and average prices are up, with median up 8.7% for the month to $341,000, and up 15% year-over-year. Average percentages are similar. There are no

indicators of the market really softening and the tightness of the rental market continues to put pressure on sales as renters look to buy,” said Grand Junction-area REALTOR® Ann Hayes.

PUEBLO “The Pueblo market is showing signs of staying very active through the fall months. New listings in October were up 15% over October 2020 and are up 11.2% year-to-date. Even with listings increasing, inventory is still low, leaving less for buyers to choose from. Solds fell 2% from last October but are still up 4% year-to-date to 2,541. The median price was up 13.2% from October 2020 and up 19.9% year-to-date to 280,500. “October is the first month this year that the sale price fell below list price, but percent of list price received was still high at 99.6%. Year-to-date, percent of list price received is still 100.9%, signaling continued high demand of homes in Pueblo. “New home permits are still high at 63 for the month of October. Through October 2021, we are still 67 permits ahead of permits pulled in 2020 and several new builders are pulling new permits. The small increase of interest rates hasn’t deterred buyers from buying, as Pueblo is still an affordable and attractive front-range market,” said Pueblo-area REALTOR® David Anderson.

STEAMBOAT SPRINGS/ROUTT COUNTY “Santa strikes again in Steamboat Springs. Yes, the same mysterious and good-hearted donor who purchased 536 acres (Brown Ranch) in August, just bought 11 acres within the city limits of Steamboat Springs for the Yampa Valley Housing Authority. This parcel could provide around 200 affordable or workforce housing units at a much faster rate than the Brown Ranch. Like the Brown Ranch, this property had entities who had attempted to develop it - even with plans that were approved by the city. However, a water line needed to be routed under highway 40 and earthwork was necessary that was above the normal scope. These challenges (pre-pandemic) made developers waffle on the project and ultimately, they walked away. Now, with the land costs a non-issue, the infrastructure and site work costs are more palatable. Affordable housing has been a hot topic and the message is being heard loud and clear. As the Yampa Valley Housing Authority nears completion

of its third-affordable apartment rental complex and a fourth one slated, these additional developments will provide more affordable opportunities for local residents who desire to purchase real estate in the upcoming years, all of which is essential in keeping diversity in our county. “Looking at stats for the month of October, I feel like a broken record. Probably because the more things change, the more they stay the same. Without new construction inventory, we cannot expect a whole lot of change - new and active listings are significantly lower than last year, and months’ supply is basically the same and sellers are not wavering much, if at all, in their asking price. Historically, as we head into November and December, the market tends to slow as people tend to focus on the holidays. The inventory will continue to trickle in and will get response if priced accordingly to location and

condition. Buyers taking ‘a break’ may miss out on those that stand ready,” said Steamboat Springs-area REALTOR® Marci Valicenti.

SUMMIT, PARK AND LAKE COUNTY “Mountain mud season is a thing of the past. There used to be a time when many mountain locals took vacation and shut down their businesses in October. In 2021, sales tax revenue is up and demand for residential real estate is high. Summit, Park, and Lake counties are an easy escape by car, have lots of recreational opportunities, and have a range of properties at a range of prices for sale. This has kept the buyer demand higher than the availability of homes for sale.

VAIL

“Fluctuation is happening in the amount of sold listings. Summit has fewer residential sales compared with the year before. As of November 8, there are 118 Summit properties for sale. Park and Lake counties have more homes selling than before.

“October was a spectacular month in our mountains. The aspen were in full golden array as fall was coming to an end and the first signs of snow covered the high peaks. The ski mountains are scheduled for a Nov. 12 opening which will kick off our official ski season.

“With fewer properties for sale and inventory remaining low, prices continue to rise as compared to the same time last year. So far, Summit has surpassed the $2 billion in sales volume which beats any full year before. As long as interest rates remain low, demand remains high, and we don’t experience a shutdown, expect mountain real estate prices to rise.

“Back to business as October continued the trend that began in July. Closed sales in units were negative 41.3% versus October 2020 with dollar sales down 6%. Looking at year-to-date unit sales, we are positive 6% compared to 2020. On a dollar basis, October 2021 was minus 6% versus October 2020, and yearto-date is positive 24.3%.

“October 2021 in Summit County, the lowest priced sale was a studio for $345,000 and the highest sale was a single-family home for $5.99 million, both in Breckenridge,” said Summitarea REALTOR® Dana Cottrell.

“The inventory of active listings is the primary culprit for the monthly declines. The active inventory is a staggering -55.8% versus 2020 with the opening price point niches the most severely affected. Looking at inventory by category, single family/duplex is down 35.5% and townhome/condo is negative 71.2%. This puts our months of supply for SF/D at 2.2 months of supply (MOS) -29% and TH/C 0.9% MOS which is minus 80.4% versus 2020.

Oct Average Prices (% change YTD from Previous Year) Single Family

Year to Date

Average Price YTD

Summit County

+30%

$1,903,398

Park County

+28%

$543,728

Lake County

+39%

$497,354

Townhouse / Condo

Year to Date

Average Price YTD

Summit County

+19%

$693,551

“We would normally be looking to the beginning of ski season as an uptick in activity however, unless more product hits the market, we most likely will continue the current pattern of sales. Should we see the normal market trend of increased listings, things may well accelerate once again with the caveat of product hitting all the price niches,” said Vail-area REALTOR® Mike Budd. The complete reports cited in this press release, as well as county reports are available online at: http://www.coloradorealtors. com/market-trends/

REAL ESTATE SNAPSHOT STATE OF COLORADO OCTOBER 2021

MEDIAN SALES PRICE

$600,000 $500,000

Colorado Single Family Homes OCT 2021 ~ $525,000 15.4% OCT 2020 ~ $455,000 YTD 2021 ~ $510,000

$400,000 $300,000 $200,000

Colorado Townhomes/Condos OCT 2021 ~ $390,445 11.6% OCT 2020 ~ $350,000 YTD 2021 ~ $375,000

$100,000

Dec 2019

Mar 2020

June 2020

MORE COLORADO DATA

101.0

1.3%

PERCENT OF LIST PRICE RECEIVED YTD 2021=102.3% YTD 2020= 99.5%

AVERAGE DAYS ON MARKET

-40.0%

0.9

YTD 2021= 30 YTD 2020= 45

Total Market

2021

Single Family

2021

2.1%

PENDING/UNDER CONTRACT OCT 2021 = 11,928 OCT 2020= 11,686

10,054

-41.6%

7,723

-34.8%

Condo

2,039

-58.7%

2020 0

5,000

10,000

15,000

20,000

SOLD LISTINGS Total Market

2021

Single Family

2021

11,241

-17.4%

2020

8,404

-18.0%

2020

2,746

2021 Condo

-15.6%

2020 0

3,000

6,000

9,000

For more data, visit ColoradoREALTORS.com

June 2021

2020

OCT 2020= 1.7

OCT 2021 = 10,892 OCT 2020= 12,151

Mar 2021

2020

2021

MONTHS SUPPLY

NEW LISTINGS

Dec 2020

INVENTORY OF ACTIVE LISTINGS

-47.1%

-10.4%

Sep 2020

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.

12,000

15,000

Sep 2021

Denver’s Bob Bell Named Good Neighbor Award Winner

Denver’s own Bob Bell, Colorado’s Heart Award Metro District Finalist, has been named a National Association of REALTORS® Good Neighbor Award winner. Bob will receive $10,000 for the nonprofit organization he founded, Food for Thought Denver, which provides meals to K-12 grade students who might normally go hungry on the weekends. About 100 volunteers gather weekly to pack “Power Sacks,” bags containing enough nonperishable food to last the weekend, for students in 72 Denver, Aurora and Adams County public schools. Each month, they provide 20,000 bags of food for students’ families for the weekend. Now in its tenth year of operations, Food For Thought has provided nearly 4,000,000 meals to children and their families. It all started near his home in Arvada, when he ran into a teacher he knew. "She told me about these kids at her school at 40th and Federal whose last meal they count on is hot lunch on Friday," Bell said. Now the process of buying, loading, packing and delivering the food begins every Thursday, when Bob and his crew purchase their food from Food Bank of the Rockies. On Fridays at 4:30am, volunteers pack the meals and deliver the Power Sacks to schools by lunchtime. The volunteers use six donated trucks to deliver the meals. The students then take these bags home to their families so they can eat over the weekend. Schools served by the program are those that average a higher than 90% Free and Reduced Lunch population, and in order to mitigate social shame amongst these students, Food For Thought feeds every student in the school. Bob believes kids think better when they're not hungry, hence the organization’s name: Food for Thought. In addition to the organization’s robust charitable mission, it has minimal overhead expenses aside from administrative costs, which board members cover. To help pay for the food, Bell organizes an annual music and food fundraiser called the Rock-a-Belly Festival each summer, which aims to raise $100,000 through ticket sales. To get involved with Food for Thought, contact Bob Bell at milehiproperty@gmail.com, and learn more about the program at https://foodforthoughtdenver. org/.

(SUPPLY) CHAIN OF FOOLS & THE NEWS FOR HOMEBUYERS Construction Costs & Supply Shortages

any words in our COVID vocabulary have dwindled, however, supply chain is and will continue to be pervasive for the months to come. For those of you who somehow haven’t been affected by this system, the supply chain is the process our society has created to get goods from production to our front doors. Computer parts, refrigerators, furniture, toilet paper, and even soy sauce have all been affected in the past year and a half and magnified by COVID-related disruptions. In addition to the scarcity of resale home inventory, inventory overall has been negatively impacted by the construction industry’s challenges in building new homes. Sourcing and affording building materials has hit the building industry hard, slowing the construction of much-needed new inventory for homebuyers. Building materials aside, finding qualified labor to build the homes is an ongoing issue as well, one that predates but has been made worse by the pandemic.

Finding qualified labor to build the homes is an ongoing issue. And at the very end of the supply chain, you will find REALTORS® and their clients. “With supply chain delays and shortages, builders just cannot build fast enough,” said Aurora REALTOR® Sunny Banka. “Resale homes in the 80019 ZIP code of Aurora boasts at least a 15% increase with the median price of $542,000. Due to the costs of lumber, labor, and materials, new home prices have risen at a much faster rate. The main delays for new home construction are finding the materials and the labor. The media has touted increases in lumber prices by 300 percent, but there are many other building materials that have seen up to 50% price increases: In June 2021, this included steel mill products, building paper, asphalt, and plastic pipe. Fertilizer; laminated veneer lumber; resin and plastics; metal joists and rebar; wood windows and doors; and copper pipe were up 40%. Overall, buyers are paying about 30% more for new homes, mostly because these materials are hard to source, according to Ted Leighty, CEO for the Colorado Home Builders Association.

CAUSES AND EFFECTS But what exactly is causing the shortages and delays? Unfortunately, the answers are stacked precariously on top of each other. “As a country, we have relied on Canadian forest lumber whose supply has diminished in recent years,” said Tony Uphoff, president and CEO of Thomas, which provides analysis and tools that reflect the buying process. “Part of the problem is also due to tariffs going up, which resulted in further withering demand in the U.S. due to the increased prices. As a result, Canadian mills began to shut down locations to protect themselves against lost revenue,” he says. He goes on to mention that when we entered the early stage of the pandemic, people working from home wanted more space and took on DIY projects. Uphoff explains, “this exacerbated the demand on an already fragile lumber supply chain, which drove prices to an all-time high.” Steel is another building material feeding the impact. The price of steel went up to 215% in June when compared to last year, according to Fortune magazine, and is also subjected to tariffs in China. Even with these 25 percent tariffs, importing steel is still less expensive that producing it in the United States. Prices are now plunging due to a decreasing seasonal demand from the construction and automobile industries. Asphalt, also up about 50% in price, is impacted mostly due to that old economic principle of supply and demand. In a recent report, UP.com said that during the pandemic, people weren’t driving as much, which resulted in lower

gas prices, and thusly, lower taxes generated. The tax on gas is how the US funds road repairs with asphalt. Since people drove less, the price for gas decreased and in turn, created a lower production of asphalt. Now that people are driving more and using more gas, the U.S. is doubling down on efforts to update its infrastructure, since most of our roads and bridges are declining. One more common problem is finding enough of the materials needed for building. For example, Bloomberg.com reports that aluminum products are hard to find because of shortages of magnesium found naturally in mines, as magnesium is used to help cure the alloys in aluminum. The US mostly imports magnesium from China, which brings us right back to our country’s trade policies and taxes. Although finding these materials on American soil is rebounding, the labor required for manufacturing is not. Hiring workers in the industry has been difficult for some time, though numbers in that sector are trending up. Jobs in the construction trade are also up, according to the US Bureau of Labor and Statistics report about jobs. Construction employment rose by 44,000 in October, following an increase of 30,000 in September. In October, employment increased in nonresidential specialty trade contractors (+19,000) and in heavy and civil engineering construction (+12,000). However, construction employment is still 150,000 workers below its February 2020 levels. Immigration restrictions in the US have piled on top of an already dwindling population of Americans who are willing to go into the trades, such as construction, plumbing, HVAC, and electrical trades. The work Visa application process is complicated and residency lengths are too short.

“True Immigration reform with funding and workforce development programming are the keys to finding a sustainable workforce in the construction industry,” said Leighty.

WHAT’S A REALTOR® TO DO? Time to put on those creative hats and open clients’ minds to new possibilities. In CAR’s November Market Trends report, Brighton REALTOR® Jody Malone says new home builder sites are making some changes in how they sell. “I have visited multiple new home builder sites and was pleasantly surprised when buyers are offered choices of homes that are in different stages of completion. Many builders try to push to get their homes under contract before the end of the year.” Some builders suggest advising clients to consider building on to their current smaller home, trying custom building with reduced square footage, using different materials for building, and purchasing spec or prefabricated homes.

Is it time for some consumers to revisit the historic affordability of townhomes and condos? Unlike the single-family home market, there was a little seasonal slowdown in the condominium and townhome market in Fort Collins, where the October median sales price was a reasonably attainable $350,000. “With so few single-family homes available below the median price, median-income buyers are turning in greater numbers to condos and townhomes where the affordability ratio is at 114%, which relieves a bit of the financial pressure of home ownership,” said Fort Collins-area REALTOR® Chris Hardy.” For now, the struggles for homebuyers continues. One piece of advice from Leighty for REALTORS®: “Tell new construction homebuyers to have patience. Their house will be delivered but there could be delays in getting it finished. Builders are being very cautious about setting realistic expectations for construction schedules.”

Sources: Bloomberg.com, CAR Market Trends, October 2021, Chan-

Some companies are innovating around new types of “prefab” homes. A new company called Stackhouse is taking refurbishing shipping containers and “stacking” them into high-rises that allow for amenities like parking and gyms. The homes can be moved around the country to other Stackhouse sites.

nel 7 Meghan Lopez, Grand Junction Sentinel, Colorado Association of Home Builders, Reuters, Up.com, and US Bureau of Labor and Statistics.

51 CAR Members Selected to Serve on 36 NAR Committees and Boards Congratulations to CAR members who have been selected to serve on NAR Committees and Boards for 2021/2022. Please see below a list of Colorado REALTORS® and association staff listed in alphabetical order by last name.

Janene Johnson: Board of Directors, Broker Engagement Council Keith Kanemoto: Leadership Academy Advisory Group Katelyn Kelley: Consumer Communications Committee

Brian Anzur: Leading Edge Advisory Board

Justin Knoll: Board of Directors, Consumer Advocacy Outreach Advisory Board, Consumer Communications Committee (Chair), Member Communications Committee

Barbara Asbury: Land Use Property Rights and Environment Committee

Piper Knoll: Board of Directors, REALTOR® Party Member Involvement Committee

Windy Bailey: Federal Taxation Committee Sunny Banka: Risk Management Issues Committee

Kristal Kraft: Land Use Property Rights and Environment Committee

David Barber: Membership Policy and Board Jurisdiction Committee

Michael Labout: Leadership Identification and Development Committee (Chair)

Ted Bryant: Board of Directors

Mark Levine: Federal Taxation Committee

Natalie Davis: Board of Directors, Commitment to Excellence Committee, Consumer Communications Committee, Executive Committee, Meeting and Conference Committee, Member Communications Committee, Professional Development Committee, REALTOR® Safety Advisory Committee, Young Professionals Network Advisory Board

Donna Major: Board of Directors, Risk Management Issues Committee

Tyrone Adams: Housing Opportunity Committee

Amy Dorsey: REALTOR® Party Trustees for Campaign Services Committee Sean Dougherty: Professional Standards Committee

Melissa Maldonado: Consumer Communications Committee Janet Marlow: REALTOR® Party Member Involvement Committee Scott Matthias: Local Leadership Idea Exchange Council (Chair) Chris McElroy: Legal Action Committee

Wilhelm Estes: Leading Edge Advisory Board

Larry McGee: Board of Directors, Conventional Financing and Policy Committee

Will Flowers: Housing Opportunity Committee

Ron Myles: Board of Directors

Marjorie Genova: Membership Policy and Board Jurisdiction Committee

Linda Philpott: Board of Directors, Consumer Communications Committee, Member Communications Committee

Micah George: Professional Standards Committee Heather Hankins: Board of Directors, Research Committee Ann Hayes: Board of Directors, RPAC Major Investor Council Mary Ann Hinrichsen: RPAC Major Investor Council Matthew Hintermeister: Board of Directors Loren Hotz: Board of Directors

Hank Poburka: Board of Directors, Membership Policy and Board Jurisdiction Committee Randy Reynolds: Board of Directors, Public Policy Coordinating Committee Robert Rizzuto: Professional Standards Committee

Michael Robertson: Land Use Property Rights and Environment Committee Crissy Rumford: Diversity Committee Weldon Shaver: Commercial Federal Policy Committee

Marilee Utter: Institute Advisory Committee Robert Walkowicz: Board of Directors, Meeting and Conference Committee

Bonnie Smith: Finance Committee

Andrea Warner: Multiple Listing Issues and Policies Committee

Steve Thayer: Board of Directors, Leading Edge Advisory Board

Kay Watson: Board of Directors, Executive Committee, RPAC Participation Council, RPAC Trustees Fundraising Committee

Clarissa Thomas: Conventional Financing and Policy Committee

Greg Zadel: MLS Technology and Emerging Issues Advisory Board

Linda Romer Todd: Public Policy Coordinating Committee Mark Trenka: Board of Directors

CAR Committee Spotlight: Diversity & Inclusion

The Diversity & Inclusion Committee’s purpose is to explore and identify the inclusion and diversity strengths, issues, and opportunities within all aspects of CAR. Up to 50 members meet on the second Tuesday of every month from 9-10 am. Apply to become a member for the 2022 year here. Recently, the committee presented Lori Pace, Elevations Credit Union, and Kentwood Real Estate with its first-ever awards dedicated to Diversity and Inclusion practices in the real estate industry. “These individuals and companies are working hard to make inclusive practices an all-encompassing approach to employee training and company culture,” said Natalie Davis, CAR’s 2021 Diversity & Inclusion Chair and 2022 Chair-Elect . What you can do right now as a person and REALTOR® to support the D&I community? Take the free NAR Fair Haven Simulation Watch the free NAR Bias Override Seminar Read or listen to The Color of Law: A Forgotten History of How Our Government Segregated America, Richard Rothstein, (2018), to better understand how race is integrated into the housing industry via federal, state, and local governments gave rise to and reinforced neighborhood segregation.

RSVP TODAY Immigration & Real Estate Date: Tuesday, Dec. 7, 10:30-Noon Location: In-person - CAR Offices: 309 Inverness Way South, Englewood, 80112 Limited seating. RSVP by sending an email to hkrell@coloradorealtors.com Get an in-depth look at the immigration system, labor shortages, immigration reform, how people are navigating foreign banking and loan chal-lenges, the challenges behind work VISA poli-cies, and resources on how to educate consum-ers, home buyers and sellers about the aspects of home buying. Presentations and discussion will be led by: Joy Athanasiou, an immigration attorney and policy expert. Michelle Ferrigno Warren, a national community organizer with expertise in faith and economic-based immigration policy and advocacy and will feature the perspective of a directly impacted individual in the community.

Sponsored by the Colorado Association of REALTORS® Diversity & Inclusion Committee. Lunch will be provided.

CAR Looks to Expand Project Wildfire With Growing Member Engagement Thankfully, this last year brought Colorado homeowners a smaller and less-intense wildfire season, but CAR’s Colorado Project Wildfire (CPW) is ramping up to contend with a warmer, dryer La Niña winter and the ensuing wildfire risk for property owners across Colorado in the months and years ahead. This year-round, long-term group is comprised of dedicated REALTOR® members from across the state who volunteer their time to help educate homebuyers about wildfire mitigation and resources available throughout their communities. “More than any governmental organization or trade industry, REALTORS® have the opportunity to engage in face-to-face discussions with homebuyers and sellers about these important issues and resources,” says Ulrich Salzgeber, 2021 CPW Chair. “It’s crucial that every REALTOR® and every community pitches in to educate consumers and help save homes.”

place on the Colorado Fire Commission, which has just a few roles on its board for ex- officio private sector members. As a member of CPW, you can: • Be a direct resource for wildfire mitigation to prospective homebuyers and sellers.

"It’s crucial that every REALTOR® and every community pitches in to educate consumers and help save homes.”

CAR initially created CPW in 2015 as a Task Force to help educate REALTOR® members about the risks of wildfire and make community resources available. Eventually CPW members saw the need expand to a yearround effort with a focus on relationships and knowledge of the local organizations, expert sources and resources available to homeowners. Over the past several years, CPW has created and nurtured partnerships with local and state agencies including fire districts, the National Fire Protection Association, the Colorado State Forest Service and the insurance industry association. CPW Committee members’ hard work and dedication in addition to CAR’s lobbying efforts has earned property owners a

• Bring an expert voice in your community by coordinating and promoting local educational programs at community centers, libraries, or other community group meetings. • Use CPW grant dollars to help fund local efforts and give direct access to proven resources, (See the Summit County example) • Work with the CAR lobby team and Government Affairs Division to contact legislators and organizations advocating for property rights.

“There is a need and a way for every REALTOR® who joins CPW to have a seat at the table and make an impact in their community and their business,” says Sarah Thorsteinson, CPW Vice Chair. “It’s critically important that we make the commitment to these issues and help create and implement solutions for ourselves, our clients and our communities.” The next CPW meeting is on Feb. 22, 2022. To get the meeting link, please contact Bridget Garcia, bgarcia@coloradorealtors.com or 303-785-7118. Learn more at www.ColoradoREALTORS.com/projectwildfire

The Importance of Proper Healthcare

Ella - Age 2 By Brady Mullen Apline Association Benefits

Sometimes just a quick opinion from a trained physician can give you the insight you need to know whether it's something that needs further investigation or not.

Emergencies, by Nature, Must Be Handled With Preparation Many Colorado REALTORS® get healthcare through a working spouse, but for many, it’s a significant challenge. All too often, self-employed people settle for a poor plan, an overpriced one, or give up and go without, taking dangerous risks. This is a tragedy and unacceptable. The risk of having a poor plan became real for me twelve years ago, when I was a young entrepreneur and father. My daughter was two years-old at the time, and she started suffering from cold symptoms. Being overly optimistic, and having two sons that had just experienced colds, I was certain she'd go through the cycle and be fine. I was stubborn. I didn't want to pay a provider $150 to hear something I already knew. If I only knew the tradeoff I was making at the time, I would have never done that, but I didn't know what I didn't know.

A couple of nights later, it was obvious this was more than a cold. We took her to a doctor, who promptly insisted we take her directly to the hospital. Her oxygen was dangerously low. The closest hospital was unable to get an IV in her arm, and she was rushed to Children's Hospital, where she underwent an emergency surgery and ten days of rehabilitation to reinflate her lungs that had collapsed to 1/3 their normal capacity. Being two at the time, she was terrified, confused, and in tremendous pain. Her parents, who had always been her protectors, were standing by while strangers were poking her and forcing a strange mask on her face, forcing air into her deflated lungs several times a day - all while a painful hole in her abdomen from the surgery was draining fluid. Words cannot describe the helplessness and guilt I felt seeing our precious toddler in such a state. I felt like it was my fault and shed many tears. This could have all been avoided

had I taken her to the doctor sooner. My whole perspective changed about healthcare after that experience. It forced me to rethink what kind of healthcare plan was right for me and my family. One of the first things I made a priority was access to doctors without punitive costs. Once direct primary care (DPC) became a thing, I jumped on that right away! This is the exploding medical business model where one monthly cost gives you access to unlimited primary care from that provider. Sometimes just a quick opinion from a trained physician can give you the insight you need to know whether it's something that needs further investigation or not. This would have been a game-changer for my daughter. The next priority was to think realistically about my deductible and max out-of-pocket. It was $13,000 at the time, and I figured if there were an emergency health issue, I'd deal with that cost. This was unrealistic from the sense that $13,000 is a painful amount of money, which causes hesitation when medical intervention may be needed. Shouldn’t a threat to our health (or the health of a family member) be the last thing we hesitate about? Lastly, I personally dropped the illusion that bad things only happen to other people. Statistically speaking, nearly all of us will need expensive medical care eventually. Unless you fall overboard on a cruise ship from too many margaritas,

and your body is never found, you will have expensive medical needs someday. Emergencies, by nature, must be handled with preparation. You can't put your seatbelt on when an accident is imminent. You must do it when it feels least natural - when things are safe and calm. This experience has given me the passion and insight to help others who must navigate an overly complex system with their most valuable asset at stake - their health and the health of their families. We have worked for several years now with the Colorado Association of REALTORS® to help provide a suitable option. At first, providers were not willing to negotiate and offer much, but as we got more and more members enrolled, things gradually improved. Benefits got more comprehensive, while costs remained surprisingly affordable. As of September, 2021, the plan is more comprehensive than it's ever been, and the cost is surprisingly affordable. If you've seen some of the previous options and thought they were not right for you, or if you're just now learning that CAR makes this option available to members, check out the videos, FAQ's, and other resources at www. AlpineAssociationBenefits.com.

Engagement Marketing Leads to Higher Production

It seems like a no-brainer; using marketing/engagement tools will increase your production. But sometimes, we let life get in the way - be it a lack of time, lack of funds, or lack of resources. Too often our marketing plans are the first thing to slide. We hope that seeing the impact of engagement marketing in the form of concrete numbers will help you rethink the need to prioritize a plan for engaging your sphere of influence. We partnered with Beverly Hanks and Associates in Asheville, NC to examine the production levels of their agents over a 9-month span. They tracked each agent and whether or not they used any type of marketing/engagement tools and then compared their production (volume) levels. The results came back as you would expect. Agents who didn’t use any type of marketing/engagement tools served as the baseline. Those agents who used these engagement tools had a 93% higher median production. Let that sink in93%! Coupled with the industry numbers of how people choose their agents (over half of buyers and sellers find their agent from a repeat sale or referral) it is critical to maintain constant engagement. If they don’t remember you, can they use you for their next transaction or referral? There are lots of different marketing tools and engagement strategies out there that you can use to stay top of mind with your contact list. Putting together a marketing “recipe” with “ingredients” that enhance each other’s flavor and create a better dish will improve your business. The stats simply don’t lie.

Finding tools that you can put on autopilot, running in the background while you handle the everyday business needs, will make your life easier and will help grow your business pipeline practically while you’re sleeping. When you hit the right combination, you’ll be connecting with your contacts in a fresh way that keeps you at the forefront of their thoughts when they or anyone they know has a real estate need. If you’re looking for a great autopilot tool, then look no further than LoLo’s Local Gift of the Month. In our study, while we found that those using any kind of marketing had a 93% higher median production, those agents who added LoLo and the Local Gift of the Month to their plan saw a 205% higher median production than those using no marketing tools at all. You can learn more about LoLo and the Local Gift of the Month at www.lolo.gifts.

2021 CAR Ethics, Arbitration &

Legal Hotline: Year-End Round-Up

LEGAL HOTLINE •Number of Calls Increased 20% in the Last 18 Months •Receives about 36 calls per day (over a 6-hour period)

calls per day

legalhotline REALTOR®

•30% Earnest Money Disputes •20% Failure to Disclose Issues •20% Contract, State Forms Clarifications •5% Covid Restrictions/Rules •25% MISC.

ETHICS STATS • 45 Ethics Complaints Received • 5 Citations Issued • 13 Ethics Hearings Held • 2 Appeal Hearings Held Most violated Article so far this year: Article 12, Present a True Picture in Your Advertising and Other Public Representations

ARBITRATION STATS

45 complaints

MOST COMMON ETHICS COMPLAINTS: • Protect and Promote Your Client’s Interests, But be Honest with All Parties. • Avoid Exaggeration, Misrepresentation, and Concealment of Pertinent Facts. Do Not Reveal Facts that are Confidential Under the Scope of Your Agency Relationship. • Be Knowledgeable and Competent in the Fields of Practice in Which You Ordinarily Engage. Obtain Assistance or Disclose Lack of Experience if Necessary.

• 12 Requests for Arbitration Received • 6 Arbitration Hearings Held • 2 Procedural Review Hearings Held

And finally, did you know? HELP KEEP YOURSELF UP-TO-DATE ON EVERYTHING LEGAL BY WATCHING CAR'S LEGAL BITES ON YOUTUBE 43

Colorado REALTOR® Magazine November 2021

Articles inside

Lolo Gifts

Market Trends in Colorado

CAR Committee Spotlight: Diversity & Inclusion

The Importance of Proper Healthcare

CAR Looks to Expand Project Wildfire With Growing Member Engagement

Construction Costs & Supply Shortages

Denver’s Bob Bell Named Good Neighbor Award Winner

Decisions Are Made by Those Who Show Up

RPAC Major Investor Spotlight

John Wendt Honored as the 2021 CAR REALTOR® Of The Year

New Loan Deadlines

CAR Foundation Update

Meet 2022 CAR Chair Matthew Hintermeister

Volunteering for a Better Future

Be Good To Each Other