Colorado REALTOR® Magazine May 2022

c o lo r a d o

MAY 2022

REALTOR

®

Official Magazine of the Colorado Association of REALTORS®

MAGAZINE

Colorado's Heart Award Finalists

COLORADO’S

HEART AWARD

Page 10

2022 WINNER BRENDA CASE

NATALIE CARRADO

GEOFF FRAHM

GLENNA CLARK-OLMSTED

PLUS:

REALTORS® Warned to Watch for New Scam Page 6

SARAH HUNTER

Defining ESG – Why It Should Be On the REALTOR® Radar Page 16

NAR Honors Chris McElroy with a Distinguished Service Award Page 34

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c o lo r a d o

REALTOR

®

MAGAZINE

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

c o lo r a d o

REALTOR

MAGAZINE

MAY 2022:

EDITOR: Lisa Dryer-Hansmeier, V.P. of Member Services: lhansmeier@coloradorealtors.com DESIGNER: Monica Panczer, Creative Marketing Specialist: monica@coloradorealtors.com The Colorado Association of REALTORS® assumes no responsibility for return of unsolicited manu­ scripts, photographs or art. The acceptance of advertising by the Colorado REALTOR® does not indicate approval or endorsement of the advertiser or his product by the Colorado Association of REALTORS®.

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

®

Chair Message: Look No Further to Fund Attainable Housing and Disaster Relief............. 4 CEO Message: What NAR’s D.A.N.G.E.R. Report Reminded Us About............................................ 5 REALTORS® Warned to Watch for New Scam...... 6 REALTOR® Participation in Community Wildfire Preparedness...................................................... 8 Meet Five REALTORS® With a Heart.................. 10 2022 Leadership Academy Graduates............. 15

CAR SPRING SUMMIT PHOTO HIGHLIGHTS

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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.

Defining ESG..................................................... 16 Advocacy Is at the Heart of What CAR Does For You.................................................................... 19 Spring Summit Photo Recap............................. 20 Market Trends in Colorado............................... 22 Real Estate Snapshot........................................ 30 2022 Ethics Day................................................ 33 NAR Honors Chris McElroy With DSA............... 34 Hidden Gems - Event Updates.......................... 36

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.

CAR Foundation Impact Report....................... 38 Congratulations 2022 Fair Housing Champions........................................................ 39 2022 Spring Summit RPAC Reception – LIVE Auction Results: $90,000!................................. 40 RPAC Major Investor Spotlight......................... 41

MARKET TRENDS IN COLORADO FOR APRIL

We Hear You - Social Media Highlights............ 42

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Look No Further to Fund Attainable Housing and Disaster Relief FROM THE CHAIR

All While You Sleep!

Matthew Hintermeister 2022 Chair of the Colorado Association of REALTORS®

The CAR Foundation celebrated 30 years of helping Coloradans by releasing its 2021 Annual Report: 30 Years of Impact at our Spring Summit in April. The positive impact REALTORS®, through the CAR Foundation, have had on our state in 30 years is staggering: more than $8.7M invested in communities statewide. The really staggering number is the number of Coloradans’ lives we have touched: more than 87,000. That's 87,000+ neighbors, friends, coworkers, parents, children, friends, and families whose lives have been improved as a result of REALTORS®’ commitment to the CAR Foundation’s mission to support safe and attainable housing, advance homeownership, and provide housing-related disaster relief. That’s a lot of roofs over a lot of heads, thanks to all of you.

The CAR Foundation (formerly CARHOF and the Education Foundation) was founded in 1991 and was funded primarily by an innovative program that enables buyers and sellers to opt to donate the interest funds on their earnest money through interest-bearing escrow accounts. At no cost to the clients or to brokers, every transaction does a little bit of good for Colorado.

That innovative program continues today as a simple yet impactful way for brokers and their brokerages to get involved. I invite every broker, brokerage, and title company to consider joining us – signing up is quick and simple – and involvement is a wonderful marketing tool for your business. Fill out the form here and return to the CAR office.

Of course, I’d like to thank and recognize CAR Foundation Chair Katia Leon y Leon and the entire Foundation Board for their dedication and passion in leading the philanthropic and charitable arm of CAR. Please reach out to them to schedule a visit to your brokerage or local association to find out how you can become a part of the impact.

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KATIA LEON Y LEON AND SCOTT MATTHIAS AT THE FOUNDATION DINNER IN APRIL.

WHAT NAR’S D.A.N.G.E.R. REPORT REMINDED US ABOUT FROM THE CEO At the CAR Spring Summit, it was refreshing to CEO of the Colorado Association of hear so many members REALTORS® and professional staff thinking and speculating about how the industry will shift and what we must do to remain relevant and engage in organized real estate. Revisiting the 2015 NAR D.A.N.G.E.R. Report during the Strategic Think Tank Forum was a stark reminder that there are many threats out there that can derail us in the organized real estate business.

Tyrone Adams

It’s also important to know that sometimes our industry inflicts its own distractions, and there will always be new challenges to face. To turn these challenges into opportunities for our members and to remain relevant beyond the MLS, it is going to take a concerted effort between volunteer leaders, staff, and our industry partners. The good thing is, it is in our collective hands to ensure the D.A.N.G.E.R. Report is just a report and not the reality of what’s to come.

The other good news across the spectrum is that our members believe CAR is heading in the right direction, giving the Association a B+, according to a member survey we conducted in November of 2021. However, we know we cannot rest on our laurels, and in fact, the survey also showed us that we have room for improvement as an association.

There are a couple of CAR programs that hovered around the C+ range that we need to work on with regard to both awareness and legitimacy. Membership and Broker/Owner outreach must continue to be a consistent part of what we do to ensure members understand what CAR does to help them be more successful in their business.

It is tempting to simply press ahead with new initiatives and give little thought to where we’ve been. There could be a significant impact on the average member who currently

lies dormant within our Associations and that could eventually hurt our relevancy.

Imagine if every REALTOR® Association and industry partner realized even half of their potential. What could we achieve alone and together? Some of the steps we follow at CAR to try and reach our potential are: • Start with our strengths.

• Identify our weaknesses.

• Know what resources are available. NAR has a ton of untapped resources • Connect What, Why, and Who- What industry challenges are we trying to solve, why, and who can we align ourselves with?

• Prepare for a range of reactions- Not everyone will agree on everything and that is ok, different perspectives brought to the table are a good thing overall.

• Embrace all results of facts and opinions- We must remember that leadership is not about what you know, but about what you want to discover. From this vantage point, it becomes all the clearer why we need to broaden our perspective and encourage those we lead to help us challenge and question our own assumptions.

• Remove obstacles and allow your professional staff to do their jobs. I am a part of many different organizations and collaborate with many other association professionals, and this is one of the main challenges they face- micromanaging staff. Trust must be established with the volunteers and staff, and they should be growing together and evolving together in the Association for it to stay focused on meeting the members’ needs.

• Look for opportunities to learn, and not just to succeed.

Our opportunities and solutions today and in the future lie within the seeds we planted yesterday and today.

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LEGAL UPDATE

REALTORS® Warned to Watch for New Scam

Scott Peterson General Counsel of the Colorado Association of REALTORS®

If you believe or are questioning if you were involved in a vacant land scam, FIRST contact the Colorado Burau of Investigations at reportwirefraud@ state.co.us or (303) 239-4201.

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One of the prevailing real estate scams over several years has been the emergence of “wire fraud” in Colorado.

Classic wire fraud would target a buyer on the eve of a closing with fake wiring instructions seeming to come from the title company. The unsuspecting buyer would authorize the wire of their closing funds to the scammer’s account (rather than the title company’s account) and – in many cases – the funds would be gone for good. As an industry, we (REALTORS®, title, mortgage, etc.) did a great job of raising consumer awareness of the scam, which ultimately led to the scammers moving along to other states, etc. I still see BOLD-FACED wire fraud advisories on many email signatures…and that is a good thing!

VPVS Scam Basics

Over the past several weeks, a new real estate scam has found its way into the Colorado real estate market. For lack of a better term, I will call it the “Vacant Property/Vacant Seller” (“VPVS”) scam. In comparison to the “wire fraud” scam, this is shockingly simple to perpetuate. As a result, I have been hearing about various attempts of this scam throughout the state in very high numbers.

When the buyer or buyer’s REALTOR® identifies the FSBO listing and contacts the seller, they are told that the property is available and to present an offer. The scam seller is generally willing to work with and compensate the buyer’s REALTOR®. The seller poses as the property’s real owner.

Both parties remotely contract to sell the property to the buyer and proceed to a quick, clean closing. The title company opens a file, issues a clean commitment with few requirements (specifically, no loans to pay off ), and performs a “mail out”

Most commonly, this scam requires a vacant property (typically vacant land) that is listed as a FSBO on a real estate syndication website. The scam “seller” will be out-of-state, and the list price will be reasonably low and attractive to a buyer.

In order to perpetuate the scam, a few things are typically present: • Vacant land (no property access/ inspection issues) • No debt, loans, or financial encumbrances (clear title with no loan payoffs) • Out-of-state seller (mailout closing) • Cash or relatively quick close (good price/motivated buyer)

closing with the out-of-state “fake” seller. The seller provides a fake ID with the real property owner’s actual name and information and obtains notarization (either by using the same fake ID or using a fraudulent notarization of closing documents) and the deed. The buyer closes, delivers funds, and accepts the fraudulent deed.

While all of this seems too easy to be possible, it is. And the simplicity of this scam is leading to an explosion of attempts throughout Colorado. As a buyer’s REALTOR®, it is something that you and your buyers need to be aware of and mitigate against. In some cases, the scammers have attempted to engage their own REALTORS® to list the property and provide more legitimacy to the “fake” seller throughout the process. As such, potential listing REALTORS® need to be aware as well!

In the event you are presented with buyer or seller client opportunities that match some of the factors listed above, I would encourage you to do some independent due diligence regarding the actual “owner” of the property.

Information regarding the property owner is freely available on county websites, through an O&E report, and/or other information sources. Taking some extra time to research and unilaterally contact the actual property owner directly (outside of the phone number provided in the listing) is something that should be easily accomplished in the modern, Internet-accessible world. The extra few minutes of time spent on your independent owner verification and contact information may save you and/or your buyers significant time and frustration if the “seller” is nothing more than a scammer.

Please also take the time to watch a Legal Bites video on this subject.

Land Title Association of Colorado and the Colorado Association of REALTORS® have become aware of a new fraudulent scam that has quickly become more prevalent in the last month. In most instances it includes VACANT LAND. A fraudster locates a property and impersonates the owner of the property. They list the property for sale (typically as a “FSBO”) on various real estate syndication websites, looking for a buyer who wants a quick close. The “seller” communicates primarily via text or email and usually requires a mail-out closing. The “seller” signs the deed and has it notarized; it is not clear whether the “seller” is using a fraudulent notary, or whether they are presenting false identification to a legitimate notary. The fraudster will sometimes use the listing to connect with a trusted buyer’s broker before going under contract, which gives the transaction an additional air of legitimacy.

As a reminder these scams involve: • Vacant Land that is being sold by non-owners. The fraudsters are looking for vacant land that is free and clear • Fraudster typically wants a cash transaction and a quick close • The seller states they are out of state and had a notary in that state notarize the document • Seller Communicates by text or email Colorado real estate licensees should be aware that these folks are difficult to identify. If you get a call to list vacant land, be sure to do due diligence and check into the address of the Seller LLC with public records. Similarly, if you or your buyer identify FSBO opportunities matching the foregoing profile, parties should take additional steps to identify ownership.

If you suspect that you are a victim or see suspicious activity, please contact your local authorities and the Colorado Bureau of Investigation at reportwirefraud@state.co.us

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REALTOR® PARTICIPATION IN COMMUNITY WILDFIRE PREPAREDNESS How Can You and Your Business Help Protect Homeowners From Wildfires?

As most of us know, Colorado is home to a huge Wildland Urban Interface (WUI), the U.S. Fire Administration’s name for a zone of transition between unoccupied land and human development. Where these two areas meet is where there is a great risk of wildfire and in Colorado, more than 50% of our state’s six million residents live in what can be defined as a wildfire prone area. Staggeringly, each year, this area grows about two million acres across the United States and, as we all witnessed in the final few days of 2021 with the catastrophic destruction caused by the Marshall Fire in Boulder County and Superior, these types of wildfires can occur anywhere at any time of the year.

help homeowners learn about these ideas and resources in their own communities. A good start could include hosting a community meeting with fire and government officials and of course, members of the public.

A significant element of CAR’s Colorado Project Wildfire’s (CPW) mission is to provide resources and programming to REALTORS® around the state, so that they may work with local wildfire and public safety officials to offer wildfire risk and mitigation education in their own areas of the state.

About 75 community members and stakeholders attended the first day, and another 150 members of the public attended the second day of the conference.

The event was sponsored by 13 different organizations, including the local REALTOR® Association, CAR, and governmental, education and community partners. The two-day event provided unique content for the different target audiences.

CPW hopes that in sharing an example of a successful program with REALTOR® members, that they can then

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For example, the 2022 Routt County Wildfire Conference was held in late April and consisted of two half-day sessions at Colorado Mountain College. Now in its fourth year, this event is an effort of the Routt County Wildfire Mitigation Council to promote public awareness and understanding of wildfire risk to foster community-driven action to reduce risk and the impacts of wildfire in Routt County.

The first day of programming was designed for a smaller group of leaders and stakeholders within the community to get information on three main issues: current updates on forest health, building and permitting overviews, and reviewing its Community Wildfire Protection Plan.

“Fire is and will continue to be part of our environment, no matter where we live,” said Steamboat Springs Board of REALTORS® CEO Ulrich Salzgeber, who also serves on the event planning committee. “Increased fire frequency and intensity is a reality, and the complex challenge of managing and mitigating those fires will continue to be front and center for all of us living in these WUI communities. In addition, there is a tremendous appetite and need for this information for homeowners in smaller communities. Many people don’t know where to start, and these community events are a great way to introduce some of this basic information and make connections.”

Since Colorado is host to different geography and weather patterns, there are diverse wildfire risks in each area. A group of local leaders, HOA officials, and the public are encouraged to create a Community Wildfire Protection Plan. This group collectively writes a living document that directs federal and state officials on how to work with a specific community to: reduce wildfire fuels while improving forest health; support the local industry and economy; and improve firefighting response capabilities. This document is reviewed annually and revised as needed. It includes: • Unoccupied Land and Forest Updates: Local forest officials give current reports on the general forest health, wildfire conditions, and past and current fuel reduction efforts, which are key to informing stake holders of changes.

• Built Environment Governance and Planning: Local government officials explain land planning, building codes, and governmental policies and how they could be a tool for wildfire mitigation and preparedness.

On the second day of the conference, members of the general public were invited to take steps in wildfire protection through three steps: Homeowner mitigation, neighborhood preparedness and becoming educated on forest health and wildfire risk in their own communities.

CAR CPW has created a helpful list of resources for REALTORS® and includes links to other organizations, government agencies and a basic toolkit. We encourage you to learn more about the programs and resources that are available to each of our associations and members through the Colorado Project Wildfire pages on the CAR website and to reach out to the CAR staff for additional insights on how to begin building your education outreach program.

CREATE YOUR OWN WILDFIRE PREPAREDNESS EVENT IN YOUR COMMUNITY: • Call the local fire chief in your area, as well as the county departments of emergency services and extension agent, building code officials, and the closest Colorado State Forest Service office.

• Ask your local high school or library for an event space • Gain attendance through client email lists, neighborhood associations, and business connections.

• Share CPW’s list of resources through email and social media.

Associations can ask CAR’s Colorado Project Wildfire for a grant to hold a program in their area. Contact Liz Peetz or Jesse Zamora at govaffairs@coloradorealtors.com or (303) 790-7099

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COLORADO’S

HEART AWARD

2022 WINNER BRENDA CASE

NATALIE CARRADO

GLENNA CLARK-OLMSTED

2022 MEET THE FIVE REALTORS® WITH HEART Colorado REALTORS® are committed to their communities. To recognize the service of REALTORS® who give back to their communities through volunteerism, charitable contributions, and leadership, the CAR Foundation launched the Colorado’s Heart Award in 2021, which named a finalist from each district and one statewide winner. Now in its second year, the Colorado’s Heart Award winner will receive a $3,000 donation to the charity of their choice and District Finalists will receive a $750

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SARAH HUNTER

GEOFF FRAHM

donation to the charity of their choice. Every single nominee will receive a donation for their charity.

“We at the CAR Foundation are thrilled to once again shine a spotlight on the incredible work that Colorado REALTORS® are doing in their communities. It’s inspiring to read the stories of the organizations and people who are helped as a result of REALTOR® commitment to service. We congratulate this year’s winner, Brenda Case of Grand Junction, and all of our District Finalists,” said Katia Leon y Leon, 2022 CAR Foundation Chair.

COLORADO’S HEART AWARD 2022 WINNER BRENDA CASE MUTUAL AID PARTNERS A Community Together REALTOR® Brenda Case kept grassroots community efforts to feed and support the community thriving throughout the pandemic and beyond.

BRENDA CASE

continued on next page

The Grand Junction community, in the heart of Colorado’s Grand Valley, is knit together like a colorful tapestry. Sweeping vistas punctuated by steep red mesas give way to carpets of green farmland bordered by a lively city. Avid adventure seekers, farmers, and winemakers all call Grand Junction home, as do a thriving senior and veteran community. While residents of this vibrant community may be very different, the Covid-19 pandemic brought them together to support each other.

At the beginning of 2020’s pandemic shutdown, it became clear that the Grand Junction community was hit hard. A mutual aid Facebook group was formed by community members, where neighbors shared food, supplies, and support.

The movement quickly grew and soon the group had thousands of members. REALTOR® Brenda Case volunteered to organize them, working with Mutual Aid Partners, a nonprofit founded to provide structure to the group’s efforts and enable fundraising.

“Brenda got the community organized to help,” said Stephania Vasconez, Executive Director of Mutual Aid Partners. “It’s incredible how much of our community she has touched.”

Case, who has spent much of her life on the Western Slope where she operates her business, Back To Basics Realty, jumped in, assuming project leadership roles and coordination efforts. She picked up and dropped off donations and recruited others to do the same for the group’s weekly distribution day held at a local church. Community members walk through to donate or pick up food and supplies.

The distribution event has fed more than 18,000 families to date, distributing over 290,000 pounds of food. “She is definitely not afraid to get her hands dirty and do the ‘boots on the ground’ work that needs to be done,” said Anita Adams of Back to Basics Realty.

Case also oversaw a mask-making and distribution project, enlisting and organizing more than 150 volunteers to produce and deliver over 50,000 masks during the pandemic.

“Seeing the panic and fear in our community when the realization of the pandemic [hit] along with the lack of supplies and services was the biggest driving factor,” Case said. “My mother was very active in the community and she is my inspiration in so many things I do.”

The movement that Mutual Aid Partners started took off in a big way in Grand Junction, feeding more than 10,000 families in its first year. It wasn’t easy, but it was worth it. “In the last year. I have learned to never give up. Even when I thought there was just no way to have the funds or manpower to continue the many services we offer or the projects we pioneer, the community always comes through,” Case said.

Among the most meaningful parts of her volunteer work has been engaging with older adults, and her passion for brightening their lives shows. Case has coordinated 28 teams of senior engagement volunteers who provide holiday gift baskets, children’s artwork and theatre presentations, food, and clothing to more than 1,600 older adults. Case said it was especially rewarding to see this project become a multi-generational effort, drawing in support from children and other older adults in the community.

Case continues to honor the memory of her mother through her community service. “Due to my late mother's influence, I have tried to be active in my community for most of my adult life, but with Mutual Aid Partners, and specifically the senior engagement group, I feel like I've really found my niche,” she shared.

Working as a REALTOR® has helped her efforts to have greater reach. “(Enlisting) a number of my fellow REALTORS® in…projects has been a huge bonus in that, between us all, we have a huge (sphere of influence), enabling our projects to reach more of our community and enlist more volunteers,” said Case. “Of course, it doesn't hurt that I have amazing clients and friends who contribute to many of our projects, either through in-kind or cash donations.”

Contact Case at brenda@backtobasicsrealtygj.com and learn more about Mutual Aid Partners at https://mutualaidpartners. org/. continued on next page

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NATALIE CARRADO METRO DISTRICT FINALIST SHESCHERISHED A SAFE PLACE TO LAND

NATALIE CARRADO

REALTOR® Natalie Carrado felt called to help domestic violence victims break the cycle of abuse.

The statistics are staggering.

More than a third of women and a quarter of men experience abuse at the hands of an intimate partner. The effects of domestic violence ripple across communities, impacting families, schools, and businesses.

Natalie Carrado knows firsthand the trauma and devastation of domestic violence. She was a victim, and so was her mother, the CHERI in ShesCHERIshed.

After many years, her mother, was able to free herself from her abusive relationship. In her memory, Natalie founded ShesCHERIshed, a nonprofit ministry dedicated to helping women who have been impacted by domestic violence through prevention, intervention, and restoration. “I'm trying to do my part to stop the generational cycle of domestic violence for other women and children through prevention, intervention, and restoration services,” Carrado said. “We’re committed to empowering victims and establishing spiritual, mental, and physical strength. Everyone deserves to be set free from relational abuse.”

ShesCHERIshed helps victims by providing connections to resources; financial assistance; items victims need to help with transition such as hotel and sundry gift cards; and spiritual guidance through ministry and bible study. ShesCHERIshed also provides advocacy services in the prison system to teach parenting curriculum and empower victims to break the cycle of abuse.

Carrado says victims of domestic violence come from every walk of life. “It doesn’t matter if we’re in an affluent community or not. It’s happening all around us. It doesn’t discriminate,” said Carrado. The prevalence of domestic violence has only increased as a result of the COVID-19 pandemic, so demand continues to grow for the services ShesCHERIshed provides.

“The most rewarding part of what we do is when women are able to move from being a victim, to a survivor, to a ‘thriver’ in their lives and create a healthy lifestyle for their children,” said Carrado. “Watching this transition has been a huge blessing.”

Carrado and her team endeavor to someday build a shelter

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on land that she owns, a project for which they are fundraising. “Finding housing for women in crisis has been the biggest challenge,” she noted.

As a REALTOR®, Carrado knows she’s in a unique position to help. “I'm blessed to be able to sell real estate and use some of the funds to support helping women and children,” she said.

“I look forward to the day when one of our ShesCHERIshed ladies are able to actually purchase their own home.”

Escaping and recovering from the trauma of domestic violence is a lifelong struggle for victims and helping them is a lifelong mission for Carrado. “If I'm still breathing and here on this earth, I have a purpose to serve these women and children in domestic violence relationships. To guide them in moving on to a healthy relationship spiritually, mentally, physically,” she said.

“For themselves, their children, and eventually and hopefully, them paying it forward to others. That's the goal.”

Contact Carrado at natalie@livingdenver.com and learn more about ShesCHERIshed at https://shescherished.org/

GLENNA CLARKOLMSTED MOUNTAIN DISTRICT FINALIST COMMUNITY UTILITY SUPPORT PROGRAM A BRIGHTER FUTURE

GLENNA CLARKOLMSTED

REALTOR® Glenna ClarkOlmsted pioneered a community program to help those in need keep their lights and heat on.

A conversation was Glenna Clark-Olmsted’s lightbulb moment. She gave a financial gift to a struggling friend during the pandemic. “I said to her, ‘I know this won’t go far, but I hope it will help,’” she remembers. “She was so grateful saying it would keep her utilities on and paid.”

Olmsted-Clark has operated her business, Glenna Clark Real Estate, Inc., in Steamboat Springs, Colorado, for more than 40 years. And while Steamboat Springs is a beautiful and idyllic place to live, it’s also expensive.

“I started thinking how frightening it must be for folks when their money is being stretched to where they are worried about paying the electric or gas bill especially during the wincontinued on next page

GEOFF FRAHM NORTHEAST DISTRICT FINALIST LOVELAND SERTOMA IN THE MOOD FOR LOVELAND

ter,” she said. “Upon investigation with our utility companies, I found that there is indeed a huge need not only during the pandemic but consistently throughout the year.”

Clark-Olmsted got to work. She rallied volunteers at the Steamboat Springs Board of REALTORS® into a Task Force aimed at funding and promoting a new program to provide financial assistance with utility bills to those in need, called the Community Utility Support Program (CUSP). She attended community markets and festivals to get the word out. “It was a natural first step to get my REALTOR® community involved,” said Clark-Olmsted. “It is so related to our profession and it would be so appreciated within our community. Our REALTOR® community is very generous and caring, so this was a natural fit and was immediately embraced by them.”

The program is structured as a fiscally sponsored project under the umbrella of the Yampa Valley Community Foundation, which provides tax-deductible fundraising capability and program support. Applicants for the Community Utility Support Fund are vetted by two local organizations who then steward direct payments to utility companies on behalf of the applicants.

Perhaps the most rewarding part for Clark-Olmsted is the positive ripple effect the program has had on other local organizations that, with the CUSP funding utility support, can now allocate precious funds to helping the community in other ways.

Contact Clark-Olmsted at glenna@zirkel.us and learn more about the Community Utility Support Program at https://yvcf. org/cusp/.

GEOFF FRAHM

REALTOR® Geoff Frahm Volunteers His Time to Help Local Nonprofits Thrive

Loveland, Colorado, loves love.

The town, named for a pioneer-era railroad president, has leaned into its warm and fuzzy name by hosting the nation’s largest valentine re-mailing program and constructing a giant love lock statue in the town center. REALTOR® Geoff Frahm loves Loveland, where he’s lived with his family for more than 20 years and operates his real estate business with The Group, Inc. He shows his devotion to his community by volunteering his time with Loveland SERTOMA, an organization dedicated to improving the quality of life for those impacted by hearing loss. SERTOMA is a contraction for SERvice TO MAnkind.

The organization hosts fundraisers during the year to bring the community together and raise funds for grants to community organizations. “Joining felt very natural,” Frahm says of his service with Loveland SERTOMA. “Growing up in Loveland, my dad was close friends with a few Sertomans, and I enjoyed volunteering with them to raise money to give back.”

“There are just a lot of big hearts in Loveland that have identified creative and unique ways to inspire and support our kids.

SERTOMA finds ways to (grant) them money, but these groups pour their lives into a niche that literally changes the trajectory of a youth,” Frahm continued. The biggest challenge, he says, is not being able to say yes to every grant request. “I haven’t seen a grant request yet that wasn’t worthy of community support,” he says.

Loveland SERTOMA hosts fundraising events such as the annual Loveland Loves BBQ, Bands, & Brews event, which is now in its 16th year and is a favorite in the community. Through this event and others, Loveland SERTOMA has donated more continued on next page

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than $250,000 in grants to benefit the Loveland community.

“It is amazing what a group of open hearts can do,” Frahm said.

“I had the privilege to be the club President for two years… not once did I have a shortage of volunteers. I am so proud of my SERTOMA brothers in that even in the months long period (during Covid) where we couldn’t meet as a group, they all stuck with the club. They all kept paying their dues…we as a group never stopped being able to provide [grants] for the nonprofits we support.”

For Frahm, being a REALTOR® is another important way to give back to the Loveland community that he loves. “Especially in these years of abundant growth, it’s important to know that as a REALTOR®, you are a pathway to the pride of home ownership that everyone deserves. You get the privilege of being a counselor, friend, and trusted advisor to people in a very emotional process. Once all of that sinks in, it becomes fun to go to work,” he noted.

He added, “And it becomes fun to find ways to give back. We live in a country of abundance, and there are so many of our neighbors ready and willing to join together to help a cause.”

Contact Frahm at gfrahm@thegroupinc.com and learn more about Loveland SERTOMA at https://lovelandsertoma.org/.

SARAH HUNTER SOUTHEAST DISTRICT FINALIST CASA OF PUEBLO A VOICE FOR CHILDREN REALTOR® Sarah Hunter advocates for children in family court.

SARAH HUNTER

A baseball glove in the yard.

Bicycles in a tangle outside the back door where laughing children left them--in a hurry to run in the kitchen for a snack.

A family sitting down together at the dinner table. These are images and experiences that many take for granted, having grown up in stable homes and families without realizing how lucky they are.

Almost half a million children in the United States end up in

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family court each year, through no fault of their own. Many are victims – of abuse, of neglect, of torment. The child welfare system is frightening and confusing for them.

CASA (Court Appointed Special Advocates) of Pueblo has a mission to advocate for abused and neglected children by providing trained volunteer advocates who offer a voice in the courts and community in support of children in the system.

REALTOR® Sarah Hunter has been a volunteer for CASA of Pueblo, where she operates her business, Team House Hunters powered by eXp Realty, since 2020. She was inspired to get involved because she wanted to be a voice for children. “I have learned so much in the past few years, but the most important thing so far has been how far a little encouragement may go,” she said.

Sarah has seen firsthand the challenges of children and families working their way through the family court system. “The hardest thing has been learning how mental health has such an impact on our community, and we do not have the resources needed,” she said. “Also, how very difficult it can be for people to understand that they need help and to ask for it.”

Despite the sometimes heartbreaking circumstances under which Sarah acts as an advocate for children, she values the opportunity to give back. “The most rewarding part is seeing families be reunited in a safe way and having the resources available to them. I also love that, as a REALTOR®, I have the flexibility to be a volunteer,” she said.

Contact Sarah Hunter at sehunter79@gmail.com and learn more about CASA of Pueblo at https://www.casaofpueblo. org/home

2022 LEADERSHIP ACADEMY GRADUATES 15 Graduates Gain Leadership Skills and Association Savvy At the CAR Spring Summit in Vail in late April, 15 new CAR leaders emerged as graduates from the 2022 Leadership Academy.

During the four-month program, participants learned several in-depth skills and about CAR and the real estate industry.

In-depth real estate industry knowledge included strategic planning, governance, media training, political advocacy, and conflict management.

2022 Leadership Academy graduates include: Tasha Beckman, South Metro Denver REALTOR® Association (SMDRA); Jay Brown, SMDRA; Amanda Edmondson, Fort Collins Board of REALTORS® (FCBR); Margaret Herdt, Loveland/ Berthoud Association of REALTORS®; Richard Kim, SMDRA; Lisa Nguyen, Denver Metro Association of REALTORS® (DMAR); Courtney Peroutka, Summit REALTORS®; Jon Queen, SMDRA; Mike Seguin, Vail Board of REALTORS®; Christie Smith, Pueblo Association of REALTORS®; Dorothy Steel, Pikes Peak Association of REALTORS®; Chelsea Thomas, SMDRA; Miguel Valenzuela, DMAR; Charity Vermeer, FCBR; and Shelly Vincent; SMDRA.

These 15 graduates were selected from a record-breaking number of 50 applicants.

REALTORS® who are interested in strengthening their leadership skills and who are passionate about the industry can begin to apply August 1 on the CAR website.

Back Row: Amanda Edmondson, Dorothy Steel, Tasha Beckman, Jay Brown, Margaret Herdt, Richard Kim, Christie Smith, Courtney Peroutka, Mike Seguin, and Jon Queen.

Front Row: Chelsea Thomas, Shelly Vincent, Lisa Nguyen, Miguel Valenzuela, and Charity Vermeer.

>>

Learn More About CAR's Leadership Academy

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DEFINING ESG – WHY IT SHOULD BE ON THE REALTOR® RADAR

In 2021, NAR released its inaugural ESG+R Sustainability Report. The new report highlights the association's top sustainability accomplishments in 2021 within four categories: environment, social, governance, and resilience.

INVESTORS AND CONSUMERS – notably the younger generations – have, in recent years, shown interest in putting their money where their values are.

Ryan Frazier, CEO of Frazier Global, a Colorado-based management consulting and environmental, social, governance (ESG) advisory business.

ESG has become one more acronym among the hundreds we use in the world of real estate. Yet, what is ESG, exactly? Further, how will ESG grow to impact real estate?

Nasdaq veteran board member Betsy Atkins makes a compelling argument as to why ESG initiatives can unlock competitive value, opining that “companies that recognize the importance of adapting to changing socioeconomic and environmental conditions are better able to identify strategic opportunities and meet competitive challenges.

Proactive and integrated ESG policies can widen a company's competitive moat relative to other industry players.”

ESG, or Environmental, Social, and Governance, is a set of standards for a company or practitioner’s operations that investors (or consumers) use to screen potential investments. Environmental criteria measure how that company or practitioner perform as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance refers to policies around leadership, executive pay, audits, internal controls, and shareholder rights. In short, ESG evaluates if a company, organization, or practitioner is operating sustainably. Globally, sustainability is rated as an important purchase criterion for 60% of consumers.

“Sustainability is the evolution of long-term value creation for people, planet, and the economy. If sustainability is the journey, then ESG is how we measure progress,” said

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REAL ESTATE IS PAYING ATTENTION “We must integrate a culture of sustainability throughout our association and industry.

By building a resilient real estate market today, we can create healthy, vibrant, and diverse communities for generations to come,” said 2022 NAR President Leslie Rouda Smith.

In 2021, the National Association of REALTORS®(NAR) released its inaugural ESG+R Sustainability Report. The new report highlights the association's top sustainability accomplishments in 2021 within four cat-

egories: environment, social, governance, and resilience. In the coming years, this annual report will offer a snapshot of NAR's current state of sustainability activity – existing programs, resources and services – while tracking the association's progress over time on stated goals within the context of NAR's multiyear Sustainability and Resilience Plan.

veyed 1,000 U.S. adults ages 30 to 40 on a variety of topics.

"Leading by example, NAR is driving the real estate industry toward a more efficient and sustainable future," said NAR CEO Bob Goldberg. "As part of this responsibility, we are strengthening the association's support of sustainability efforts and increasing engagement on policies and programs that prioritize viability, resiliency, and adaptability. We are working to generate meaningful, lasting change that will benefit both current and future generations."

“Millennials care deeply that the companies they work for (and the businesses they support) embrace values that are aligned with their own, and environmental and social responsibility are very important to them. Employees who are passionate about the organization, who are loyal, and who feel valued drive an intangible good will that strengthens the brand of the company and improves the overall productivity of the workforce,” penned Betsy Atkins on this topic for Nasdaq.

THE MOST ACTIVE HOMEBUYING GENERATION CARES ABOUT ESG Millennials now make up 43% of homebuyers, the most of any generation, according to a 2021 report from the National Association of REALTORS®—and that number is only predicted to rise. And this generation has a reputation for being values-driven in their approach to their money and their careers. These choices drive where they choose to work, play, and buy a home.

About one-third of millennials often or exclusively use investments that take ESG factors into account, compared with 19% of Gen Z, 16% of Gen X and 2% of baby boomers, according to a Harris Poll on behalf of CNBC, which sur-

The escalating importance of ESG doesn’t just impact homebuyer sentiment. It will also matter to brokerage firms looking to hire the best and brightest agents. Companies that promote strong ESG values tend to attract and retain the best talent.

ESG AMONG COLORADO CONSUMERS In preparation for CAR’s Strategic Think Tank Forum, which took place in April at CAR’s Spring Summit in Vail, Colorado, CAR worked with Frazier Global to produce a Purple Report on ESG and Real Estate in Colorado. The report breaks down research data on ESG sentiments among potential homebuyers in Colorado.

The report highlighted that real estate’s economic impact has long been foundational to society, but its social and environmental significance is now emerging. Value drivers have implications for access to markets, the planet, and the social contract that ties us all together. It also made obvious

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that ESG is not just an increasingly important consumerdriven expectation for corporations, it’s also meaningful to independent real estate practitioners as a direct result of their relationship with clients.

The Purple Report on ESG and Real Estate had 703 respondents. 51% Live in Colorado and own a home or want to own a home in Colorado and 49% live outside the state but expressed an interest in buying a home in the state.

KEY FINDINGS: When asked, do you think REALTORS® should be familiar with and able to effectively communicate sustainability housing practices and their long-term value to you as a homeowner or potential homeowner? 78% of respondents said yes. The number jumps to 85% of respondents who said yes among those earning $125,000 annually or more.

When asked, are you more likely or less likely to work with a REALTOR® who has a proficient level of knowledge and training on sustainability and sustainable housing practices when it comes to buying, selling, or investing in a home?

70% of respondents were somewhat or much more likely.

When asked, do you agree or disagree with the viewpoint that Colorado REALTORS® should have policies and practices publicly available that disclose their approach to ethical behavior and transparency of potential conflicts or business practices? 69% of respondents said they agreed.

When asked, do you agree or disagree with the viewpoint that as the number of severe weather conditions, droughts, wildfires increase due in part to climate change, and with the potential risk to homes and commercial properties, REALTORS® need to be helping provide solutions that address climate change risks? 67% of respondents said they agree.

The number jumped to 80% among those ages 18-24, and to 79% of those earning $150,000 a year or more.

When asked, how important is it to you, when owning or purchasing a home, that you know the home’s energy rating and water efficiency? 70% of total respondents said this was very or somewhat important. That number jumped to 90% for those with a post-graduate education.

When asked, are you more or less likely to choose a REALTOR® over an online platform when the REALTOR® provides you trusted expertise on things like community insights, price negotiation, and water and energy features? 63% of respondents said they would be MORE likely to choose a REALTOR®. That number jumped to 72% of those with undergraduate or post-graduate degrees.

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CONCLUSIONS: • Sustainability and environmental, social, governance (ESG) factors are of increasing importance to a range of stakeholders.

• The support for sustainability/ESG spans every demographic.

• REALTORS® would be well served by dramatically stepping up efforts to become better educated and equipped about ESG. • REALTORS® should integrate both the use of technology with their expertise and the local knowledge needed by homeowners.

• REALTORS® who value ESG in the workplace will retain employees and increase productivity.

• Matters like housing affordability and inclusive communities continue to be an issue that require solutions.

• The transparency and ethics of REALTORS® stood out as characteristics home buyers and sellers want.

• Three-quarters of respondents believe that REALTORS® should be familiar with and able to effectively communicate sustainability housing practices and their long-term value. This report urges greater adoption by the REALTOR® community and its state and local associations.

THE PURPLE REPORT’S SUGGESTIONS FOR ASSOCIATIONS: 1. Continue to raise awareness and ask questions about the relevance of Sustainability and ESG to yourself, fellow REALTORS®, and state and local associations.

2. Think more strategically; consider establishing a Sustainability/ESG Advisory Committee for both residential and commercial concerns.

3. Call to action: Don’t just follow, Lead YOUR industry - integrate sustainability and ESG into the association, your businesses, and toolkits – focus on value creation, financial performance and impacts on communities.

As the National Association of REALTORS’® Code of Ethics preamble tells us, “Under all is the land.” Our planet is the one resource we all depend on, as will our heirs. The best time to care for it—and for them— is now.

LEGISLATIVE

Advocacy Is at the Heart of What CAR Does for You

Elizabeth Peetz Vice President of Government Affairs, Colorado Association of REALTORS®

This recent legislative session that finished May 11 was a very busy one for the legislative policy committee member volunteers, CAR lobbyists, and CAR Government Affairs staff.

With over 100 bills with positions on the bill sheet and another 130 or so watched by staff, the second regular session of the 73rd General Assembly was quite a doozy. When all the dust settled, there are lots of reasons to celebrate and we identified many issues that will continue to be discussed in the next couple of years.

For the first time in five years, housing affordability and wildfire prevention took center stage at the Capitol, which is no surprise to many of you actively dealing with rising mortgage rates and decreasing inventory. That scenario was also exacerbated by a fiscal outlook with some warning signs of economic slowing and inflation. In addition, Coloradoans felt the increasing pressure of a high cost of living coming out of the pandemic. Federal American Rescue Act Plan (ARPA) dollars infused the state legislative process with more money than a normal budget cycle – all on the cusp of a statewide election year.

The CAR Government Affairs and Legislative Policy Committee focused on ensuring that homeownership remained a focus in affordable housing bills. The entire housing continuum supported our efforts, especially in the creation of new affordable units. We are very pleased to see bills that build upon the legacy that CAR started with 21-1271 last year. Some bills created new revolving loan funds, housing trust authorities, and local government grant programs. Another bill prioritized the innovation behind tiny homes, manufactured housing, and prefabricated construction materials, which means more factory jobs and housing. These initiatives will create more affordable housing that are still vibrant and beautiful places to call home.

CAR was also involved in the long and tumultuous battles over regulation of statewide building codes in fire resiliency and green energy. A late bill to avert housing and property tax measures headed to the Colorado state ballot box. Our focus is always to ensure affordability and viable housing markets for the future so that all Coloradans have an opportunity to generate wealth through homeownership and enable consumers to have choices.

Finally, several pieces of legislation addressed wildfire mitigation and improved the insurance process after the terrible tragedies of the Marshall Fire this past December.

The legislature is funding matching local grants for wildfire mitigation projects, improving the health of our forests, regulating controlled burns, extending the individual property owner wildfire mitigation credits, and improving our tree nurseries.

CAR is also happy to see the incredible focus on post-disaster relief. These bills focused on: allowing property owners whose homes have been destroyed a process for voting while they wait to rebuild; bills that begin to reform the insurance process to provide better navigation and communication between natural disaster victims and insurance companies as they submit requests for coverage of costs; and bills that help provide financial support during the rebuilding process and start to address the problem of underinsurance. Unfortunately, we all know the next disaster is something we all must prepare for in times of extreme drought, changing weather patterns, and a decreasing water supply throughout the state.

For a complete report on CAR’s involvement in the 2022 Legislative session, check out the next issue of Colorado REALTOR® Magazine.

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SUMMIT 2022 CAR Chair Matthew Hintermeister

It was a packed house at the 2022 10 Things Session with CAR Legal Counsel Scott Peterson.

Past Chairs Janene Johnson, Ann Hayes, and Robert Walkowicz help facilitate the Networking Lunch.

>> VIEW ALL THE PHOTOS ONLINE HERE 20

CAR 2022 Leadership Academy celebrates their graduation.

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MARKET TRENDS

Colorado Homes Hit a Median $600,000 Despite challenges, REALTORS® across the state share signs of hope for more balance in the near future

INVENTORY OF ACTIVE LISTINGS STATEWIDE - APR 2022 7,078

7,481 2,806 1,647 -41.3%

-5.4% APR 2022

APR 2021

SINGLE FAMILY

APR 2022

APR 2021

TOWNHOUSE/CONDO

Rising interest rates and seasonal growth in inventory have given some potential homebuyers a little larger window of opportunity while others have decided to take a step back from the homebuying search as their dollars just don’t go as far, according to the April 2022 Market Trends Housing Report from the Colorado Association of REALTORS®.

With all of these conditions at play, the CAR Housing Affordability Index (HAI), a measure of how affordable a region’s housing is to consumers based on interest rates, median sales price, and median income by county, fell more than 10% again in April and sits at its lowest figure since the association began tracking the data in 2010.

And while conditions have ‘slightly improved’ for some house hunters, strong demand continues to push market measurements to record highs in both in the seven-county Denver-metro area and statewide where the single-family median sales price hitting a milestone high at $600,000.

With diverse and local factors playing out across the state, REALTORS® across the metro area and state are expressing hope as more signs and conditions point to a shift in the market on the horizon.

Housing market records set in April 2022, according to the CAR Market Trends report include:

Statewide Seven-County

Denver Metro Area SF Median Sales Price $600,000 $660,000 SF Average Sales Price $747,226 $793,486 T/C Median Sales Price $440,000 $445,000 T/C Average Sales Price $578,237 $523,693 SF % of List Price Received 104.9% 106.5% T/C % of List Price Received 105.2% 106.2% SF Days on Market Until Sale 24 12 T/C Days on Market Until Sale 19 9 SF Housing Affordability Index 51 46 T/C Housing Affordability Index 70 69 SF = Single Family T/C = Townhome/Condo

CAR Market Trends data tracking began in Jan. 2010

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• Aurora – Homes are still only on the market between four and 12 days depending on the price. Inventory is still moving, sellers are just not seeing the same flurry of buyers with offers way over the listing price.

• Boulder/Broomfield counties – The day the market turned…

It was Easter weekend and based on showing reports, that was the weekend showings averaged more like five or six per weekend instead of 20-30, and suddenly homes were still on the market come Monday morning. Sellers expecting a flurry of activity were sorely disappointed and we started to actually see price reductions trickle in on our morning email alerts. The market is still a strong seller’s market but the tides are turning.

• Colorado Springs – The resilience of the housing market remains steadfast as April brought more appreciation to an already unaffordable market. We stacked up another 15% increase in median sales price across all properties year-overyear. May and June will begin to see longer days on market.

If we are lucky enough to see more listings and less buyer demand, we may just have a balance here we have not seen in years.

• Denver County – For the last eight months, the year-overyear median price increase has gone up - but far less than the year before, and less than half as much in some instances.

Between Aprils of 2022 and 2021, the median price for a freestanding home in Denver went up 16.3%, down from the previous year’s 21.5%. February shrank from a 21.9% growth to a 11.7% growth over the previous year and with all except two of the last 12 months, the rise has declined. It’s not that prices aren’t increasing, they are, but not nearly as fast as they were.

• Durango/La Plata County – From April 2021 to April 2022, the average price for a single-family home rose 12% to $792,627.

Even more dramatically, the condo/townhome average sales price rose more than 76% to almost $600,000. La Plata County has 96 active single-family listings on the market, with 105 pending transactions. There are 24 condo/townhomes actively on the market, with 49 pending transactions. It doesn’t appear that the floodgates have opened yet for buyers.

• Estes Park/Larimer County – The average sales price of homes continues to increase. Single family homes in Larimer County have bumped up 28.5% from 2021 to a whopping $699,719. Townhouse/condos have also kept pace in 2022 with a 22.5% increase to $438,614 over April 2021. Multiple offers potentially, and price points over asking. Single family homes have exceeded list price by 105.1%, and townhouse/ condos have done greater at 105.5% over listing price.

• Fort Collins/Northern Larimer County – Affordability appears further out of reach for many buyers right now. The April median home price in Fort Collins topped $620,000; Windsor at $635,000; Loveland at $565,000; Wellington at $510,000; and Greeley at $455,958. Purchasing at $620,000 with 10% down and a 5.27% interest rate gets you a monthly principal and interest payment of $3,088.

• Grand Junction/Mesa County - New listings are down 4% year over year, pendings are down 13.5% and solds down 12%. Compare that to prices: median is up 19.4% to $374,450, and average sold is up 16.8% to $411,828 year over year with $422,989 for the month of April.

• Jefferson County/Golden – We hit a bit of a wall in the last couple weeks of April. With increasing interest rates, some buyers are now being priced out of the homes they were once seeking to buy – even just a few weeks ago. It is still a very strong seller’s market with the median sales price for singlefamily homes increasing to $724,110 with days on market at 9, and the inventory ticking up 6.5% year-over-year.

• Pueblo – The Pueblo housing market continues to demonstrate its strength with new listings up 24.2% in April 2022 compared to April 2021, but they don’t last long. Pending sales were up 40.4% in April compared to a year prior. The median price rose 15.9% over April 2021 to $315,000 with the percent of list price received at 104%.

• Steamboat Springs/Routt County – With 66 total residential properties available, there are certainly some distress calls.

April new listings for single-family homes were up 14.3% with the median sales price dropping 23.8% from a year prior pushing the average sales price year-to-date up 3.4% to $1.17 million. Multi-family was a different story as there were 25% fewer listings, with the median sales price increasing at the same percentage resulting in this year’s median sales price standing at $775,000.

• Summit, Park & Lake Counties – More than 80% of the current residential listings in Summit County are over $1 million. Over half of the pending properties are over $1 million.

In March, 44% of all deals were cash, and property values have doubled in the last five years. Although there are currently 243 active listings in the Summit MLS, there are 511 pending properties showing how quickly properties hit the market and go under contract. Current listings in the Summit MLS range from a low-price, single-family home in Park County for $220,000 and a high price single-family home in Breckenridge for $18.99 million. In Summit County, an average priced home is now $2.38 million.

• Telluride – April 2022 sales were down 5% in the dollar amount of sales and 15% in the number of sales as compared to April 2021. That still makes April 2022 the second largest April sales month in our market's history. The Mountain Village comprised 39% of the total dollar sales in San Miguel County likely because it still has more inventory than any of the other sectors of our real estate market.

• Vail – The combination of low inventory and increased rates is impacting the price niches that represent over 50% of our market sales. During the past two years, this segment of the market dropped from 70% of our transactional base to its current level. However, increased sales in the segments kept our dollar volume in a strong positive range. In the last couple of months, a slippage in the upper segment began to rear its head.

Taking a more in-depth look at some of the state’s local market data and conditions, Colorado Association of REALTORS®

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market trends spokespersons provided the following assessments:

AURORA “Are we seeing changes with the increase in interest rates? The answer is a definitive, yes. We are seeing more price reductions on some homes and in some areas. Sellers are perhaps thinking they have hit the top of the current market on pricing. We are seeing some increase in listings, which could be due to the time of year, and we are seeing some median prices go down over the previous month. Buyers should note that, while the market is still hot, they have a better opportunity at getting the home they are looking for.

“Homes are still only on the market between four and 12 days depending on the price. Inventory is still moving, sellers are just not seeing the same flurry of buyers with offers way over the listing price.

"A couple of examples; ZIP code 80013 in central Aurora saw inventory up slightly over March numbers however, the inventory is still down 48% compared to the same time in 2021. The median price in 80013 is up 17% over 2021 from $455,000 to $535,000 however, in March that median price in Aurora was $550,000 which is a $20,000 reduction from the median price last month. Another example is ZIP code 80016 in southeast Aurora and Centennial where inventory is almost double what it was just one month ago, and the median price hit $805,000.

“Just to clarify, the market is still hot. Buyers need to be proactive in a still low inventory environment. That said, sellers need to be prepared that they may not have 20 offers in the first three days and their pricing may need to be adjusted.

Buyers may find a little less competition in the market but still need to be aggressive in their search and pricing to find their dream home,” said Aurora-area REALTOR® Sunny Banka.

BOULDER/BROOMFIELD “We have reported over the last 18 months about a market where listings sell in a matter of days for upwards of 15%-20%

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over list price with 5-10 offers as a standard typical occurrence.

We have mentioned the unsustainability of this kind of market but wondered when it might change. With extremely low inventory and high demand still ruling our market, it seemed the end was nowhere in sight. Then, the interest rates finally changed, buyer’s purchasing power was significantly reduced, and that’s the day the market changed. It was Easter weekend and based on showing reports, that was the weekend showings averaged more like five or six per weekend instead of 20-30, and suddenly homes were still on the market come Monday morning. Sellers expecting a flurry of activity were sorely disappointed and we started to actually see price reductions trickle in on our morning email alerts.

“The market is still a strong, seller’s market but the tides are turning. In Broomfield and Boulder counties, the median home price is up 12-13% respectively, and homes are still selling for more than list price, about 6% over list price on average.

Homes are still selling in less than 30 days in Boulder and even faster in Broomfield – an average of 11 days. However, many of the offers with no conditions, appraisal gap coverage, and free rent back for the sellers are starting to adjust. REALTORS® are caught in a quickly-transitioning market, attempting to educate their sellers so as to manage their expectations.

“With only a half-a-month supply of inventory, sellers are still enjoying a strong market but as the buyer pool diminishes due to rising rates and lower purchasing power, the change we all expected someday has finally arrived. They say you only know when the downturn comes right after it happened. It seems to have happened a few weeks ago and with more rate hikes on the horizon, we expect a very different second half of the year compared to 2021,” said Boulder/Broomfield-area REALTOR® Kelly Moye.

COLORADO SPRINGS “Spring has sprung, and housing has too. The resilience of the housing market remains steadfast as April brought more appreciation to an already unaffordable market. We stacked up another 15% increase in median sales price across all properties year over year. An increase in days on market occurred, which may show a trend change, or it may not. Days

on market increased by 10% for single-family homes and a whopping 60 percent for townhomes/condos. But inventory remains tight and so far, April was a seller’s market.

“The future of real estate may change though. Inflation hit 8.5%, gas is up, food is up, and the Russia/Ukraine war continues. Consumer credit card debt and overall debt is increasing. China remains on lockdown in many of its cities and shortages across the world for goods seems inevitable.

As interest rates move north, home affordability becomes an even more distant dream for many. So, while April looks great in the rear view, the biggest question is what happens as we move forward? A recent Bloomberg headline read ‘Record-low Share of Americans Say it’s a Good Time to Buy a Home.” CNBC showed that builder sentiment dropped for a fourth straight quarter, and Rocket Mortgage laid off 3,000 employees -- roughly one-third of its workforce. The lending world is being dropped on its head as the easy refinancing boom, busts. REALTORS® are also seeing buyers now drop out of the market and go back to renting, locally.

“We can scan numerous housing markets nationwide on social media and watch in real time as markets begin to shift.

Sure, maybe not the Pikes Peak region, yet. But we hear how showings are dropping, multiple offers are less likely, and gap coverages with escalation clauses are drying up both nationwide and locally depending on price point. While out showing homes we are not standing in line as often. We can set up showings and not have swaths of the calendar not available due to heavy buyer activity. I suspect interest rates are a large part of this. Tack on the dreary daily news headlines and buyer sentiment seems to be a bit more balanced. Fear of missing out seems to be shifting as well. If I was a betting man, I believe May and June will begin to see longer days on market. You could also see the sellers who believe their time is limited to take advantage of the once ‘super-hot’ market and list. And, if we are lucky enough to see more listings and less buyer demand, we may just have a balance here we have not seen in years,” said Colorado Springs-area REALTOR® Patrick Muldoon.

DENVER COUNTY “You're eastbound on I-70, just passing the Chart House after the Genesee Exit and you see Mother Cabrini greeting the

horizon. You're now only a few moments from exiting the mountains and any second now, you'll be back on the plains.

It’s been a wild ride of ups and downs and your gas tank is feeling the ebb and flow of climbing and coasting. Imagine if you can that the Denver real estate market is your car and the Genesee Exit represents April 2022. You've just passed it and although you've eased up on the gas, your car is still going pretty darn fast down the hill. The analogy of the hill represents nothing other than the summit we seem to have just passed though possibly the end of the incline as well.

Either way, a very tangible example of a red-hot market that’s still going just over the speed limit and appears ready to, dare we say it, reach level ground in the nearer future.

“Every single month for the last eight, the year-over-year median price increase has still gone up - but far less than the year before, and less than half as much in some instances. We’re coasting, there’s no gas pedal involved but the momentum of gravity is still bringing us down the last mile. Between April of 2021 and 2022, the median price for a freestanding home in Denver went up 16.3%, down from the previous year’s 21.5%.

February shrank from a 21.9% growth to a 11.7% growth over the previous year and with all except two of the last 12 months, the rise has declined. It’s not that prices aren’t increasing, they are, but not nearly as fast as they were.

“We must be cautious at this point however, as the signs remind you; ‘You’re Not Down Yet.’ Keep your foot on the pedal and let's see how smooth that last stretch may be.

With demand filling in any type of underground tunnel you’d hit on the other side of Green Mountain, we don’t have any indicators that prices will decline or regress in the foreseeable future. They may, and we can hope, simply reach level ground and hang around for just a moment - until we refuel the tank,” said Denver-area REALTOR® Matthew Leprino.

DURANGO/LA PLATA COUNTY “April failed to bring both spring showers and increased inventory. Durango buyers are hoping for increasing inventory levels and lower buyer demand due to the spring/summer selling season and/or the recent interest rate increase. Time will tell if either will have any effect on the current market.

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“Single-family home listings dropped 19% compared to the same period last year. Condo and townhome inventory fell by more than 50% compared to April 2021. Average sales price continues to climb due to the lack of available housing stock.

From April 2021 to April 2022, the average price for a singlefamily home rose 12% to $792,627. Even more dramatically, the condo/townhome average sales price rose more than 76% to almost $600,000. I believe this huge increase was due to buyers scrambling to secure properties before the interest rate hike. Condos and townhomes traditionally have been more attainable for our workforce, but even those are becoming out of reach for the majority of buyers.

“La Plata County has 96 active single-family listings on the market, with 105 pending transactions. There are 24 condo/townhomes actively on the market, with 49 pending transactions. It doesn’t appear that the floodgates have opened yet for buyers. We are still hoping for those spring showers to bring May flowers and more listings,” said Durangoarea REALTOR® Jarrod Nixon.

ESTES PARK/LARIMER COUNTY “The average sales price of homes continues to increase across Larimer County with single-family homes up 28.5% from this time last year 2021 to a whopping $699,719. Townhouse/ condos have also kept pace in 2022 with a 22.5% increase to $438,614 over April 2021, highlighted by the potential for multiple offers and price points over asking. Single-family homes have exceeded list price by 105.1%, and townhouse/ condos have done greater at 105.5% over list price. The interesting contrast between single-family homes and townhouse/condos is the days on market until close. There is a definite lag in the decrease in days on the market in townhome/condos as compared to single-family homes that was the prior trend. Single-family homes have closed 30.2% faster at only 30 days, compared to 43 last year. Townhome/ condos have actually increased days on the market. Compared to April last year at an average of 41 days on the market, similar to single-family homes, but this April up to 76 days, an 85.4% increase,” said Estes Park-area REALTOR® Abbey Pontius.

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FORT COLLINS “Much like a ticking clock, median home prices in northern Colorado marched ever forward and upward coupled with big jumps in the 30-year fixed mortgage interest rate. Affordability appears further out of reach for many buyers right now. Freddie Mac data shows the average 30-year fixed interest rate at 5.27% through the week ending May 5. The April median home price in Fort Collins topped $620,000; Windsor, $635,000; Loveland, $565,000; Wellington, $510,000; and Greeley, $455,958.

“With a purchase price in Fort Collins of $620,000 with 10% down and a 5.27% interest rate, that’s a monthly principal and interest payment of $3,088. Wages overall have crept up over the last couple of years, but not enough to offset the tight household budget that a hefty mortgage payment inevitably creates. Conventional wisdom (and lender debt-to-income qualification guidelines) generally recommend to not spend more than 28% of your monthly gross income on housing.

Based on the figures above, this would mean that the median home buyer in Fort Collins would need to have a gross income of more than $132,000 a year. Current annual median income for a family of four in Fort Collins is roughly $95,900. Clearly, housing in Fort Collins is affordable for a very narrow slice of Fort Collins wage earners – and that’s to say nothing of the current inflationary factors at play.

“The run-up in home prices over the last couple of years is without precedent in northern Colorado. The pandemic, historically low interest rates, very few houses for sale and not enough houses being built, and a highly desirable quality of life in this area drive household formation and in-migration of residents from other areas of the country. This has created a perfect storm of economic growth due to under supply and sustained high demand for housing. How long can this continue? The uptick in interest rates and sustained inflation is beginning to have a cooling effect on the market. Mortgage loan applications have dropped and there’s anecdotal evidence that while the housing market remains highly competitive, it is not the ultra-red-hot market of March and April.

“The end or the school year will bring about several interesting dynamics: Families will be widely dispersed on vacation, interest rates may continue to inch upward, many buyers will simply be priced out of the market, and many would-be

buyers will simply be absent. Anticipating a shift in the market will be a benefit to both potential sellers and buyers as what happened in March and April may not be the case in June and July,” said Fort Collins-area REALTOR® Chris Hardy.

GRAND JUNCTION/MESA COUNTY Mesa County and Grand Junction are beginning to feel some impact from the rise in interest rates. Affordability index is down 34% year over year to 62. The only things up right now are the prices, everything else is down. New listings are down 4% year over year, pendings are down 13.5% and solds are down 12%. Compare that to prices: median is up 19.4% to $374,450, and average sold is up 16.8% to $411,828 year over year with $422,989 for the month of April. The bright spot in this is that a buyer might have a better chance right now if they can afford the payments because activity is down,” said Grand Junction-area REALTOR® Ann Hayes

JEFFERSON COUNTY/GOLDEN “In Jefferson County, the market hit a bit of a wall in the last couple weeks of April. With increasing interest rates some buyers are now being priced out of the homes they were once seeking to buy. Buyers may need to lower their price range to stay in the market as they simply can’t afford the home they were considering just a few weeks ago.

“It is still a very strong seller’s market with the median sales price for single-family homes increasing to $724,110 with days on market at nine, and the inventory ticking up 6.5% year over year. As for townhome/condos the median sales price sits at $439,500, with days on market at six however, the inventory has decreased by 23.5% from this time last year. Homes upgraded with a lot of amenities will still bring multiple offers and most likely receive well above list price,” said Jefferson County-area REALTOR® Barb Ecker.

PUEBLO “The Pueblo housing market continues to demonstrate its strength with new listings up 24.2% in April 2022 compared to

April 2021 and up 12.9% year-to-date from 2021. While there are a lot of new listings, they don’t last long. Pending sales were up 40.4% in April compared to a year prior and up 18.8% year-to-date. Buyers are still active and aggressive. Days on market remains in the mid 60-day range. Solds in April 2022 were down 6.9% compared to 2021 but are up 9% year-todate.

“The median price moved up 15.9% over April 2021 to $315,000 as the percent of list price received sits at 104%. There is very limited inventory under $200,000.

“Only seven building permits in Pueblo West were pulled in April, thanks to the ongoing water permits moratorium. The water permit moratorium has been removed from Pueblo West, however, some restrictions have been put in for the number of permits a builder can pull in one month. There were a total of 35 permits pulled for Pueblo County in April 2022, one of the lower monthly totals in quite some time. A few builders have pulled a lot of permits in the Sawyer Ridge area on Pueblo’s north side,” said Pueblo-area REALTOR® David Anderson.

STEAMBOAT SPRINGS/ROUTT COUNTY “Is it May Day or mayday? In the Yampa Valley, the answer is based on if you are celebrating springtime in the Rockies or if you are hoping to buy real estate. With 66 total residential properties available in the county for sale, there are certainly some distress calls. April new listings for single-family homes were up 14.3% with the median sales price dropping 23.8% from a year prior - pushing the average sales price year-to-date up 3.4% to $1.17 million.

“Multi-family was a different story as there were 25% fewer listings, with the median sales price increasing at the same percentage resulting in this year’s median sales price standing at $775,000. Months’ supply remains as it has been for several months, one month for homes and 14 days for condos/ townhomes.

“Sadly, the biggest mayday comes for entry-level and first-time homebuyers who have lost buying power due to the increased interest rates – rates that have far exceeded predictions

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made towards year-end 2021. The combined home and interest rates increase is eliminating some would-be buyers (and competition) from purchasing – although they will be paying rent payments equivalent or more than a mortgage payment. Not unlike other mountain communities, the City of Steamboat Springs has been reviewing implementing shortterm restrictions and may have some decisions made by June.

It will be interesting to see how the market reacts to properties that have free reign on short-term rentals versus those that do not,” said Steamboat Springs-area REALTOR® Marci Valicenti.

SUMMIT, PARK AND LAKE COUNTY “Have we reached our peak? Statistics show our prices are still going up and inventory is still down. Even with interest rates creeping above 5%, days on market has gone down yet again.

More than 80% of the current residential listings in Summit County are over $1 million. Over half of the pending properties are over $1 million. In March, 44% of all deals were cash, and property values have doubled in the last five years. Although there are currently 243 active listings in the Summit MLS, there are 511 pending properties showing how quickly properties hit the market and go under contract.

“Current listings in the Summit MLS range from a low-price, single-family home in Park County for $220,000 and a high price single-family home in Breckenridge for $18,999,000. In Summit County an average priced home is now $2,383,084.

“Whether it is a buyer or seller’s market, owning property is still one of the best ways to build wealth in America. Lawrence Yun, NAR’s chief economist, reported that in 2021 a homeowner’s household wealth was $320,000 while a renter’s household wealth was $8,000. So, even if it is hard and competitive to buy a property, long term wealth shows it is worth it,” said Summitarea REALTOR® Dana Cottrell.

TELLURIDE “April 2022 sales were down 5% in the dollar amount of sales

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and 15% in the number of sales as compared to April 2021.

That still makes April 2022 the second largest April sales month in our market's history. The Mountain Village comprised 39% of the total dollar sales in San Miguel County likely because it still has more inventory that any of the other sectors of our real estate market.

“We see construction everywhere in our country, but it takes a long time from start to finish - generally about two years.

For the first time in the last 40 years, houses with plans just approved are contracting. Because inventory is getting less and less, I predict some REALTORS® may not be able to last through the next year or two. Just getting back from the NAR meetings in Washington D.C., our national leadership is predicting a drop in membership starting this year and for the next several years. There is just not enough inventory for everyone in real estate sales to survive over the next few years.

“Lastly, rising mortgage rates will definitely make it harder for first-time homebuyers, but in the high-end markets, our clients generally do better with better returns for some cash flow investments. That being said, the stock market is taking a beating this year, even more so in the last 30 days. Real estate may look like an even better place to invest than stocks and bonds over the next few months,” said Telluride-area REALTOR® George Harvey.

VAIL “As we have recently noted, the market has begun to change.

April 2020 was the beginning of the COVID driven market and, two years later, it appears that the unbelievable market that began July 2020 has made a significant turn. The lower transactional trend we have seen over the past two years is continuing at a slightly accelerated pace, driven by lack of inventory. The other catalyst to slowing unit sales is the rising interest rates for mortgages as effectively, the rate has doubled over the past year. The combination of low inventory and increased rates is impacting the price niches that represent over 50% of our market sales. During the past two years this segment of the market dropped from 70% of our transactional

base to its current level. However, increased sales in the segments kept our dollar volume in a strong positive range.

"In the last couple of months, a slippage in the upper segment began to rear its head. The volatility in the stock market and inflation rates have given cause to some concern with the buyers in this niche. The slippage in the first quarter was accelerated when April represented 67% of the dollar decline for 2022 year-to-date! Based upon the macro market, trying to forecast the significance of the trend is next to impossible. The past two years have achieved market performance with no precedent, and until the volatility of inflation and lending rates materializes, trying to project market performance definitively is not a perfect science. The preceding comments are Macro Market based, so when we look at local factors such as low inventory, minimum projects of new product scheduled, and

attainable locals housing, it only adds to the unpredictability.

“The need for a buyer or seller to optimize their transaction is best served with a knowledgeable real estate advisor to assist in setting reasonable goals,” said Vail-area REALTOR® Mike Budd.

The complete reports cited in this press release, as well as county reports, are available online at: http://www.coloradorealtors. com/market-trends/

Land Title is the largest locally owned and operated title agency in Colorado. With more than 50 offices spanning the state, our team knows and understands Colorado real estate laws, customs and markets like it’s our own backyard - because it is.

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REAL ESTATE SNAPSHOT STATE OF COLORADO APRIL 2022

MEDIAN SALES PRICE

600000 500000

Colorado Single Family Homes APR 2022 ~ $600,000 19.6% APR 2021 ~ $501,525 YTD 2022 ~ $565,000

400000 300000 200000

Colorado Townhomes/Condos APR 2022 ~ $440,000 17.3% APR 2021 ~ $578,237 YTD 2022 ~ $415,700

100000 0 Apr '20June '20

Sep '20

MORE COLORADO DATA

104.9

1.6%

23

PERCENT OF LIST PRICE RECEIVED YTD 2022=103.5% YTD 2021= 101.8%

AVERAGE DAYS ON MARKET

-25.8%

0.8

YTD 2022= 28 YTD 2021= 38

%

Total Market

2022

Single Family

2022

-1.0%

PENDING/UNDER CONTRACT APR 2022 = 11,598 APR 2021= 11,721

7,078 7,481

2021 2022 1,647 2021 0

APR 2021= 1.0

APR 2022 = 13,758 APR 2021= 13,650

June '21

Dec '21

2000

-5.4%

-41.3% 2,806

4000

6000

8000

10000 12000

SOLD LISTINGS Total Market

2022

Single Family

2022

10,209 11,142

2021

7,691 8,326

2021

Condo

2021 0

-8.4%

-7.6%

2,442 -10.8% 2,737

2022

2000

4000

6000

8000

For more data, visit ColoradoREALTORS.com

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Sep '21

8,954 -15.3% 10,568

2021

Condo

MONTHS SUPPLY

NEW LISTINGS

Mar '21

INVENTORY OF ACTIVE LISTINGS

-20.0%

0.8%

Dec '20

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

10000 12000

Mar '22

31

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Coloradorealtors.com/education-events/

6/13/22

$25

2022

Ethics Day

Instructed by Damian Cox and Scott Peterson.

Join us Virtually as we journey through the NAR Code of Ethics!

The content will focus on the most commonly violated articles and will feature real-life scenarios to help attendees understand the legal jargon in a more practical manner.

Half of all proceeds will be donated to the CAR Foundation.

This class satisfies the NAR Code of Ethics training triennial requirement.

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NAR DSA WINNER CHRIS McELROY Colorado Industry Leader Finds WorkLife Balance, Gives Sales Wisdom From 40-Year Career At the National Association of REALTORS®(NAR) mid-year meetings earlier this month, real estate leader and gamechanger Chris McElroy received NAR’s 2022 Distinguished Service Award (DSA). McElroy was CAR Chair in 1994, REALTOR® of the Year in 2000, has served on many CAR committees, and several years ago, he founded the popular Strategic Thinking Committee. Chris saw a need for industry thought leaders and experts to come together to make predictions and hurdle over obstacles in the business.

His start was decidedly not in the real estate business. Few people know that when Chris moved to Fort Collins from Nebraska in 1974, and before he became a REALTOR®, he wanted to be a vet. The plan was to receive a degree from the Colorado State University’s renowned veterinary medicine program.

And then life took a turn: “We ended up buying a pawnshop… good training to be a REALTOR®!” he joked. As a pawnshop owner, Chris was a proponent of meeting people where they stood. One woman brought in a radio for $5. “It was her prize possession. She paid the interest on that the whole time,” he said. Another woman brought in a 10-karat diamond ring, because “she thought the employees at the retirement home she was living in would steal it. She paid us to keep it in our safe.”

Finally, Chris’ REALTOR® said he should get into the real estate business. Bob Nolin, the Fort Collins Board of REALTORS® (FCBR) association executive at the time, was his mentor. “He helped me get involved early in my career in volunteer leadership roles,” he said. One of these roles was as the FCBR Chair in 2000.

Chris continues to serve because the industry is ever-changing. “Involvement helps me keep a keen eye on those changes. But the best part of involvement is the friendships created

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with REALTORS® all over the state and country. Truly, the REALTOR® family.”

Some of his favorite mentors (along with Nolin), are people like his long-time friend Ken Libby, a Vermont REALTOR® whom he met and became close with because of their similar involvement in state association leadership roles. “We went through some tough times together,” said Chris.

And there’s more: “With an award, the moment one starts mentioning names outside of one’s family, then there are so many more people a person can mention,” Chris said. He also credits Tyrone Adams, Suzan Koren, John Wendt, Kevin Cook, Connie Salazar, and George Harvey as examples of “long-lasting friendships that occur through leadership.”

One of McElroy’s proudest moments of distinguished service is that he is a founder of CAR’s Strategic Thinking Committee, which gave members “a platform for percolating ideas important to our future as REALTORS®,” he said.

Chris McElroy’s best sales advice from 40 years of real estate: • Keep in touch and be transparent with your clients. It is not how much you make but how helpful you are with what’s going on in their lives.

• Have your trusted lending team in place for quick turnaround closings or showing the value of adjustable-rate mortgages. They have fallen out of favor, but now could be a good time to take another look.

• Meet appraisers with a package of information for their use on every contract.

• Make sure to constantly thank all those involved in your business. Written thank you notes are the best medicine.

One of the things he thinks about most is how the economy will impact potential homebuyers’ future with inflation. At the recent NAR meetings in Washington D.C., NAR Chief Economist Lawrence Yun showed a slide about consumer pricing in terms of the rate of inflation. He was floored. “Housing prices aren’t even part of those numbers,” McElroy said. “As REALTORS® we need to make sure we are helping people find the American Dream.”

He notes the building explosion going on right now in his beloved home of Fort Collins. “I’m seeing huge housing developments go up now, but they are strictly for rent,” said Chris.

“While that’s important, we need to find opportunities for rent-to-own homes. We need to help Americans with home ownership.”

From 2011 to 2017, McElroy was a Colorado Real Estate Commissioner. At the national level, he helped create the Little Blue Book: Rules to Live By for REALTORS®. In 2018, he received the first-ever Career Lifetime Achievement Award from the Fort Collins Board of REALTORS® for contributions to the real estate industry. He has a national certification for Diversity and Fair Housing. In 2003, he was named a NAR Hometown Hero for his charitable work.

He has worked with developmentally disabled children in Fort Collins for more than 20 years. “All those years ago, I had a client with a child who needed care,” Chris said. “As a REALTOR®, I thought it was important to help and I learned about Respite Care, Inc. in Fort Collins.” Ever since, he has been helping the nonprofit fundraise and is happy to see them renovate into a much larger property.

“The essence of the NAR Distinguished Service Award is service. I am passionate about making a difference in my community and the real estate industry,” he said. “Of key importance is upholding the REALTOR® Code of Ethics and protecting consumer rights.”

Chris's family at Hadrian's Wall in England.

CAR CEO Tyrone Adams said, “Chris is the ultimate example of what future leadership should aspire to be. Not only is he a leader in the REALTOR® associations, he is also a leader in his community. I can’t imagine any other member who is prouder to be a REALTOR® than Chris.”

While he is a statewide leader in the association and in business, Chris also knows about work-life balance. A quote from Albert Einstein has been on his business plan for the last 30 years: “A calm and modest life brings more happiness than the pursuit of success combined with constant restlessness.”

McElroy keeps this quote in perspective relative to real estate.

“I know that many of us REALTORS® have felt the constant push and pull that our industry is,” he said. “This quote reminds me to bring a calm and modest life to my own business.”

And how about that work-life balance? “Focus on your daily routine and your relationships. Start the day with centering yourself, not with emails,” he said. Teresa, his wife of almost 50 years, and Chris have coffee together every day and play ball with their “awesome” standard poodle, Finn. “Teresa has been my partner in life and business,” he said. “She is creative and the most organized person that I know, plus a fabulous cook.”

Chris has three daughters, who are all his favorites. “My favorite youngest daughter, Katherine, is a Mobile Presenter for Land Title in Colorado, and we ‘talk shop’ about real estate. My favorite oldest daughter, Meg, lives in Austin, TX, and is a certified physician’s assistant- she keeps me healthy. My favorite middle daughter, Kelley, works in the insurance industry and is my sports buddy, conveniently living in downtown Denver with her husband, Troy, and our almost three-years-old grandson, Felix. Felix and our dog Finn have been best friends since they met a couple of years ago. They always hug when they see each other.” All of them are passionate about travel, food, drink, and their pets. The McElroys just got back from Chaco Canyon, NM, and have hiked along Hadrian’s Wall in England and the maritime provinces of Canada.

Chris getting out of a Delorean at his CAR Inaugural.

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HIDDEN GEMS An Event Recap and Schedule of Events for Colorado REALTORS®

FAIR HOUSING MONTH TAKEAWAYS CAR Chair-Elect Natalie Davis gave the first-ever, first anywhere NAR Implicit Bias Training in Broomfield on April 12 at Elevations Credit Union. About 100 REALTORS® took part in this historic event in person and online. This was the warmup for the NAR Legislative Meetings in Washington, DC, in May, where she gave the presentation retitled, Bias Override.

Attorney Eric Nesbitt gave a CE presentation regarding Fair Housing Laws, while our own CEO Tyrone Adams introduced him and gave him a brief history of Fair Housing in Colorado. He explained that in 1955, Denver’s Mayor Quigg Newton was an innovative leader in fair housing for the city and state. Colorado was one of the first to introduce these laws. Later in the month, HUD officials Orlando Lopez and Lacey Stange explained how HUD opens investigations and the process of a complaint.

Each of these presentations had a few things in common regarding making sure you and your brokerage are acting within fair housing laws.

1) Listing language: Drop your assumptions in trying to anticipate a prospective buyer when writing your MLS listing. Terms like “empty nester,” “two-walking blocks,” “best school ratings” and even “families” should be avoided.

2) Put processes in place within your business management systems to ensure Fair Housing standards. Easy items include workflow checklists, office policies, standard questionnaires for clients, and in-person or virtual meetings for buyers and sellers that talk about expectations when doing business. Refer clients to other Websites to get school or crime information. Again, these same lists need to be given to every buyer and seller.

TOR’S® offer letter or summary. It can also creep in during the loan process.

A FOCUS ON THE FUTURE AT THE CAR SPRING SUMMIT At the main sessions at the CAR Spring Summit, including the Strategic Think Tank, MLS Forum, and Risk Management, the conversation revolved heavily around the future of real estate, leadership into a new era, and finding ways to collaborate for the benefit of our membership and the entire industry. Committee work shared the same spirit of collaboration as our leaders discussed ways we can improve the myriad of programs at both the state and local level and inspire action as we move forward as an industry.

Thanks to Charlie Oppler, Michael Oppler, Nobu Hata, and Ryan Frazier for joining us for the Strategic Think Tank Forum and sharing your wisdom and insights. Don’t miss Defining ESG – Why it Should be on the REALTOR® Radar, in this issue of the Colorado REALTOR® Magazine. It explains ESG and highlights the findings of the Purple Report that Ryan debuted during the Strategic Think Tank Forum.

Thanks to Greg Zadel, Amy Reid, Jeff Bosch, Gene Millman, Jeff Follis, Scott Peterson, and Deborah Shipley for the discussion during the MLS Forum.

3) Stop it with the love letters already. Every REALTOR® says they don’t tell clients to write or that they accept love letters. But then some clients make a demand for them, and some language can run aground when it comes to a REAL-

36

Nobu Hata, Michael Oppler, and Charlie Oppler at the CAR Spring Summit.

Thanks to Scott Peterson and Damian Cox for their unwavering delivery of the risk management and legal information our members need.

If you attended the 2022 CAR Spring Summit, don’t miss the photos of the event, available on Smugmug here.

CELEBRATING WOMEN REALTORS® The Women’s Council of REALTORS® of Colorado reestablished its statewide charter in March 2022 and was accepted at the NAR meetings in Washington, DC, in May. Janet Scavo, CAR’s first woman president in 1984, and real estate pioneer Betty Armbrust passed away earlier this year. CAR sends condolences to their families, colleagues, and friends.

Of NAR’s 30 Under 30 finalists, all Colorado finalists were women! Congratulations to the Colorado finalists: Kathryn Fitch, West & Main Denver; Ashlee Nath, Stone Gable Realty Colorado Springs; and Taylor Whitton, Compass Denver. The REALTOR® who made the final 30 Under 30 Class of 2022 was Leah Canfield, Coldwell Banker Mountain Properties, Breckenridge, Colo.

COMING SOON TO AN ASSOCIATION NEAR YOU: Registration for Fall Forum, in Snowmass, opens this summer.

June 13, Colorado Ethics Day with Scott Peterson and Damian Cox, 9-noon, June 14, Loveland-Berthoud Association of REALTORS® Golf Tournament to raise money for scholarships and Habitat for Humanity June 24, Glenwood Springs Association of REALTORS®, Around the World in 18 Holes Golf Tournament to support their scholarship program.

June 25, Montrose Association of REALTORS® participates in Rec District 5K Walk/Run Fundraiser for the Children’s Scholarship Program.

July 27, Denver Metro Association of REALTORS®, Digital Marketing: Establishing a Social Media Brand, 9 am-5 pm Aug. 25: Pikes Peak Association of REALTORS®, Angela Burdick gives a class on new contracts. 8:30 am-12:30 pm Please submit your association events, announcements, photos, and general potpourri to be added to this column to Karen Long, klong@coloradorealtors.com. We cannot print all submissions but would like to connect our community statewide.

Past Presdient's Bill Moore and Janet Scavo in 1984.

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30 YEARS OF IMPACT TOTAL AMOUNT GRANTED = $8,735,426 TOTAL LIVES TOUCHED = 87,643+++

2021 MAP OF IMPACT

JEFFERSON DENVER

GARFIELD SUMMIT

GUNNISON

years of

LOGAN

WELD

BOULDER BROOMFIELD

MESA

30

LARIMER

IMPACT

ADAMS ARAPAHOE

CHAFFEE EL PASO

ZIP CODES IMPACTED 80525, 80537, 81001, 80909, 80903, 80917, 80303, 80304, 80012, 80030, 80031, 80110, 80211, 80526, 80537, 80831, 80909, 80919, 80011, 80013, 80014, 80015, 80016, 80026, 80033, 80122, 80127, 80135, 80138, 80207, 80219, 80228, 80233, 80239, 80247, 80249, 80249, 80465, and 80601

ALAMOSA LA PLATA COUNTIES IMPACTED

Cities Impacted Denver Commerce City Fort Collins Boulder Rifle Parachute

Basalt Glenwood Springs Grand Lake Granby Loveland Masonville Glenhaven Estes Park

Aurora Colorado Springs Grand Junction Longmont Lafayette Avon Monument Durango

Vail Alamosa Salida Craig Centennial Wheat Ridge Westminster Aspen

Pueblo Montrose Loveland Logan Berthoud Evergreen Glenwood Springs La Junta

Las Animas Telluride Steamboat Springs Grand Lake Pagosa Springs Delta

>> VIEW THE ENTIRE CAR FOUNDATION

IMPACT REPORT ONLINE

38

Congratulations 2022 Fair Housing Champions Throughout April, CAR celebrated Fair Housing Month with a series of four weekly events. The Diversity & Inclusion Committee would like to congratulate these REALTORS® for attending all four sessions and earned CE credit for their participation.

They gained an understanding of the history of the Fair Housing Act, how REALTORS® most commonly violate the Fair Housing Act, and practical ways that REALTORS® can support diverse communities in their neighborhoods.

Adam Priestley, Aline Pitney, Amanda Edmondson, Brenda Hindmarsh, Brian Kinkade, Brittany Harrison, Carolyn Witt, Cathryn Stano, Cecilia Montalvo, Daniel Preshaw, Debora Miller, Derek Camunez , Donald Potter, Elizabeth Blevins, Eric Cheever, Hilary Priestley, Jason Witt, Jenelle Meyer, Jennifer Sanchez, Kay Watson, Linda Philpott, Loretta Smith, Lorraine Glach, Malisa Eakins, Margaret Hamilton, Melanie Hood, Melinda (Mindy) Stone, Meredith Obletz, Myra Smallwood, Nicole White, Pamela Jeffery, Romelda Williams, Tammy Ackerman, Terry McCabe, Vickie Radovich, and Zackry Spencer.

CONGRATULATIONS TO REALTORS® WHO COMPLETED NAR’S FAIRHAVEN CHALLENGE! Congratulations to firms that had at least 75% participation rate, and in some cases 100% completion rate, for NAR’s Fairhaven Challenge during Fair Housing month! These single-, small-, and medium brokerages put their fair housing law knowledge to the test by completing the online simulation. It’s never too late to complete the challenge-participate at any time!

CAR’s Diversity and Inclusion Committee congratulates the following firms Medium-Size Firms With 100% Completion: Regents Real Estate Group is a medium-size brokerage in Cortez, Colorado, and covers 18 areas in southeast Colo.

Paul Adams, Paul Beckler, Elecia Bellmire, Brittany Chavez, Eric Cheever, Brenda Hindmarsh, Amanda Maxwell, Gina Nelson, Merridith Obletz, Adam Priestley, Hilary Priestley, Hunter Ray, Jennifer Sanchez, Carolyn Witt, Jason Witt, and Khrysta Woody.

Small Team with 100% Completion • RE/MAX Avenues is a Denver medium-sized firm in the Denver and metroarea communities. Derek Camunez and Gloria Lara • Priority Properties, Inc. is Denver based, medium-sized firm serving the Denver and metro areas. Deb Kirschbaum and Kennedy Kirschbaum

Medium-Size with More than 75% Completion: • Re/Max Royal Gorge is a medium-size brokerage in Cañon City, Colorado.

Lisa Ford, Missouri McCullough, Margaret Ritter, Tim Ritter, and Myra Smallwood.

• Novella Real Estate is a medium brokerage in Denver and DTC: Lisa Arteseros, Jennifer Blake, Stacie Duffy, Vali Hooker, Terry Kowalsky, Kristal Kraft, Crystal Lowe, Larry McGee, Charles Ward, and Cynthia Webb.

• Norm Murphy & Associates, is a medium-size brokerage in LaJunta, Colorado that serves Arkansas Valley, Colorado Springs, Walsenburg, and Pueblo.

Angela Ayala, Keith Brann, Linda Brann, Thomas Brann, Beth Howe, Tracy Martin, and Brenda Tenney.

Small Team with 75% Completion Jamie Dodd, Colorado Peak RE Donna Major, Colorado Peak RE James Flood, Flood Realty Kathleen Flood, Flood Realty Ammie Thomas, Integrity West Realty

Richard Thomas, Integrity West Realty Cheri Long, Priority Properties Sonda Banka, Sunny Homes Sharon Berkowitz, Sunny Homes Mark Stetzer, Zadel & Assoc.

Greg Zadel, Zadel & Assoc.

Single Owner Agents Who Completed the Challenge John Adams, Adams RE Assoc.

Jaryd Takushi, Aloha Real Estate Shigemi Cree, Ascendant Real Estate Valli Crockett, Bergen Peak Realty Elizabeth Gillard, Blue Ribbon Brokers Judy Trout, Blue Spruce Real Estate, Ann Connelly, Bluebonnet Services Kimberly Hoffman, Center Real Estate Group, LLC John Berry, Colorado Luxury Realty Christine Volz, CURB Real Estate Jo Ann Apostol, Deer Creek Appraisals Gretchen Rosenberg, Denver Rental Bonnie Smith, Dream Big Colorado Terra Smith, Element Home Life Jan Levy, Focus Funding & Realty Glenna Clark-Olmsted, Glenna Clark Real Estate Inc Vel Mattson, Global Real Estate Ruth Grainger-Starr, Gold District Realty Kelly Swindell, Home Sweet Colorado Realty Michael Ihlenburg, Ihlenburg Realty Dawn Utrup, Just Real Estate Alexandra Marshall, Keywater RE Adam Vincent, Lost Creek Realty Gregory Foster, MB Foster & Assoc.

Stew Meagher, MB-Commonwealth Realty Charles Strauss, MB-Denver Home Guru Kay Watson, MB-K Watson Properties Monique Durham, MB-Realty In CO Lisa McKim, McKim Real Estate Maria Perez, MD Realty Angela Burdick, Metro Brokers, Realty Innovations Cecilia Montalvo, NextHome Infinity Barbara Asbury, Peak Realty & Consulting Rich Workman, Pinnacle Design & Marketing Robb Green, Platte Canyon Area Chamber Keith Kanemoto, Prudential Rocky Mountain Vickie Radovich, Radovich Real Estate Liz Bowen, Red Bow Realty David Madone, River Street Real Estate, Ltd. Richard Kim, RKS & Associates, LLC Darlene Haines, Rocky Mountain Property Shop Tammy Ackerman, Rocky Mountain Property, Inc. Linda Philpott, Westwind Realty

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2022 Spring Summit RPAC Reception – LIVE Auction Results: $90,000!

What a turnout at our Spring Summit RPAC Reception! With 150 attendees, six silent auction items, nine live auction items, and a paddle raise, we were able to raise over $88,000 for RPAC! With over $500,000 raised this year, this takes us one large step closer to hitting our overall goal of $820,000 for 2022. Thank you to all our investors who have made this possible.

A special shoutout to the below members who stepped up to a NEW Major Investor level during the auction!

GOLDEN R Windy Bailey Holly Duckworth Scott Franks

Nobu Hata George Nehme Myra Smallwood

CRYSTAL R Barbara Asbury Will Flowers Bob Fullerton Jamie Goodvin

Meagan Griesel Ann Hayes Mike Papantonakis Laura Ruch Andrea Warner

STERLING R Joan Fauteaux Kayden Hyson

Shantel Woon

Some of the big winning items were the five-night stay in Cancun, Mexico, a trip for two to the Del Mar Horse Racetrack in San Diego, California, and two tickets to a Broncos game this season! Congratulations to everyone who walked away with one!

JUNE IS RPAC MONTH For over 50 years, the REALTORS® Political Action Committee (RPAC) has been one of the strongest and most successful advocacy organizations in the nation. Each year, we like to recognize the work RPAC has done for the Real Estate Industry and honor those who helped us get there.

• Virtual Silent Auction, June 9-22. All online and filled with electronics, camping gear, trips and more!

• Major Investor Store Opening June 1. Once your major investment has been completed for 2022 and beginning June 1, you will have access to shop in our online Major Investor Store. You will be able to choose from a variety of gift options as a THANK YOU for your investment! Details coming soon.

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RPAC SPOTLIGHT

RPAC Major Investor Spotlight Irving Gomez – Novella Living Who are you in your professional life?

I’ve been a REALTOR® since October of 2016 who thrives on helping people who strive to achieve their biggest financial goals. I’m a broker associate at Novella Living, I am a first-time homebuyer specialist, and in 2021 was honored to be named to the NAR 30 under 30 list which recognizes 30 young rising stars in the real estate industry.

What’s something people don’t know about you, or something that we’d find interesting?

Who are you outside of your life as a REALTOR®?

I’m a family man first and foremost.

My wife and I love spending time with our son Odin and can’t wait to welcome a baby girl into our family very soon. We love spending time in the great outdoors while camping, hiking, or snow machining in the winter together. I’m also a big gearhead, so I like spending time with anything that has an engine on it. My dad owns a trucking business and is great at tinkering with diesel engines. I loved growing up helping him tear apart and rebuilding engines on almost anything we could find.

If you truly care about

I’m a big fan of Horology, which is the study and measurement of time and the art of making clocks and watches. My dad was always a big fan of watches, and I guess that rubbed off on me. I’m fascinated by the skill, talent, precision, and pa-

the homeowners we work so hard to serve, investing in RPAC is the least you can do to pitch in.

tience of expert watchmakers and how timepieces are made. I’ll spend hours watching documentaries on the craft and I one day hope to travel to Switzerland to watch them in person.

Why did you choose to become a Major Investor in RPAC? I chose to become a Major Investor in RPAC simply because of all this industry have given me. I love what I do, and real estate is how I provide for my family. RPAC protects my career, and it protects our industry.

When ideas come up that affect our business at any level of government, our advocacy team backed by RPAC is there and steps up to bat for us. That makes me happy, and I’m proud to do my part.

What would you like other REALTORS® to know who are considering becoming Major Investors?

I encourage all of my friends, colleagues, and fellow REALTORS® to invest in RPAC at whatever level you’re able. And, if you’re successful in this business, you should be a Major Investor. If you truly care about this industry, if you care about your career, and if you truly care about the homeowners we work so hard to serve, investing in RPAC is the least you can do to pitch in. The more I learn and the more I research about issue that impact our business, the more I know that RPAC has my back.

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