The Colorado Association of REALTORS® (CAR) assumes no responsibility for return of unsolicited manuscripts, photographs or art. The acceptance of advertising by the Colorado REALTOR® does not indicate approval or endorsement of the advertiser or their product by CAR. CAR 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 CAR.
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.
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.
FROM THE PRESIDENT
RESILIENCE IN THE FACE OF CHANGE
As we navigate the ever-evolving landscape of real estate, it's imperative that we, as REALTORS®, remain resilient and adaptable. Our profession is not just about transactions; it's about building communities, changing lives, and being trusted advocates for our clients. Change is a constant, and how we respond to it defines our success and the legacy we leave behind.
As of August 17th, significant changes have been implemented following the National Association of REALTORS® settlement. These changes may seem daunting, but I firmly believe in the strength and capability of our members to adapt and thrive. We are great REALTORS®, equipped with the skills, knowledge, and resources to turn challenges into opportunities. As Dr. Martin Luther King Jr. once said, "The ultimate measure of a man[woman] is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy."
At the Colorado Association of REALTORS®, we are committed to supporting you through these changes. We have invaluable resources at your disposal, including two contract webinars led by Scott Peterson, CAR's General Counsel. These webinars will provide you with the necessary insights and clarity to assist you as you develop your skills to adapt to these changes. They can be found HERE. Additionally, NAR’s comprehensive FAQ on facts. realtor is available to address your questions and concerns about the settlement.
Remember, you are not alone on this journey. Your leadership at CAR loves and supports you. We see your dedication and the positive impact you have on your communities. You are community builders, life changers, weather builders, and trust advocates for your clients. Your work is invaluable, and your resilience in the face of change is truly inspiring.
Let's embrace these changes with confidence and optimism, knowing that together, we can overcome any challenge. Your perseverance and commitment to excellence will continue to elevate our profession and serve our clients, the consumers, and our communities in the best possible way. Thank you for being the extraordinary REALTORS® that you are.
Jason Witt 2024 President of the Colorado Association of REALTORS®
NAR Practice Changes Implemented on August 15, 2024
KEY POINTS TO KNOW
Compensation should not be listed anywhere on MLS.
Offers of compensation will be prohibited on Multiple Listing Services (MLSs).
The Colorado Association of REALTORS® reminds members, real estate professionals and consumers that as of August 15, 2024, the practice changes following NAR’s Settlement Agreement that would resolve claims brought on behalf of home sellers related to broker commissions have been implemented across the country.
REALTOR® MLSs (those owned exclusively by one or more REALTOR® Associations) – must implement the changes by this date to remain in compliance with NAR policy.
Under the settlement, the following practice changes will take effect:
• Offers of compensation will be prohibited on Multiple Listing Services (MLSs). Offers of compensation will
KEY POINTS TO KNOW
Explain the value you bring to your clients.
Offers of compensation will continue to be an option consumers can pursue offMLS through negotiation and consultation with real estate professionals.
continue to be an option. Consumers can pursue off-MLS through negotiation and consultation with real estate professionals.
Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool. and ensuring they receive the best offer possible for their property.
• Agents working with a buyer will enter into a written buyer agreement before touring a home. The practice changes do not require an agency agreement or dictate any type of relationship.
KEY POINTS TO KNOW
Get everything in writing before you start.
Agents working with a buyer will enter into a written buyer agreement before touring a home.
Resources are available to assist with implementation of the settlement terms—such as tips on clarity and emphasizing consumer choice and a “ Written Buyer Agreements 101” resource.
Consumers can find additional information on what these changes mean for their homebuying and selling experiences in NAR’s buyers and sellers guides. For NAR members, the practice changes are outlined in detail here, and detailed information is available in NAR’s FAQ. Please visit facts.realtor for the latest updates on the settlement and practice changes.
Colorado REALTOR® ToolboxNavigating Real Estate Practice Changes
2024 Contract Changes and Broker Compensation
A variety of new Commission-approved forms are available early this year. Many of the form changes are related to the mandatory MLS Practice Changes that are mandated by the NAR settlement agreement and the removal of the Offer of Compensation from the MLS.
Contract Changes Part 1 – Webinar Recording
CAR General Counsel
Scott Peterson reviews all the form changes related to the settlement and the historic MLS Practice Changes.
Contract Changes Part 2 – Webinar Recording
In Version 2, CAR General Counsel
Scott Peterson will be reviewing nonsettlement related contract changes that are mandatory beginning August 15, 2024 for Colorado REALTORS® and included in the NEW Colorado Real Estate Commission’s Contract to Buy and Sell –Residential.
Commission Approved Contracts and Forms
The Colorado Real Estate Commission has made available UPDATED, approved contracts and forms for use after August
15, 2024, provided in “redlined” and “clean” formats for educational purposes. Forms include exclusive right to buy, exclusive right to sell, contracts to buy and sell real estate, and more.
Division Of Real Estate Contracts and Forms
CBA’s Brokerage Firm Compensation Agreement Form
CAR has worked with the Colorado Bar Association to produce this brokerage firm compensation agreement form available for download on CBA’s website.
CBA Brokerage Firm Compensation Agreement
Template Compensation Disclosure for Active Listing or Buyer Agreements as of Aug. 17.
This template disclosure from NAR can be used for active agreements as of Aug. 17 that will need to be amended or supplemented with a separate disclosure to conspicuously note that compensation is not set by law and is fully negotiable. For more information on requirements for amending active listing or buyer agreements, please see FAQs #52, #53, #71, and #72.
Template Disclosure Statement
Written Buyer Agreements
Beginning August 17, 2024, an MLS Participant “working with” a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in person and live virtual tours. This NAR resource provides information about what provisions must be included in the written agreement pursuant to the NAR
settlement as well as other provisions that, while not required by the settlement, MLS Participants may consider addressing with their clients.
Practice Change and Settlement FAQs
As the real estate industry adapts to coming changes following NAR’s settlement agreement, we want to prepare you for a smooth transition and give you the necessary tools to speak to consumers about the new landscape.
A Broker’s Guide to Upcoming Practice Changes
These slides provide an overview of the settlement, information on corresponding practice changes and implementation, and guidance on how to help consumers understand what these changes mean for them and their homebuying or selling transactions.
Buyer Agreements FAQs Talking Points
Fact sheets on what the practice changes mean for homebuyers and home sellers.
These resources-one for sellers and one for buyers -outline what buyers and sellers should expect after Aug. 17 and the value agents who are REALTORS® provide to consumers in these transactions.
What the Settlement Means for Buyers and Sellers
Common consumer questions about NAR’s settlement and how it may impact the real estate transaction.
& Navigating Upcoming Changes
Talking Points for REALTORS®
How to talk to consumers about the practice changes.
Summary of MLS Policy Changes
MLS policies and model MLS governing documents have been reviewed and updated.
Policy ChangesNAR Document
NAR Settlement FAQs
Answers about NAR’s settlement, including key terms, who is covered, practice changes, financing, and NAR operations.
2024 CAR LEADERSHIP SYMPOSIUM
ABOUT THE SYMPOSIUM
Join us at the 2024 CAR Leadership Symposium and immerse yourself in comprehensive leadership training and strategic discussions on navigating changes in the real estate industry. Don’t miss out on exciting sessions, keynote speakers, interactive forums, exhibitors, networking and fun this October 14-16, 2024. Engage with other REALTOR® leaders and explore new ideas at the Hyatt Regency DTC this fall.
Included with your registration is a networking boxed lunch, coffee breaks, and sessions like:
• Keynote Speaker J'aime Nowak on Embracing Change and Being Irreplaceable in the Transaction.
• CAR Strategic Think Tank Forum with Philosopher and Speaker Matthew Ferrara on Influencing Your Future – An interactive forum where members will discuss leading their associations with professionalism and competency during a period of important growth and change.
• Risk Management Forum with CAR General Counsel Scott Peterson.
• Leadership Training for association leaders at all levels.
• The “Haunted Mansion” Exhibit Hall
Mastering Change
Keynote J’aime Nowak
CAR Leadership Symposium | October 14-16, 2024
In today's rapidly evolving real estate market, staying ahead means embracing and mastering change. Join J’aime Nowak, industry veteran and expert as she shares innovative strategies and practical insights that will empower you to navigate the shifting landscape with confidence. Whether you're adjusting to new market trends, technology, or client expectations, this presentation will equip you with the tools you need to excel. Don't miss this opportunity to transform the way you approach your business and make the most of your opportunity in your marketplace!
You’ll leave with a deep understanding of the secret ingredients behind transforming through change and how to apply these principles to your life and business. You’ll gain tools to elevate your mindset and productivity, enhance your decision-making, and lead yourself and your business to unprecedented growth.
See J’aime at the CAR Leadership Symposium - https://coloradorealtors. com/car-symposium/
ABOUT J'AIME NOWAK
J'aime Nowak has been a leading force in the real estate, business, and personal growth industries for over 28 years. She began her career as a REALTOR® in 1995, and built an incredible business focused on serving her relationships which helped her double her income every year she was a REALTOR®.
This success translated into J’aime being asked to manage her office. She utilized these same principles to reverse a six-figure deficit, increase profitability and create a culture that was second-to none—all within 16 months.
Having achieved great success in the industry, J’aime joined Buffini and Company to bring her skills as a leader,
presenter, and trainer to a wider audience. For over 19 years, she poured herself into their brilliant clients, created world-class content and trained and inspired thousands of leaders and professionals across North America. Today, as the founder and CEO of J’aime Nowak Speaking and Consulting, she continues to clear a path for leaders and entrepreneurs to create and enhance profitable, amazing businesses and live fulfilling lives.
J’aime’s mission is to inspire and motivate professionals to become their very best by focusing on what matters most.
Influencing Your Future
Don’t Miss Matthew Ferrara at the CAR Leadership Symposium
October 14-16, 2024
Speaker and Philosopher Matthew Ferrara has spent over three decades helping salespeople and leaders grow through business practices, coaching, strategic planning, and personal inspiration. Matthew will draw connections between multiple disciplines including business strategy, innovation, technology, and philosophy to create unique opportunities for growth.
Matthew will work to provide participants with an opportunity to be heard on key professional development and leadership issues facing their members, to connect with each other as they learn, and to acquire key leadership behaviors and traits they can use to help the broader membership navigate change, thrive, and be a model for the country.
Matthew will lead the Strategic Think
Tank Forum at the CAR Leadership Symposium, delivering the following key learning outcomes:
• Learn to lead your association with professionalism and competency during a period of important growth and change in the real estate industry.
• Define the desirable core competencies of a highly professional leader (top 5) and develop your personal abilities in those areas.
• Improve your ability to lead from a shared value-proposition, using situational leadership and communication tools.
Join us and have your leadership “beliefs and batteries” recharged! Matthew will leave you with a strong commitment to returning influence over your future. REGISTER TODAY!
Risk Management –How REALTORS®
Annoy Lawyers
Tuesday, October 15
Join Scott Peterson and nine other real estate attorneys for a round of musical chairs! Ten lawyers, nine chairs, and one microphone. Each lawyer who loses a round of musical chairs will take the floor to discuss a common risk management scenario that REALTORS® face and what to do in the real world.
Don't miss this fun yet informative session at the CAR Leadership Symposium.
Key Events at the
Leadership Symposium
OCTOBER 13
Dinner Dates - Enjoy a night out for some great food and networking!
OCTOBER 14
• Keynote J’aime Nowak – “Mastering Change”
• Strategic Think Tank Forum: Influencing Your Future with Matthew Ferrara
• Networking Boxed Lunch
• Inaugural Dinner
OCTOBER 15
• Risk Management – How REALTORS® Annoy Lawyers
• “Being Irreplaceable in the Transaction”
• RPAC Lunch
• “Why Involvement Matters”
• CAR Business Meetings
• CAR Foundation Casino Night
Silver Certif ication: Simplifying and Elevating the Moving Experience for Seniors
Reaching retirement age is a significant milestone. However, many seniors face physical limitations that affect their daily activities. Relocating to a new home or retirement community without assistance can be challenging and potentially hazardous. Fortunately, Exodus Moving & Storage is among the few companies to hold this prestigious certification and will help with the heavy lifting.
WHAT IS SILVER CERTIFICATION?
Silver Certification is a distinguished qualification resulting from an intensive training program developed by the National Association of Senior Move Management Specialists (NASMMS), in partnership with Wheaton Worldwide Moving Van Line. This program encompasses various aspects critical to serving older adults, including understanding family dynamics, cultural differences, emotional and physical awareness, empathy, and effective communication with third parties. Exodus Moving & Storage takes pride in crew members who diligently complete this training over a four-week period. Each Silver Certified move is led by a certified crew member to ensure the highest standards are maintained. Additionally, the team goes the extra mile by engaging with retirement community administrators to identify and address specific challenges faced by new residents. One notable improvement that has been implemented is ensuring all cords remain attached to their respective devices during moves, alleviating a common frustration for seniors and staff alike.
THE VALUE OF SILVER CERTIFICATION
Silver Certification is crucial because moving can be particularly challenging for seniors, involving both physical and emotional strains. Older adults often possess more belongings, many of which carry significant sentimental value. The process of packing, downsizing, and relocating heavy items requires not only physical effort but also emotional sensitivity. Through Silver Certification, Exodus Moving & Storage demonstrates a profound understanding of these complexities. Training ensures that the team can handle the emotional and physical challenges that come with moving later in life, making the relocation experience as seamless and stress-free as possible for clients. Your clients rely on your expertise and trust your recommendations. Referring them to a moving
company like Exodus Moving & Storage, which holds Silver Certification, ensures they receive the utmost care and professionalism. Certification signifies that the Exodus Moving & Storage team is well-equipped to manage the unique challenges associated with moving older adults, providing peace of mind for both you and your clients.
SERVICES OFFERED BY EXODUS MOVING & STORAGE:
1. Full-Service Assistance: Comprehensive support from packing and unpacking to handling heavy items, ensuring a smooth transition to a new living space.
2. Tailored Solutions: Personalized moving solutions for various scenarios, whether transitioning to a local retirement community, downsizing, or moving across the country.
3. Emotional Consideration: Respecting and handling the emotional weight of moving cherished belongings and memories with care and empathy.
BACKGROUND: EXODUS MOVING & STORAGE
Founded in 1996, Exodus Moving & Storage is a family-owned, locally operated, community Involved company with national connections. Located in the heart of Colorado, we are committed to our community and have supported numerous local organizations, including those aiding youth, military families, and the unhoused. Our dedication to promoting local art further underscores our commitment to enriching the community we serve.
By achieving Silver Certification, Exodus Moving & Storage underscores our ability to assist older adults effectively. Our emphasis on empathy, professionalism, and dedication to making moves stress-free makes us a trusted partner for seniors embarking on the next chapter of their lives.
For more information on how Exodus can assist you and your clients, please visit our website, or contact us directly. Exodusmoving.com 970-484-1488.
To date, we have invested $10,616,744 in the form of grants to qualified nonprofits whose mission supports our mission. In so doing, we have touched the lives of more than 95,000 Coloradoans.
SPONSORSHIP OPPORTUNITIES
HIGH ROLLER SPONSOR $10,000 (2 AVAILABLE)
ENTERTAINMENT AND HOSPITALITY
Make plans now to join the CAR Foundation for the exciting premier fundraising event of the year. The Casino Royale will be held on October 15 at the Hyatt Regency DTC. The fun begins at 5:00 p.m. This celebration marks 33 years of REALTOR® engagement and investment in our communities. It also will raise vital funds to keep projects going.
• Event tickets for up to 12 guests.
• Two bar tickets per guest, up to 12 people.
CORPORATE VISIBILITY AND RECOGNITION
• Onstage recognition during the reception.
Gamble with your friends and have a great time while making a difference. The ticket price is $75 ($25 of every ticket goes directly to the foundation and is tax deductible). Sponsorships are also welcome. Please call (303)785-7126 for a sponsorship package.
• Recognition on CAR Foundation’s new website.
CASINO GAME SPONSOR
• Two VIP reserved cocktail tables during the event, with signage.
(5 AVAILABLE)
So, what kind of difference is the Foundation making, you ask?
• Exclusive slide with your corporate logo on slideshow during reception.
• Full color, full page ad in a prominent location in the CAR Foundation 2024 Impact Report
• Top recognition in all event marketing collateral including reception signage, program, email marketing, media coverage.
Purchase your tickets today at https://bebidsme/carf2024/ tix.
If you can’t join in person, please participate in the digital silent auction at https://carf2024.bebeds.me
ENTERTAINMENT AND HOSPITALITY
• Signage on one Casino Game
• Event tickets for up to 6 people.
As the 2024 Chairman of the Board of the Colorado Association of REALTORS® Foundation and a fellow REALTOR®, I am honored to share the remarkable impact our Foundation continues to make across the entire state of Colorado. The Colorado Association of REALTORS® Foundation serves Colorado as the philanthropic and community engagement arm of the Colorado Association of REALTORS®. Our mission is to support safe and attainable housing, advance homeownership for all Coloradoans, as well as provide disaster assistance to or neighbors in need.
• Exclusive 30-second promotional video highlighting your company, provided by you.
ROYAL FLUSH SPONSOR $6,000
ENTERTAINMENT AND HOSPITALITY
• Two bar tickets per guest, up CORPORATE VISIBILITY AND RECOGNITION
• Verbal recognition during the
• Recognition on CAR Foundation’s
• Exclusive slide with your corporate event.
• Promotion of sponsor social guest check in.
• Full color, half page ad in the Report.
The investment in Colorado communities over the past 33 years has been profound. To date, we have invested $10,616,744 in the form of grants to qualified nonprofits whose mission supports our mission. In so doing, we have touched the lives of more than 95,000 Coloradoans.
• Recognition in marketing collateral program, media coverage and
ACE OF SPADES SPONSOR
ENTERTAINMENT AND HOSPITALITY
• Event tickets for 4 people.
• One VIP reserved cocktail table during the event, with signage.
• Signage at VIP Poker Table area (velvet rope area).
• Event tickets for up to 8 guests.
• Two bar tickets per guest, up to 8 people.
CORPORATE VISIBILITY AND RECOGNITION
• Verbal recognition during the reception.
• Recognition on CAR Foundation’s new website.
In 2023 alone, the Foundation awarded $390,000 in grants across the state, including a significant $225,000 grant to the Marshall Fire Recovery Center in support of ongoing rebuilding efforts for victims of that devastating disaster.
• Two bar tickets per guest, up CORPORATE VISIBILITY AND RECOGNITION
• Verbal recognition during the
• Recognition on CAR Foundation’s
As of mid-2024, we have already distributed $115,000 in grants focusing on housing and education, thus furthering
• Slide with corporate logo on
• Recognition in marketing collateral
• Exclusive slide with your corporate logo on slideshow during reception.
Join the Fun at the Casino Royale
SPONSOR $5,000
HOSPITALITY
Game table (ex: Blackjack, Roulette, etc) people.
up to 6 people. RECOGNITION the event. Foundation’s website. corporate logo on slideshow during social media channels during event, at the CAR Foundation 2024 Impact
• High Stakes Game Tables!
• VIP Poker Tables!
• High Rollers!
• Dress to the Nines and enjoy a James Bond kind of Casino! (sans James Bond)
• Libations and Gourmet Food
our mission. Recent grantees include Habitat for Humanity of Mesa County, Florence Crittenton Services of Colorado, Home Builders Foundation, Response (Help for survivors of Domestic Violence and Sexual Assault), Manna (The Durango Soup Kitchen), The Salvation Army of El Paso County, and HomesFund.
collateral including event signage, and email.
2023: A Year of Growth and Impact
SPONSOR $2,500 HOSPITALITY
up to 4 people. RECOGNITION the program. Foundation’s website. on slideshow during event. collateral including annual report.
This past year has been transformative for the CAR Foundation. We have significantly broadened our reach and impact through the expansion of the CAR Foundation Charitable Funds program. With many thanks to our CEO Amy McDermott, this innovative community foundation structure enables local associations to establish their own grantmaking, scholarship, and disaster relief funds, utilizing our Foundation’s 501c3 status. This initiative not only alleviates administrative burdens for local associations, but also provides crucial advisory and regulatory support.
Sponsor $1,000 RECOGNITION
• Lively Entertainment.
• CARF Signature High End
• Silent Auction
• Special Prize Drawings
• Mingle with Fellow Associates and Community Influencers.
Highlights of the CAR Foundation Charitable Funds
• Seven local boards and one large brokerage are now operating eleven active charitable funds through this program.
• Over $80,000 in grants and scholarships have been awarded so far via this expansion.
• The CAR Foundation is managing more than $275,000 in community funds on behalf of charitable fund holders.
See you at our Casino Royale fundraiser on October 15!
Mary Ann Hinrichsen, 2024 CAR Foundation Chair
BETSY LAUGHLIN
NAR LEADERSHIP ACADEMY
Colorado REALTOR® Betsy Laughlin Selected for NAR Leadership Academy
Congratulations to Vail REALTOR® Betsy Laughlin, who has been named to the National Association of REALTORS®' 2025 Leadership Academy!
“The Leadership Academy develops and prepares upcoming leaders to help shape the real estate landscape at the local, state and national levels.”
Betsy is one of twenty REALTORS® from across the country chosen to participate in the 10-month program, which prepares emerging state and local volunteers for future leadership positions at NAR.
“The Leadership Academy develops and prepares upcoming leaders to help shape the real estate landscape at the local, state and national levels,” said 2024 NAR President Kevin Sears, broker-partner of Sears Real Estate/Lamacchia Realty in Springfield, Massachusetts. “The diverse backgrounds and qualifications of this class are evidence of NAR’s commitment to inclusive growth, representation and professional development.”
The 20 REALTORS® selected will participate in a diverse range of educational experiences as they join a nationwide community of volunteer leaders. During the 10-month journey, participants will learn the history, structure and inner workings of NAR while gaining key insights designed to prepare them to serve in prominent leadership positions at all levels of the association.
For more information about NAR’s Leadership Academy, including individual session summaries and resources for prospective 2026 applicants, visit nar.realtor/ leadershipacademy. The application period for the 2026 class runs from November 4, 2024, through February 13, 2025.
Elevate Your Leadership Journey with CAR Leadership Academy
Leadership Academy applications are open NOW until September 15. CAR Leadership Academy is an exclusive four-month training and development program to nurture future REALTOR® association leaders. It is focused on further developing participants’ association leadership skills and knowledge.
As a member of the Leadership Academy, you will experience:
• Small group meetings with past and current CAR Leadership to give you inside knowledge of the vision and challenges of association leadership.
• Refine your presentation skills and gain media training.
• Develop leadership skills to be applied at the association level and in your career.
By becoming a member of the CAR Leadership Academy, you will gain the skills to transform connections into involvement and action. REALTOR® members who want to strengthen their association leadership abilities and are passionate about the industry are encouraged to apply.
CAR’s Leadership Academy begins in January and concludes in April. Participants are required to attend monthly sessions listed on the Leadership Academy Agenda. Attendance at all events is required and included in a one-time fee of $500. Member is responsible for travel, lodging, meals, and all incidental expenses to attend events. Space is limited, so not all who apply are accepted into the program.
Thank you to all Colorado Association of REALTORS® Legislative Policy Committee (LPC) members for devoting their time and expertise this year.
2024 Legislative Review
There are 100 legislators comprised of 35 state Senators and 65 state Representatives at our State Capitol who make policy decisions that impact REALTORS®, their businesses, housing, and the real estate industry. None of these 100 legislators are REALTORS® or hold current real estate licenses. It’s critical that legislators know and hear collectively from our professionals and practitioners who work in real estate about the effects, both intended and unintended, of proposed policies. Our political power comes from 26,000 REALTORS® working together as part of Colorado’s largest professional trade association.
To that end, the Colorado Association of REALTORS® (CAR) has the Legislative Policy Committee (LPC) comprised of at least 35 REALTORS® but upwards of 60 members who are appointed annually by CAR leadership and engaged in review-
During the 2024 legislative session, CAR’s LPC tracked 97 bills of the 705 bills introduced. The full bill sheet of all 97 bills can be found under “Political Advocacy” at www.coloradorealtors.com. Please know bill positions change and the “Bill Sheet” only shows the final position sometimes after key amendments have been adopted.
ing legislation and adopting formal CAR positions on them. These positions include:
• Support – a good bill in alignment with our strategic framework and policy statements.
• Oppose – a bill that needs to be defeated, and there is a pathway to defeat it, based on our strategic framework and policy statements.
• Amend – a bill needs changes, or amendments, for it to be workable or improved upon. If a bill is harmful but there is not a path to defeat it, amending it to reduce impact is critical.
• Monitor – the bill does not require CAR to actively engage. It may not harm REALTORS®, but we monitor it to make sure no amendments may be added that could cause harm to REALTORS® or the real estate industry.
At the Colorado Association of REALTORS®, you have a team of staff dedicated to YOUR political advocacy. Please contact us anytime. Brian Tanner, VP of Public Policy | Lauren Cecil, Senior Government Affairs Director | Jesse Zamora, Government Affairs Director.
CAR led efforts to defeat this attempt to reclassify non-primary residences rented as a short-term rental (STR) more than 90 days per year as commercial lodging property, subjecting them to the higher assessment rate of 27.9%. The bill would have quadrupled property taxes on STRs, balloon lodging assessments by over $6 billion (PTY 2026), curtail local tourism-based economies, and complicate the housing market by imposing commercial taxes on residential properties.
Deceptive Trade Practice Significant Impact Standard
CAR again led efforts to defeat this bill that would have lowered the “public impact” standard to a single person for a claim to qualify as an unfair or deceptive trade practice claim under the Colorado Consumer Protection Act (CCPA). Current law requires a significant number of consumers to be harmed before a claim could be considered. By allowing a single claimant to pursue a CCPA claim, impact on REALTORS® could be very punitive, including treble damages and attorney fees, which your errors and omissions insurance policy does not cover.
Home Sale Wildfire Mitigation Requirements
CAR defeated this bill mandating a wildfire mitigation certification at point-of-sale for existing residences in 12 specific counties. This bill was amended to allow any of the 64 counties to require a mitigation certification. CAR actively opposed HB1300 because it would not guarantee homeowners insurance for a property, could delay the sale of a property for months waiting for mitigation or certification, and drive up the cost of housing with sellers adding the cost of mitigation for buyers.
The bill provides the Colorado State Forest Service more bandwidth to educate residents in the wildlandurban interface about wildfire risks and mitigation. The timeline to educate residents was extended for an additional three years. CAR supported this bill because property owners should be given the best chance to reduce the threat of wildfire and be part of the ongoing solution to ensure insurance coverage and contain costs.
Protections for Real Property Owners
Despite the bill title, HB1230 would have significantly increased the costs and frequency of litigation on single-family construction. Colorado already has a high-risk of litigation for condos, and this would have put single-family construction in the same legal environment as condo construction, reducing the number of single-family houses being built. This potential reduction in housing stock is cause for concern as it could impact the state’s availability and affordability of single-family homes. CAR, in partnership with other organizations, was able to defeat this bill.
>>Looking Ahead to 2025
There are at least two key pieces of legislation from 2024 that CAR is working on during the interim to hopefully have introduced in the 2025 legislative session.
Consumer Protections in Artificial Intelligence
SB205
CAR opposed this bill, but it passed in a rush during the final days of session. While the intent was to prevent algorithmic discrimination using AI systems that could harm people accessing housing and financial lending, there are unintended consequences. This bill does not take effect until 2026, so CAR is actively engaged now to present a 2025 legislative solution to refine problematic definitions. There is concern that using the application FOREWARN could be classified as a “consequential decision” using an AI system and therefore be subject to provisions within the bill.
Right
to Remedy Construction
Defects SB106
CAR and many others supported this legislation, which aimed to reduce the risk of costly litigation for condo developers to encourage these developers to come back into the Colorado market and produce more housing supply. Unfortunately, this legislation did not pass in the 2024 legislative session; however, CAR will continue fighting for more condos and housing supply when the 2025 legislative session begins.
GOING FOR GOLD!
Congratulations to the below local associations who competed in the RPAC Olympics and won some CASH for their local associations RPAC goals…and bragging rights of course! Thanks to all for participating in our first annual RPAC Olympic Games.
RPAC EVENTS AROUND COLORADO
It’s been a busy summer for RPAC! Check out some of the fun had at RPAC events put on by local associations around Colorado!
TELLURIDE: Sally Puff Courtney hosted her annual RPAC event for the Telluride Association of REALTORS® in July! Thank you to these six powerful women in Real Estate for stepping up to be 2024 Major Investors: Tracy Boyce, Lorrie Denesik, Bene Hinde, Ana Bowling, Sally Puff Courtney, and Iva Hild. (Top left)
MOUNTAIN METRO ASSOCIATION OF REALTORS® put up a fight to raise funds for RPAC and brought in over $7,500! Special shoutout to two of our very own, Brian Tanner and Scott Peterson, for getting in the "SUMO" ring! (Middle left)
ROYAL GORGE ASSOCIATION OF REALTORS® put on a great RPAC event in June, raising over $7,000 and hitting triple crown for the year!
WORKING FOR WAFFLES!
Members across Colorado joined in on the Waffle House hype for some good waffles and even better conversation around the importance of RPAC! Missed this last lunch? Don’t fret, join us for our next RPAC Waffle House lunch next month, September 26th. Email Kerrianne Brenzel at kbrenzel@coloradorealtors. com for details! (Bottom left)
What are you doing in your industry and community to make it better?
By Mathew Schulz, CVLS, CML President, Residential Loan Programs, Firelight Mortgage Consultants CAR Foundation Board Member
…and maybe grab some business, too!
Happy August. We’re nearing the end of summer my fellow followers in real estate! I hope you are looking forward to my favorite time of year as much as I am. Labor Day to the New Year, is there anything better? Fall colors that are to die for in Colorado, football (I’m preferential to college football, Go Navy, Beat Army, but whatever your league or team, it’s an exciting time), I love fall golf, I am a sporting clay shooter and the occasional pheasant hunter, I love Halloween with my six-year-old, and then there are the holidays. Thanksgiving, what a special time of year to give thanks for all we have been blessed with, most of all, the conclusion to an exhaustive election season, and be it Christmas, Chanukah, Kwanza or Festivus, the gathering of friends and family, celebrating what is important in your life. I think our clients will forgive us for not answering our phones! That’s great Mathew, my time is short, can you please reign it into the topic at hand, giving back to our industries and communities?
What better segue than realizing all the wonderful blessings and things that we hold dear in this world to then discuss what we as a collective are doing to improve our industries and communities. I will ask your forgiveness in advance if I sound like a bit of a boy scout in this article, I only do so to hopefully inspire you into action on multiple fronts. You are already off to a great
start - you’re a REALTOR® and reading this magazine. As a REALTOR®, it means that you are holding yourself to a higher standard and code of ethics. It means that you see your relatively small investment in annual dues as more than just a drop in the bucket. They represent your interests in the industry at the legislative level, the educational level, and the philanthropic level and I applaud you for that with utmost respect.
I challenge you to the next level
Hopefully, if you’ve been reading my “Notes from a Mortgage Professional” articles, you are picking up that I am a mortgage guy. I own a small mortgage brokerage here in the metro and while licensed in multiple states, I choose to focus my own business in Colorado and the I-25 corridor. I come from a very small town in Minnesota in which my mother’s family were all cattle farmers. My grandfather was President of the Cattlemen’s Association as was my uncle. From a young age, I was instilled with a sense of duty to improve things, whatever angle it came from. It was that boy scout in me that sent me to the United States Navy out of high school and that once I was in the mortgage industry, sent me to the Colorado Mortgage Lenders Association (CAR for mortgage people). I went to those luncheons for two years as a fly on the wall. I was so intimidated as this small company
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owner in this room of highly successful mortgage loan originators, managers, and bank owners. Then, one day, I said (F) it, I am going to man up, start to introduce myself and get active. It wasn’t five minutes, and I was brought to the Executive Director at the time and was encouraged to apply for the Mortgage Leadership Program, our version of the CAR Leadership Academy. I went through that eight-month program and sure enough, I was asked to sit on the CMLA’s Board of Directors. This is one way leaders are born and grown.
My challenge to you now, is what you can do to not just be a member of CAR, but to improve it? What can you do to give of your time to help improve your industry? You might have a passion for politics and want to volunteer on the legislative committee, maybe you are an established agent and leader and have the desire to educate and mentor others. For myself, once I termed out in my time on the Board of Directors at the Lender’s Association, I wanted to get active in CAR through DMAR, and I applied to volunteer on the CAR Foundation Board of Directors, a wonderful philanthropic organization. I hope all readers are aware of the wonderful efforts CAR is making on your behalf to give back charitably to the community and state through fundraising and donations provided by many of you.
Giving back in your community
As badly as I want to encourage you to volunteer within your industry and trade association, I also strongly encourage you to volunteer in your community. I’d like to think that we are all good people, wanting to help others. There are so many opportunities to volunteer in your community. Habitat for Humanity, The Salvation Army, food banks, and schools are always looking for volunteers. PTA Committees, your place of worship if that appeals to you, and museums all need volunteers. You might be called to serve in local or state government.
Now here is where I can go from boy scout to cynic. For years as I was volunteering with the CMLA, creating and chairing their Ambassador Program, sitting on their Board of Directors and remaining active on their Legislative and Regulatory Affairs Committee (LARAC), I made attempt after attempt to recruit new members to the organization, new volunteers and committee members, sponsors and donors, yet so many times I was met with the objection of
“what’s in it for me, how many deals should I expect from it?”. What, is, in, it, for, me? A mortgage lender has traditionally been a noble profession. I still remember to this day the way my father speaks of Bruce Ellefson, the man that gave him his first home loan. I understand back in the 1800’s when my father was getting a home loan, things were different, but it was the point that Bruce went out on a limb and fought to get my father approved that stuck with him his entire life. From that point, my father never banked with a different person nor trusted another banker other than Bruce. Shoot, the movie It’s a Wonderful Life is about a mortgage guy. Now, all I hear is “What is in it For Me?”
Philanthropic efforts matter
Without the legislative efforts that both the CMLA and CAR make to represent our interests, our careers would most definitely look very different. You may question that, but I have sat in on testimony made by both organizations fighting for us as lenders and agents as well as fighting for our clients, our friends, and family that are struggling to afford housing in Colorado. These efforts are real and, most often, successful. If you are interested in politics and regulation, PLEASE, I implore you to volunteer. That is one hugely important area that serves what is in it for you.
Just as CAR has its CAR Foundation, the CMLA has a similar non-profit called the Colorado Homeownership Coalition. It is a non-profit that helps families in a short-term need for housing assistance. I personally have had a client that regrettably - through a series of misfortunate events and not the best representation - ended up purchasing a meth house. The client was not allowed to live in that home and had to rent while still making payments on their mortgage unless they wanted a foreclosure on their record as well. The CMLA’s CHC was able to help with two month’s housing expenses while they fought through the legal system. Our non-profits help real people in our communities. Maybe you feel the desire to volunteer with these efforts. I can tell you; these clients are now lifelong clients and great referral partners. Doing good in our industry, while it does not need to be your foremost objective, can pay off directly!
What we’re selling is ourselves
Here is the point, at the end of the day, we are in sales. We are not just selling homes or mortgages; we are also selling ourselves. When I mentor or work with new people in the industry, I am constantly telling people that closing the loan is not the hardest part of my job, it is finding the loan, or prospecting. What is the key to quality prospecting? Getting yourself in front of as many people as possible. Some people pay for advertising, some choose to work for companies that market for them and bring them business, and there are those that have that skillset to go out and find the business.
I can tell you, in general, that model has the highest compensation levels. When you talk about what you love about your job, I am sure you say that you are helping people, educating them, advising them on their largest investment. Yes, it is a job that comes with many freedoms, it can be highly lucrative, some people enjoy that they can do it part time -nails on chalk board to me- but it can be done. Why not go out and volunteer? Go out and meet people, be genuine, find something you are passionate about, volunteer with it, and the connections will follow.
I challenge you to look at the top ten most successful real estate agents that you know. Are they homebodies that Zoom everything and only go out to show a home or obtain a listing or are they active and engaged? Do they participate in multiple volunteer organizations, do they sit on Boards, do you see them at all the local and state level association functions? These are the people to emulate and have as mentors. Surround yourself with the smartest and most successful people in the room and I guarantee it will rub off on you.
I appeal to you to be that leader, that person in the room people are drawn to, the expert, the selfless person that others look up to. Success will follow, and if you are that person already, I congratulate you as I am certain that you are already very successful.
Mathew Schulz, CML, is the President of Firelight Mortgage Consultants Greenwood Village, Colo., a mortgage company that he has owned for 15 years. He is also a board member of the CAR Foundation. You can reach him at mschulz@FirelightMortgage.com.
MARKET TRENDS
An Already Slow Summer Housing Market Pumps the Brakes a Bit
More in July as Inventory Grows But Buyers Choose to Stay on the Sideline
An already slow summer housing market pumped the brakes a little more in July as higher mortgage interest rates and a hesitant pool of buyers pushed the inventory of active listings up approximately 20% in both the seven-county Denver metro area and in markets across the state, according to the latest Market Trends Housing Report from the Colorado Association of REALTORS® (CAR) and analysis from the Association’s spokespersons across Colorado.
"’Retraction’ remains the key word driving our market, with inventory growing and demand shrinking. The rumor of the Fed Reserve lowering the interest rates in September has spurred some lower rates already, and buyers are talking about it. If rates do lower in September, we could see many of those buyers back in the market and the balance may shift again. But until then, sellers who need to sell are pricing competitively and adding a load of patience while they navigate this changing market,” said Boulder/Broomfield-area REALTOR® Kelly Moye.
“As banks begin to lower interest rates in anticipation of the Federal Reserve’s expected rate cut in September, buyers are presented with more options than they have seen in some time, potentially setting the stage for another market shift,” said Summit-area REALTOR® Dana Cottrell.
STATEWIDE SUMMARY
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
“A summer slowdown is in full effect in zip codes across Arapahoe and Adams counties. Listings are up compared to a year ago in many areas, with the exception of 80011 in the north, or original Aurora area, which provides easy access to Children's hospital, CU Health Science Center, and the airport. July sold properties in 80011 were the same as 2023 and the median price sits at $443,000, one of the most affordable housing options in the metro area and well below both Adams County, $535,000 and Arapahoe County, $623,000.
Looking to the 80013-zip code, primarily central Aurora, Arapahoe County, we see one of the most active areas with 147 active listings and a median price of $500,000, with options in both the Aurora Public Schools and Cherry Creek School District. Another very active zip code with a median inventory of $556,000 is 80015. Zip code 80016 inventory is up 10% from 2023 which does not include the new builder inventory. The median price in this southeast, Arapahoe County, Aurora area is $805,000. Looking to zip code 80019, in the newer part of Aurora housing and Adams County, inventory is up 95% from 2023 with a median price of $570,000. These homes provide very easy access to E-470, I-70, and Pena Blvd and you will find some very lovely developing Adams County neighborhoods here as well. INVENTORY OF ACTIVE
“Overall, our market seems to be a little more balanced. Buyers have a few more options and a little more time to contemplate one of their largest purchases. Interest rates have been in the 6.3-6.8% range, which is a great rate when you look at the 10-year average interest rate. The market is looking better for buyers,” said Aurora REALTOR® Sunny Banka.
BOULDER/BROOMFIELD
“Where are the buyers? In Boulder and Broomfield counties, new listings continue to hit the market but buyers are still sitting it out. With 16% more listings on the market in Boulder than we had at this time last year, prices have declined 4% as buyer demand is weak and seller motivation begins to grow. Over the past decade, many buyers have been sidelined by challenging market conditions. However, we are now witnessing a significant shift. Buyers today have more inventory to choose from than they've had in the past 10 years. Sellers are increasingly willing to negotiate, make repairs, offer concessions, and consider contingent offers to close deals. This presents a remarkable opportunity for buyers to make moves that may have been unattainable for a long time. Listings that are offered at very competitive prices are selling in about 30 days in Broomfield and 54 days in Boulder County. Prices are trending down as the supply and demand balance has shifted.
“Price reductions have become more common with a higher percentage of units going under contract following a price cut. This trend, coupled with longer days on market and fewer pending transactions, suggests a challenging environment as we head further into the fall. Notably, this is the highest level of inventory we've seen since 2014.
"’Retraction’ remains the key word driving our market, with inventory growing and demand shrinking. The rumor of the Fed Reserve lowering the interest rates in September has spurred some lower rates already, and buyers are talking about it. If rates do lower in September, we could see many of those buyers back in the market and the balance may shift again. But until then, sellers who need to sell are pricing competitively and adding a load of patience while they navigate this changing market,” said Boulder/Broomfield-area REALTOR® Kelly Moye.
COLORADO SPRINGS
“It’s a unique time in real estate and the industry has a ton of changes on the way. The spring season was not nearly as busy as many would have liked. The summer went by quickly and now we look up and find ourselves in August and a time of year that activity really begins to slow down as vacations wrap up and schools start back up. While the July market felt slow, it was interesting to review the statistics and see that we were up on sold properties a hair, 3%. The median price of homes pushed up again, this time 5.4%. But inventory piled on to the market in July, increasing 35.5%. Quite a jump year after year and adding competition across the region.
“The Pikes Peak region is now sitting at inventory not seen since 2015/2016. Buyers have plenty of options now but are not eagerly taking advantage of the new opportunities. The economy is weak at best, and maybe we are in a recession already. Revisions and time will tell. The consumer knows this. Unemployment jumped once again to 4.3% and jobs created missed the mark. Layoffs continue to hit the news cycle along with store closures and a lackluster earnings season. The poor sentiment is real. The economy is front and center everywhere we go. From the barber shop to the restaurant owner, people are nervous.
“As I scan the MLS (multiple listing service) some things are very clear. Price drops are hitting, and many homes that close have sellers paying buyer concessions. The days of home buyers waiving home inspections are now traded for a laundry lists of wants and wishes. Appraisal waivers are being replaced by tide water, and the once forgotten term ‘short sale’ is slowly entering back into the vocabulary of agents. Agent sentiment has also changed. Social media is flooded with talk of slower markets, emotional clients, and much harder sales.
“The Federal Reserve is now talking about a rate cut at its September meeting. Many expect this to give housing the push it needs. But history shows us that once the Fed pivots, stocks rally before crashing. The market gets excited before the layoffs hit, and the Fed has yet to prove they can have a soft landing. Maybe this time is different, but I’m not so sure,” said Colorado Springs-area REALTOR® Patrick Muldoon.
COLORADO SPRINGS
“Last month, homebuyers in the Colorado Springs area had more favorable opportunities due to the highest level of inventory in July since 2016. Additionally, the interest rates were softening, and 52% of active listings in El Paso County saw price reductions. However, despite these conditions, sales remained stagnant. Unfortunately, homebuyers continue to face inconceivable affordability challenges due to recordhigh home prices, high interest rates, and inflated cost of living. These are the most daunting barriers for potential homebuyers.
“The number of single-family/patio homes for sale in the Colorado Springs area in July 2024 was 3,273, representing a 10.1% increase month-over-month and a whopping 45.2% year-over-year, and the highest level of inventory in July since 2016. Overall months’ supply of active listings was 2.9 months in July. For homes priced under $400,000, supply was 2.4 months; homes between 400,000 and $600,000 at 2.4 months, homes priced between $600,000 and $1 million at 3.8 months, and 5.2 months for homes priced over $1 million.
“There were 1,127 sales of single-family/patio homes in July 2024, compared to 1,115 in the previous month and 1,119 in July last year, representing an increase of 1.1% month-overmonth and 0.7% increase year-over-year. The monthly sales volume was up 6.4% and year-to-date sales volume was down 5.4% compared to last year. However, looking back 10 years to July 2014, the monthly and year-to-date sales volumes are up 100.9% and 136.6%, respectively. The 34 average days on the market compared to 32 days last month and 27 days in July last year. Last month, 52% of the El Paso County active listings in the Pikes Peak MLS had price reductions.
“Last month, the average sales price was $571,152 compared to $564,406 in the previous month and $540,443 in July last year, representing a 1.2% increase month-over-month and a 5.7% increase year-over-year. The median sales price was $499,000 compared to $499,000 in the previous month and 472,000 in July last year, representing no change month-overmonth and 5.7% increase year-over-year. Last month, the average and median prices reached record high levels in July 2024 compared to any July previously.
“From an analysis of the single-family/patio homes sold by
price range, last month, 23.5% of the homes sold were priced under $400,000, 46.3% between $400,000 and $600,000, 23.9% between $600,000 and $1 million, and 6.3% over $1 million. Year-over-year in July 2024, there was a 12.4% drop in the sale of single-family homes priced under $400,000, a 3.1% decline in homes priced between $400,000 and $600,000, a 15.9% increase in homes priced between $600,000 and $1 million, and a 26.8% increase in homes priced over $1 million,” said Colorado Springs-area REALTOR® Jay Gupta.
CRESTED BUTTE/GUNNISON
“Summer in Crested Butte and the Gunnison Valley is amazing and also quite busy. Real estate sales reflect that with September, October, and August historically having the highest number of closings of the year. The number of sales in 2024 is trending 18% higher than 2023 but remains below every year since 2011. The coming months look to be busy, but pending sales are down 11% from this time last year. The total number of properties for sale is up 10%, but it is interesting to look more closely at that number. Properties are sitting on the market longer so while active listings are up, the number of new listings in the month of July is actually down. Prices continue to rise – more significantly for condos and townhomes than for single family homes – but buyers are also patient and will wait until they feel a property is priced correctly to make an offer so be sure to look at your specific comparable sales and not just consider the overall trend.
“Sellers should be sure to get good advice from their REALTOR® regarding pricing in order to take advantage of the next couple of months of selling season. There are still multiple offers being received and properties are selling for above asking, but only if they are priced competitively to begin with. Interest rates seem to be trending down, but since we have a lot of cash buyers, the stock market may be a better indication of what will happen going forward. We have started to see more showings happening in the last couple of weeks and I expect that to continue through September. If you are looking to buy, you should jump on properties that match your criteria because otherwise another buyer might. Inventory is growing but is still below where it was pre-Covid so it is tough to say when another opportunity will come along,” said Crested Butte -area REALTOR® Molly Eldridge.
DENVER COUNTY
“Sale prices experienced a sharp decline in Denver County last month as the annual selling season came to an end. July rounded out a relatively strong spring cycle, with total sales volume nearly identical to that of last summer, despite a seemingly ‘slower’ market. Median close prices of singlefamily homes declined 6.1% from June, spending an average of 27 days on the market, five more days than the prior month. The townhouse/condo market segment recorded similar conditions for July, with a -1.1% change in median close prices and slight slowdown in market velocity at an average of 38 days on market.
“Affordability challenges continue to be the primary concern of both buyers and sellers, and as inventory increases those challenges have become more evident. Buyers, who may have more options to choose from, are still hindered by continually rising insurance premiums, HOA dues, and 30year mortgage rates consistently above 6%. Sellers, many of whom are still locked into the ‘golden handcuff’ interest rates of years past, now face increased competition in the market. It’s understandable that without a compelling reason to move, such as a job change, many sellers continue to show reluctance to jump into a tougher market than the COVIDera,” said Denver County-area REALTOR® Cooper Thayer.
DOUGLAS COUNTY
“July marked a fairly stagnant month in the Douglas County real estate market, with a theme of continuation from the June slowdown in sales. Median sale prices remained nearly identical to the prior month, coming in at $749,000 (-0.7%) and $460,000 (unchanged) for the single-family and townhouse/ condo sub-markets, respectively. Also unchanged from June was the average time on market at 31 days, as well as supply of inventory at 3.1 months.
“Compared to last year, the inventory of active listings on the market has jumped around 27%, creating a significantly more competitive market. To combat the reduction of buyer demand stemming from affordability pressures, seller concessions have continued to be a major factor in many
transactions over the past few months. Over 54% of closed listings in the MLS had a seller concession at an average value of $10,540 – primarily used to assist buyers with rate buydowns and other closing costs,” said Douglas County-area REALTOR® Cooper Thayer.
DURANGO/LA PLATA COUNTY
“The pendulum is swinging toward a traditionally balanced market, with a current supply of inventory sitting at 5.8 months for single-family homes and 5.1 months for townhomes and condos. Historically, a six-month supply has been deemed balanced. Inventory continues to build in the single-family sector with 256 units compared to 214 units in July 2023, a 19.6% increase. The townhome/condo sector inventory has increased significantly to 99 active units versus 60 in July 2023. The large increase in condo units is attributed to skyrocketing insurance premiums, resulting in higher HOA dues and reduced rental revenue. Certain market segments are becoming somewhat saturated with inventory, something we haven’t seen since before COVID. The over $2 million price band has seen units climb from 40 to 60 since April, resulting in more than a 16-month supply. The $ 1.5 - $2 million market had more than a 14-month supply. Conversely, the under $600,000 segment remains competitive with just 2 months of available inventory.
“Single-family sales are down 13.2% YTD due to affordability. Higher prices, high interest rates, and increased insurance premiums continue to pause buyers. The year-to-date median price has remained unchanged compared to last year, even with more inventory choices for buyers. We see a trend of aggressive price reductions emerging as the summer selling season ends. Multiple six-figure reductions have been observed, especially at the higher end of the market. Seller concessions are also becoming more prevalent. Buyers are expecting more from sellers, and negotiations are favoring the buyers for the first time in several years now that more options are available. The days of sellers putting a sign in the front yard and naming their prices and terms are over. Pricing a home is more important than ever in this ever-changing market.
“Increased inventory and lower interest rates should motivate
some buyers, especially locals who have been waiting to move up or down, to finally make the move. I anticipate an active fall selling season,” said Durango-area REALTOR® Jarrod Nixon.
FORT COLLINS
“July’s housing data in Fort Collins shows continued pressure on sellers to adjust price, negotiate concessions, and wait just a little bit longer for their homes to go under contract. For the multitude of buyers currently sitting on the sidelines waiting for interest rates to drop, that wait may be over. Keep in mind that the data I’m reporting on today is for homes that likely went under contract in June when average mortgage interest rates were still hovering near or above 7%. This 7% mark has been the bellwether of market activity for the last year or so. When mortgage rates drop notably below 7%, buyer activity springs into action.
“Back in June, buyers willing to brave the higher interest rates found a bit of leverage in a decade-long housing market that has not been particularly kind to buyers. Between price reductions and seller concessions to entice buyers to tour the growing inventory of homes for sale, would-be home buyers had the rare luxury of both negotiating power and time. Time to look at everything on the market; time to wait for another property to come on the market; and time to make a decision. Whereas just 18 months earlier, buyers of new cars spent more time on a test drive before they bought a car than buyers of homes spent touring a home before writing a contract that was competing with a dozen other buyers for the same home.
“The average days on market for a house that closed in July was just over 50 days. Almost two months from the time a house hit the market to when it closed. But here’s the real tell: the number of days until an offer was received was just over 3 weeks. In July 2022, for example, the average days to offer was just 11 days. This gives you a bit of insight into how sellers have had to react to a market that has cooled dramatically.
“With buyers having time and inventory to choose from, sellers have had to (reluctantly) adjust their sales strategies (and moving plans). With nearly 3.5 months of inventory on the market – which is to say, if no other homes came on the market and homes continued to sell at the current rate of market speed, it would take until the end of October for all 583 homes available at the end of July to sell. So, if a seller wants
to be at the front of that queue of homes for sale, they’ve had to 1) reduce their price to get buyers to even look at their home and 2) offer additional enticements, aka ‘concessions’ to entice a buyer who has seen the property to make an offer. A seller concession is typically an amount of cash a seller pays on behalf of the buyer to the buyer’s lender to ‘buy-down’ the buyer’s interest rate. This has typically taken the form of what’s called a ‘2-1 buy-down’ where the concession amount temporarily buys down the mortgage rate of the loan by two points in the first year and one point in the second year.
“This arrangement provides the buyer with a much lower monthly mortgage payment for the next 2 years wherein interest rates may go down in which case the buyer can refinance to a permanently lower interest rate at that time. This has been a bet that the buyers who have remained in the market have found to be an advantage. Should interest rates float down to 6.5% or lower, many, many buyers will be back in the market, and we will see a return to the competitive offer scenario mentioned above and inventory will get snapped up fairly quickly. To put this seller concession strategy in perspective, nearly half of all sales with mailing addresses in Fort Collins had some sort of seller concession, averaging just over $8,000.
“With the most recent jobs data and commentary from the most recent meeting of the Federal Reserve, interest rates appear to be on the decline, for now. As with everything interest rate related, it has been quite the roller-coaster ride this year but perhaps that ride is coming to an end and we will see lower mortgage interest rates return throughout the latter portion of the year,” said Fort Collins-area REALTOR® Chris Hardy.
GLENWOOD SPRINGS/GARFIELD COUNTY
“The real estate market in Garfield County has experienced a notable shift during the summer, with single-family home inventory increasing 26% compared to the previous year. This surge in listings has been accompanied by a 17% rise in pending sales and a 19% uptick in sold listings. Despite these positive trends, the median sale price has seen a slight decrease of 7%, dropping from $815,000 to $757,500. The adjustment in pricing is also reflected in the increased days on market, which rose 35%, although the months' supply of continued on next page
inventory remained steady at four months.
“The multi-family sector displayed more fluctuation, with inventory climbing over 31%, yet pending and sold listings decreased 13% and 17%, respectively. However, the median sales price in this sector showed a modest increase of 7.6%, closing the month at $535,000.
“These statistics, while seemingly optimistic, contrast with the on-the-ground sentiments of REALTORS® who have observed a departure from the intense market activity that characterized the period since spring 2020. The competitive bidding wars and rapid sales are diminishing, as sellers who once expected to command prices 10-20% above recent comparable sales are finding such strategies less effective. Buyers, facing high interest rates and record-setting home prices, are becoming more selective, opting to wait for the ideal property that aligns with their financial plans. Consequently, REALTORS® are witnessing more price reductions and extended selling periods. For clients needing to sell, the advice is clear, accurate pricing is key to success in the current market landscape,” said Glenwood Springs-area REALTOR® Erin Bassett.
GRAND JUNCTION/MESA COUNTY
“Activity in Mesa County was more positive in July. New listings, pendings, and solds were all positive, compared to a year ago. We have seen some price reductions in nearly all price ranges over $400,000 and more willingness to give concessions in order to get a transaction closed. However, prices are still gradually increasing as the year progresses. Many buyers are sitting on the sidelines, in the hope, probably, of rates improving more. The price ranges of greatest activity are the $300,000-$500,000 and currently we have a 2.7-month supply. A long way from a balanced market. The sellers are still in the driver’s seat,” said Grand Junction-area REALTOR® Ann Hayes.
PUEBLO
“Without much improvement in the overall Pueblo real estate market, July delivered a 9% increase in new listings however, that number is still down 1.5% year to date. Pending sales were
down 15% year to date and sold listings were down 17.8% month over month and 13.8% year to date. High interest rates, cost of living, employment concerns, and poor credit scores are keeping buyers on the sidelines.
“Sellers are reducing prices and offering interest rate buydowns. Our local agents continue to offer a lot of open houses but it’s often not enough to move buyers to purchase. Our median sales price moved up a little to $315,000, a 1.6% increase year to date. The percent-of-list price received has not changed at 98.4% and our days on market keeps getting longer - 93 days in July. The supply of homes sits at 4.5 months as sellers wait longer to get under contract.
“We saw just 19 new housing permits in July, the lowest month year to date. Of the 176 permits pulled so far this year, Pueblo West has 104,” said Pueblo-area REALTOR® David Anderson.
SAN LUIS VALLEY
“Costilla County: New listings are up 7.3% and sold listings have increased a staggering 250%. Consequently, the median sales price is up 69.6% from last year. You can find singlefamily properties in this market in the mid $200,000s.
“Saguache County: New listings are up 43% compared to last year, and up 16.7% from this month last year. However, year-to-date sold listings are 14% lower than at this time last year. The median price ranges from the high $200,000s to low $300,000s.
“Alamosa County: New listings are up 25% from last year, but median and average prices have decreased approximately 14%. This places prices in the high $200,000s to low $300,000s.
“Rio Grande County: New listings are up only 5% from last year, and down 25% from last July. While the median sales price has remained the same, the average price has increased. Consequently, single-family homes in this market are priced between the high $300,000s and mid $500,000s,” said San Luis Valley-area REALTOR® Megan Bello.
STEAMBOAT SPRINGS
“New single-family listings for Steamboat, Hayden, and Clark for July were essentially the same as July 2023 and are up yearto-date; the same cannot be said for Oak Creek (Stagecoach) where there have been 41.7% less listings to come on the market this year. Steamboat multi-family listings doubled in July to 60 with the year at an increase of 42.3%. Even with the increased inventory, median and average sales prices are both up close to 40%. Steamboat inventory levels are up 23.8% over July 2023; however, Routt County is down about 11%. Like last July, months’ supply of inventory for single-family is 5 months for the county. Multi-family is almost four months- which is almost two months more than the previous year. These supply levels indicate that we are shifting to a more balanced market as realized with price reductions, price and inspection negotiations and seller concessions. Multiple offer situations still occur, but with less zeal than a few years ago. Aggressive list pricing has been met with price reductions or initial offers less than list price even in the first weeks of introduction to the market. In the end, sellers in Routt County have received 97.3% of their list price on homes and 98.4% on multi-family so far this year.
“The Stagecoach area is experiencing activity through the county planning process where new developments are at various stages of proposal. Given the applicants choose to comply and then satisfy the county’s requirements, Stagecoach could see new land listings come to market in 2025 and beyond to help with future housing. There are minimal multi-family developments in Oak Creek, Hayden and none in Clark. It is clear there is a void where there could be demand if the zoning and infrastructure were there to support multi-family (and affordability) in these towns,” said Steamboat Springs-area REALTOR® Marci Valicenti.
SUMMIT, PARK, AND LAKE COUNTIES
“All the pressures that would seemingly bring down values, such as higher interest rates, insurance rates, HOA dues, property taxes, and a longer time for listings to sell are not impacting many buyers’ desire to own a mountain property or 2nd home. Sales statistics reflect when properties close, but they went under contract 4 to 6 weeks prior to that date.
As banks begin to lower interest rates in anticipation of the Federal Reserve’s expected rate cut in September, buyers are presented with more options than they have seen in some time, potentially setting the stage for another market shift.
In Summit and Park counties, July saw 143 residential sales, mirroring the volume from the same period last year. However, the average sale price was 7% higher than in July 2023. Specifically, Summit County recorded the sale of 37 single-family homes, with an average price of $2,044,717, and 73 multi-family homes, averaging $920,246.
“This month also brought a notable 27% increase in the number of listings compared to last year, with over nine months of inventory now available, signaling a buyer's market. Despite this, Summit and Park Counties have experienced a 10% increase in median sales prices.
“Among the 896 active residential listings in Summit, Park, and Lake Counties – an increase of 3% from last month – the spectrum of property prices is wide. The most affordable listing is a mobile home in Park County priced at $135,000, while the most expensive are a couple of luxurious singlefamily homes in Breckenridge, listed at nearly $20 million.
“July’s 141 sales in Summit, Park, and Lake counties saw a wide price range as well, with the lowest a mobile home in Park County for $125,000 and the highest was a single-family home in Breckenridge for $4,500,000. Around 48% of the transactions had a sales price exceeding $1 million and 43% of sales were cash. These numbers exclude deed restricted, affordable housing, land and commercial.” said Summit-area REALTOR® Dana Cottrell.
TELLURIDE
“Total sales volume for the first seven months of 2024 was $564.39 million with the number of sales being 250 for the Telluride regional market. That is a 27% increase in the dollar amount of sales and a 6% increase in the number of sales over 2023. The Mountain Village recorded $248.7 million in the dollar amount of sales from 123 transactions. The town of Telluride did $163.9 million in sales from 48 sales.
“What is so astounding is the average price sales price in the
town of Telluride increasing 34% this year, with the average sales price increasing from $2.54 million in 2023 to $3.42 million in 2024. The average sale price in the Mountain Village was down 14% mostly due to the increase in inventory most from new construction. Telluride’s overall limited inventory and its increased recognition for natural beauty, manageable size, and remoteness continue to be of high importance for buyers. In these troubling times internationally and somewhat nationally, buyers seek safety and smaller crowds. Telluride’s real estate market also looks to be a safe place to park some money as compared to other not so predictable investments categories,” said Telluride-area REALTOR® George Harvey.
VAIL
“July has been an interesting market to watch and see the significant variables by category that have evolved. The overall market had a 6% dollar increase in July versus 2023 with a 1.4%-unit decrease. The year-to-date status is positive 24% in dollars and 17.9% in units. Obviously, a bit of a slowdown comparing July to the previous year. The inventory of market listings is positive 5.7%, but when digging into activity by type of units, we see very different results. The inventory of single-family/duplex units is minus 4.2% while condo/townhome units is positive 20.5%. The closed sales in both categories are flat for the month but pending sales for single family/duplex are negative 32.3% and condo/townhome positive 39.6%.
“This dynamic in the market is caused by the new construction in multi-unit complexes over the past year. At current rates of sale, the single family/duplex market is at 6.7 months of supply which is basically a stable market rate. The current momentum in multi-units is driven by new product and months of supply are at 4.5 which reflects the pending contracts and activity.
“The recent turmoil in mortgage rates offer the possibility of a positive incentive for the market with the lowest rates in over a year. The market is positioned for a move however, August is usually the beginning of a slower
period as schools start and our tourist exposure begins to taper off. We do see some trends in pricing that could be a stimulus in conjunction with mortgage rates causing the usual slowing to be minimized,” said Vail-area REALTOR® Mike Budd.
The Colorado Association of REALTORS® Monthly Market Statistical Reports are prepared by Showing Time, a leading showing software and market stats service provider to the residential real estate industry and are based upon data provided by Multiple Listing Services (MLS) in Colorado. The July 2024 reports represent all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction. CAR’s Housing Affordability Index, a measure of how affordable a region’s housing is to its consumers, is based on interest rates, median sales prices and median income by county.
The complete reports cited in this press release, as well as county reports are available online at: http://www.coloradorealtors. com/market-trends/
SUPPORT COLORADO WILDFIRE VICTIMS –
DONATE TO THE CAR FOUNDATION FIRE RELIEF FUND
Although wildland firefighters are still fighting active fires and authorities have only begun to assess the damage left behind by the Alexander Mountain Fire, Stone Canyon Fire, Lake Shore Fire, Quarry Fire, and others, we now know dozens of homes have been destroyed, leaving Colorado families scrambling to find a place to live. In response, Colorado Association of REALTORS® Foundation has voted to release disaster relief funding for mortgage and rental relief grants to victims of Colorado’s summer 2024 wildfires. Grants will provide eligible applicants up to $2,000 of assistance per household impacted by the recent fires.
But more help is needed. If you haven’t already, please consider making a tax-deductible financial contribution to the CAR Foundation using the link below. https://coloradorealtors.charityproud.org/Donate/Index/19852
Again, we thank you for the outpouring of care, generosity, and desire to lend aid to your fellow Coloradans in need. Please share this message and link widely with your network.
Do You Know Someone Displaced by Recent Wildfires?
Application Process Now Open to Displaced Residents
Funding is available on a first-come, first-served basis to qualified applicants. Qualified applicants are victims of the
Alexander Mountain Fire, Stone Canyon Fire, Lake Shore Fire, or any victims of a Colorado wildfire in 2024 who have been displaced from their primary residence, based upon certain qualifications. The funds must be used for one of the following:
• Monthly mortgage expense for the primary residence that was damaged by the wildfire disaster; or
• Rental cost due to displacement from the primary residence resulting from the wildfire disaster.
Grants are for housing relief only; other expenses including second mortgages (home equity lines or loans), hotel/motel expenses, clothing, appliances, equipment, vehicle purchase, vehicle rental, vehicle repair and or mileage are ineligible. Proof of residency (driver’s license or utility bill showing address of damaged property) and proof of damage (photos and insurance claim/contractor estimate) are required.
Grant details and access to the online application process are available at: https://coloradorealtors.com/WildfireRelief. Application requests will be accepted until September 6, 2024. A panel of local professionals will review and verify the applications and supporting documents with relief checks issued weekly.
We will continue our work to provide additional resources and financial support to the victims of the 2024 wildfires.
With several wildfires burning throughout Colorado and thousands of our neighbors currently impacted, we wanted to share the many resources available to Coloradans through CAR’s Colorado Project Wildfire. Visit the Colorado Project Wildfire website to sign up for Emergency Alert Notifications in your County, download evacuation checklists, explore wildfire risk wherever you live, and get mitigation tips to help protect your property.
Please share these resources with your colleagues and clients to keep your communities prepared and safe and during this period of high wildfire risk.
ColoradoRealtors.com/coprojectwildfire/
LEADERSHIP SPOTLIGHT
Brian Anzur
Associate Broker, Coldwell Banker Realty
2024 CAR Metro District VP
2025 CAR Member Services Division VP
NAR Director for the Colorado Association of REALTORS®
How long have you been a REALTOR®? 19 Years
What do you love most about being a REALTOR®? I love being a trusted resource for my client before, during, and after a transaction. Building relationships and friendships with other dedicated professionals is also a huge reward as well.
What was your first job? I was an insurance underwriter for Berkshire Hathaway.
Tell us briefly one memorable story about a listing or selling (helping first-timers, strange closing, haunted house…) When I was earlier in my career, I looked for business anywhere and everywhere! I was playing on a
recreational co-ed kickball team, and I heard that the organizer of the team was thinking about selling her house. I was really trying hard to earn her business and be the agent that listed her house. My persistence paid off and she hired me to list the property and we also started dating. Next month we will have been married for 12 years, we get to work together daily in real estate, and have three awesome children. It will forever be the best real estate lead I ever pursued.
One thing you recently learned or are learning? I'm constantly learning from my peers and the industry. Most recently I learned that you can be doing something for all the right reasons and making progress, but it just isn't the right time. A quote I love: "The secret is, there is no secret. Consistency over intensity. Progress over perfection. Fundamentals over fads. Over and over again." -Unknown
Favorite Book, TV Show, or Movie you are watching/ reading now? "The Power of Moments" by Dan and Chip Heath.
List three words friends would use to describe you. You'll have to find that person and ask them.
Brian (far left) at the CAR Spring Summit CAR-Nival.
Brian with his family.
AE SPOTLIGHT
Sallie Arnold
CEO Grand County Association of REALTORS® and MLS
How long have you been an AE and how did you get your start? I have been an AE since January 2022, but I started working for REALTOR® Associations in 2007. First in the Education Department at CAR, then Membership and Education at SMDRA, before moving to Grand County in 2018.
What do you love most about the job? I love that my job allows me to support REALTORS® and their businesses, which allows me to help people in our community become homeowners. It may be indirectly, but I know the tools and resources we provide REALTORS® help people attain their dream of homeownership.
What is a challenge your board/association is facing in the next few years or currently? The Board wrestles with ways that we can help our membership wade through big world issues like elections, inflation, and high interest rates, on a local level. We operate an MLS and navigating the changes brought on by the NAR settlement has been
Sallie Snowshoeing.
challenging for the Board. The next few years will be interesting for our industry!
Is there something your board/association does regularly to give back to the community? We are most proud of the Grand County Association of REALTORS® Scholarship Fund. We annually provide scholarships to local high school graduates for college, trade school, or other post-graduation career programs. Since 1999, we have provided over $130,000 in scholarships.
What would your members be most surprised by about your job? How many different hats we wear – AEs are the executive, the billing department, the education division, the communications team, the event coordinator - we must be able to know something about everything.
Which talent would you most like to have? To be an artist who paints huge building-sized murals.
What is your favorite tv (or streaming) show to watch? SuperMotoCross on Peacock.
What is a motto or piece of advice you try to live by? Keep on keeping on!
Sallie with her family.
CAR MEMBERSHIP
The ultimate guide to exclusive perks
Discover a world of exclusive perks and privileges! As a valued REALTOR® member, you gain access to a wealth of benefits designed to enhance your life and business in ways you never imagined.
