2022 CAR Fall Forum Page 7 Instagram Marketing, How You Really Get Results Page 12 July Teases the Start of a New Real Estate Game for Second Half of 2022 Page 18 Official Magazine of the Colorado Association of REALTORS® c o l o r a d o RE ALTOR® MAGAZINE AUGUST 2022 PLUS: The Next 30 Years of Impact Starts Now Page 10
3 12 INSTAGRAM MARKETING, HOW YOU REALLY GET RESULTS AUGUST 2022: Chair Message: Listening and Working Together: That’s Who We ‘R’ .............................................. 4 CEO Message: What’s Keeping You Up at Night? ................................................................ 5 CAR Photo Highlights ........................................ 6 2022 CAR Fall Forum ......................................... 7 Notes From a Mortgage Professional: Mortgage Rates vs. Interest Rates ...................................... 8 The Next 30 Years Starts Now - CAR Foundation Update ............................................................. 10 Instagram Marketing, How You Really Get Results .............................................................. 12 Professional Videos for REALTORS® ................ 14 Grab Some CE’s Right Before CAR’s Fall Forum! .............................................................. 15 AE Spotlight on Amanda Erickson and Ulrich Salzgeber ......................................................... 16 July Teases the Start of a New Real Estate Game for Second Half of 2022 ................................... 18 Real Estate Snapshot ....................................... 27 Colorado Real Estate E&O Coverage ............... 28 Looking for a Few Good Leaders ..................... 30 Hidden Gems - Event Updates ......................... 32 CAR Legislative Review.................................... 34 Diversity and Inclusion Awards ....................... 36 The COLORADO REALTOR® is published by the Colorado Association of 309REALTORS®Inverness Way South Englewood, CO 80112 (303) 790-7099 or 1-800-944-6550 FAX (303) 790-7299 or 1-800-317-3689 EDITOR: Lisa Dryer-Hansmeier, V.P. of Member Services: lhansmeier@colorado WRITER:realtors.comKaren Long, Communications Manager, you,reachabidepetenceTheNationalisteredTheanygiventhecreditthethistoThistheticlesherein.pletenessresponsibilitymakesTheColoradotheindicatebyorunsolicitedassumesThemonica@coloradorealtors.comMarketingDESIGNER:klong@coloradorealtors.comMonicaPanczer,CreativeSpecialist:ColoradoAssociationofREALTORS®noresponsibilityforreturnofmanuscripts,photographsart.TheacceptanceofadvertisingtheColoradoREALTOR®doesnotapprovalorendorsementofadvertiserorhisproductbytheAssociationofREALTORS®ColoradoAssociationofREALTORS®nowarrantiesandassumesnofortheaccuracyorcomoftheinformationcontainedTheopinionsexpressedinararenotnecessarilytheopinionsofColoradoAssociationofREALTORS®.isacopyrightedissue.PermissionreprintorquoteanymaterialfromissueisherebygrantedprovidedColoradoREALTOR®isgivenproperinallarticlesorcommentaries,andColoradoAssociationofREALTORS®ispropercreditwithtwocopiesofreprints.term“REALTOR®”isanationalregtrademarkformembersoftheAssociationofREALTORS®termdenotesbothbusinesscomandapledgetoobserveandbyastrictCodeofEthics.ToaCARdirectorwhorepresentscallyourlocalassociation/board. MAGAZINE c o l o r a d o RE ALTOR® 18 MARKET TRENDS IN COLORADO FOR JULY c o l o r a d o RE ALTOR® MAGAZINE
When I asked him about the award, he, of course, was very humble and had no idea he was a nominee.
Moving Forward Together is a theme I started at the beginning of my term as CAR Chair, and I hoped to promote and encourage that among all of you, the profession at large, and the legislature.
I’ve come to find out I haven’t had to work very hard at this goal—our asso ciation is already doing it!
Listening and Working Together: That’s Who We ‘R’
NAR keeps the decision-making process surrounding this award pretty quiet. But when I saw this announcement, I knew exactly why Tyrone won. He is an active listener and problem solver. Both CAR and our strong local associations are a united front in our Colorado real estate industry through education, professionalism, and advocacy across that state.
“I am a firm believer in collaboration. This industry is too big and too uncertain to deal with the challenges it presents alone,” Tyrone said.“You can see how impactful we are as association professionals when we work together in the spirit of the threeway agreement. Iron sharpens iron!”
As I end the last quarter of my term as CAR Chair, we are still Moving Forward Together as we set our sights on growing as an association as our industry continues to grow and change. Thanks to all REALTOR® volunteers and leadership for their contin ued work in building our strong association.
FROM THE 2022 CAR CHAIR Matthew Hintermeister
First off, CAR members and leadership are meeting Oct. 16-19 in Snowmass for the annual Fall Forum. I’m pleased to announce that brother jeff will be a keynote speaker. He is a multimedia journalist, historian, and community organizer who lectures nationally about subjects including cultural identity, diversity, self-empowerment, community building, economic development, health disparities, and the uniting power of art. I’ve had the chance to work with him several times as a Telluride community leader, and he will have an impactful message about our power to help others into Ourhomeownership.LegislativePolicy
When I asked our CAR leadership team’s Association Executive Representative Robyn Pale what she thinks about Tyrone re ceiving this award, she said,“AE's and I respect Ty for his genuine character, capacity to listen, willingness to find solutions. We appreciate his determination in protecting the REALTOR® organization”
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What I’m most pleased to announce is that our own CEO Tyrone Adams has won an award. Yes, he wins many awards, but this one is special in that it shows us moving forward together. He has been inducted into NAR’s 2022 Smith Society, which is also known as the Dr. Almon R. (Bud) Smith, RCE, AE Leadership Society. He is being recognized as a leading contributor to the industry and the profession, by advancing the purpose of the local, state, and national associations. Through his leadership, he has benefited the organization, members, and AEs.
Committee just released the 2022 Legislative Review on the many successes of the Colorado General Assembly earlier this year. The committee and our Government Affairs team have been an integral part in making sure Colo radoans have access to affordable housing.
Tyrone Adams
What’s Keeping You Up at Night?
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membership? According to the National Association of REALTORS®(NAR), over 85% of REALTORS® never make it past their fifth year in business. As a REALTOR® association, we continue to look for opportunities to adapt to industry and brokerage changes and better support our members. Our core benefits and opportunities are Professional Standards services, the Legal Hotline, Research through our Market Trends data program, Professional Development classes, the CAR Foundation, bro kerage programs, products and services partners, and Political Advocacy. We will continue to work on providing additional tangible tools and resources for members to use in their daily business. If there are tools and services you want or need for your business, please reach out to let us know. You can contact Angelika Jones, Director of CAR Business Services, at ajones@
FROM THE CAR CEO
• Membership Numbers Continue to Climb? Can someone explain to me why, with our current real estate market, CAR has more than 30,000 members and real estate school classes are as full as ever? How much longer will we enjoy such a robust
Can you believe how fast 2022 is flying by? Before you we know it, we will be at our Fall Forum in Snowmass, October 16-19.
It’s no wonder that with time whizzing by, I think about the ever-changing, unpredictable real estate world. One of the things I like to do when I’m kept up at night by this is to write down what’s in my thoughts. The following are just a few things that I want to share with you.
Path to Homeownership - Where can we help the most with the affordable/attainable housing challenges in Colorado? Our Government Affairs division and committee volunteers continue to do a tremendous job annually in an area that is one of the main reasons we exist, yet one of the most under-appreciated. Learn how your association advocated on behalf of Colorado REALTORS® 2022. Another tool to share with your community is the First Time Homebuyers Savings Accounts that Colorado Legislature passed in 2016. This is an excellent way for consumers to plant the seed for homeownership in the future.
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•ColoradoREALTORS.com.
• What if DOJ lawsuit succeeds? - NAR is in the midst of another lawsuit. In this case, plaintiffs are raising questions about how commissions are paid, claiming that because of NAR’s MLS rules, home prices are higher. As you are likely aware, in April, a federal judge in Missouri granted class certification to the lawsuit. NAR is fighting this for the second time and feels strongly they will win this case again, too, pointing out that the reason this practice has worked so well for so long is because it pro vides the greatest economic benefit for both buyers and sellers, creating greater access and equity for buyers—including first-time and low- to middle-income buyers—and enabling small business brokers to compete with larger brokers. There is no question that NAR will continue to fight hard on behalf of organized real estate. We have seen this over the last few years and have learned that if anything, a good outcome is possible even when you think it isn’t. If the lawsuits are successful, what will it mean to the real estate industry and the REALTOR® Associations? As associations, we must show our value proposition is relevant outside of the MLS. In addition, you as REALTORS® must start telling consumers why you chose this career and your value to helping them have a smooth and successful transaction. If we don’t, others will continue to write the narrative for us - for better, worse, or indifferent.
From the CEO from 5...
• Cost of Doing Business - As we all know, inflation continues to climb and is expected to climb even high er by the end of the year. At the time I drafted this ar ticle, inflation was at 9.1%. The cost of doing business in 2023 is expected to be 8.8% higher than 2022. We see the effects it is having on running the CAR offices, and this made me think about the members and their small businesses. Some ways CAR is trying to battle inflation is through focusing on cash flow, automating processes, and whenever possible, looking for inefficiencies by taking a closer look at our programs, subscriptions, and service contracts. For members, this is an excellent time for you to revisit or visit the benefits you are offered as a REALTOR® at your local association, CAR or NAR. As a REALTOR® Association, we will continue to look for ways to make CAR run more efficiently and look for opportuni ties to help you be more efficient in your business. What’s keeping you up at night, and what are some of the solutions you are doing to help resolve them? After all, we all need and deserve to have a good night’s sleep.
Tyrone Adams at the AE Symposium
NAR Leadership Summit. Leadership Meeting at the CAR Office. Wine tour at the AE Symposium.
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6 CAR PHOTO HIGHLIGHTS
Tyrone Adams and friends at a HUD event.
Scott Peterson and Natalie Davis film an upcoming Inaugural skit. NAR Leadership Week.
RPAC Reception recognizes top RPAC Investors, with drinks, appetizers, and a chance to win a $500 gift card. Cost to at tend: $25 a ticket, which goes directly to RPAC. All completed 2022 Major Investors get a free ticket. Place
CAR Foundation Dinner, Boots & BBQ a lively dinner event to celebrate our Colorado’s Heart Award winners, and an auc tion to raise funds to continue to support communities state wide.
Keynote brother jeffRisk RouletteEnergizing Speakers Daytime Emmys at the Inaugural
-Networking Lunch – REALTOR® Clue: Discover valuable RE ALTOR® tips by playing this fun game and eating a delicious boxed lunch with colleagues. You could win a prize valued at $250 or more.
AT THE MEETINGS:
-Strategic Think Tank: Chair Nobu Hata will moderate a panel with industry leaders Shannon King, Charlie Oppler, Kenny Parcel, and Tommy Choi, exploring the future of the brokerage and real estate. The panel will include interactive conversations around sustainability, community, leadership, and the future.
-Keynote Inspiration from brother jeff, a multimedia jour nalist, historian, and community organizer.
See Complete Agenda Here
CAR Inaugural Dinner a “Daytime Emmy Awards” themed dinner. We celebrate past leadership, meet the new team, and announce the CAR REALTOR® of the Year and Distinguished Service awards.
-MLS Current Trends will feature solutions MLSs are imple menting across the nation to create a better experience for real estate agents. The discussion will also feature antitrust laws – what they are and why they are important.
7 2022 FALL FORUM Learn More About CAR Fall Forum>>
-Risk Roulette: Join us for an epic game of Risk Roulette at the Risk Management session! See what topics pop-up with our four legal minds on various challenges occurring in the real estate industry.
-Mountain District-Hosted Welcome Reception: A warm welcome for all CAR members at this fun reception.
FUN EXTRA EVENTS (Requires advance ticket purchase)
Get Your Networking, Meetings, and Fun REALTOR® Events –All in One
When the Federal Reserve raised interest rates in June and July of 2022, there were two rates that they increased. The Federal Funds Rate is typically known as the rate at which banks and the Federal Reserve lends money to other banks on a very short-term basis. The other type of rate raised was the Prime Rate, which is much more tied to car loans, student loans, and credit cards, but NOT to mortgage rates.
WHY THE CONFLICTING MESSAGES?
Mortgage rates are determined by the Mortgage-Backed Securities Market and these securities are bonds. Some people think it is based on the 10-Year Treasury, and that is not the case. As you may know, bonds are investment securities that are secured or guaranteed by something, whereas stocks are a sheet of paper that state you own a fraction of a given company and nothing more. Since Mortgage-Backed Securities are sold as bonds, they are considered a much safer investment tool and have a much lower likelihood of default or losing money. Based on that added security
INTEREST RATES
Firelight Mortgage, Board of Directors at the Colorado Mortgage Lenders Association
WHAT REALLY HAPPENED?
By Mathew President/OwnerSchulzat
8 NOTES FROM A MORTGAGE MORTGAGEPROFESSIONAL:RATESVS.
There have been three main factors driving our economy since the beginning of the year: an impending recession, Omicron, and INFLATION. We have all felt the pain of inflation at the pump recently and a gallon of milk now might as well cost the same as a month of rent. SO, INTEREST RATES WENT UP?
June 13, 2022: Stop the presses, hold the phones, the Federal Reserve will be increasing interest rates tomorrow, lock in your mortgage rate before it’s too late! Six weeks later: Mortgage interest rates have fallen by more than 1%. We’ve all heard the ads and seen the news stories. And you may have found that your clients are more confused now when seeking a mortgage for their home purchase. Here’s an in-depth explanation to the rising/falling interest rates we keep hearing about.
Mortgage-Backed Securities are investments, just like the stock market, there are a multitude of factors that can impact the price at which these bonds are being bought and sold. On a side note, as bond prices increase, mortgage rates decrease. As bond investors are more motivated to buy bonds, their prices will inevitably go up. When the Fed is taking steps to curb inflation, this is a motivator to bond investors incentivizing them to pay more for a bond.
It is then my job as the loan officer to ensure this is indicated in my pre-approval letter. I like to proactively reach out to the listing agent on every transaction my clients offer on to sell that point to the listing agent.
Since bonds don’t pay out much money in the first place, when the inflation rate is high, bonds will technically pay the investor even less money over time. So, when the Federal Reserve announces in their monetary (economic) policy that the reason they are raising the Federal Funds Rate and the Prime Rate is in an effort to curb inflation, bond investors love this! If the Federal Reserve can tone down inflation, the bond investor’s investment can make them more money. When purchases of bonds increase, the corresponding yield falls, and so do mortgage rates. When the economy is expected to do well, investors jump into stocks, forcing bond prices lower and pushing the yield (and mortgage rates) higher. Bond investment is up! Therefore, mortgage rates have fallen in the past six weeks. The opposite can also occur when the Federal Reserve is cutting their rates.
NOTES FROM A MORTGAGE PROFESSIONAL: WIN MORE PURCHASE TRANSACTION OFFERS
Two key critical points; in theory, a PIW can be lost through the underwriting process. If this happens, it tends to be loan officer error. When it comes to automated underwriting, the adage “Junk In, Junk Out” rings true. It is very important that the information being submitted to automated underwriting is accurate, especially when it comes to the property details.
The second very important point is that if the purchase price is countered to a higher price, it is important to re-run findings at the higher price to ensure that the appraisal waiver holds at the higher “proposed price.”
I try very hard to reiterate this point to agents, but it has happened to me on more than one occasion that a counter is presented and accepted with a higher price without consulting me, and when I run it at the higher price, I inevitably have lost the waiver. This creates the uncomfortable conversation about how I wasn’t consulted and no longer have the waiver, upsetting the seller and their agent.
Does your preferred lender run Fannie Mae and Freddie Mac’s automated underwriting systems prior to you submitting an offer on a property? Of course, they should be doing this at the very beginning of the pre-approval process, but are they running it on each individual property?
Mathew Schulz, CML, is the President of Firelight Mortgage Consultants in Greenwood Village, Colo., a mortgage company that he has owned for 15 years. He is also a board member and past president of the Colorado Mortgage Lenders Association. You can reach him at mschulz@ FirelightMortgage.com. Matthew provides a regular look into the market called MMG Weekly. Click here if you’d like to subscribe.
The beauty of a PIW is that the borrower is not “waiving” their appraisal, an appraisal is simply not needed in the first place. When this occurs, the selling agent writing the offer may leave all appraisal deadlines empty in the purchase contract. This can be a major selling factor, making a “loan” offer appear more like a “cash” offer.
As many of you know, part of running automated underwriting is to determine if an appraisal will be needed to complete the transaction on a given property. Both Fannie Mae and Freddie Mac are offering Property Inspection Waivers (PIWs), using confusing verbiage as it truly means a Property “Appraisal” Waiver. By the rule, a borrower purchasing a primary or secondary residence up to an 80% loan-to-value or a 20% down payment is eligible for a PIW.
9 to the investor, they also tend to pay out at a much smaller rate of return compared to stocks.
Colorado REALTORS®, the CAR Foundation is YOUR charitable arm of CAR, and grants to programs helping Coloradans get a safe and stable roof over their heads are ultimately made pos sible only with YOUR support. The next 30 years of CAR Foun dation impact starts NOW, and we need your help. With prices of homes and rent skyrocketing and inventory at historic lows, finding secure housing in Colorado has reached crisis point for many people. We know that communities across the state are struggling and need our support. Many Coloradans lack access to emer gency housing or long-term housing that they can afford, or Romi and Tripp playing outside of their new home.
10 continued on next page THE NEXT 30 YEARS OF IMPACT STARTS NOW
CAR Foundation grants have helped Coloradans like Cat, Ed die, and their two boys, Romi and Tripp, who were accepted into the Mile High United Way’s Personal Investment Enter prise program, which is funded by the CAR Foundation. In the program, they learned how to budget, save, and qualify for a mortgage. And after three years of saving, they were able to purchase their own home. The stable footing that own ing their own home provides will bring generational change within their family. “We’re extremely grateful for all the help that we had throughout the process,” Eddie said. “We want to pass [the house] on to [the boys] and let them have a home without worrying, and it’s just really cool to get to do that.”
W hen the CAR Foundation was founded in 1991, as the Colorado Association of REALTORS® Housing Opportunity Foundation (“CARHOF”), the average monthly rent in the U.S. was $495, and the average cost for a new home in Colorado was around $82,500. A gallon of gas cost $1.12, the U.S. Military launched Operation Desert Storm, Dances With Wolves won the Oscar for Best Picture, and the World Wide Web went live for the very first time. A lot can change in 30 years (although ‘90’s fashion seems to be back!). The median cost of a home in Colorado has in creased by more than 394% since 1991. One constant has been the CAR Foundation’s work to help Coloradans find safe and attainable housing, achieve homeownership, and recover from natural disasters. In fact, CARHOF, the CAR Education Foundation, and now the CAR Foundation have helped more than 87,643 Coloradans in 30 years, by investing $8,735,426 in Colorado communities through grants. (Learn more in the CAR Foundation’s 30 Year Impact Report.)
11 they need education about how to best prepare for homeownership. Wildfires and other potential disasters can occur with out warning, and the CAR Foundation is committed to aiding our neighbors state wide when that happens. With your help, the CAR Foundation can continue to sup port Coloradans when they need it most. HOW CAN YOU GET INVOLVED? • Ensure your brokerage is enrolled in our Escrow Interest Program, where inter est earned on escrow funds is donated to the CAR Foundation. It’s easy and a great way for your clients to join the mission as well. Contribute to our Next 30 Years Starts Now fundraising campaign. Mem bers who donate $100 or more will receive a digital badge to make marketing your impact easy as well as our iconic Heart Pin. • Consider joining our Board of Direc tors or our upcoming Advisory Group! Keep an eye out for application informa tion, and if you are interested in volunteer ing your time to lead the Foundation, we’d love to hear from you • Join us at our Fall Forum Boots & BBQ fundraising event for an evening of fun, camaraderie, and inspiration. Can’t attend in person? Stay tuned for the virtual silent Theauction!CAR Foundation is honored to contin ue to make a difference for communities across Colorado. We invite you to join the mission and help us support Coloradans for generations to come! RPAC UPDATES RPAC didn’t slow down over the summer months and our numbers show! Check out where we stand heading into fall. (As of Aug. 1, 2022) 2022 Total Goal: $820,000 RPAC Total Raised: $704,932 Major Investor Goal: 296 Total Major Investors: 214 Participation Goal: 37% Total Participation: 11,082 members SHOUT OUT TO THESE LOCAL ASSOCIATIONS WHO HAVE HIT THE TRIPLE CROWN! • CRAIG ASSOCIATION OF REALTORS® • FOUR CORNERS BOARD OF REALTORS® • MOUNTAIN METRO ASSOCIATION OF REALTORS® • ROYAL GORGE ASSOCIATION OF REALTORS® To hit the Triple Crown, a local association must hit its overall fundraising goal, major investor goal, and its membership goal of having 37% or more of its members have contributed to RPAC. RPAC PET CONTEST Don’t forget to get your vote in for your favorite pet during the month of September! Your $25 vote goes directly to RPAC and helps your local association meet RPAC goals. For more details, visit our website https:// coloradorealtors.com/invest/. Voting will close on October 1. RPAC PET CONTEST IN SEPTEMBER
Twosellers.REALTORS®, Kate Kazell and Kelsea Imanu el, have a good Instagram game for their busi ness and offer tips to get you to the next phase of your marketing efforts.
Kate: Any kind of social media is certainly a long game. While some people do reach out and jump right in, I have found that most people have been following me for months or years before they turn into clients. From the time I started really focusing on social media marketing, I had my first IG client six months later. It takes patience and consistency, just like any other traditional marketing effort!
KEEP IT PERSONAL: Kate and Kelsea agree - the number one thing is to keep your posts less about real estate and more about you.
Share your client's successes- there is so much more that goes into the process of buying or selling a home than production numbers or stats.
GETHOWMARKETING,INSTAGRAMYOUREALLYRESULTSKELSEAIMANUEL@KelseawithaFrenchieSMDRAMemberKATEKAZELL@KateKazellDMARMember
KATE KAZELL AND FAMILY
So, you’ve got yourself an Instagram account and you’ve been posting stories or reels on your latest house listing. Occasionally, you throw in a loose-tooth photo of your first grad er or a random cat video (a really funny one, of course). Some of your followers are clients and most of them are family and friends.
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And now, it’s time to get to the next level, and use Instagram to attract new homebuyers or
Kate: My biggest tip is to keep it personal. Real estate is a relationship-based business, and utilizing social media is just a technological adaptation to the more traditional ways REAL TORS® have always done this. There are some amazing stories to tell along the way - the cli ents who finally got a house after several of fers, the listing prep that earned your sellers a huge return on their investment, and the crazy stuff we see along the way. Tell the stories.
My biggest tip is to spend some time on your Instagram profile. Yes, my Instagram is @KelseWithaFrenchie, but really, I’m Kel sea the REALTOR®. On your page, under your photo, make sure to have a decent bio with the words REALTOR® or real estate. This allows your name to get pulled into a search when some looks for real estate help.
Kate: Quality is more important than quantity - anyone can buy bot followers or pay for likes to make those numbers seem high. Focus instead on the quality relationships you're build ing - actual client contacts, meetings set, meaningful conversa tions, and authentic comments. Interact with other accounts... you can't just post and forget about it. Like and comment on other accounts and those who comment on your posts. Stay on top of what is happening with past clients, family, and friends. When people have those big milestones, take it offline and
There are simple things you can do with your account settings and features to stand out.
Kelsea: There’s no need to have a personal and a professional Instagram account. It’s too much to stay on top of. Anything that shouts real estate, I stay as far away from that as much as possible. You have to show a value point. Can I give you a buy ing tip? Little nuggets of value are important.
Kate: Use whatever it is that makes you unique and introduces you to others as someone who not only knows real estate, but is someone they can connect with and would enjoy househunting with. NUTS AND BOLTS
HOW DO I KNOW IF IT’S WORKING?
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Kelsea: They will hire you for you and not how many "just sold" posts you have. She explains that people rarely care about real estate posts. You share your life and sprinkle in real estate. You’ll want to make a plan. I use Frenchies and now I have my baby Rory. Find anything that will fit into your theme. Right now, it’s Back to School time, and my husband thinks I’m crazy when I tell him, ‘We have to find a school bus and take a photo of all of us inside of it!’
Kelsea: When I started my real estate business, I wanted to do Y, and not X like everyone else was doing. So, I started #Kel seawithaFrenchie. I have had so many clients and listings from people with Frenchies. Embrace something that makes you unique, whether it’s a dog or classic cars, finding your tribe is so important. I also do a Reels series called Weird Things I See – silly photos of random things, mostly real estate related, I’ve come across. I have had clients and nonclients say, ‘I hope I’m never on “Weird Things.” Clients have found me this way--it is a nonaggressive and fun way to connect.
Kate: Instagram has been a huge part of my business and is still how I meet the majority of my clients. I know some people like to create both a personal and a professional account, but it's very hard to stay on top of two accounts. And if all you post is house pictures, market stats, and other random real estaterelated stuff, it will be boring, and no one will want to pay at tention. You can make real estate-related posts fun and not overwhelming so that your current sphere of family and friends gets a passive reminder of what you're up to without annoying
EXAMINE YOUR UNIQUE: Unique content gets eyeballs. What makes you unique? Estab lish yourself as an interesting person who is also a professional.
Therethem. are so many different options for utilizing social media - photo posts, stories, reels, etc. Find the approach that works best for you, make a plan for what you want to post, then just try to be consistent with it. If you're super far out of your com fort zone, find a social media pro (or a college kid, ha) to help with your account, or hire a brand photographer to help create some content to have on hand.
Top producing real estate agents agree that video content gave them some of the biggest return on their marketing investment and they all wish they had started doing it earlier in their career. It's time to use the power of video to boost your business, and we're excited to grow with you. With PitchHub, it's never been easier to get started!
You're not the only one who knows how critical video is for growing your business. This means that social media platforms are getting flooded with videos. How do you stand out? Professionalism & Personalization!
If you consider yourself an expert in any sort of sales or mar keting techniques (20th or 21st century) please contact Kar en Long, CAR Communications Manager, at klong@colorado realtors.com. Your knowledge could become an article in this magazine, and better yet, provide your peers with valuable information.
CAR members can now save on the PitchHub plat form. Visit the CAR REALTOR® Resources page to learn more and start saving today. Attend the FREE WEBI NAR on September 13th about PitchHub.
The PitchHub platform is designed from the ground up to make every video you produce look like it just came from a real studio.
I will say Instagram has some great analytics available so you can see how much reach and interactions your posts get, which you can use to fine-tune what your audience is finding helpful...seeing how often your posts are shared or saved can be a great indicator!
14 shoot them a text, give them a call, or send them a card.
REALTORSEASYVIDEOSPROFESSIONALMADEFOR®
Unlock the Power of Video for Your Real Estate Business
Grab Some CE’s Right Before CAR’s Fall Forum! REGISTER TODAY!
Doolittle, Vail, CO
15 Cyber Security – Protecting Your Business and Your Clients (8 CE) Presented by Colorado RRC Sunday, Oct. 16, 8 am-4 pm at the Viewline Hotel in Snowmass, CO. Registration fee: $80-$100. You will learn how to: • Describe how viruses and malware can infect your computer and mobile devices • Identify techniques to encrypt your data to avoid get ting viruses and malware • Define encryption and explain its important role in securing your data • Cite state and federal laws relating to technology that affect your job as an agent and your interactions with consumers • Explain the National Association of REALTORS® policies on technology and how they impact your business • State the terms and dangers of copyright infringement and identify safe sources • Assess the impact and importance of using proper online etiquette and how to handle online conflicts • Leverage tools and techniques to keep you and your technology devices safe “I was absolutely blown away by this CRS course taught by the charismatic Juanita McDowell. I didn't really know what to expect, but it far surpassed anything I could have guessed. It was educational, entertaining, FUN, terrifying and absolutely what I needed to learn to get my business and personal life in order to be safe in the cyber world. We all left with action plans, ready to tighten up our business practices. PLEASE have Juanita teach wherever you can / whenever you can. This class should be a requirement of every new broker and a mandatory annual update! Thank -Didiyou!"
Membership numbers: 430 REALTORS® How long have you been an AE? 15 glorious years! Some times it feels like 100… How did you get your start as an AE? I started as the associa tion's MLS Coordinator in 2005. My first day on the job was the day our regional online MLS portal launched for the first time to our membership. I think I faintly heard someone say, “Hey, where’s the deep end?! Just throw her in over there!” I guess since I didn’t drown, they decided to keep me around. In all honesty, I loved learning about the world of real estate from the MLS side of things. Before my first day on the job, I didn’t even know what an MLS was. I was as ‘vanilla’ as it gets. What do you love most about the job? The people and the lifelong connections I’ve made. What is your biggest success as an AE? Earning the trust and respect of my leadership… and one hell of a minigolf tourna ment! What would your members be most surprised by about your job? Whenever I discuss core standards requirements my members’ eyes cross. They are always surprised at what is done behind the scenes to ensure their success as an organi zation. What are the CAR benefits you and or your members use most? The work CAR does that benefits my members the most is their advocacy through Government Affairs. Without their policy and regulatory work at DORA and the Capitol, the real estate environment would look a whole lot different in Colorado. Locally, they are always willing to contribute re sources to advocate for our issues and property rights. Which talent would you most like to have? Either to fly or to be invisible (strange pattern forming there). What is your most treasured possession? My biggest trea sures are my grandkids, but my most treasured possession? I’d have to say home… there’s no place like it. Which historical figure or literary hero do you most iden tify with and why? Well, I’ve been called Pollyanna… always the optimist and the peacemaker in the group. Motto or piece of advice you live by? Wherever you are, make sure joy is there with you- and that you spread it around!
2023ofAEERICKSONforDurangoAreaAssociationREALTORS®AERepresentativeforCAR
16 AE SPOTLIGHT AMANDA
17 AE SPOTLIGHT ULRICH
Membership numbers: 347 REALTORS®
Motto or piece of advice you live by: Laugh every day and find humor in everything. Wherever you are or whom you are talking to, look people in the eye.
How long have you been an AE? 8 years. How did you get your start as an AE? I was a REALTOR® for 11 years before I became the AE for Routt County. A good friend of mine, Doug Labor, and I played on a softball team together, and he introduced me to being a REALTOR®. He told me I should be a REALTOR® because I knew everyone in town. His clients would come watch him play softball, and I always thought how cool it was to make friends from clients. What do you love most about the job? I love being involved in my community, and I love my Board of Directors. My board has a single focus, which is what’s best for the members. They realize that if it’s good for the members, it’s good for the end users - their clients. What would your members be most surprised by about your job? I love my job and my members, bringing them the support and education that they need. Some people say the hours are long, but I want to be available on a 24/7 basis. I do it out of the love for my career. What is your biggest success as an AE? The programs that are community focused are my favorite, including our com munity Christmas dinner, now in its 30th year, where we feed 500 community members. Another is our scholarship pro gram, where over about 25 years, we have awarded 10,000 scholarships totaling about $1 million. One of our new pro grams is one in which we made sure everyone has access to carbon monoxide detectors. Community members pick them up from our office for free. Just last year, through the work of Glenna Clark Olmstead, we started CUSP, the Consumer Util ity Support Program, which helps people pay their utility bills. Of course, our collaboration with mountain community enti ties has been extremely successful. We’ve established a wild fire council in Steamboat to work with CAR’s Colorado Project Wildfire. We are integrally involved in the council, offering wildfire mitigation planning and education. What CAR benefit do you use the most? The camaraderie and education that we REALTORS® find through CAR’s Educa tion and Events, which then builds out to our members, in cluding state advocacy through our Government Affairs and Legislative Policy Committee. I’m comforted that CAR is pro tecting the industry from bad policy.
AESALZGEBERforSteamboatSpringsBoard of REALTORS®
What is your goal for your REALTOR® Association? I will semi retire next June, and I want to leave the association with a seamless guide to running the organization. Which talent would you most like to have? I would love to have a better singing voice and learn Italian. What is your most treasured possession? My marriage to my wife, Janet, and my two daughters, Elisabeth (also my of fice manager) and Anya. Which historical figure or literary hero do you most iden tify with and why? Martin Luther King, Jr. His leadership and non-stop commitment to his goal of nonviolence. It must have been so difficult to not strike back and to be committed at that level.
MARKET
Despite rapid changes in several market measurements, median pricing held its own. In the Denver metro area, singlefamily homes dipped 1.7% from June to July to $635,000 but remain up more than 10% from a year prior. Condo/ townhomes fell nearly 7% from month-to-month, however they remain up 6.8% compared to a year ago. Statewide, median pricing for single-family homes fell 1.3% to $580,000, up 10.5% over July 2021. Condo/townhome median pricing slipped 5.1% to $411,395 which is up 7.3% over a year prior. With diverse and local factors playing out across the state, REALTORS® across the metro area and state shared these highlights:
• Boulder/Broomfield counties – News of price reductions pepper our emails each morning and bidding wars seems to have gone away however, the market shift hasn’t impacted Boulder and Broomfield counties significantly. Buyers who qualify at higher rates enjoy a few more days to look at homes and less competition. This market correction is just what we needed to slow down a bit, but not enough to come anywhere close to a buyer’s market. Not yet.
July Teases the Start of a New Real Estate Game for Second Half of 2022 INVENTORY OF ACTIVE LISTINGS STATEWIDE - JULY 2022 SINGLE FAMILY JULY3,520TOWNHOUSE/CONDO2022JULY20213,201 +42.5% JULY 2022 JULY 10,673202115,204 +10.0%
• Aurora – The best description for the Aurora/Centennial market is fickle. The good news for buyers is that the inventory is up about 30% over last July, giving buyers more choices and the opportunity to avoid bidding wars and some of the craziness that we saw earlier in the year. Average days on the market is also up over last year. For sellers, the good news is that prices are still up over last year. In Aurora, prices are up 12% to a median price of $555,000, and in Centennial prices are up 8% to a median of $680,000.
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With active listings and inventory rising across the sevencounty metro area and state, slowing sales and fewer new listings have kept the full swing of the real estate pendulum in check, according to the July 2022 Market Trends Housing Report from the Colorado Association of REALTORS®. The combination of factors, including rising interest rates, is giving potential buyers a few more options and opportunities but it remains a seller’s market as median pricing holds strong. In the metro-Denver market, the inventory of active listings rose nearly 10% for single-family homes and more than 11% for condo/townhomes. Statewide, those numbers were up 8.7% for single-family and 9.4% for condo/townhomes. Those numbers helped push the months supply of inventory for single-family homes in metro Denver to 1.9 months –up 72% from a year prior – reaching a volume not seen in approximately two years. Statewide, that figure did hit the two-months supply mark and is up nearly 54% from July 2021.
Traditional seasonal slowdowns and uncertainty among sellers also helped drive down new listings approximately 15% between June and July across all product types statewide. In addition, the percentage of list price received also dipped approximately 2% across the board and ranges from 100.1% for single-family homes statewide to 100.9% for condo/ townhomes in the Denver metro market.
• Colorado Springs – One weekend we’re watching buyers toss everything they can at a house. Four weeks later, sellers are shell shocked they may have missed the top of the market. July puts into perspective how much of a change we are seeing. We start with a 23% drop in sold properties, year over year. That number by itself would make one sit back in their chair and ponder. But the follow up to that is a 91% increase in active listings and the final blow is a 19% drop in pending
TRENDS
• Pueblo – Similar to our June analysis, the July market numbers trended downward with the exception being median sales price that rose 4.7% to $321,000 and is up 14.5% year to date. Compared to July 2021, new listings were off 0.8% and overall sales fell 18.2%. The percent of list price received also dipped 1.7% to 99.7% compared to last July. All of these factors helped push the months supply of inventory up nearly half a month to 1.9 months and is providing a little bit of relief and help to potential buyers.
• Douglas County – Slow can seem scary, especially when accompanied by headlines about recessions and bubbles, but I reiterate my remarks from last month: this is a step toward normalcy and it is NOT unhealthy. The shift we are seeing in the markets right now are likely driven by real estate’s natural seasonality, and actually represent a more healthy market. A year ago: inventory was more than 34% lower, homes spent almost half the time on the market, and were going for about 3.7% more over list price. It was extremely difficult to buy a home.
• Jefferson County/Golden – The housing market story remains the same for the month of July in Jefferson County. Although it is still a seller's market, prices are getting reduced if the home is not priced right when it hits the market. For single-family homes, the median sales price increased 8.6% to $695,000. New listings were up 13% with overall inventory up 41.7% and average days on market up 50%.
• Summit, Park & Lake counties – The market is leveling, and chances are better than ever to get a property in Summit, Park or Lake counties. You might even get to brush off your negotiating muscles. While economic factors and interest rate hikes might make some back off, it makes a great opportunity for others. There is now about 4 months of inventory. A balanced market is about 6 months, so these changes feel like
• Durango/La Plata County – The pendulum appears to be swinging slightly in the direction of a normal summer month. Given the craziness the real estate market has seen in the last two years due to COVID, 2019 is the most recent ‘normal’ year to use for comparison. Comparing July 2022 to July 2019, the number of single-family listings sold was just seven units short of 2019. Inventory, or the lack of, continues to buoy prices.
• Denver County – The rate at which prices are increasing, is decreasing - just 11.5% year over year vs. July 2021's 21.5%. With 1.3 months inventory supply, we tie that of pre-COVIDmadness levels. The median price for a freestanding home, though still record-setting, $723,750, is actually lower than last month’s $750,000. However, it’s important to note that before you read that last number and wonder if that means prices are decreasing, the answer is a resounding ‘no.’
• Estes Park/Larimer County – We’re showing some relief from the feverish market experienced the past year, specifically in terms of more time that listings are on the market and the percent-of-list price received. New listings aren’t popping up to meet the demand and the ones currently on the market are selling. Seeing some price reductions as well indicates that listing prices were inflated and coming back to reality, or closer to it.
• Fort Collins/Northern Larimer County – The housing market of the 2020s has been defined by high demand, low inventory, and until recently, cheap money conditioning buyers to be constantly vigilant for the “Goldilocks Home, ”the home that’s ‘just right’. The crest of this phenomenon hit in April 2022 as list-price to sale-price ratios climbed to nearly 6% over-asking. Then buyers were slapped with big jumps in fixed rates for 30-year mortgages in May, June, and July that made buying houses at the current median price of over $600,000 exceedingly impractical. While these market results show some softening – this is not a bubble bursting by any stretch.
19 listings. We are playing a totally different real estate game.
• Grand Junction/Mesa County – Median and average sales prices are off from last month, but only slightly. Compared to July 2021, median is up 16.2% at $395,000, and average sold is up 16.4% to $435,907. The market factors are giving buyers a little more selection, but it remains a seller’s market. Interest rates leveled out a little last week, and it will bear watching what effect it has on activity.
• Pagosa Springs/South Fork – We’re seeing shifts in inventory and mindset. July appears to be the awakening month in Pagosa Springs and South Fork, Colo. Both day temperatures and home sale price points rose to the heat of summer. Although like summer nights that cool down, so are exaggerated home prices that are now showing price adjustments daily.
“The buyers who can still qualify at the higher rates are enjoying a few more days to look at homes and fewer competitive situations. All in all, this market correction is just what we needed to slow down a bit, but not enough to come anywhere close to a buyer’s market. Not yet,” said Boulder/Broomfieldarea REALTOR® Kelly Moye.
“I have to admit, even I am a little shocked at how fast the market decided to change. It is like we had a really hot summer day and a few days later, a blizzard. One weekend we were watching buyers toss everything they could at a house just to have a chance. Four weeks later, sellers were still shell shocked they missed the top of the market. That was May, and then June hit and the trend continued. But July really puts into perspective how much of a change we are seeing. We start with a 23% drop in sold properties, year over year. That number by itself would make one sit back in their chair and
Taking a more in-depth look at some of the state’s local market data and conditions, the Colorado Association of REALTORS® Market Trends spokespersons provided the following assessments: AURORA
“For sellers, the good news is that prices are still up over last year. In Aurora, prices are up 12% to a median price of $555,000, and in Centennial prices are up 8% to a median of $680,000. As always, local factors play a significant role. We are seeing a large number of contracts fall out, putting those properties back on the market and creating additional opportunities for buyers who are keeping a close eye. We are also seeing numerous emails each day announcing price reductions. The nice, clean, updated properties in high demand locations are still seeing multiple offers, and in some cases, offers over list price,” said Aurora-area REALTOR® Sunny Banka.
“The best description for the Aurora/Centennial market is fickle. The good news for buyers is that the inventory is up about 30% over last July, giving buyers more choices and the opportunity to avoid bidding wars and some of the craziness that we saw earlier in the year. Average days on the market is also up over last year.
“Broomfield homes are still flying off the market in under 11 days and prices are up 9.5% since January. Sales are down here, too, thanks to the interest rate hikes, but most homes are selling for more than list price. With only 1.8 months of supply, we are still in a seller’s market.
COLORADO SPRINGS
“News of price reductions pepper our emails each morning and bidding wars seems to have gone away, however the market shift hasn’t impacted Boulder and Broomfield counties significantly. As evidenced by the July statistics, this part of our front range market remains very much on the seller’s side with prices up to 11% in Boulder since the beginning of the year and days on the market are still under about a month. Sales are down, however, they are a direct effect of the interest rate hikes over the last few months. Our months supply of inventory has increased from about one month to two months – still low but moving in a direction that gives buyers a few more options. Boulder County condos/townhomes are bringing home the big numbers with 17% appreciation since January and overlist price expected on most sales.
20 we are heading to equilibrium.
• Vail – July brought the market trend to a new position. The transactional volume has been declining for a number of months and year-to-date has dived to down to -27.3%. A few months ago, we saw a negative dollar volume versus the same month in 2021. In July, the year-to-date dollars were -6.2%. The July performance versus 2021 was -27.3%, transactions were negative 25.5% in dollars. Based upon this performance, it appears the volatility of the past two years may have reached a level where the market trend is more normal, as well as the trend moving forward.
BOULDER/BROOMFIELD
• Telluride – With sellers adjusting their prices somewhat and buyers still feeling good about the safety of their real estate investments, I believe 2022 will continue to have very good sales. The higher-end markets do price out some buyers, but now they might be letting some of those buyers back in as August sales are off to a very good start.
“Inflation continues to be a pesky little fella. At 9.1%, many people are feeling that pressure. Throw in higher gas and food prices, and we watched consumer debt rise trying to cover it all. To try and slow inflation, the Fed jumped in to save the day and chased up short-term rates over a couple months putting even more pressure on anyone who had any credit card debt while they were still trying to catch up from all their other costs going up. The story of transitory inflation soon turned to short-term inflation, and then that story turned into longer-term inflation. This is all beginning to put some pressure on what had been a very resilient housing market.
Although homes continue to sell quickly, the change is here, and I suspect we will continue to see days on market extend and price drops pick up speed.
“You're on your flight. Your phone is in ‘airplane’ mode, and you switch into vacation mode. The takeoff was bumpy, you're headed over the mountains after all. About 10 minutes in and you feel the plane start to level out. The engines sound like they're working a little less strenuously and you pop your ears one last time. The feeling is calm because the climb, especially this one, was quite choppy, and despite having a nice window seat to know everything was okay, you saw plenty of storm clouds on the horizon. This is the 2010-2021 real estate market. We taxied around for a while in 2008-2009 with prices not really doing anything, inventory was high, really high, but few could qualify and so the supply of homes, despite hitting record lows, lingered.
Although 2013 to 2022 was one heck of a long ascent, one can hope that we will now have a period of low turbulence, a smooth flight, and we’ll at least get in several bad movies before the captain alerts us to any initial descent,’” said Denverarea REALTOR® Matthew Leprino.
“On the national scene, we can see that manufacturing is beginning to slow. A leading indicator to a slowing economy. We found out that last two quarters of Gross Domestic Product were negative, showing we are in a recession, regardless of how politics tries to explain it away. Top that off with whispers of layoffs here and there, and I suspect that the tight labor market will begin to see more layoffs and those in turn will start to show even more weakness in the economy. Unemployment hitting 6-7% would be a game changer. The Fed has admitted stocks will fall, unemployment will rise and housing has to cool. I would say that takes a lot of guess work out of what is in the future for the economy and housing,” said Colorado Springs-area REALTOR® Patrick Muldoon.
However, it’s important to note that before you read that last number and wonder if that means prices are decreasing, the answer is a resounding ‘no.’ In the last five years, prices have dropped nominally and are similar to this year, that in three of those cases, it further explains that June usually peaks at seasonal price highs throughout the calendar year.
“From 2014 until the first quarter of 2021, it seemed like the jet was going to completely leave earth’s atmosphere. Higher and higher, bumpier and bumpier and the hope for reality, like any semblance of normalcy in our marketplace, grew further and further away. With 2022 Q3 well underway, we have finally reached cruising altitude. In Denver particularly, the rate at which prices are increasing, is decreasing - just 11.5% year over year versus July 2021's 21.5% increase. Our months supply of inventory, 1.3, ties that of pre-Covid-madness levels. The median price for a freestanding home, though still record-setting, now $723,750, which is actually lower than last month’s high of $750,000.
“The concept that ‘what goes up, must come down’ is certainly not lost on me in this scenario. As is the case with most June to July and December to January periods, things fluctuate.
DENVER COUNTY
21 ponder. But the follow up to that is a 91% increase in active listings and the final blow is a 19%drop in pending listings. We are playing a totally different real estate game.
“In 2010, things started to change, and people’s financial outlooks appeared to recover, ever-so slightly. The plane left the safety of the jet bridge and started out towards the runway. By the time we reached our takeoff position, call it 2011, supply began to descend, prices began inching up and by 2013, the landing gear was retracted - we were airborne.
“Slow can seem scary, especially accompanied by headlines about recessions and bubbles, but I reiterate my remarks from last month: this is a step toward normalcy and it is NOT unhealthy. The shift we are seeing in the markets right now are likely driven by real estate’s natural seasonality, and actually represent a more healthy market in my opinion. As the rapid pace of appreciation has come to a halt and mortgage rates have contracted to a more manageable level, there are more opportunities for first-time homebuyers (and those without $200k for a down payment) to confidently search for homes.
“Larimer County has been showing some relief from the feverish market experienced the last year, specifically in terms of more time that listings are on the market and the percent of list price received. New listings aren’t popping up to meet the demand and the ones currently on the market are selling.
“For buyers, there are more options, less competition, and fewer bidding wars as they begin to get some of their negotiating power back. Cash buyers have a big advantage with rising interest rates pushing some buyers to the sideline.
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DOUGLAS COUNTY
To illustrate just how much healthier this market is, look back to a year ago: inventory was more than 34% lower, homes spent almost half the time on the market, and were going for about 3.7% more over list price. It was extremely difficult to buy a home. “As the year continues, the market will almost certainly slow down even more; not because of recessionary fears or crazy interest rates, but because that is the seasonal nature of real estate. If you’re looking to buy a home, now is a great time to get started or get serious about your search as inventory picks up and sellers become more motivated. And to sellers: don’t be dissuaded. The Douglas County market remains incredibly desirable and is certainly still a seller’s market, though it may take a little more effort to sell your home,” said Douglas County-area REALTOR® Cooper Thayer.
Seeing that there are some price reductions as well indicates that listing prices were inflated and coming back to reality, or closer to it.
DURANGO/LA PLATA COUNTY
“The pendulum appears to be swinging slightly in the direction of a normal summer month. Given the craziness the real estate market has seen in the last two years due to COVID, 2019 is the most recent ‘normal’ year to use for comparison. Comparing July 2022 to July 2019, the number of single-family listings sold was just seven units short of 2019. Inventory, or the lack of, continues to buoy prices. There were 553 active listings on the market in July of 2019 (almost a nine-month supply), compared to just 215 in July 2022 (a three-month supply).
ESTES PARK/LARIMER COUNTY
“Compared to the highly volatile real estate market earlier this year, July concluded in a rather mundane fashion. The market statistics for July look fairly similar to those of June, with the slowdown continuing slightly as sellers realize their significant drop in negotiating power since the spring peak. Median sales price for single-family homes in July dropped just $600 from last month to $730,000, but percent of list- to-close price dropped dramatically from 101.5% to 100.2%, implying lower list prices. From these figures, it’s pretty clear that sellers have begun to take the advice of many agents to list their home more modestly. Our buyer clients are much more confident to submit below asking price offers and negotiate inspection items more than any other time this year.
The year-to-date median price for single-family homes has continued to drop but is still up more than 18% compared to 2021. The percent of list price received dropped below 100% for the first time since January 2022.
“Sellers still hold the majority of the cards. Homes located in the most desirable locations in the best condition are still in high demand and are commanding over-asking offers. Homes needing updating or with deferred maintenance are staying on the market longer and requiring sellers to either make concessions for repairs or adjust their list price to entice more buyers. This is finally leveling the playing field for some buyers.
“The bottom line is that there is no better way to hedge against inflation than by owning real estate. With rents mirroring the cost of owning a home and interest rates still at a relative low rate, owning versus renting is a no-brainer for most buyers,” said Durango-area REALTOR® Jarrod Nixon.
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“New listings for single-family homes have continued to decline. Compared to July 2021, new listings have plummeted 33.33%, and year-to-date they are at -17.9%. Days on market for single-family homes have stayed fairly steady compared to last July with an average of 35 days, compared to 38. The average sales price continues to build momentum. With a 10.8% increase at this time last year, we now see a notable increase of 18.5% year-over-year. The percentof-list-price received is dropping a bit. In July 2021, sales were at 103.4% of list price, and this July it dipped 2.5% to fetch just over list price at 100.8%. It seems single-family homes are the hot item in the housing market in Larimer County.
Buyers beware. While these market results show some softening – this is not a bubble bursting by any stretch. Rightpriced homes in good condition are still garnering multiple offers well-over asking. Many buyers may have stepped back from that fiscal cliff – but there is still substantial demand for homes in northern Colorado. Sellers are just a little late to making pricing adjustments in a market that can brake as quickly as it can accelerate. Overall, momentum is only mildly Justreduced.this week, we’ve seen mortgage interest rates fall below 5% (kind of like gas prices). We’ve also seen national economic data pointing to a decline of inflation on the horizon, job creation has been positive, and while there’s certainly been economic contraction, the U.S. does not currently appear to
The crescendo of this frenetic pace peaked as buyers were slapped with big jumps in fixed rates for 30-year mortgages in May, June, and July, which made buying houses at the current median price of over $600,000 exceedingly impractical. It was the final step toward a fiscal cliff of impossibility and many buyers stepped back…way, way back. As is the case with asymmetrical information scenarios, sellers of homes who got in the game a little late are finding that the disappearance of a substantial number of buyers is leading to longer days on market, fewer competitive offers, consideration of list price reductions, and demands for repairs or improvements the sellers didn’t think they’d have to address. The months’ supply of inventory jumped from less than two weeks of inventory at the beginning of the year to nearly two months in July. Average list price to sale price dropped to just 1% (which means there are a number of homes selling for less than asking).
FORT COLLINS “Our housing market is far more complicated than simply supply and demand. Back in the olden days (pre-COVID, pregreat recession), the housing market moved at a comparatively snail’s pace. Shifts in 30-year mortgage-rate adjustments were quite small, incremental events that occurred quarterly or perhaps monthly, as opposed to the seemingly daily volatility we see now. Shifts in inventory, that is, houses available for sale, remained consistently robust, and a seller’s expectation for selling a home was calculated in months, not days. It was a more predictable and methodical pace. That was then. This is “Thenow.housing market of the 2020s has been defined by high demand and low inventory, and until recently, cheap money. Sellers have sold their homes in days or hours and buyers spent less time in a home they’re about to buy than they do test driving a new car they’re about to buy. Even home loans – the dogged ‘hurry-up and wait’ portion of the home transaction process – has accelerated processing to the point where application, credit checks, and underwriting can technically get done in hours and days instead of weeks. The accelerated pace of the housing sector drove prices higher by the minute and swallowed-up inventory faster than ever before. This has conditioned buyers to be constantly vigilant for the next house that comes available and to factor in how many other buyers are likely competing for this Goldilocks Home, you know, the home that’s ‘just right’. The crest of this phenomenon was in April of this year when list price to sale price ratios climbed to nearly 6% over-asking.
“The townhouse/condo market is a completely different beast today. The stats are all over the place with low inventory and increasing prices, yet there is a delay in days to close. New listings are down 16.9% from July last year, and year over year are down 22.6%. The average sales price has stayed at a consistent increase, along with single-family homes, with a 13.8% bump compared to July last year. The percent-of-listprice has reduced as well, to 1.9% year over year and 0.9% compared to July 2021. The craziest stat is average-dayson-market, where we’ve gone from 59 days in July 2021 to a whopping 113 this past month, a 91.5% increase. Are condos becoming less desirable as the affordability wanes?” said Estes Park-area REALTOR® Abbey Pontius.
GRAND JUNCTION/MESA COUNTY
“New listings in July 2022 compared to last July are down by 6.7% with only 419 properties coming on market last month. However, both pending and solds were down 14.5% and 26.3%, respectively, compared to last July. Both prices and interest rates are contributing factors and inventory of available listings has increased 33.8% to 648. The months supply now stands at two months. “Median and average sales prices are off from last month, but only slightly. Compared to July 2021, the median price is up 16.2% at $395,000, and the average sold price is up 16.4% to $435,907. The market factors are giving buyers a little more selection, but it remains a seller’s market. Interest rates leveled out a little last week, and it will bear watching what effect it has on activity,” said Grand Junction-area REALTOR® Ann Hayes.
24 season may be a great time for buyers to find that bridge across the cliff,” said Fort Collins-area REALTOR® Chris Hardy.
condo/townhomes, the median sales price increased to $420,000, a 15% jump along with inventory up 21% and average days on market up 85.7%. Rising interest rates are pricing buyers out of the homes that they could once purchase. New listings to the market dipped slightly (0.6%) and sellers are now seeing that their home may not sell in the first weekend as they had been for the past few years,” said Jefferson County-area REALTOR® Barb Ecker.
“I hate to sound like a broken record, however the housing market story remains the same for the month of July in Jefferson County. Although it is still a seller's market, prices are getting reduced if the home is not priced right when it hits the market. For single-family homes, the median sales price increased 8.6% to $695,000. New listings were up 13% with overall inventory up 41.7% and average days on market up “For50%.
JEFFERSON COUNTY/GOLDEN
“We’re seeing shifts in inventory and mindset. July appears to be the awakening month in Pagosa Springs and South Fork, Colo. Both day temperatures and home sale price points rose to the heat of summer. Although like summer nights that cool down, so are exaggerated home prices that are now showing price adjustments daily. Both buyers and sellers see interest rates that doubled from the first of the year and are making their mark in inventory and purchases. No surprise that sold listings were down 31.7% from this time last year. A contributing factor is the shift to higher price-point homes, which is pushing some home buyers out of the market. Over 63% of homes sold were priced $500,000 and higher with the average sales price jumping over 24% to $698, 697, and the median sales price lowering to $545,000,a 3.1% drop from July 2021. This is still good news for sellers desiring to sell this year as home prices are up over 20% year-to-date. Buyers desiring homes under $500,000 are struggling to find inventory as these price points are selling quickly. With over 75% of the current 198 homes for sale priced $500,000 and higher, inventory will continue to grow. Whether a second-home buyer, which makes up a large portion of purchases, can or will be able to adjust to higher price points, may be more questionable.
“Another growing inventory factor is Pagosa Springs’s shortterm rental (STR) market. With even more county restrictions and a six-month moratorium starting Sept. 1, 2022, the county will not issue short-term rental permits. Out-of-state STR buyers are faced with rising home costs, inflated STR fees, and rising utility expenses. This formula is not so welcoming to the current and prospective STR owners. Some have decided to sell or not participate and are adding some inventory. County and town officials believe limiting STRs is an answer to the local housing market dilemma by adding inventory for local home purchases or long-term rentals. Locals say they have difficulty qualifying for a loan with the average priced home and their rent payment (based on current wages), even with working two and three jobs. Sadly, they are also exploring other options in other places.
“July’s highest gain in inventory exists within the $600- to $1 million-plus price points. Those sellers will be adjusting prices or staying happy with the the fact that their properties are on
“The evolving shift in inventory, pricing and mindset continues. The scale appears to be even, however August may tip the scale,” said Pagosa Springs-area REALTOR® Wen Saunders.
PUEBLO “Similar to our June analysis, the July market numbers trended downward with the exception being the median sales price, which rose 4.7% to $321,000 and is up 14.5% year to date. New listings were off 0.8% from last July and overall sales fell 18.2% compared to July 2021. The percent of list price received also dipped 1.7% to 99.7% compared to last July. All of these factors helped push the months supply of inventory up nearly half a month to 1.9 months and is providing a little bit of relief and help to potential buyers. “The market remains very active, but we are experiencing a few price reductions as those interest rate hikes take their toll on buying power. With the fast-approaching State Fair and the return to school, we may see the market slow a bit in the short run,” said Pueblo-area REALTOR® David Anderson.
25 the market longer (similar to 2019 (135 days) and 2020 (149 days). July presented 63 days on market, beating the buying frenzy of July 2021 at 75 days. July sales data showed that 38 buyers with 29 financed scenarios had locked in their lower interest rates. July 2022, relative to July 2021, showed a modest 5% increase in listings. More revealing, July 2022 shows a fivemonth supply of homes (two times more than 2021). Industry leaders say a six-month inventory is a more normal productive market. Currently, buyers at the average price point have more homes to preview because there are fewer buyers desiring the new normal price point. Land is still coming on the market at record pricing, yet it is affordable to the average buyer who intends to build years later.
SUMMIT, PARK AND LAKE COUNTY “Buyers, it’s time to get excited. The market is leveling, and chances are better than ever to get a property in Summit, Park or Lake counties. You might even get to brush off your negotiating muscles. While economic factors and interest rate hikes might make some back off, it makes a great opportunity for “Single-familyothers.
home inventory is up which means more choices and more time to decide between your choices. Inventory in Summit is up 71%, Park is up 48%, and Lake is up 31%. Prices are still higher year to date, but the average square-foot sale price in July 2022 vs July 2021 is down 7.3% and on average these homes are getting 96% of list. Lake County is still getting over list price on homes. There is now about 4 months of inventory. A balanced market is about 6 months, so these changes feel like we are heading to equilibrium. Of course, we all know that doesn’t last long.
“There are 612 residential active listings in the Summit MLS that range from a low-price, single-family home in Park County for $149,900 to a high price single-family home in Breckenridge for $18,999,000. The lowest priced sale in July was a mobile home in Kremmling for $75,000 and the highest was a single-family home in Breckenridge for $3.5 million. These numbers exclude deed restricted, affordable housing. In Summit County an average priced home is now nearly $2.2 million, down about $83,000 from last month,” said Summitarea REALTOR® Dana Cottrell. TELLURIDE “Some buyers are getting cautious because they don't feel quite as wealthy as they were on Jan. 1 of this year. Transactions are down 29% through July as compared to the same period of time in 2021. However, the dollar amount of sales is only down 8% for the same period. The dollar amount of sales through the first seven months of 2022 was $708.72 million and the number of sales was 382 for the same period of time. We have also seen regular price adjustments in asking prices for several months, generally in the 10% range. Sales remain reasonably strong for two reasons. One, there is still a low supply of real estate nationally and buyers may see real estate as a safer bet than the stock market.
“Secondly, real estate brings with it a pleasure of use. COVID pushed people to think about what is important in their lives and how and where they want to spend their time. Colorado resorts are coveted nationally for their recreation, healthy lifestyle and beauty. When buyers think of these resorts, they
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VAIL “July brought the market trend to a new position. The transactional volume has been declining for a number of months and year-to-date has hit -27.3%. A few months ago, we saw a negative dollar volume versus the same month in 2021. In July, the year-to-date dollars were -6.2%. July sales versus 2021 were down 27.3%, transactions were down 25.5% in dollars. Based upon this performance, it appears the volatility of the past two years may have reached a level where the market trend is more normal as well as the trend moving forward. This assumption is based upon the declining percentage of -27.3% and -25.5% which removes the big swings of the recent past.
“The micro entities, such as new listings, are down 11.6% for the month and up 3% year to date. Pending sales are -25.5% for the month, -23.9% year to date. Inventory is still low historically, but is up 18% compared to July 2021. One more sign of a trend toward a more normal market is months supply, which hit 3.2 months, the highest in two years, and headed upward. The trend on price niche performance holds steady with everything below $2 million still negative, versus the historic trends of unit sales and inventory. The upper niches have been carrying the market in sales and inventory. Albeit slowly, the market is normalizing.
“The days of multiple offers and open house visitors are also showing more normal signs, which is good for the long term. New construction in the valley is inhibited by availability of homes, supply chain issues, volatility of material costs, and availability of land. These are macro market factors and basically beyond control of the local market,” said Vail-area REALTOR® Mike Budd.
Land Title is the largest locally owned and operated title agency in Colorado. With more than 50 offices spanning the state, our team knows and understands Colorado real estate laws, customs and markets like it’s our own backyard - because it is. 26 think about their family and spending more time with them and their friends. Telluride has been well placed with a combination of beauty and remoteness which translated to safety and quality of life. Those factors have not changed while the financial markets have become somewhat riskier. With sellers adjusting their prices somewhat and buyers still feeling good about the safety of their real estate investments, I believe 2022 will continue to have very good sales. The higher-end markets do price out some buyers, but now they might be letting some of those buyers back in as August sales are off to a very good start,” said Telluride-area REALTOR® George Harvey.
27 For more data, visit ColoradoREALTORS.com Percent changes calculated using year-over-year comparisons. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. JULY 2022 MEDIAN SALES PRICE Colorado Single Family Homes JULY 2022 ~ $580,000 JULY 2021 ~ $525,000 YTD 2022 ~ $575,000 Colorado Townhomes/Condos JULY 2022 ~ $411,395 JULY 2021 ~ $383,230 YTD 2022 ~ $421,900 REAL SNAPSHOTESTATE STATE OF COLORADO PERCENT OF LIST PRICE RECEIVED100.2 -2.9% 13% YTD 2022=102.9% YTD 2021= 102.8% AVERAGE DAYS ON MARKET26 YTD 2022= 26 YTD 2021= 31 58.3% MONTHS SUPPLY1.9 % JULY 2021= 1.2 NEW LISTINGS JULY 2022 = 13,598 JULY 2021= 15,082 JULY 2022 = 9,660 JULY 2021= 12,021 CONTRACTPENDING/UNDER -9.8% -19.6% 0 3000 6000 9000 12000 15000 SOLD LISTINGS 29.7%6,786 9,653-30.3%2,0923,000 -29.8%8,944 12,746MarketTotalSingleFamilyCondo 2022 2021 2022 2021 2022 2021 0 5000 10000 15000 20000 INVENTORY OF ACTIVE LISTINGS MORE COLORADO DATA MarketTotalSingleFamilyCondo 2022 2021 2022 2021 2022 2021 10.0%3,2013,520 42.5%10,67315,204 33.9%19,060 14,231 10.5%7.3% 6000005000004000003000002000001000000 June '22Mar '22Dec '21Sep '21June '21Mar '21Dec '20Sep '20 27
We regret to inform you that Williams Underwriting Group a Division of AssuredPartners NL, LLC, has been advised by the insurance company, Zurich American Insurance Company, that they are exiting this line of E&O business in Colorado effective January 1, 2023. To comply with Colorado insurance regulations, you will receive a non-renewal notice from Zurich shortly.
E&O Coverage Zurich
Yourdetails.expiring policy with Zurich is written on a claims-made basis. If you elect to retire, place your license on inactive status, or not purchase replacement coverage that provides “prior acts coverage,” you should consider purchasing an Extended Reporting Period or Tail endorsement. This endorsement would protect you from claims that may be reported in the future for your past real estate transactions.
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A FROM WILLIAMS UNDERWRITING GROUP
GOOD NEWS – We are diligently working with another insurance carrier to finalize a new Independent Real Estate E&O program to be effective January 1, 2023. We will contact you regarding the new program
Please contact us at (800) 222-4035 or wug@wugieo.com for any questions you may have.
MESSAGE
Colorado Real Estate Non-Renewal effective January 1, 2023
IMPORTANT UPDATE
Zurich will continue to handle all claims that have been reported to them until all claims are closed. If you are aware or become aware of any circumstance that may lead to a claim, you will need to complete a Claim Notice form to report the situation to Zurich before December 31, 2022. Please use the Claim Notice Form on our website, www.wugieo.com, or call us and we will email the form to you.
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QUESTIONS? CONTACT HOLLY
Colorado Association of REALTORS® Leadership Academy
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04Application
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or HKRELL@COLORADOREALTORS.COM Looking for a few leadersgoodSPACEISLIMITED
By becoming a graduate of the CAR Leadership Academy, you will gain the skills to transform connections into involvement and action. REALTOR® members who would like to strengthen their leadership abilities and who are passionate about the industry are encouraged to apply. Develop leadership skills to be applied at the association level and in your career. Develop Leadership Skills Refine your presentation skills and gain media training. Join an accomplished news anchor in CAR’s green room studio to learn the tips, tricks, and mistakes to avoid! Spokesperson Training Attend two of CAR’s most popular events: Economic Summit & REALTOR® Day at the Capitol in Denver, and the CAR Spring Summit. Attend sessions with past and current CAR leadership to gain knowledge, and build connections. Create Networks03 Hone your professional standards skills and knowledge in a dynamic group environment. Professional Standards deadline is November 4, 2022 www.coloradorealtors.com KRELL AT 303.785.7129
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Colorado’s REALTOR® Association Executives and MLS Executives met in Boulder for two days of leadership training, learning about CAR, and sharing best practices.
HIDDEN GEMS
2022 Chair-Elect Natalie Davis was seen emceeing the Pitch Battle at the NAR Leadership Expo in Chicago.
Cortez REALTOR® and 2023 CAR Chair-Elect Jason Witt (who will serve as CAR Chair in 2024) noted some interest ing facts about his community and the role of REALTORS® in their own communities, as well as his role as an incom ing leader for the Association.
for Colorado REALTORS® To continue adding to CAR’s pool of trained Mediators, the CAR Leadership team selected Connie Tremblay of the Grand Junction Area REALTOR® Association, and Will Flowers of the Loveland-Berthoud Association of REAL TORS® to attend NAR’s Mediator/Mediation Training on Sept. 7-9 in Chicago. They will serve a minimum of one year as a CAR Mediator and/or Ombudsperson. The train ing was a 2.5-day intensive experience, led by Northwest ern University Law School’s Lynn Cohn, and featured a full day of three-person mediation simulations guided by mediation coaches. CAR received 12 applications and awarded two $1,600 scholarships so Tremblay and Flow ers could attend the event.
An Event Recap and Schedule of Events
2022 AE Symposium
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mass. ourcannotcolumnphotos,Pleasehttps://coloradorealtors.com/car-fall-forum/submityourassociationevents,announcements,andgeneralpotpourritobeaddedtothistoKarenLong,klong@coloradorealtors.com.Weprintallsubmissionsbutwouldliketoconnectcommunitystatewide. I SPY: Can you find CYPN Chair-Elect Kate Kelly and CAR Chair-Elect Natalie Davis
Sept. 22, Mountain Metro Association of REALTORS®, 2022 CMAS Expert Panel 10 am-noon at Keller Wil liams Foothills Realty. Sept. 26, BOLO, 2022 Birdies to Benefit Families Golf Tournament, 8 am-3 pm. Oct. 16, RRC Training: “Cyber Security: and Clients,” 8 am-4 pm at Viewline Resort, Snowmass. Oct. 16-19, CAR Fall Forum, Viewline Resort, Snow in this photo from the NAR YPN Conference held in Chicago?
Protecting Your Business
COMING TO A REALTOR® ASSOCIATION NEAR YOU: Sept. 8, Colorado/Wyoming CCIM, Intro to Com mercial Real Estate, 11:30 am-1:45 pm at CAR South Office. http://www.cowyccim.org/event-4886757
nament-715774?sourceTypeId=WebsiteDetails/2022-birdies-to-benefit-families-bolo-golf-tourhttps://members.bolorealtors.com/calendar/
Sept. 12, Grand Junction Area REALTOR® Association, Fun with Contracts-Residential Contract Full Review, 9 am-4 pm at GJARA. gillam-6-ce-723787?sourceTypeId=Hubwith-contracts-residential-contract-full-review-with-john-https://gjara.gjrealtors.org/eventcalendar/Details/funSept. 13, How to Create & Record Professional Videos from Anywhere by PitchHub, Webinar 10 am. pitchhub-video-platform-service-webinar-sept-13/https://coloradorealtors.com/2022/08/18/car-welcomesSept. 15, Colorado Commercial Real Estate Symposium, 7:30am-noon in Denver estate-symposium/https://dmcar.com/event/colorado-commercial-realSept. 15, Durango Association of REALTORS®, 2022 Helping Hands Mini Golf Tournament, 11 am. uploads/2022/06/2022-Team-Registration.pdfhttps://durangorealtor.com/wp-content/
Your
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Some of the biggest issues CAR tackled included: negotiating the foreseeable future of property taxes in proposed ballot measures; addressing climate change and green energy in statewide building codes for fire resiliency and green building; mitigating against the dangers of wildfires and the regulatory environment related to the aftermath of the Marshall Fires; and significant affordable housing dollars with American Rescue Plan Act (ARPA) funds.
Many of the economic aftershocks of COVID-19 took center stage under the dome as lawmakers sought to propose solutions and decide how to allocate federal stimulus dollars in the face of rising crime and the rising cost of living. This legislative session was also an interesting one heading into a very busy election season this November with several new and redrawn districts after the Census and independent commission gave Colorado more competitive legislative and congressional seats.
34 2022 REVIEWLEGISLATIVE
This year’s legislative session was a hard-fought emotional battle that kept our volunteers, staff, and lobbyists very busy as housing policy was front and center, as were many REALTOR® issues at the Capitol in the second session of the 73rd General Assembly. CAR’s Legislative Policy Committee (LPC) took positions on 103 bills, which is the highest number of bills we’ve tracked in recent history.
CAR effectively worked with the Governor’s office and multiple stakeholders to advocate for more than $393 million in affordable housing funding, including a low-interest revolving loan program, grants for local governments to create, preserve, and convert existing housing into affordable housing at statewide average median income (AMI) levels. This approach is one of the first in the nation to attract housing factory jobs and create innovative affordable housing units such as tiny homes, 3D-printing, prefabricated construction panels, while supporting manufactured and modular housing.
A Message from the Legislative Policy Committee Chair
CAR again protected the state from enacting rent control in the mobile home park bill. We supported policy that respects TABOR and allows local governments to allocate their lodging taxes in ways that help their civil servant workforces but does not open the door to commercial taxation of short-term rentals. CAR worked feverishly to advocate for the incorporation of affordability definitions and increased local representation in green energy building codes legislation.
CAR’s mission to protect the real estate industry only happens with your support. Our impactful advocacy is predicated on the engagement of 38 LPC members who devoted their time this year to protecting housing and property rights. Thank you to the nearly 30,000 Colorado REALTORS® for your involvement in CAR. Together, we can brighten the future for REALTORS® and your clients.
Record low inventory, rising interest rates, heightened demand, and inflation severely affected Colorado’s real estate market and housing industry coming out of the pandemic. CAR’s Market Trends program was a highly effective advocacy tool that we used to testify about how the devastating housing market was putting pressure on the supply of affordable housing available across our state. We also advocated to ensure affordable homeownership, and housing unit creation were included in more than four pieces of legislation. CAR’s housing statistics were used both in a legislative declaration and multiple times referenced in the Governor’s forecasts on the economic outlook for Colorado.
VIEW THE ENTIRE REPORT
2022 CAR LPC Chair Janet Marlow
The CAR Office Depot® Member Benefits Program, previously Office Depot Business Solutions Division, has been rebranded to ODP Business Solutions™. Now a B2B-focused company serving small, medium and enterprise level companies like yours. Work has changed and this exciting evolution allows for ODP Business Solutions to be more agile and innovative in driving value to your business. You need more than just a supplier in your corner. You deserve a collaborator with the power to deliver on big initiatives, plus the focus to notice the smallest details. Register for an account online: To continue to receive your member discounts, you’ll need to re-enroll or register for an account through our dedicated ODP site. Huge Savings: You’ll receive savings of up to 75% on the Best Value List of preferred products with free next-businessday delivery* or in-store and curbside pickup.** Print and Copy Services: You can also place print services orders online and have them delivered where and when you need them. Or available for pickup at an Office Depot® or Office Max® Store. *Free Delivery: Minimum purchase required after discounts and before taxes. Orders outside our local delivery area and most furniture, oversized, bulk items, cases of bottled water and other beverages and special-order items do not qualify. Non-qualifying orders incur a delivery charge (minimum charge of $9.99). Many orders can be delivered next business day (between 8:30 AM and 5:00 PM) if placed online or via phone by 3:00 PM or via fax by 1:00 PM, local time (In most locations). Other restrictions apply. **Curbside pickup is available in most stores, subject to state and local regulations. Orders must be placed 1 hour before store closing. See odpbusiness.com, call 888.2.OFFICE or ask your Account Manager for details. Introducing ODP Business Solutions™ Member Benefits Register officediscounts.org/carToday! 35
This application recognizes community partners who actively work to further diversity and inclusion in the real estate industry. Community partners are orga nizations within the real estate industry, such as title companies, lending companies, financial institutions, as well as AREAA – Asian Real Estate Association of America, NAREB – National Association of Real Estate Brokers, NAHREP – National Association of Hispanic Real Estate Professionals, NAGLREP – National Asso ciation of Gay & Lesbian Real Estate Professionals, and VAREP – Veterans Association of Real Estate Profes Individualsionals.
Diversity AwardsInclusion
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AWARD NOMINATIONS ARE OPEN FOR THE CAR
This application recognizes commercial and residen tial real estate brokerages who actively work to fur ther diversity and inclusion in the real estate industry. Real estate brokerages do not have to be REALTOR® exclusive offices to qualify for this award.
Real Estate Industry Community Partners
The Colorado REALTOR® Diversity and Inclusion Committee are honored to celebrate groups and individuals who strive to support every individual and community within the real estate industry. Applications are open, and the winners will be an nounced at the CAR Fall Forum 2022 – Inaugural Din ner on October 18. There are four different applications, all due on or before September 16.
Nominate a PartnerBrokerage,Organization,REALTOR®RealEstateorCommunity
REALTOR® Organizations
This application recognizes REALTOR® organizations that actively work to further diversity and inclusion in the real estate industry. REALTOR® organizations include Local REALTOR® Association Boards and organizations such as the Women’s Council of REAL TORS®, REALTORS® Land Institute, the Residential Real Estate Council, and the Colorado Young Professionals Network.
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Real Estate Brokerages
Nominations
This application recognizes an individual who has gone above and beyond in their efforts to support the diverse community in the real estate industry.
