Colorado REALTOR Magazine - January 2018

c o lo r a d o

January 2018

REALTOR Official Magazine of the Colorado Association of REALTORS®

®

MAGAZINE

Legislative Preview for 2018... 14

Tips from Top Colorado REALTORS®... 8

PLUS:

Change in Marijuana Laws...12 A look at Denver's Housing Market...18 Market Trends Year in Review...30

Cover photo by: Greg Zadel, from the CAR Photo Contest - See Page 38 for More Photos

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c o lo r a d o

JANUARY 2018

REALTOR

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MAGAZINE

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The COLORADO REALTOR® is published by the Colorado Association of REALTORS® 309 Inverness Way South Englewood, CO 80112 (303) 790-7099 or 1-800-944-6550 FAX (303) 790-7299 or 1-800-317-3689 EDITOR: Lisa Dryer-Hansmeier, V.P. of Member Services lhansmeier@coloradorealtors.com DESIGNER: Monica Panczer, Event Marketing Specialist monica@coloradorealtors.com The Colorado Association of REALTORS® assumes no responsibility for return of unsolicited manu­ scripts, photographs or art. The acceptance of advertising by the Colorado REALTOR® does not indicate approval or endorsement of the advertiser or his product by the Colorado Association of REALTORS®.

The Colorado Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy or completeness of the information contained herein. The opinions expressed in articles are not necessarily the opinions of the Colorado Association of REALTORS®.

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.

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MAGAZINE

STATUS QUO BRO LEGAL MARIJUANA IN COLORADO FOR 2018 AND BEYOND

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RECORD BREAKING YEAR - COLORADO HOME PRICES CONTINUE TO RISE

IN THIS ISSUE:

4 Interview with CAR Chair Ann Hayes 5 Volunteer at CAR 6 Big Changes for Conferences 11 Apply to be a CAR Leader 14 Legislative Preview 20 Health Insurance for REALTORS® 22 Gubernatorial Candidates Forum 24 Economic Summit 25 Spring Summit 28 Big Changes for HMDA 29 CAR Family Loses Two Past Presidents 34 Profile of CO Homebuyer/Seller 38 CAR Photo Contest 40 RPAC Investors 42 We Hear You

FEATURES 8 Tips From Top Colorado

REALTORS®

Get some great tips from the top selling REALTORS® in Colorado.

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.

18 Keep Your Seatbelts Fastened

A look at the 2018 Denver Housing Market

26 BitCoin in Real Estate

What is BitCoin and how can it be used in Real Estate.

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FROM THE CHAIR

Interview with Ann Hayes How long have you been in real estate and why did you decide to make this your career? I started in Real Estate in May of 1985. We had a young daughter, Sarah, just 3-years-old, and I wanted a career where I had control over my schedule.

What tips would you give someone starting out new in the business?

From day one, you need to be organized and use time management to your advantage. You also need to be disciplined, and plan your day.

How did you get involved in your local and state association and how do you think it has helped you in your career? I got involved with both my local and state associations by first joining committees. Eventually, on the local level I ran for the Board of Directors. I found that I learned so much by doing those things that I just wanted to continue to serve and be involved.

Ann Hayes 2018 Colorado Association of REALTORS® CHAIR

What do you think is the most important trait as a leader? I think the traits of a good leader are first to be a good listener, and then not to manage, but inspire.

Briefly, what are your top goals for this year as CAR Chair? My top goals this year are to make communication as easy, clear, and accessible as we can, and to provide professional development that continues to improve the professionalism and knowledge of our membership.

What do you enjoy doing when you are not working – for fun? When I have the opportunity, I love to attend live theatre and ballet.

Where are you from and how long have you lived in Colorado? I was born in England, raised in Australia, have lived from coast to coast in America, and have been in Colorado since 1994.

What are some interesting cultural differences from Australia compared to the US? Or what do you miss most about Australia? A big cultural difference between Australia and America is that Australians are very protective of their personal time off. They have, and use, a lot more vacation time. One of things I miss most are the beaches and surfing.

Do you have any New Year’s Resolutions? I guess I take an easy way when it comes to New Years Resolutions. I resolve to make it the best year I can.

Favorite TV show and or book you have read or watched lately? My favourite TV show is NCIS, and instead of naming just one book, Ill tell you one of my favourite authors, Tom Clancy.

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CAR NEWS

Volunteer for a CAR Committee CAR volunteers are the driving force in keeping the state Association member-focused.

Being a committee member is an excellent personal development activity. CAR is looking for volunteers who are motivated and have a passion to assist the Association in delivering quality and effective benefits and programs. Yes, there is a time commitment. But there is also a potential to learn many things about your State REALTOR® Association.

Please remember that any member can attend CAR meetings except for meetings that go into executive session or those that are by invitation only. These meetings will be marked.

For a list of CAR Standing Committees, Forums and Task Forces click here.

The benefits of volunteering for a CAR committee, task force, and/or forum include: • Developing strategies and tasks to help meet CAR’s strategic goals and objectives.

• Gain a greater knowledge and understanding of your state association and the value it creates for Colorado REALTORS®.

• Working with a great professional staff.

• Great satisfaction that comes when you give of yourself to help others without looking for any benefits in return.

How to volunteer for CAR Committee, Forum, and/or Task Force 1. Visit ColoradoREALTORS.com 2. Go to About Us 3. Go to Committees and Advisory Groups 4. Review the CAR Standing Committees, Forums and Task Forces you want to participate 5. Fill out the application for the respective Committee 6. Submit by deadline noted in the application to Johna Olio at jolio@ColoradoREALTORS.com.

Serving on a committee requires attending meetings (potentially monthly) and undertaking duties in between. Forums take place twice a year at the Spring and Fall Business Meetings. Task Forces typically meet a total of three times within a 90-day time period.

If you have questions, please contact the CAR office at 303790-7099.

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FROM THE CEO

BIG Changes Coming to the CAR Conference

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he CAR Conference (or CAR Convention as it was called for so many years) has been one of the Association’s main events for over 97 years. It all started on October 1921 at the Broadmoor Hotel in Colorado Springs, Colorado. As the industry and our members' definition of value has changed, we realize we must change, too. We are excited to be developing a plan of action that will bring back the level of value participants became accustomed to for decades.

By: Tyrone Adams President/CEO, Colorado Association of REALTORS®

Fall Conference was once the pinnacle of the Association’s year. Members saw it as a place to catch up with old and new friends, obtain continuing education to help renew their license, attend social events, and connect with partners in the real estate industry. When you hear stories of why people attended the CAR Conference, it gives you a sense that REALTORS® and affiliates alike wanted to attend the biggest event of the year! If only the Broadmoor walls, halls - and in some cases the Broadmoor Lake could talk.

As we fast forward to 2018, times have changed.

There is more competition for real estate and association conferences today. The general conferences of decades past are drastically different from today’s in many ways.

Photo from the 201

1. Colorado is one of the most popular destinations for Conferences and Events.

2. Association Conferences have lost some of their value due to working with limited resources such as budgets and staff.

3. There are more large brokerage firms hosting their own Conferences for their brokers.

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The change means the new Conference would be a joint real estate industry Conference - and not just a CAR Conference.

4. Local Associations have recreated their district conferences, which allows their members to connect with peers and vendors who work in the same area or general vicinity they do.

real estate industry conference for all real estate professions.

This value-packed Conference would include strategic partners, including CAR and other real estate industry companies. The joint effort would also bring supporting partners such as real estate brokerage firms, sponsors, and exhibitors to the table to create what we feel will be the Conference our members deserve.

5. National Conferences can bring in the big names and enough resources to create more bang for our members’ buck.

There will be plenty of opportunities for Colorado REALTORS® to volunteer on the Strategic Planning Committee and on numerous necessary sub-workgroups to make it a success.

So where does that leave the CAR Fall Conference? Unfortunately, it has left us with the reality of perceived diminished value to members. Where we once boasted an average attendance of 2,000 Colorado REALTORS® (2011 was the largest CAR Conference ever with an estimated 3,800 attendees), last year we struggled to attract over 500 attendees.

One thing the CAR volunteers and local associations should note is that the new Conference will be separated from the Fall Business Meetings. The Fall Business Meetings format will focus more on business meetings, although there will still be some professional development opportunities for participants, leadership volunteer training, and the CAR Inaugural.

CAR Business Services has already received some commitments from industry partners and have some very promising leads which makes this new philosophy even more exciting!

Stay tuned. We will keep you informed of the progress and the future opportunities for you to get involved with the planning of this new exciting adventure!

The annual slide in participation the last couple of years has made 16 Fall Conference CAR rethink its strategy and even contemplate whether we should have a Conference at all. In December 2017, CAR Business Services leadership came to the CAR Leadership Council with a proposal to help the CAR Conference revive its value. The change means the new Conference would be a joint real estate industry Conference - and not just a CAR Conference.

You can contact Hugo Hellberg at 303-790-7099 and/or hhellberg@ColoradoREALTORS.com if you have questions.

The idea, in a nutshell, is to bring in numerous strategic partners and corporate partners to create a mega Colorado

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TIPS FROM TOP COLORADO REALTORS® These REALTORS® Made the Top 100 List in Colorado for number of transactions in 2017 according to REALTrends Magazine.

READ MORE

READ MORE

READ MORE

LEARN MORE

READ MORE

LEARN MORE

Each year, REALTrends ranks the top sales professionals in the United States by transaction sides and sales volume.

READ MORE LEARN MORE process begins in January and ends in This ranking is done in partnership with The Wall Street Journal. The application READ MORE March, and requires independent third-party verification on every sales professional and team, including their status as READ MORE LEARN MORE an individual sales professional or part of a team.

CAR inteviewed some of these top performers on their tricks of the trade (see pages 9-11).

READ MORE REGISTER

REGISTER

REGISTER

T o p 1 0 C o l o rado I ndi vi dual s REGISTER

Rank

Name

1

Monica Breckenridge

2

Todd Jones

Company

REGISTER

City

Transactions

Colorado Springs

440

Fort Collins

126

The Group, Inc. Real Estate

Fort Collins

123

REGISTER

REGISTER Pink Realty

RE/MAX Eagle Rock REGISTER

3

Kathy Beck

4

Corey Dwan

Crested Butte Sotheby's

Crested Butte

120

5

Lana Rodriguez

RE/MAX Properties, Inc.

Colorado Springs

119

6

Piyush Ashra

Vibrant Real Estate

Englewood

105

7

Brandi Garifi

The Group, Inc. Real Estate

Fort Collins

103

7

Barb Schlinker

Parker St. Claire Realty

Colorado Springs

103

9

Bryce Rasmussen

Keller Williams Realty

Colorado Springs

102.30

10

Anne Dresser Kocur

LIV Sotheby's International Realty

Greenwood Village

99.70

T o p 4 C o l o rado T eam s Rank

Name

Company

City

Transactions

126

New Era Group

Your Castle Real Estate

Denver

379

193

The Johnson Team

RE/MAX Real Estate Group

Colorado Springs

318

216

Rob Kittle

Kittle Real Estate

Fort Collins

306

242

Treasure Davis

RE/MAX Properties, Inc.

Colorado Springs

290

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Monica Breckenridge

Managing Broker and Owner at Pink Realty What is one habit you do every day/week that you feel helps you be more successful in real estate? Mindset to me is everything and I preach this to my agents. You have to believe in yourself, have a positive attitude and think about you want. Most people focus too much on what they don't want, because they are afraid of it. I only focus on what I want and that is what I get. I​ t's all about the law of attraction.

What activities do you do in your local area that help you expand your network? I love to cycle. I am always riding my bike with other cyclists. Doing something that I am passionate about gives me and the other cyclists a commonality. I am always getting referrals from them. I wear a Pink Realty cycling kit with my branding all over it. So even when I'm enjoying life riding my bike, I'm working at the same time because I am a riding billboard. I don't even talk about real estate with my fellow cyclists. We are just having fun riding our bikes. I have become well-known in the community and my pink kits are memorable.

What is your top marketing strategy? My brand is the best marketing strategy. Everything is all Pink. We love marketing to our past clients with all pink-branded gifts. We follow the Brian Buffini method and work mostly by referral and word-of-mouth. Having a brand that is memorable is extremely helpful. People don't even have to remember my name or company name. They just have to remember a color. And the name of our business happens to be the color.

Any additional comments for someone trying to start out in the industry or grow their business? You need to be passionate about what you are doing and love it with all your heart. If you're not happy with what you're doing, you won't be good at it. The passion will be your driving force to success as well as the law of attraction. Read the book, "The Secret." It is all about your mindset and thinking about what you want. I have been utilizing these principles since I was 18 when I first heard about the law of attraction. It works 100% and I am proof. Everything in my life right has has been attracted to me through my thoughts. You have the ability to get anything you want as well. Just think about it and it will happen. w ​ ww.pinkrealty.com

Corey Dwan

Crested Butte Sotheby's International Realty What is one habit you do every day/week that you feel helps you be more successful in real estate? Respond to my clients immediately.

What designations or courses have been the most valuable to your career and why?

Designated as a REALTOR® and having the Sotheby's brand name behind me.

What activities do you do in your local area that help you expand your network? Print advertising in all major local magazines and newspapers.

What is your top marketing strategy? My newsletter, blog and social network presence.

Any additional comments for someone trying to start out in the industry or grow their business? Be honest and have your client's interests as top priority. www.crestedbuttecollection.com

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Barb Schlinker

Broker/Owner - Parker St. Claire Realty What is one habit you do every day/week that you feel helps you be more successful in real estate? I was shocked that the only marketing idea my first broker offered to get business was to ‘cold call’ people in the phone book. I believe the traditional real estate brokerage model is missing a key ingredient in their training programs... ’how to get business’.

Having an airline pilot background, learning to market and build systems and checklists made sense to me. Nearly all of the training that made a difference in my career was from Craig Proctor’s training. From the beginning, I set out to create a new type of real estate brokerage where our agents were not told to ‘go get your own business’ – but are catapulted into ‘being trained and handed new business’ - consisting of ready-to-act buyer and seller appointments. With a great team, we use marketing, training and systems to create a sustainable flow of business of which my real estate team serves. My day starts with inspiration, planning, and everything I do is time blocked on my google calendar.

My team and I have weekly 9:09 (am) meetings that involve training and sharing real world experiences and updates that provide them the skills to be the best at residential sales. We also hold bi-weekly Thursday evening (Pizza Night) training events where my agents receive regular training and practice on how to articulate the value we bring to our clients.

What designations or courses have been the most valuable to your career and why? While the letter designation training was good for the fundamentals, I use very little of it today. Yet, for me, the training never stops. I travel to conferences at least 3 times a year to learn the latest techniques to better serve my clients. I’ve become an expert direct response marketing (getting customers to contact us) resulting in a steady flow of buyers and sellers that reach out to us for our services. Craig Proctor, more recently, allows me to coach his own students, other Real Estate Agents from all over North America, about his marketing programs and systems.

What activities do you do in your local area that help you expand your network? We do all we can to help our veterans benefit from owning some of the real estate they fought so hard to defend. As a veteran and owner of a 100% veteran-owned company, I am forever grateful for the wonderful military and veterans who serve our country so that we can enjoy this freedom. As a company that ‘serves those who serve’ (our many local veterans in the community), we provide our veterans with free education on using their VA loan, discounts, and we gratefully donate a portion of our income to Home Front Cares (a local Veterans charity).

What is your top marketing strategy? By far, our top marketing strategy is providing “wow” service – meaning ‘exceeding expectations’ type of service that results in great testimonials. Then, we market what our clients say about us via multiple media platforms, including both electronic and print marketing. What people say about our services has far more weight than us saying so.

Any additional comments for someone trying to start out in the industry or grow their business? I would recommend a new agent to reach out to who they know, to tell their story, and build great relationships. Get on a great team that knows how to solve people’s real estate problems and give “wow” service. A growing business is built on referrals and marketing. Service does not end with the closing. One of my Craig Proctor friends taught me that each client is worth at least $250,000 in gross commission income over a lifetime. A new agents’ investment in their future business is all about maintaining those relationships.

Barb@ParkerSC.com

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Pete (Piyush) Ashra

Vibrant Real Estate - Relocation Specialist What is one habit you do every day/week that you feel helps you be more successful in real estate? You've got to work 40-60 hours per week and treat real estate as your full-time job.

What designations or courses have been the most valuable to your career and why?

CRS - gain lots of knowledge regarding real estate and marketing strategy. You also learn how to keep a positive attitude when the market is up or down.

What activities do you do in your local area that help you expand your network?

Keep talking to your network, sphere, friends, and family.

What is your top marketing strategy? Networking and Social Media. (I post to Facebook once a week).

Any additional comments for someone trying to start out in the industry or grow their business? The word "REAL ESTATE" should be bugging you every minute of every day to make you a successful real estate agent.

Rising to the ChallengeApply to Be a CAR Leader The Colorado Association of REALTORS® is now accepting applications for its Officers and NAR Directors positions. CAR is looking for future leaders who are willing to “rise to the challenge” of leading the Association into the future!

“We make a living by what we get, but we make a life by what we give.” — Winston Churchill This quote by Winston Churchill serves as a great reminder that one of the predominant reasons the Colorado Association of REALTORS® stays at the forefront of organized real estate in Colorado is because of its volunteer leaders.

Now is the time to “rise to the challenge!” Get involved in CAR Leadership and apply your skills in “Making REALTORS® More Successful and Protecting the Real Estate Industry” through your state association.

The following positions are available: • Chair-elect • Treasurer • 2019 District Chair-Elects- (Metro, Mountain, Northeast, Southeast, Western) • NAR Directors You can learn more about each position by clicking here or contact one or more of CAR’s past leadership to get a first-hand account of their experience and what it takes to be successful in a state leadership role.

The Officers and NAR Directors applications are due no later than 5:00 PM on Friday, March 30, 2018 to participate in the CAR Leadership elections Friday, June 1, 2018. Applications must be postmarked or submitted to CAR by the deadline.

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LEGAL INFO

Status Quo, Bro

Legal Marijuana in Colorado for 2018 and Beyond The annual midnight “ball” drop in New York’s Times Square is one of American’s great holiday traditions.

Measuring 12 feet in diameter and weighing nearly 12,000 pounds, the ball itself contains almost 3,000 individual Waterford crystals illuminated by more than 32,000 LED lights.

While I personally have zero interest in ever being anywhere near Times Square at midnight on New Year’s Eve, it is certainly an amazing spectacle.

This year, less than 100 hours after that famous ball dropped, United States Attorney General Jeff Sessions delivered his own “Happy New Year” to one of Colorado’s most “growing” industries (sorry, couldn’t resist!) by dropping his own “ball” on legal marijuana. On January 4, Sessions issued a short, one-page memo to his United States Attorneys throughout the country directing them that federal drug law reigns over any varying state law. As most of you know, marijuana has always been a Schedule 1 controlled substance from the federal government’s perspective.

Cole Memorandum One of the downsides to “making law” without actually “passing law” through Congress is that it can be undone in the same whimsical fashion in which it was originally done.

The former Obama Administration is learning this lesson quickly as it

In essence, enforcement of federal marijuana law within a state could be determined and prioritized by that state’s US Attorney.

watches many of its executive actions easily “undone” by a new president with opposing priorities. One of the areas where the Obama Administration took unilateral executive action (without Congress) was through his Department of Justice and the issuance of the Cole Memorandum.

The “Cole Memo” was issued by former Attorney General Eric Holder’s

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By: Scott Peterson Legal Counsel, Colorado Association of REALTORS®

office (authored by Deputy AG James Cole) and said, in its most basic sense, that federal law enforcement was essentially going to ignore federal law in states where federal marijuana law conflicted with state marijuana law.

In effect, the Cole Memo is what gave rise to the explosion of the marijuana industry in Colorado and a growing number of other states. But, the Cole Memo was not an actual change in law, only a shift in prosecutorial priorities. As easily as the three-page Cole Memo was unilaterally issued, it was unilaterally withdrawn by the current AG with a one-page memo of his own.

Sessions' Memorandum Met with much confusion and consternation by the marijuana industry, Attorney General Sessions' January 4 memo to his own U.S. Attorneys essentially withdrew the Cole Memo and reversed course on Department of Justice perspective about federal law enforcement of marijuana. Obviously, the marijuana industry and legalization advocates reacted to the announcement with frustration, fear and, in some cases, rage. The sky was indeed falling.

One might argue that an industry that has invested billions of dollars of capital investment exclusively in reliance

on a three-page Department of Justice memorandum and the unrealistic expectation of political consistency was a little…. short-sighted. Similarly, the legalization advocacy community has never been shy or discreet about celebrating its policy victories within individual states (just visit Denver’s Civic Center Park on any April 20th).

For better or worse, Attorney General Sessions reminded us that marijuana law is ultimately controlled in Washington, D.C., not Denver, Colorado.

Or is it??

“Status Quo, Bro!” Despite the initial outrage and confusion related to the impact of the Department of Justice change in policy, a closer review of Session’s memo actually authorized additional prosecutorial discretion to the individual U.S. Attorney for each respective state to determine how to best allocate their individual resources. In essence, enforcement of federal marijuana law

within a state could be determined and prioritized by that state’s US Attorney.

The U.S. Attorney for the District of Colorado, Bob Troyer, almost immediately issued a statement explaining that his Colorado office’s enforcement priorities would remain the same as they had been before Session’s memo – enforcement of illegal “black market” activities, but deference to state law regarding “legal” activities. So, for the time being, Colorado should see status quo regarding its medical and recreational marijuana industries.

That said, a change in the U.S. Attorney for the District of Colorado could unilaterally bring a change in that enforcement perspective. Other states that have legalized marijuana have, to this point, been provided less clarity by their respective state’s U.S. Attorney.

Until something more definitive occurs at the federal level, the Colorado Association of REALTORS® will con-

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tinue to monitor and impact marijuana legislation statewide. In 2017, CAR supported House Bill 1220 in its successful journey through the Colorado legislature. HB 1220, which was signed into law by Governor Hickenlooper, puts reasonable limitations on the number of marijuana plants that can be grown legally in a residential setting. As other important legislation develops in this quickly evolving and emerging area, CAR will continue to monitor and inform its members, particularly in areas impacting home ownership and property rights.

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GOVERNMENT AFFAIRS

Legislative Preview 2018 Election year paradigms leave little room for legislative compromise

As the Legislature gaveled in on January 10th, many observers are forecasting a very different experience than the big compromises we witnessed in 2017. Election years tend to be more challenging as cooperative bi-partisan discussions often give way to message bills intended to stir up partisan electoral voters. Although, we may see some support for rural broadband as one exception to that traditional election year paradigm.

By: Elizabeth Peetz VP of Government Affairs, Colorado Association of REALTORS®

not include any funding for transportation. However, when new revenue was discovered partly due to recently enacted federal tax reform, the Governor amended his request to include $148.2 million in transportation funding. Transportation was already on the minds of many Colorado citizens and legislators on both sides of the aisle. The question will be what mechanism the state should use to fund transportation needs and how much money should be allocated from the state budget. We are hearing about several different ballot initiatives that may be raised by various groups focusing on increased taxes on gas, vehicle registration, or sales taxes to find new revenue to start to chip away at the reported $9 billion dollar shortfall. Many Republicans would like to see

Three new legislators will be joining the General Assembly to fill vacancy appointments by former colleagues that were either appointed to fill executive agency positions or have announced they are running for U.S. Congress. Additionally, a member of the Senate is now unaffiliated but may caucus with her former party. That changes the composition of a few committees and brings some new opinions to the Capitol. Finally, as much of the country got caught up in sexual harassment allegations and inappropriate behavior with the MeToo movement, a few Colorado legislators in both chambers have been named in official complaints and the final resolution of whether or not a legislator will be expelled is still to be determined.

Now that you understand what the environment looks like in 2018 down at the Capitol, let’s take a look at what CAR’s Legislative Policy Committee may consider this year for legislation.

Governor Hickenlooper requested $148.2 Million for transportation funding

Last month Governor Hickenlooper’s budget request did

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Legislative cont...

We expect to see renewed focus on affordable housing including some new legislative ideas.

the newly discovered revenue all be allocated to transportation, whereas, many Democrats see other funding priorities such as education and affordable housing that should also compete for those dollars. All these factors coalesce to make transportation funding one of the biggest issues at the Capitol this year as different stakeholder perspectives jockey for the right type of funding for the right amount that meets Colorado’s existing and future needs.

will be prepared to discuss the perils of such types of regulation that asks the legislature to require an entire industry to follow one company’s business model instead of letting the market dictate what choices consumers have when they purchase or sell a home.

After last year's explosions in Firestone raised important attention on safety for citizens who live near oil and gas wells and the Colorado Energy office was defunded in the waning days of the legislative session last year, several oil and gas bills will be filed in 2018 covering topics such as: setbacks for oil and gas operations, local government land use authority, better protection of the environment. The Colorado Energy Office is currently functioning with a federal grant, but many hope the agency funding will go through a normal state budget process this year.

Last year the Sunset bill that regulates your profession every ten years was signed by the Governor. Thank you to all our members who took their time and effort to advise CAR about the shape of that legislation. Since then, the Division of Real Estate has worked to pass regulations that implement the legislative requirements. One of these requirements was a change in the renewal period of real estate broker licenses from an anniversary renewal to a calendar renewal to take place in the month of December. However, the legislature had some concerns about the wording of a few of these rules and CAR will be working with the Division of Real Estate to correct any problems that the legislature has with a cleanup bill that enables this transition to a calendar renewal in December.

Over the summer, several media stories highlighted the persistent problem of trespassers or unauthorized entry onto homeowner properties. A new approach from Colorado Springs to solving this encroachment onto homeowner property would allow a peace officer to remove a trespasser within 24 hours if the property owner fills out an affidavit attesting to the unlawful entry onto his or her property.

CAR will be looking for the right legislative opportunity that protects the rights of property owners and gives Colorado a meaningful public policy solution to this increasingly acknowledged problem.

Last, but certainly not least, we will see a variety of affordable housing bills this year under the gold dome. In the first few opening days of session, a document recording fee was introduced very similar to last year except that counties are given a voluntary option about whether or not they wish to implement a fee. The low-income housing tax credit that CAR has supported in the past is back for a new extension to 2024 and it would be renamed as the “Affordable Housing tax credit” according to this year’s draft. A couple new ideas are also in the works that focus on creating funds for affordable housing through a sales tax on plastic bags and the creation of a tax credit that incentivizes philanthropic giving to support new construction of affordable housing. These four bills are only the first of what could be a busy session for affordable housing related issues.

CAR will also remain vigilant for any potential bills that could roll-back the broad bi-partisan construction litigation reform legislation unanimously passed by the General Assembly in 2017. Now that we are starting to see some encouraging signs of new construction in the market, CAR will work to protect the progress made by the large coalition of business groups and housing industry professionals who worked with opponents to bring a statewide solution last year. Additionally, we may see another version of the legislation that mandates disclosures of all broker fees in marketing and advertising. Should this topic come forward again, CAR

Continued on Next Page

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Legislative cont...

In addition to legislation at the Capitol from January to May, we are anticipating a very busy ballot cycle for the November election. One initiative could potentially increase the cost of housing for all Colorado consumers, especially the vulnerable populations of first-time homebuyers, workforce housing employees, and civil servants such as teachers and firefighters.

to overturn it (meaning most likely 2022 is the earliest opportunity to remove this initiative if voters approve it in 2018).

Affordable housing is a vital component to our economy.

The availability of affordable housing is critical to retaining a skilled workforce, keeping businesses competitive, and reducing urban sprawl. It also gives young people the chance to purchase rather than rent, allowing them to begin building wealth.

Ballot initiative #66, dubbed “limited local growth” would place arbitrary limits on housing units that could cripple future economic prosperity and create new burdens on the already low inventory of housing available to Colorado consumers.

Businesses need to be able to continue to attract and retain talented workers that can afford to live and thrive in the communities where they work. A lack of affordable housing near employment centers pushes workers farther from their jobs, forcing them to commute longer distances, putting undue strain on local roadways and public transportation, and dis-incentivizing workers and their employers to locate in Colorado.

The proposed ballot initiative: • Limits new permits for the total number of all housing units in each of the 10 most populous counties to 1% in both 2019 and 2020.

• Allows every Colorado City, Town, or County to vote for housing growth moratoriums.

Stay tuned and buckle-up, it’s going to be a very busy year at the legislature and we look forward to keeping you informed about the issues that affect CAR members and your businesses.

• Specifically applies to front range counties: Cities and Counties of Broomfield and Denver, and the counties of Adams, Arapahoe, Boulder, Douglas, El Paso, Jefferson, Larimer, and Weld.

• No permits between the election November 2018 and January 1, 2019.

• In 2021, each county would have to hold a referendum

We expect to see renewed focus on affordable housing legislation including some new ideas

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At Brookfield Residential, we are continually rethinking what it means to be a homebuilder. Challenging ourselves to throw out all the assumptions and start fresh. The result?

A whole new expression of home, designed for people who want more sunlight, flow and flavor in their lives.

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THE MARKET

Keep your seat belts fastened: A look at Denver’s 2018 housing market

By Matthew Leprino Colorado Association of REALTORS® Spokesperson

A

s 2018 succeeds a year of upward evolution for Denver’s real estate market, we must be cautious before removing the fasten seat belt sign and watch for items that may shift the landscape this year.

While the vast majority of the land covering the United States falls well below this number, there is no getting around the fact that Denver isn’t quite the inexpensive city to live in that it once was. With minimum wage increases starting their way up at the first of the year, the Green Roof Initiative set to turn Denver’s Building Department upside down, and anti-growth initiatives emerging around our suburban landscape, our demand, while absolutely high, will see the legislative process begin to affect the natural rhythm of this free market. These changes, though positive sounding, could greatly reverse the work done to upend our condominium market’s construction litigation reform, desirability to invest-

First, a recap; during the latter half of 2017, the Denver-area market began what can only be described as a cooling, as prices began - not to drop - but to rise at a much more manageable speed. As Denver experienced large logistical changes in 2017, ranging from a 9 percent average sales price increase to a staggering 40 percent decrease in inventory for single-family homes, many “bubble” theories reminded us that the freight train of appreciation would eventually slow to a crawl.

The good news good is, without signs of a slowing demand just yet and less than one-month’s worth of available inventory, good old supply and demand will continue to usher us into 2018 with positive momentum and a continued desire for our local real estate.

Other highlights from the past year include 2017 breaking the half-million-dollar mark for Denver’s average sales price.

Now at $521,227, according to data provided by the Colorado Association of REALTORS®, the number doesn’t feel quite as staggering when we consider that the nationwide average hovers around the $375,000 mark for Q3 of 2017, according to the most recent available data.

Denver's average sales price hit $521,227 in 2017.

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in and develop-around through the intended, as well as unintended consequences they set in motion.

However, the overall story is not one of doom. In fact, the median price for Denver dropped $18,000 from November to December or just over 4 percent - not terribly uncommon over the Holidays but a large enough number to take note of for future buyers over future Holiday Seasons. With just 0.8 month’s worth of inventory available to the homebuyer today and 4 months being the rule of thumb for a balanced buyers-to-sellers market, the prices, though slowing, are sure to increase in 2018 as demand once again conquers supply.

Perhaps after the spring market shows us what the remainder of 2018 will look like, the captain will remove that seat belt sign and everyone can resume their movements around the cabin. Until then, please stay seated, your belt tightly fastened and enjoy your in-flight magazine as we fly in to 2018.

Current as of January 4, 2018. All data from the multiple listing services in the state of Colorado. Report Š 2018 Colorado Association of REALTORSŽ.

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BENEFITS

Health Insurance Options for REALTORS®

The National Association of REALTORS® has been exploring ways to help our members access affordable healthcare options for years, both from the Member Benefits and federal advocacy perspective. NAR's REALTOR® Insurance Marketplace (RIM) is one effort; NAR created RIM to provide a resource for members looking to understand the best and most effective health and wellness options available per state, regardless of where the national discussion and/or legislation leads.

composed of self-employed individuals to participate in the large group insurance market, but proposed changes to this are on the horizon.

One new development is a recent Department of Labor proposed rule to expand the availability of "Association Health Plans" (AHPs). AHPs would allow an association to sponsor a health care plan for members, subject to certain restrictions, and for the first time, that could include self-employed individuals ("working owners").

The options NAR has made available for REALTORS® include: • REALTORS® Core Health Insurance – a national group plan which helps those who cannot afford plans under the Affordable Care Act (ACA) but still want some coverage (also made available temporary/short term health insurance plans).

• Private and public ACA plans (private and public) for those who can afford or receive subsidies.

• Innovative products like Telehealth and Accident Supplement to lower the cost of health plans.

The proposed rule expands the definition of "employer" to allow working owners – sole proprietors/self employed/ independent contractors with no employees – to participate in an AHP. Such a change may enable more small businesses and self-employed individuals to purchase policies no longer subject to the Affordable Care Act's (ACA) small group and individual market rules, including certain benefit requirements that may be costly. However, most AHPs will still be subject to state benefit mandates which will limit potential savings. We are finalizing a summary of the proposed rule and will share it on the HUB.

We understand that these options are not always a perfect solution, which is why NAR Advocacy has always been actively engaged in fighting for sensible federal health care market reforms to support individual and small employers.

At this time, however, there are federal, state and local laws that limit NAR's ability to offer a single nationwide plan to its members and complying with 50+ state/territorial sets of laws is a complex and costly endeavor. There are also legal barriers, including federal regulations prohibiting a plan

NAR will be submitting a comment on the proposed rule, due on March 6, advocating for broad inclusion of self-employed individuals in AHPs and will encourage REALTOR® members and state and local associations to do the same, sharing their experiences with health care access and affordability. NAR's Insurance Committee is also committed to reviewing NAR's health reform policies to position the Association to advocate on health care reform initiatives.

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However, while these potential changes are being debated and NAR advocates for these changes to AHPs, there remain significant market challenges facing NAR when it looks for coverage options for its members that still must be overcome. The factors that have proven problematic for NAR over the years when it considered health insurance options are (1) the demographics of the REALTOR® population and (2) the independent contractor status of the industry.

as self-employed individuals, REALTORS® also experience ups and downs in their incomes that may require them to drop their insurance more often than an employee.

In any case, the end result is that real estate agents are more price-sensitive, have traditionally moved in and out of insurance markets, and don't have employer subsidies that serve as incentives to sign up, especially for the young and healthy and may not see a need for coverage but who are important to creating a "good" risk pool.

DEMOGRAPHICS REALTORS® as a group skew older. According to NAR's Member Survey, the median age of the membership is 53 years, i.e., half are younger than 53 and half are older than 53. Since health status varies with age, with older individuals having greater health needs, even with 1.3 million members, the actuaries who set premiums see a "risk pool" that includes 600,000 individuals who are old enough to guarantee that they will make more than the average number of claims.

And even if we argue that there are an additional 600,000 younger members who could balance out that risk, what you find when you look at that younger 600,000 members is that 40 percent of those younger members are themselves between 40-53 years old – still an older demographic that most insurers consider more risky than a more diverse pool of applicants.

Both of these factors – an older group with higher than average claims and members who can move freely in and out of insurance markets based on their perceived needs – are taken into consideration when actuaries establish premiums for an insurance plan. Both also mean that the rates that are estimated to be financially sound for a group like this typically will trend up over time. This happens when younger individuals realize that they can find more affordable coverage and drop out. As the group continues to be composed of more and more people who are older or with health needs that require coverage, premiums continue to rise sharply.

CONCLUSION As the federal legislative and regulatory environment changes, NAR remains committed to working with legislators, regulators, and insurers to ensure affordable access to coverage for small business owners and self-employed individuals. To be sure, this is a complicated issue, but we are fully engaged on this front. To learn more about NAR's legislative and regulatory efforts and stay abreast of the latest developments, please visit https://www.nar.realtor/healthcare-reform. For the latest on benefits offerings, see nar.realtor/realtor-benefits-program/personal-insurance/realtorsinsurance-marketplace.

INDEPENDENT CONTRACTOR STRUCTURE A second factor is the structure of the real estate sales industry. A group of 1 million independent contractors are treated differently by insurers (or the actuaries for an entity that self-ensures) than a group of 1 million employees. As independent contractors, NAR's members have the ability to choose when they enroll in a health plan, when they don't, and even to decide to drop coverage in the middle of a year.

Employees in an employer group plan don't have that flexibility and are required to stay enrolled throughout a given year, and since their premiums are deducted from their paychecks, there is an effective means of policing this requirement. A real estate professional is also unlike an employee who has an incentive to enroll since their employer covers a significant portion of their premiums, which reduces the cost for employees. Adding to the equation is that fact that

If you have questions related to NAR's advocacy efforts, please contact me (@Christie DeSanctis or cdesanctis@realtors.org) or Marcia Salkin (@Marcia Salkin or msalkin@realtors.org). For Member Benefits questions, please contact Kristin Maurelia (kmaurelia@realtors.org).

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Gubernatorial Candidates To Speak at REALTOR® Day at the Capitol These candidates will be joining us at REALTOR® Day at the Capitol on February 8, 2018 at the Brown Palace Hotel. The forum will feature each candidate’s position on housing issues. The panel will be moderated by Kyle Malnati, Spokesperson for the Colorado Association of REALTORS®.

Attorney General Cynthia Coffman: Colorado General Attorney providing ethical, professional and independent legal services to the State of Colorado and all its citizens. Cynthia Coffman was named the Best Public Sector Lawyer in 2012 and in 2016 she was named one of the Most Influential Women in State Politics. Coffman brings a legal background and aims to protect school safety and water/property rights. See her positions on the issues here: www.cynthiacoffmanforag.com/ Noel Ginsburg: A businessman whose built three organizations, his first as a senior at the University of Denver. Noel Ginsburg was appointed by Governor John Hickenlooper to lead the Colorado Business Experiential Learning Commission and by Governor Roy Romer to the National Governor’s Association Council for School to Career. Ginsburg has also received the Martin Luther King Humanitarian award and prides himself as a “workhorse”. See his positions on the issues here: noelforcolorado.com/innovative-policies/ Mike Johnston: Former state senator, high school principal and education advisor to President Barack Obama. While a state senator Mike Johnston aided in passing legislation such as Great Teachers and Leaders, Colorado READ Act and the Landmark bill which brought changes to teacher hiring, tenure and professional development. Johnston was featured in Forbes Magazine as “7 Most Powerful Educators”, Time Magazines 40 under 40 and works with Teach for America confronting education inequality through teaching. See his positions and top issues here: https:// www.mikejohnstonforcolorado.com/issues/

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Cynthia Coffman

Noel Ginsburg

Mike Johnston

For REALTOR® Day at the Capitol

Candidates attending this gubernatorial forum are Subject to change! Invited candidates also include: Walker Stapleton, Jared Polis and Tom Tancredo.

Cary Kennedy: Former state treasurer, Denver’s Deputy Mayor and Chief Financial Officer. Cary Kennedy has managed Colorado taxpayers’ money for over a decade and helped develop programs throughout Colorado like supportive housing for the homeless. Kennedy has focused efforts to help education in Colorado with Amendment 23 and lowering financial costs for students across Colorado. See her positions on housing here: carykennedyforgovernor.com/housing/

Cary Kennedy Lt. Governor Donna Lynne: Colorado’s 49th Lieutenant Governor and Chief Operating Officer. Donna Lynne is recognized as one of the top women business leaders in Denver and one of the top 25 Women in Healthcare in the nation. Lynne has knowledge of the inner workings of government and has lead the administration’s efforts on healthcare. See her positions on issues here: lynneforcolorado.com/issues/

Donna Lynne Victor Mitchell: A former state lawmaker who served a two-year term in the state House in 2007 where he secured funding for programs to aid Alzheimer’s patients and caregiving family members. Victor Mitchell is an entrepreneur and businessman working in companies ranging from real estate to technology. Mitchell was named “top 40 under 40” by The Denver Business Journal and one of his companies was named “Colorado Small Business of the Year” by the Denver Metro Chamber of Commerce. See his positions on the issues here: www.vic4gov.com/on_the_issues Doug Robinson: The former investment banker is a political newcomer. Doug Robinson has worked in senior management positions in early internet pioneers, major media companies, corporate finance. He has been an active board member on organizations like the Colorado Technology Association, and the Boy Scouts. He founded KidsTek, a nonprofit that helps reduce the digital divide for access to technological skills for children. Robinson has also been heavily involved in Smart Colorado which helps protect Colorado children from any potential risks associated with the legalization of Marijuana. See his positions and top issues here: http://www.dougforcolorado.com/issues/

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Victor Mitchell

Doug Robinson

Only a Few Seats Remaining – Register Today The 2018 ECONOMIC SUMMIT & REALTOR® DAY AT THE CAPITOL is a two-day event held in Denver. This year, both events will take place at the Brown Palace Hotel and REALTOR® Day at the Capitol will conclude at the Colorado State Capitol Building. The Economic Summit is on February 7th and REALTOR® Day at the Capitol is on February 8th.

HIGHLIGHTS FEB 7th - Economic Summit “State of the Colorado Economy” with Economist Tracey Wilson

FEB 8th - REALTOR® Day at the Capitol Gubernatorial candidate forum on Housing issues

Panel of industry experts discuss the 2018 Housing Market

Keynote Luncheon “Legal Marijuana in Real Estate” with Scott Peterson

RPAC Reception - Meet with your legislators

Learn about policy issues affecting the real estate industry

Feb 7th - Don’t Miss the REALTOR® Party and RPAC Chairperson Training – FREE to attend, from 8am-12pm.

Feb 8th - 10:00am-11:30am: RPAC Awards Reception! Right after the Gubernatorial candidate forum.

Brown Palace Hotel 321 17th St, Denver, CO 80202

SPONSORED BY:

FOR A FULL SCHEDULE OF EVENTS AND TO REGISTER, GO TO COLORADOREALTORS.COM/EVENTS 24

Sharkey, Howes & Javer plan | invest | succeed

SPRING SUMMIT APRIL 24-26, 2018 | VAIL

Professional Development Sessions geared towards those hoping to become more involved at CAR and in leadership roles.

Networking

Fun

Grow your network of professional contacts around the state and see the benefits it has on your career.

There will be plenty of time to kick back, enjoy Vail, and have a good time with friends and colleagues.

ABOUT THE SUMMIT The 2018 CAR Spring Summit is geared towards REALTORS® who want to become more involved at CAR or in the REALTOR® association. Packed with new ideas, new products, networking and fun, Vail is the place to be April 24th-26th, 2018 at the Four Seasons Resort in Vail.

Included with your registration is: • Keynote Luncheon featuring Tina Sampson, Vice President of Sales for Vail Resorts • “10 Things - Legal Session,” presented by Scott Peterson, CAR General Counsel (2 CE) • Opening Reception...AND MORE!

Be inspired by great speakers.

Network at breaks and meetings.

www.ColoradoRealtors.com/events 25

Enjoy the Opening Reception.

HOT TOPICS

A LITTLE BIT CRAZY

Bitcoin in Real Estate

Google Bitcoin. What will you see? Articles from CNBC, Bloomberg, and Forbes. Headlines such as “Mark Cuban Bringing Bitcoin to Basketball”, “The Dollar Will Eventually Run like Bitcoin”, and “Bitcoin sell-off deepens”. If you’ve been on Facebook the last several weeks, you’ve no doubt watched friends and colleagues debate the risk of Bitcoin investments and the validity of this mysterious e-currency. It looks like the world has gone a little BITcoin crazy.

A sudden increase in trading has caused the cryptocurrency to become a fast-growing trend and individuals, particularly those who are tech-savvy, were clamoring to invest, at least during that two-week period when big investments returned big dividends. Like any traded currency, Bitcoin has managed to influence the real estate market in various capacities. REALTORS® should understand Bitcoin and blockchain technology so they can answer questions from clients as well as other agents.

What is Bitcoin?

Bitcoin is a form of digital cryptocurrency. This digital currency is purchased and stored on the internet or on a digital device like your computer. It can be used to make purchases anonymously and internationally. Bitcoin is not governed by any country or bank and is not subject to regulation.1 Blockchain is a “public ledger of all Bitcoin transactions that have ever been executed,” according to Investopedia. The blockchain continually grows as transactions are added to the ledger. 2 As we have seen in recent weeks, the value of Bitcoin inconsistent and unstable and tied directly to its currently traded value, just like any stock. There is a maximum cap of 21 million bitcoin in the world, and since the supply is fixed, the value goes up and down. 2 The real estate industry is beginning to speculate whether or not cryptocurrency will be adopted as a mainstream, or even occasional, form of payment to purchase homes. 2

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Have people actually purchased real estate with Bitcoin? A history.

Back in October of 2013, a seller named Phillipp Preuss offered to accept Bitcoin payment for his $800,000 Southhampton home. 2 In 2014, Visa Abstract was the first title company to accept Bitcoin in a real estate transaction.

The seller isn’t going to walk out of closing with a strip of paper from a Bitcoin ATM. They’ll get their money in U.S. dollars. If you or one of your agents is representing a seller, and the purchaser wants to use Bitcoin like cash, you can turn it down. Given its wildly fluctuating values, it’s better to have the buyer go through a title company,” writes Chris Redeger, Co-Founder, President/CTO, of Redefy Real Estate.2

The first single-family home sale in Texas involving Bitcoin was announced last year. The parties completed the transaction with BitPay, which turned bitcoin into dollars that were then transferred to the seller. BitPay has handled other real estate transactions, including a Lake Tahoe property that sold in 2014 for 2,739 bitcoins, or $1.6 million. 6

This Cryptocurrency can be used in two ways to purchase goods. It can be converted into cold hard cash, or the seller can accept the payment in Bitcoin. There are currently more than 2.5 million items you can use Bitcoin to buy – including real estate. 2

Recently, Denver real estate company Cedar Crest Properties has announced that they now have listings that accept cryptocurrency as payment.3 One Miami condo seller is only accepting Bitcoin offers. 4

“As long as forms of cryptocurrency are accepted, homes will undoubtedly be purchased this way. Do home owners have anything to fear? As long as they use a licensed agent, a reputable lender, and title company, these transactions shouldn’t hamper the sale,” writes Redeger.

Is Bitcoin a valid currency, or just a marketing ploy for listings?

As of the end of last year, the digital currency was listed as a way to pay for some 75 properties for sale, especially in south Florida and California, according to the real estate firm Redfin. 5 The currency offers foreign investors a way to dodge currency controls at home and U.S. Economic sanctions.

Put simply, if an agent, seller, or financial institution is willing to accept Bitcoin, there’s no stopping it.

“If a title company chooses to accept Bitcoin from a buyer at closing, they accept the risk; it’s really not the clients’ risk.

While Bitcoin is still viewed as speculative currency, it’s clear that digital currency and blockchain technology is here to stay.

Sources: 1. Yellin, Tal, Aratari, Dominic, and Pagliery, Jose. What is Bitcoin? CNN Money. Accessed January 11, 2018. http://money.cnn.com/infographic/technology/what-is-bitcoin/. 2. Rediger, Chris. Bitcoin’s Future in Real Estate. REALTOR® Magazine. Published September 2016. http:// realtormag.realtor.org/for-brokers/network/article/2016/09/bitcoin-s-future-in-real-estate. 3.

Mendoza, Monica. Denver real estate company will accept bitcoin and other cryptocurrencies for its homes. Denver Business Journal. Published January 10, 2018 https://www.bizjournals.com/ denver/news/2018/01/10/denver-real-estate-company-will-accept-bitcoin-and.html. 4. Morris, Chris. You Can Buy Houses With Bitcoin Now – Here’s How Much it Would Take. Fortune. January 15, 2018. http://fortune.com/2018/01/15/bitcoin-home-buying-real-estate-prices/ . 5. Afp-Jiji.

Bitcoin fever hits U.S. real estate market. The Japan Times. Accessed January 11, 2018. https:// www.japantimes.co.jp/news/2018/01/15/business/economy-business/bitcoin-fever-hits-u-sreal-estate-market/#.Wl_WDJM-eL4. 6. Elkins, Kathleen. Here’s the one thing you need to buy a house with bitcoin. CNBC. January 3, 2018. https://www.cnbc.com/2018/01/03/heres-the-onething-you-need-to-buy-a-house-with-bitcoin.html

There are currently more than 2.5 million items you can use Bitcoin to buy – including real estate.

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LENDING ADVICE

Three Big Changes Are On The Horizon for HMDA The Home Mortgage Disclosure Act (HMDA), which helps determine if lenders are serving the housing needs of its communities without any discriminatory practices, is undergoing some large changes that will affect your clients this New Year.

Up until 2011, HMDA was under the Federal Reserve’s control, but thanks to one of the industry’s largest regulatory reforms, Dodd-Frank, it resulted in the transfer of HMDA to the Consumer Financial Protection Bureau (CFPB). This has meant several transformations under the 1975 established law -- with some of the largest changes coming down the pike this year.

What’s on the horizon? And what does this mean for your clients? Here are three changes you’ll want to know about: 1. Additional Loan Products Will Be Covered Under HMDA Prior to Jan. 1, dwelling-secured, closed-end loans (such as mortgages and home equity installment loans) were covered under the HMDA law if they were consumer or commercial purpose and were used for a purchase, refinance or home improvement. Moving forward, all consumer purpose dwelling-secured loans are covered (including lines of credit)

By Anna Gallegos Banking Officer at FirstBank

while commercial purpose dwellingsecured loans now include lines of credit but are still only covered if they are intended for purchase, refinance or improvements. What this signifies is there will be more oversight and analysis on a wider variety of loans than historically seen.

change under HMDA, and it will require creditors to provide much more information about borrowers and loan transactions than we’ve previously experienced. Ultimately, the expansion of data collection will have 25 new fields, all aimed at helping regulators identify and curb discrimination.

2. There Will Be More Demographic Info Requested in Applications

Why Do These Changes Matter?

Whether it be a consumer or commercial loan your clients inquire about, there are some important details their lender will request during the application process. For instance, the categories for ethnicity and race will be expanded to include subcategories. If a borrower selects Asian, they’ll be able to indicate if they’re Chinese, Filipino, Japanese, Korean, etc. If they check Hispanic, they may be prompted to check Puerto Rican, Venezuelan, Mexican, and so on. Furthermore, there are no limits to how many ethnicities a person can select, or they can opt out of including any racial or ethnic information, if they prefer. Your borrower will not be required to provide the information; however, their lender is required to request it at the time of application.

”

3. More Borrower Data Will Be Collected Than Ever Before This is perhaps the largest procedural

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The intention of these changes is to provide government and community partners with more information about the make-up of a bank’s lending practices. Specifically, it is hoped that the additional data will be better able to help them determine if lenders are meeting the needs of their individual communities and to identify any potential discriminatory patterns and inequalities.

Some experts believe this is a gamechanger for the industry, and it will give everyone greater insight into a company’s lending practices, benefit customers, and may even improve processes.

Anna Gallegos is a Banking Officer for FirstBank, Colorado’s second largest bank and one of the largest privately-held banks in the country. If you have any questions about this article or would like to contact Anna for more information, she can be reached at Anna.Gallegos@efirstbank.com or 303-7423005.

REALTOR® NEWS

CAR Family Loses Two Past Presidents It is with great sadness to share with you that we have lost two of our past leaders in December - WR “Bob” Bray Sr. (1965 CAR President) and Richard Berger (1990 CAR President).

W.R. "Bob" Bray passed away on Friday, December 1, 2017 at the age of 90. He was the Chairman of the Board of Bray Realty until about four months ago, “where he was still going into the office twice a week to read up and meet with agents,” said his son Robert.

W.R. "Bob" Bray

Richard W. Berger

"He was one of the finest men in Grand Junction," said Levi Lucero, one of the real estate agents who worked with Bray.

"His brain always worked in a positive mode."

At Bray Realty, he developed the Paradise Hills subdivision as well as numerous other ventures across the Western Slope.

As leader of the company he was gentle and kind, "but when he had to drop the hammer, it was effective," Robert said. “He was fond of telling people that in Grand Junction, he could golf in the morning, ski in the afternoon, and be home in time for dinner all in the same day."

"Tell me I can't do it and I'll do it," was a byword for W.R. Bray, Robert said. "He never walked away from anything."

Bray earned an associate’s degree at Mesa Junior College.

In 1952, W.R. Bray left the J.C. Penney Co. and joined the company founded by his parents a decade earlier. Today, Bray Realty employs 110 people. Over the years, he served as Chairman of the Grand Junction Area Chamber of Commerce, and President of the Grand Junction and the Colorado Association of REALTORS®, organizations that also recognized him as REALTOR® of the Year.

Bob and his wife Jo Ann had 58 relatives at his home for his 90th birthday in October, and 50 for Thanksgiving. That includes Jo Ann's two children and five grandchildren. In addition to Jo Ann and Robert, he is survived by two daughters, Maryann Weil and Melanie Phillips, 10 grandchildren, and 22 great-grandchildren with another on the way.

Richard W. Berger

1990 and served as CAR’s Appointed Past President in 1993.

He also served as a Director for the National Association of REALTORS®. Dick was also active in teaching for the University of Colorado's Certificate Program where he helped to develop the original "Contracts" course in the mid 60's.

Richard W. (Dick) Berger, CRB, CRS, GRI, had been involved in Colorado real estate since 1961. He was active in real estate brokerages in the Denver, Montrose, and Durango areas.

He was President of the Denver Board of REALTORS® in 1979 and was Northwest Regional Vice President in 1980. He also served as a Director of the Montrose Board and later as President of the Durango Association of REALTORS® in 1988. He was President of the Colorado Association of REALTORS® in

"Dick Berger was the consummate leader for Colorado’s real estate industry and communities," said Tyrone Adams, CAR CEO. "He was well respected and served as a great example for CAR’s future leaders."

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MARKET TRENDS

2017 a Record-Breaking Year Colorado Home Prices Continue to Rise Median sales prices rise 10 percent in back-toback years. Lack of inventory a consistent theme statewide.

• The average sales price of a single-family home in the Denver metro region reached $465,818 in December, up just shy of 11 percent from a year ago. Statewide, the average sales price was $433,368 in December, up 8.3 percent year-over-year.

From the Denver metro area’s urban core and suburbs, to smaller communities across the state, Colorado’s housing market experienced back-to-back years of 10 percent bumps in the median sales price of a single-family home as record low inventory dictated markets, according to the latest statewide housing reports from the Colorado Association of REALTORS® (CAR).

• Condo/townhome average sales price in Denver metro closed the year at $338,992, an increase of 10.6 percent from December 2016 levels. Statewide, the average sales price was $373,788, an increase of 10.5 percent from a year prior.

• In the Denver metro area, active listings were down 30 percent from December 2016 to 2017 and the months supply of inventory for single-family homes dipped 37 percent to 1.2 months in the metro area year-over-year while condo-townhome inventory slipped below a onemonth supply for the first time in the 8-year history of the CAR market trends reporting.

Mirroring conditions from December 2016 - but with a continually growing population and a limited number of new construction and new listings in the winter months - the 2017 statewide market closed out with median sales prices for single-family homes equal to or near their summer highs, while condo-townhome median sales prices reached their highest point of the year in December.

• Statewide, active listings were down 27 percent with month’s supply of inventory at 1.7 months, down 26 percent from a year prior.

Some key findings from the December 2017 Report and a look back at the year: • The December median sales price of a single-family home in Denver reached $400,000, up 8.4 percent from a year ago, while the median sales price for a Denver-metro area condo/townhome reached $284,000 during the last month of the year, surpassing its previous June 2017 high of $277,000.

With limited new housing starts and traditional winter slowdowns in new and active listings, the record low inventory figures are likely to continue until spring 2018 as the hot seller’s market continues among consistent demand from a growing statewide population.

The December median sales price of a singlefamily home in Denver reached $400,000 30

accumulate.

INSIGHTS FROM LOCAL EXPERTS Following are insights about local market conditions from several of the Colorado Association of REALTORS® research spokespersons practicing across the metro area and state:

“Boulder County showed more modest gains of 7.3 percent and 3.8 percent, respectively. Seeing that the city of Boulder topped $1 million for its average single-family home price, most believe the lack of affordability is pushing buyers outside of Boulder to more affordable areas. So while Boulder is still in a 16126 strong seller’s market, the neigh-26.9% 22,054 boring, more affordable communities are experiencing the ben12,748 efit of the more prudent buyer.

-26.2%

Inventory Active Listings

AURORA The Aurora market experienced a 9 percent increase in the averDEC 2017 - Total Market age sales price throughout much DEC 2016 - Total Market of the City in 2017 with areas in north Aurora up as much as 12 DEC 2017 - Single Family percent on single family homes.

DEC 2016 - Single Family Sold listings totaled 5372 representing a 2 percent increase DEC 2017 - Condo over 2016. As we move into the DEC 2016 - Condo early days of 2018, the market is already off to an active start.

With low inventory and high demand it is reasonable to expect that homeowners will continue to enjoy healthy appreciation throughout the spring. Aurora continues to be a very affordable option with the average sales price of $383,700 for single-family residential homes compared to the Denver metro area’s average sales price of $464,334. As the market heats up for the spring and summer season it is expected that we will see an increase in the inventory and buyers should expect that the pricing will most likely see an increase as well,” said Aurora-area REALTOR® Sunny Banka.

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“Still a brisk market, with no slowdown in site! If the spring-like -30.6% 4,697 weather continues this winter, our spring market will start earlier and the year looks like it will continue in an upward trend,” said Boulder-area REALTOR® Kelly Moye.

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COLORADO SPRINGS The sales activity in the Colorado Springs area housing market set a new record in 2018, while the inventory of listings continued to deplete to a drastically low level.

Compared to 2016, single-family patio home sales volume was up 17.3 percent in 2017, listings sold were up 6.7 percent, average sales price by 9.9 percent, median sales price by 9.4 percent and new listings were up 2.9 percent.

The strongest demand continues to be for properties priced under $400,000. There is a reasonably balanced supply and demand situation for properties priced between $400,000 and $600,000. It is indeed an opportune time for buyers in higher price ranges. Looking ahead, all indications point to a very strong 2018,” said Colorado Springs-area REALTOR® Jay Gupta.

BOULDER/BROOMFIELD “Homes in the Broomfield area crossed the 2017 finish line strong with a solid 10.9 percent appreciation in singlefamily homes and an impressive 15 percent for townhomes and condos. Days on the market still hover under 30 days and even though there were a few new listings this year, they were all gobbled up faster than the inventory could

•

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Statewide, active listings were down 27 percent in 2017.

MARKET TRENDS CONT. through the first quarter of 2018, as spring-like weather has allowed new construction into January. Although average ‘days on market’ was the same in 2016 and 2017 at 151 days, price points under $350,000 are averaging just 90 days on market in the last quarter of 2017. Considering almost 70 percent of homes in Pagosa Springs are second homes, with less inventory and days on market, buyers no longer have the luxury to hesitate on their purchase. Second-home buyers (mainly from Texas, Oklahoma, New Mexico, Arizona, and the Front Range of Colorado) are making purchase decisions more quickly than ever! This is also true for local buyers, as they compete with second-home buyers.

DENVER “The new year kicks off what is sure to be a banner successor to 2017 where we experienced incredible changes ranging from a 9 percent average sales price increase to a staggering 40 percent decrease in available inventory for single-family homes in Denver. However, the story is not one of doom and gloom, as the second half of 2017 showed that while prices continued to increase on average, the rate at which they were increasing has mellowed. In fact, the median price for Denver dropped more than $18,000 from November to December or 4.1 percent - not terribly uncommon over the Holidays but a large enough number to take note of for future buyers over future holiday seasons. With less than one month’s supply of inventory available to the homebuyer today and 4 months being the rule of thumb for a balanced buyers-to-sellers market, the prices, though slowing, are sure to increase in 2018 as demand once again conquers supply,” said Denver-area REALTOR® Matthew Leprino.

“Condos/townhouses were also up 5 percent ($163,757) in 2017 median sales price and 7.2 percent ($186,816) average sales price. Fourth quarter 2017 showed the most increase with fewer days on market and higher sales prices and we anticipate more of the same in 2018 as inventory is slim.

Units coming onto the market are hovering higher than 2017 median sales prices and going under contract much sooner. With the exception of a few luxury priced townhouses, the Pagosa market lacks new condo/townhome construction which will drive prices higher. Should the lack of snow and spring-like temperatures continue, the traditional April/May home listing season and even more new construction will start earlier with prices expected to climb,” said Pagosa Springs-area REALTOR® Wendy Saunders.

GOLDEN/JEFFERSON COUNTY “Like most every other county in the metro area, Jefferson County slowed down over the past month of the year with a combination of seasonal factors and too little inventory on the market – the lowest amount in decades. Hopefully, the new year will bring better conditions for buyers with more homes to be built and new listings for sale,” said Goldenarea REALTOR® Barb Ecker.

PUEBLO/PUEBLO WEST “With a very strong finish in December, 2018 looks to be a very good year for real estate in Pueblo once again. We wrapped up the year on a high note with December listings up 40.2 percent from the prior month and 6.6 percent for the year. Pending sales increased 21.3 percent in December and were up 12 percent year-over-year. Total listings sold in 2017 increased just over 12 percent with an average sales price $177,897 reflecting a 6.6 percent increase for the year.

The list price to sale price stayed strong at 98 percent while days on market dipped to 83. However, in Pueblo West it is just 37 days. Pueblo West lot sales have increased as builders are planning to increase home construction beyond the 187 they built in 2017,” said Pueblo-West REALTOR® David

PAGOSA SPRINGS/ARCHULETA COUNTY “With an exceptionally strong 2017 in the books, there are no signs of weakening in 2018 for Pagosa Springs and the southwest Colorado housing market. We continue to benefit from a great real estate purchase value as compared to most Colorado ski mountain towns, even with the average sales price jumping an impressive 17 percent this past year. The 2017 median sales price also jumped 11.4 percent, pushing median homes sales toward the mid $300s.

The higher inventory of new construction homes in the last quarter of 2017 contributed to the increase and the new construction trend and price increase should continue

32

Anderson.

George Harvey.

ROYAL GORGE AREA – FREMONT AND CUSTER COUNTIES “The 2017 housing market throughout the Royal Gorge area displayed an increase in the median sales price of more than 6 percent while the total number of sales increased by 3 percent compared to 2016. This growth has been steady over the past five years. While home prices are rising and more units are being sold, our new listing inventory decreased by 4 percent and the average days on the market decreased by 16.8 percent. More and more people are choosing to live in this area around the Arkansas River and Southern Colorado Mountains. Our reasonably priced median home value of under $200,000 makes it easy to do that. Our seller’s market will continue into 2018,” said Royal Gorge-Area REALTOR® David Madone.

VAIL “December played out as a very interesting month for the market as the basic trend for 2017 flipped around. Transactions were up 18 percent over December 2016 while dollar volume increased by just 2 percent. This performance is dramatically different then the overall 2017 results which showed a 1 percent increase in transactions and a 12 percent increase in dollars. The $2 million-plus market drove the early part of the year however, it began to slip in the fourth quarter. The upper segment of the market maintained a 14 percent transactional share and a 49 percent share of dollars for the year which was the entire increase in dollars as the under $2 million represented 86 percent of transactions and 51 percent of dollars.

“The under $1 million market held its market share of 70 percent in transactions and 31 percent of the dollar market.

The weakest market niche was the $1-2 million range which was off 12 percent in transactions and 14 percent in dollars.

In summary, 2017 was a solid performance but one requiring proficiency to optimize a clients’ goals,” said Vail Valley REALTOR® Mike Budd.

TELLURIDE The Telluride market finished up 36 percent in total sales dollars over 2016 posting $616.1 million for 2017. That is the best annual sales amount for our region in 10 years, as the number of sales were up 10 percent over 2016. Like other Colorado markets, we are seeing a shortage in inventory, especially in condominiums and somewhat in homes in the Town of Telluride and Town of Mountain Village. Generally, it takes two years to get a home built in these communities from getting architectural plans completed and approved to finished construction. Condominium projects can be two to three times longer. All of this means that the shortage of inventory will most likely become even more restricted with significant upward pressure on prices. The Telluride region hasn’t had a new subdivision approved in more than 15 years and it is unlikely that any new subdivisions will ever be created due to the political environment. Additionally, the new Tax Reform package that was just passed by Congress will most likely benefit the clientele that patronizes affluent markets like Telluride creating more demand for an increasingly limited supply of finished inventory. We anticipate a building boom in the Telluride region for the next few years and continued sales records,” said Telluride-area REALTOR®

CHECK OUT THE NEW MARKET TRENDS VIDEO

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2017 COLORADO

PROFILE OF HOME BUYERS AND SELLERS

THE TYPICAL 2017 HOME BUYER

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

In Colorado the typical buyer was 45 years old, and had a median household income of $101,500. 27% said the primary reason for purchasing a home was the desire to own a home of their own.

THE TYPICAL

28% 28%=First-time home buyers

HOME PURCHASED

85%

15%

PREVIOUSLY OWNED

NEW HOMES

68% Married Couples

14% of Colorado home buyers purchased a multi-generational home to take care of aging parents, for cost savings, and because children over the age of 18 are moving back home.

HOME DETAILS In Colorado the typical home that was recently purchased was 2,200 SQ/FT, had 3BR/2BA and was built in 1996.

3 BR 2 BA

7% Single Males

OTHER FACTS

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

100% of asking price in CO

18% Single Females

21% of recent home buyers are veterans and 2% are active duty service members in Colorado.

BUILT in 1996

Colorado buyers expect to live in their homes for a median of 10 years vs. 15 years nationally.

$342,500 median price 2200 sq/ft

Information from the 2017 National Association of REALTORSÂŽ (NAR) Colorado Profile of Home Buyers and Sellers.

34

14%

21%

10 Years

2017 COLORADO

PROFILE OF HOME BUYERS AND SELLERS

THE TYPICAL

HOMEBUYING

In Colorado, for 38% of recent buyers, the first step that they took in the home buying process was to look online at properties for sale, while 27% of buyers first contacted a real estate agent (vs. 17% nationally).

90% of Colorado buyers purchased their home through a real estate professional, and 7% purchased directly from a builder. 79% of buyers found their real estate agent to be a very useful information source.

HOME SEARCH PROCESS

& REAL ESTATE PROFESSIONAL

38% Looked online first

90% Used Real Estate Professional 7% Direct from Builder

TIME SPENT Colorado buyers who used internet as part of their search typically searched for 8 weeks and looked at a median of 8 homes. The typical buyer who did not use the Internet during their home search spent only 4 weeks searching and visited 4 homes.

8

8

4

4

WEEKS LOOKING

HOMES VIEWED

WEEKS LOOKING

HOMES VIEWED

USED INTERNET AS PART OF SEARCH

SELECTING AN AGENT 46% of Colorado buyers used an agent that was referred to them by a friend, neighbor, or relative. 76% would recommend their agent again in Colorado vs. 89% nationally.

46% Referrals

76% would recommend

80% interviewed one agent

88% would use again

THOSE WHO DID NOT USE INTERNET

INFORMATION SOURCES USED

95% Online Website

89% Real Estate Agent

48% Yard Sign

74%

59%

Mobile or tablet

Information from the 2017 National Association of REALTORS® (NAR) Colorado Profile of Home Buyers and Sellers.

35

59% of recent buyers were very satisfied with their recent home buying process.

2017 COLORADO

PROFILE OF HOME BUYERS AND SELLERS

FINANCING

HOME SELLERS

91% of Colorado buyers financed their home purchase. Those who financed their home purchase typically financed 87%.

The typical Colorado home seller was 54 years old, with a median household income of $103,100.

THE HOME PURCHASE

& THEIR EXPERIENCE

87% 87% Financed their home

89% of home sellers worked with a real estate agent to sell their home.

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

54%

42%

49%

88%

DOWN PAYMENT FROM SAVINGS

DOWN PAYMENT FROM HOME SALE

SAVED 6 MONTHS OR LESS

VIEWED IT AS GOOD INVESTMENT

89%

For recently sold homes, the final sales price was a median 98% of the final listing price.

Colorado home sellers cited that they sold their homes for a median of $86,500 more than they purchased it. ($47,500 was the national average)

+$86,500

Reasons for down payment difficulties: 54% = Student loans 40% = Credit card debt 31% = Car loans

REASONS FOR SELLING

31%

40%

54%

Information from the 2017 National Association of REALTORS® (NAR) Colorado Profile of Home Buyers and Sellers.

36

17%

Job Relocation

15%

Closer to family

14%

Home too small

2017 COLORADO

PROFILE OF HOME BUYERS AND SELLERS

HOME SELLING

FSBO

92% of sellers listed their homes on the Multiple Listing Service (MLS), which is the number one source for sellers to list their home.

FSBOs typically sold for less than the selling price of agent assisted homes.

& REAL ESTATE PROFESSIONAL

76%

85%

85% said that they would definitely (67%) or probably (18%) recommend their agent for future services.

25% Recommend their agent 3 or more times

FSBO

FSBO homes sold at a median of $190,000, yet lower than the median of all homes at $250,000.

92%

76% of Colorado sellers contacted only one agent before finding the right agent they worked with to sell their home.

76%

FOR SALE BY OWNER

FSBO homes sold more quickly on the market than agent assisted homes. FSBO homes typically sold in less than two weeks - often because homes are sold to someone the seller knows.

{

Agents receive their compensation predominantly from sellers at 76%.

The typical seller has recommended their agent twice since selling their home.

25% of sellers recommended their agent three or more times since selling their home.

Information from the 2017 National Association of REALTORSÂŽ (NAR) Colorado Profile of Home Buyers and Sellers.

37

8% of recent sales were FSBO sales.

70% of FSBO Sellers were satisfied.

FSBO homes typically sold in 2 weeks.

FSBO seller median age = 55 years.

FSBO seller median income = $86,500 23% of FSBO sold to a relative.

CAR'S PHOTO CONTEST

Take a look at the top 5 Colorado Landscape entries by Colorado REALTORS® for December from CAR's Photo Contest.

Sierra Palumbo. Tw in

Lakes, Lake County, CO

Greg Zadel. Milav

unty, CO s, Lake Co e k a L in w lumbo. T Sierra Pa

38

aks. Salida, CO nceton, Collegiate Pe Edward Boyle. Mt. Pri

vec Lake. Fredrick, CO

Michael Hall. We st of Cres ted Butte . Kebler P ass, CO.

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THANK YOU! 2017 RPAC MAJOR INVESTORS Updated December 20, 2017

NAR Presidents Circle

($1,000 min. to RPAC and $2,000 to national political parties or NAR-selected federal candidates)

Tyrone Adams, Colorado Association of REALTORS® David J. Barber, Aurora Association of REALTORS® Gary Bauer, Denver Metro Association of REALTORS® Michael Burkhard, Grand Junction Area REALTOR® Assoc.

Dale Carroll, South Metro Denver REALTOR® Assoc.

Amy Dorsey, Vail Board of REALTORS® Karen Frisone, Denver Metro Assoc. of REALTORS® George Harvey, Telluride Association of REALTORS® Ann Hayes, Grand Junction Area REALTOR® Assoc.

Jay Kalinski, Boulder Area REALTOR® Association Keith Kanemoto, Longmont Assoc. of REALTORS® Michael Labout, Pikes Peak Assoc. of REALTORS®

John Lucero, Denver Metro Association of REALTORS® Melissa Maldonado, South Metro Denver REALTOR® Assoc.

Michael Marcus, South Metro Denver REALTOR® Assoc.

Scott Matthias, South Metro Denver REALTOR® Assoc.

Chris McElroy, Fort Collins Board of REALTORS® Larry McGee, South Metro Denver REALTOR® Assoc.

Ron Myles, Denver Metro Commercial Assoc of REALTORS® Jason Peck, Denver Metro Association of REALTORS® Todd Schuster, South Metro Denver REALTOR® Assoc.

Bonnie Smith, Summit Association of REALTORS® Linda Romer Todd, Grand Junction Area REALTOR® Assoc.

Kay Watson, South Metro Denver REALTOR® Assoc.

NAR Corporate Ally Program

(Voluntary corporate investment in candidate and issue campaigns)

IRES Geoff Lewis, RE/MAX, LLC

Pikes Peak REALTOR® Service Corp REcolorado

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

Pikes Peak REALTOR® Service Corp REcolorado

Golden R - Annual Investment of $5,000+ Dale Carroll, South Metro Denver REALTOR® Assoc.

Colorado Association of REALTORS® Amy Dorsey, Vail Board of REALTORS® Grand Junction Area REALTOR® Association George Harvey, Telluride Association of REALTORS® Keith Kanemoto, Longmont Association of REALTORS® Michael Labout, Pikes Peak Association of REALTORS®

Michael Marcus, South Metro Denver REALTOR® Assoc.

Scott Matthias, South Metro Denver REALTOR® Assoc.

Chris McElroy, Fort Collins Board of REALTORS® Larry McGee, South Metro Denver REALTOR® Assoc.

Ron Myles, Denver Metro Comm. Assoc. of REALTORS® Bonnie Smith, Summit Association of REALTORS® Kay Watson, South Metro Denver REALTOR® Association

Crystal R - Annual Investment of $2,500+ A Cleaner Carpet, LLC David J. Barber, Aurora Association of REALTORS®

Denver Metro Association of REALTORS® Karen Frisone, Denver Metro Assoc. of REALTORS®

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Sterling R - Annual Investment of $1,000+ Kelly Kniffin, Durango Area Association of REALTORS® Andrew Abrams, Denver Metro Assoc. of REALTORS® Justin Knoll, Denver Metro Association of REALTORS® Tyrone Adams, Colorado Association of REALTORS® Anne Marie Kremer, South Metro Denver REALTOR® Assoc.

Kurt Albers, Loveland Berthoud Assoc. of REALTORS® Cynthia Kruse, Vail Board of REALTORS® Monica Anderson, Grand County Board of REALTORS® Dave Kupernik, Denver Metro Assoc. of REALTORS® Brian Anzur, South Metro Denver REALTOR® Assoc.

Bob LeGare, Aurora Association of REALTORS® Okie Arnot, South Metro Denver REALTOR® Assoc.

Matthew Leprino, Denver Metro Association of REALTORS® Barbara Asbury, Pikes Peak Association of REALTORS® Karen Levine, Denver Metro Assoc. of REALTORS® Piyush Ashra, Aurora Association of REALTORS® Libby Levinson, Denver Metro Assoc. of REALTORS® Aspen Board of REALTORS® Cheri Long, Aurora Association of REALTORS® Richard Averill, Denver Metro Assoc. of REALTORS® Roy Lopez, Aurora Association of REALTORS® Ann Bagwell, Aurora Association of REALTORS® Alan Lovitt, Pikes Peak Association of REALTORS® Sunny Banka, Aurora Association of REALTORS® John Lucero, Denver Metro Association of REALTORS® Erin Bassett, Glenwood Springs Assoc. of REALTORS® Kevan Lyons, REALTORS® of Central Colorado Bayfield Realty Mike MacGuire, Pikes Peak Association of REALTORS® Ed Behr, Pikes Peak Association of REALTOR® Brian Maecker, Pikes Peak Association of REALTORS® Pat Bigley, Pikes Peak Association of REALTORS® Gary Maggi, Loveland Berthoud Assoc. of REALTORS® Michel Brossmer, Denver Metro Assoc. of REALTORS® Melissa Maldonado, South Metro Denver REALTOR® Assoc.

Piper Bruner, Denver Metro Association of REALTORS® Janet Marlow, South Metro Denver REALTOR® Assoc.

Michael Burkhard, Grand Junction Area REALTOR® Assoc.

Melissa Mayer, Durango Area Association of REALTORS® Nancy Burniche, Summit Association of REALTORS® Larry McFall, South Metro Denver REALTOR® Assoc.

Vicki Burns, Craig Association of REALTORS® Stew Meagher, South Metro Denver REALTOR® Assoc.

Michael Burns, South Metro Denver REALTOR® Assoc.

Pam Meier, Denver Metro Association of REALTORS® Linda Buzzalini, Durango Area Assoc. of REALTORS® Cheryl Melichar, Longmont Association of REALTORS® Bobbie Carll, Durango Area Association of REALTORS® Josette Montgomery, Mountain Metro Assoc. of REALTORS® Nels Cary, Telluride Association of REALTORS® Zachary Morse, Durango Area Association of REALTORS® Cheryl Chandler, Glenwood Springs Assoc. of REALTORS® Kelly Moye, Boulder Area REALTOR® Association Carol Click, Four Corners Board of REALTORS® Daniel Muldoon, Pikes Peak Association of REALTORS® Barbara Cline, Aurora Association of REALTORS® Patrick Muldoon, Pikes Peak Association of REALTORS® Colorado R.E. Finance Group Chris Mygatt, Denver Metro Association of REALTORS® Colorado CRS George Nehme, Pikes Peak Association of REALTORS® John Cooley, Aspen Board of REALTORS® Zach Nelson, Denver Metro Association of REALTORS® Cathy Craig, Durango Area Association of REALTORS® Karen Nichols, Denver Metro Association of REALTORS® Jacob Curbow, Pikes Peak Association of REALTORS® Jarrod Nixon, Durango Area Association of REALTORS® Charles D’Alessio, Pikes Peak Assoc. of REALTORS® Chad Ochsner, Denver Metro Association of REALTORS® Natalie Davis, Fort Collins Board of REALTORS® Wynne Palermo, Pikes Peak Association of REALTORS® Shane Dawson, Durango Area Assoc. of REALTORS® Palladium Properties David DeElena, Aurora Association of REALTORS® Kevin Patterson, Pikes Peak Association of REALTORS® Joe DiVito, Denver Metro Association of REALTORS® Jason Peck, Denver Metro Association of REALTORS® Amanda DiVito Parle, Denver Metro Assoc. of REALTORS® Scott Peterson, Colorado Association of REALTORS® Chirs Djorup, Denver Metro Association of REALTORS® Linda Philpott, Aurora Association of REALTORS® Christopher Doyle, Fort Collins Board of REALTORS® Gina Piccoli, Durango Area Association of REALTORS® Duane Duggan, Boulder Area REALTOR® Association Dave Pike, Denver Metro Association of REALTORS® Durango Land and Homes Hank Poburka, Pikes Peak Association of REALTORS® Barbara Ecker, Denver Metro Association of REALTORS® Preston Porter, Pagosa Springs Area Assoc. of REALTORS® Molly Eldridge, Gunnison Country Assoc. of REALTORS® Veronica Precella, Boulder Area REALTOR® Assoc.

William Fandel, Telluride Association of REALTORS® Bobbi Price, Pikes Peak Association of REALTORS® Inge Frerichs, Denver Metro Assoc. of REALTORS® Sally Puff-Courtney, Telluride Assoc. of RELATORS® Bob Fullerton, Glenwood Springs Assoc. of REALTORS® RE/MAX Pinnacle Nanci Garnand, Loveland Berthoud Assoc. of REALTORS® Debra Ann Reardon, Pikes Peak Assoc. of REALTORS® Marjorie Genova, Grand Junction Area REALTOR® Assoc.

Amy Reid, Pikes Peak Association of REALTORS® Micah George, Grand Junction Area REALTOR® Assoc.

Julie Retzlaff, Vail Board of REALTORS® Jace Glick, Denver Metro Association of REALTORS® Randy Reynolds, Pikes Peak Assoc. of REALTORS® Heidi Greer, Denver Metro Association of REALTORS® Albert Roer, Telluride Association of REALTORS® Nancy Griffin, Aurora Association of REALTORS® Gretchen Rosenberg, Denver Metro Assoc. of REALTORS® Scott Grossman, Denver Metro Assoc. of REALTORS® Jolon Ruch, Denver Metro Association of REALTORS® Heather Hankins, South Metro Denver REALTOR® Assoc.

Laura Ruch, Denver Metro Association of REALTORS® Deborah Hansen, Loveland Berthoud Assoc. of REALTORS® Ulrich Salzgeber, Steamboat Springs Board of REALTORS® Lauren Hansen, Colorado Association of REALTORS® Marcel Savoie, South Metro Denver REALTOR® Assoc.

Lisa Hansmeier, Colorado Association of REALTORS® Todd Schuster, South Metro Denver REALTOR® Assoc.

Ed Hardey, Aurora Association of REALTORS® David Scott, Boulder Area REALTOR® Association Ann Hayes, Grand Junction Area REALTOR® Assoc.

Christine Serwe, Durango Area Association of REALTORS® Toni Heiden, Grand Junction Area REALTOR® Assoc.

Todd Sieger, Durango Area Association of REALTORS® Phil Heter, Denver Metro Association of REALTORS® Richard Sly, South Metro Denver REALTOR® Association Mary Ann Hinrichsen, South Metro Denver REALTOR® Assoc.

Alan Smith, South Metro Denver REALTOR® Association Ken Hotard, Boulder Area REALTOR® Association Lynn Snyder Goetz, South Metro Denver REALTOR® Assoc.

Debbie Howes, Pikes Peak Assoc. of REALTORS® Diane Sorensen, Denver Metro Association of REALTORS® Max Hutcheson, Durango Area Association of REALTORS® South Metro Denver REALTOR® Association Dennis Johnson, Summit Association of REALTORS® Tami Spaulding, Fort Collins Board of REALTORS® Janene Johnson, Grand County Board of REALTORS® LaDawn Sperling, Denver Metro Assoc. of REALTORS® Jay Kalinski, Boulder Area REALTOR® Association Elaine Stucy, Denver Metro Association of REALTORS® Larry Kendall, Fort Collins Board of REALTORS® Stephanie Tanis, Pikes Peak Association of REALTORS® Pamela Kiker, South Metro Denver REALTOR® Assoc.

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Updated December 20, 2017 Steve Thayer, Denver Metro Assoc. of REALTORS® Ron Thorne, Mountain Metro Assoc. of REALTORS® Mark Trenka, Denver Metro Assoc. of REALTORS® Ann Turner, Denver Metro Association of REALTORS® Gene Vaughan, Fort Collins Board of REALTORS® Medra Volpi, Denver Metro Assoc. of REALTORS® Jon Walker, Pikes Peak Association of REALTORS® Robert Walkowicz, Loveland Berthoud Assoc. of REALTORS® Andrea Warner, Pikes Peak Association of REALTORS® Sarah Warnock, Loveland Berthoud Assoc. of REALTORS® Darrell Wass, Pikes Peak Assoc. of REALTORS® R. Scott Webber, Vail Board of REALTORS® Bret Weinstein, Denver Metro Assoc. of REALTORS® Dean Weissman, Pikes Peak Assoc. of REALTORS® John Wells, Durango Area Association of REALTORS® Robert Werthman, Pikes Peak Assoc. of REALTORS® Brad Whitehouse, South Metro Denver REALTOR® Assoc.

Brenda Wild, Aspen Board of REALTORS® Taylor Wilson, Denver Metro Association of REALTORSR) Jim Wotkyns, Durango Area Association of REALTORS® Greg Zadel, Denver Metro Association of REALTORS® Sandi Zimmerman, Denver Metro Assoc. of REALTORS® Sabrina Zunker, Denver Metro Assoc. of REALTORS®

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