Colorado REALTOR® Magazine November 2022

The COLORADO REALTOR® is published by the Colorado Association of REALTORS®

309 Inverness Way South Englewood, CO 80112 (303) 790-7099 or 1-800-944-6550 FAX (303) 790-7299 or 1-800-317-3689

EDITOR: Lisa Dryer-Hansmeier, V.P. of Member Services: lhansmeier@colorado realtors.com

WRITER: Karen Long, Communications Manager, klong@coloradorealtors.com

DESIGNER: Monica Panczer, Creative Marketing Specialist: monica@coloradorealtors.com

The Colorado Association of REALTORS® assumes no responsibility for return of unsolicited manuscripts, photographs or art. The acceptance of advertising by the Colorado REALTOR® does not indicate approval or endorsement of the advertiser or his product by the Colorado Association of REALTORS®

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

This is a copyrighted issue. Permission to reprint or quote any material from this issue is hereby granted provided the Colorado REALTOR ® is given proper credit in all articles or commentaries, and the Colorado Association of REALTORS® is given proper credit with two copies of any reprints.

The term “REALTOR ®” is a national reg istered trademark for members of the National Association of REALTORS® The term denotes both business com petence 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.

c o l o r a d o RE ALTOR® MAGAZINE

ANN HAYES HONORED AS COLORADO REALTOR® OF THE YEAR

MARKET

TRENDS IN

COLORADO

REALTORS® Need a New Resolution for 2023

REALTORS®, as I’m finishing my Presidency of CAR for 2021-2022, and year-end, it’s time for a new resolution for our profession: “Staying Strong.”

We are now experiencing ANOTHER new normal in our industry. I read recently in an NAR publication that 90% of REALTORS® today have never done business during a time of rates over 4% AND at an average of 45 days on the market.

If this is true, many of us will be working in a realm we’ve never experienced before. And it’s more important than ever to continue your real estate industry connections and advocacy through CAR.

Our clients depend on REALTORS® to be “in the know” and on the cutting edge of real estate knowledge, ethics, and professionalism.

Your involvement in CAR holds the keys to your success:

• Recent news reports on our Market Trends data show that guiding clients to price it right is key. These reports, always available on our website, show averages for sale price and days on the market by county and statewide. Use your comps and watch these reports to do the best you can for clients.

• Keep learning through CAR’s educational opportunities surrounding risk management and professional development to benefit your business. Take advantage of these often FREE courses and then use the opportunity to make connections for your network. Invite a col league to a committee meeting or educational event.

• The way I choose to get involved is through ad vocacy at the state level. This year, CAR helped to secure affordable housing funding along with new building codes that support attainable housing and disaster rebuilding. Short-term rentals and property tax changes were also greatly influenced by our Government Affairs team.

As I say farewell, I encourage you to take one more step into our REALTOR® association. No matter if that one step means joining a committee, stepping up as President, or staying involved as a former leadership team member, your commitment makes all the differ ence in making sure our REALTOR® value stays strong.

FROM THE 2022 CAR PRESIDENT Matthew Hintermeister

Matthew Hintermeister, Dana Cottrell and Nobu Hata.

Change the Narrative- Tell Your Own Story

It is hard to believe that we are already a couple of months away from the end of the year. The real estate industry has been a roller coaster ride to say the least. We started the year off with members fielding multiple offers for their listings, days on market was more like hours on market, and interest rates were at an all-time low. Then by mid-summer, we saw a shift with interest rates climbing to over six percent, homes are staying on the market longer, and sellers no longer are seeing over-the-top bidding wars.

Regardless of the season the real estate industry is in, it is imperative that Colorado REALTORS® change the narrative and tell their customers and clients their own story on the value they bring to real estate transactions.

Over the last year, there has been a louder call-to-action by REALTOR® associations for members to tell their story of the value they bring to a real estate transaction. I have heard Scott Peterson, CAR General Counsel, give his impactful spiel at various meetings about how members need to do a better job articulating their value. Last month at Grand Junction Area REALTOR® Association and Royal Gorge Association of REALTORS’® installations, leaders reiterated a call to action for mem bers to articulate their value to real estate transactions during their installation speeches.

The reason for these calls for members to act? Consumers think it is easy to consummate a real estate transaction--buying or selling. The media portrays buying or selling a home as easy and continuously targets how much real estate professionals should get paid. I’ve even been told that some government officials blame “REALTORS®” for the appreciation of home prices so you can boost your commissions.

Not that the public needs any help, but the reality is some of the negative narrative is self-inflicted. For example, when you hear stories or read in articles that real estate brokers are being quoted as saying they got into the business because it is an easy profession to get into, that this market makes “it easy to sell a home,” or even “I feel like anybody could do my job. It’s just everyday stuff.” These messages reverberate with your clients, consumers, and the media. But the reason it starts to feel like ‘everyday stuff’ is because you’re a professional and you do it every day. Remember that your customers don’t do it every day, so they don’t have the same level of knowledge, understand ing, resources, and connections as you do.

With so many calls-for-action for members to talk about the value they bring to the table as REAL TORS®, why don’t more members tell their story? Could it be some may not know how? The fol lowing are a few tips from various sales and marketing sources to help you articulate your value:

• Get their attention. Why is what you have to say important to your audience? Are they moti vated to process the information? Communicate in terms of the 21 core needs, which you can

FROM THE CAR CEO Tyrone Adams

the CEO Continued from page 5...

think of as “buttons” to push.

• Make them understand. Does the client understand your message of what you can do to help them meet their needs? One of the most com mon mistakes people make is assuming people understand more than they do.

• Be believable. Is your message concrete and credible? Does your audi ence believe it? Believability is key to getting the person past the point of evaluation and yielding. Show and tell. How may transactions have you done, what do your previous customers say about you?

• Make it memorable (that’s key to retention). Will people remember what you are trying to tell them? How you made them feel at the end of your presentation makes a difference.

• Call them to action. Is your message clear what you want the customer to do and how/why you want them to do it? Don’t simply present a web page...tell them what the benefit of going there would be.

I will leave you with one final quote: “Refuse to accept another’s estimation of yourself.” – Alison Stormwolf

Change the Narrative and tell your story! Have a safe and joyous holiday season.

Sources: Thunderbird School of Global Management- ASU- Value Creation Series, June 2020, Why Emotions Play a Critical Role in Decision Making, January 2019, How Do You Make Customers Feel Important, January 2022, Mixergy- How to Communicate Product Value, 2021.

CAR FALL PHOTO HIGHLIGHTS

From

Networking Lunch Winners. It was Dr. Brown, in the TV Room with Poison.

Lawyers show their moves at the Risk Management Session.

Miss Plum, Mr. Green and Rusty Redman at the Clue Networking Lunch.

More networking at the Opening Reception.

Fun times at the RPAC Reception.

Attendees have fun at the CAR Foundation Dinner Auction.

Tyrone Adams at the Pueblo Association Installation Dinner.

CAR ANNOUNCES 2022 AWARDS AND LEADERSHIP INSTALLATION

The Colorado Association of REALTORS® in stalled Natalie Davis as President of the Colo rado Association of REALTORS® at its annual convention in Snowmass, CO, a role she will as sume from Dec. 1, 2022, through Nov. 30, 2023.

CAR’s 2022-2023 Leadership Council was also installed, consisting of volunteers from across the state.

Davis is the founder of the Evolution Group with Keller Williams Downtown, LLC. In her new position as President, Davis will serve as a con duit between CAR’s more than 30,000 members and the Board of Directors. Working in tandem with the leadership council, she will assist with the organization’s direction and vision for the coming year. The board’s main responsibilities include leading and coordinating the volunteer efforts of the association aimed at maintain ing stability in Colorado’s real estate industry, protecting private property rights, supporting efforts for affordable housing opportunities, and providing resources and services designed to help Colorado REALTORS® succeed in their business.

“Our organization is committed to help protect private property rights for owners throughout the state," says Davis. “Specifically, we will work to create, educate, and advocate for housing opportunities that are affordable, attainable, and sustainable for the communities we serve. At the forefront, is our opportunity to promote and utilize our First-Time Buyer’s Savings Ac count program by educating and equipping Colorado REALTORS® with the tools needed when working with home buyers across di verse cultures.”

2022-23 LEADERSHIP COUNCIL:

President: Natalie Davis, Evolution Group with Keller Williams Downtown, LLC., Greenwood Village

President-Elect: Jason Witt, Regents Real Estate Group, Cortez

Treasurer: Dana Cottrell, Summit Resort Group, Dillon

Immediate Past President: Matthew Hintermeister, LIV Sotheby’s International Realty, Telluride

Appointed Past President: Greg Zadel, Zadel & Associates Realty, Inc., Firestone

AE Representative: Amanda Erickson, Durango Association of REALTORS®

CAR CEO: Tyrone Adams

DISTRICT VICE PRESIDENTS

Metro – Laura Ruch, Keller Williams Preferred, Westminster Mountain – Angela Ashby, NextHome Mountain Properties, Steamboat Springs

Northeast – Scott Sammons, Sammons and Company, LLC, Boulder

Southeast – Hank Poburka, The Platinum Group, Colorado Springs

Western – Marjorie Genova, RE/MAX 4000, Inc., Grand Junction

DIVISION VICE PRESIDENTS

Legal & Risk Division: Sean Dougherty, RE/ MAX Alliance-Boardwalk, Fort Collins

Member Services: Pamela Cass, The Group, Inc., Loveland

Government Affairs: Sunny Banka, Sunny Homes & Associates, Inc., Aurora

The 2023 CAR Leadership Council.

NATALIE DAVIS

PRESIDENT

Congratulations

ANN HAYES HONORED AS THE 2022 CAR REALTOR® OF THE YEAR

Ann Hayes, broker at Keller Williams Colorado West Realty, LLC, in Grand Junction, Colorado, was named 2022 Colorado REAL TOR® of the Year.

The award is the most prestigious award given to a CAR mem ber and is a culmination of a distinguished career within the REALTOR® organization— at the local, state, and national lev els. In addition to leadership within the association, the REAL TOR® of the Year is a person active at the community level and successful in business.

“Our association is fortunate to have Ann among its ranks as a great leader,” said CAR CEO Tyrone Adams. “She is an advocate for the real estate industry and ultimately for the home buyers and sellers that REALTORS® serve. Ann’s education and profes sionalism are a boon to the profession.”

A REALTOR® member for 24 years, Hayes has played a pivotal role at CAR, at the Grand Junction Area REALTOR® Association (GJARA), and for the National Association of REALTORS®(NAR). At CAR, she presided as Chair of the association in 2018 and is currently on the Board of Directors. In 2021, Hayes lead CAR’s Legislative Policy and Regulatory Policy Committees and was present when Gov. Jared Polis signed HB22-1282, an affordable housing bill. She was CAR’s Northwest District President, 2014 CAR Treasurer, and RPAC co-Chair in 2015. At GJARA, she is a member of the Associated Members for Growth and Develop ment (AMGD), Multiple Listing Service, and Executive Commit tees. She was the GJARA REALTOR® of the Year in 2009. Ann also currently serves as a Director for NAR. Ann was born in England and raised in Australia where she re

ceived her Economics degree at the University of Sydney. She has been a REALTOR® in Colorado since 1998 and has several certifications she uses in her daily business in Grand Junction, including new home, residential, relocation, and the Graduate REALTOR® Institute. Ann not only gives her time in REALTOR® associations but is involved locally as a member of the Cham ber of Commerce, Catholic Outreach, and is the former Director of Colorado Discover Ability.

Hayes acts as a mentor to other REALTORS®. Amanda Potter calls Ann “a wonderful choice” as a mentor. “As we attended RE ALTOR® functions together, it was easy to see how much of an impact she has made on so many different people during her service to our profession,” said Potter.

Ann's family joins her on stage to celebrate.

Scott Matthias presents Ann Hayes with the CAR REALTOR® of the Year Award.

OTHER CAR AWARD WINNERS AT THE 2022 INAUGURAL

2022 DISTINGUISHED SERVICE AWARD HONOREES:

Dana Cottrell, Summit Resort Group, Dillon, CO, for bringing even more transparency to the financial health of our organiza tion as CAR Treasurer.

Nobu Hata, CEO of the Denver Metro Association of REAL TORS®, Denver, CO, for elevating CAR's Strategic Thinking Com mittee and CAR Business Services.

Matthew Leprino, REMINGO, Denver, CO, for taking part in CAR’s Media Spokesperson Program and reporting to the Colo rado Legislature about CAR’s Market Trends report.

Brenda Wild, Berkshire Hathaway Home Services Signature Properties, Aspen, CO, for leading the President-Appointed Ad visory Group dedicated to Meetings and Events planning.

2022 DIVERSITY AND INCLUSION AWARD WINNERS: MILFORD ADAMS & KELLER WILLIAMS COLORADO WEST REALTY

The Colorado Association of REALTORS® presented Milford Adams and Keller Williams Colorado West Realty with awards dedicated to Diversity and Inclusion practices in the real estate industry. The awards were presented at CAR’s annual inaugural dinner in Snowmass, CO.

“These individuals and companies are working hard to make inclusive practices an all-encompassing approach to employ ee training and company culture,” said Jason Witt, CAR’s 2023 President-Elect and 2022 Diversity & Inclusion Chair, who pre sented the awards to the winners.

Individual Award: Milford Adams dedicates countless hours volunteering to help support those who are disadvantaged and live within underserved populations. Through his various leadership positions at the Denver Metro Association of REAL TORS®, the National Association of Real Estate Brokers (NAREB), and other real estate organizations, he has designed and lead many programs focusing on diversity in Denver real estate. Mil ford Adams’ main goal is to bring all minority and disadvan taged groups together, and to support these individuals in the dream of owning a home.

Brokerage Award: Keller Williams Colorado West Realty of Grand Junction, Glenwood Springs, and Montrose, CO, created an environment that truly embodied diversity and inclusion practices. The realty office allows its REALTORS® to learn more about the different communities in their area by hosting vari ous educational sessions such as the bias and mistreatment of LGBTQ+ consumers and ways agents can empower the Mexi can American community to achieve homeownership. REAL TOR® Candi Amaya accepted the award on behalf of Keller Wil liams Colorado West Realty.

RACHEL ROHRIG RECEIVES THE 2022 CYPN OF THE YEAR AWARD

Rachel Rohrig, a commercial REALTOR® and owner of Market Real Estate in Boulder, CO, was named 2022 Colorado Young REALTOR® of the Year by the Colorado Association of REAL TORS® (CAR) and the Colorado Young Professionals Network (CYPN) at the CAR Fall Forum in Snowmass, Colorado.

One of Rohrig’s accomplishments includes developing an in dustry day of volunteerism to connect real estate professionals with nonprofit organizations in Denver and Boulder. She put the program together using her commercial real estate busi ness, Market Real Estate, to recruit volunteers annually to help at food banks and family and homeless housing resource cen ters.

Rohrig, a Boulder native, also began an “adopt a family” pro gram for victims of the Marshall Fire in January 2022. She and other REALTOR® YPN volunteers solicited furniture donations from businesses, and Rohrig was able to secure warehouse space for the donations by utilizing her connections in com mercial real estate. Families who lost their furniture in the fire now had some basic comforts of home.

In addition to the award, CYPN donated $500 on her behalf to A Real Day for Real Estate.

Candi Amaya with Keller Williams Colorado West Realty and Jason Witt.

Milford Adams and Jason Witt.

Rachel Rohrig and Shelby Foster

Real-Life Impact: Housing the Vail Workforce

CAR and Vail REALTOR®

Donations are Boosting Organizations that Help

The Colorado Association of REALTORS® Foundation continues to show its commitment to supporting work force solutions in the Vail Valley by granting $10,000 to the Eagle County Housing and Development Authority’s Eagle County Loan Fund (ECLF).

The ECLF, a down payment assistance program, has provided vital support for new homebuyers looking for homes they can afford in the Vail Valley.

Tex Asanti of Title Company of the Rockies was faced with the classic workforce housing problem - the search for a new rental. She found a condo listed for sale and was going to ask the owner to consider renting. How ever, a few friends encouraged her to buy versus rent.

“It was near the start of ski season, a tough time to find a rental,” remembers Asanti. “And here I am, trying to figure out the funds for a down payment. Honestly, to put it into perspective, coming up with a down payment is very similar to coming up with first, last, and deposit to rent."

Asanti’s original plan was to refinance as quickly as possible. Her lender presented a different option: With at least $7,500, she could qualify for a Down Payment As sistance program. Asanti was guided to the Eagle County Loan program, which alleviated some of her stress about scraping together funds for a full down payment. She closed on her condo in November 2019 - never having to worry about losing her rental unit again.

“We know that locals and workers in mountain commu nities, including the Vail Valley, struggle to find long-term housing they can afford, and REALTORS® want to help. Our grant, which was funded by REALTORS® across the state, will specifically fund down payment assistance,” said CAR Foundation Executive Director Amy McDermott.

The CAR Foundation’s grant joins a generous $75,000 grant to ECLF from the Vail Board of REALTORS® and the Vail Multi-List Service. The ECLF program provides a loan to help with down payment and/or closing costs. The terms are unique in that there is no monthly repayment.

The loan is simply repaid when the home is resold, refinanced, or at the end of a 15-year term with minimal interest based on the equity appreciation gain of the home. For those who repay the loan within 24 months, there is no interest, only principal due. Eligible applicants can apply through their mortgage lender.

Creative Solutions Spurred by a Challenging Market

The COVID-19 pandemic spurred migration to mountain communities, straining inventory and driving real estate prices to record highs. Pricing in Eagle County increased approximately 30% during 2020 and 2021, a punishing increase to an already impacted community.

“Many local wages are lower than the actual cost of living in Eagle County,” according to Kimberly Williams, Execu tive Director of ECHDA. “Most households earn less than the median income needed to live comfortably. And our real estate market is driven by forces beyond our local economy.”

ECLF is one of several programs available to Eagle County workforce residents and is part of a comprehen sive and growing plan to help locals overcome economic and housing market challenges beyond their control. Ac cording to the Eagle County Housing and Development Authority, over $7 million in down payment assistance loans have been issued since 1998, benefiting approxi mately 700 families and individuals.

REALTORS® Are Invested in Long-Term Workforce Housing Solutions

Vail REALTORS® take great pride and joy in finding locals their homes and appreciate and utilize the innovative programs available through Eagle County and towns like Vail and Avon. Association members understand that having a stable workforce, who can set down roots in the community, is vital to the local economy.

“I see these donations as both philanthropy and advo cacy,” says Alex Griffin, Vail Board of REALTORS® Chair. “Philanthropy in donations and advocacy as a duty to take care of our workforce. This problem has been here for decades, and we continue to answer the need for workforce housing. Prices have gone up 30% in less than three years but there is still attainable housing. The VBR is a member community that wants to support and advo cate for the local workforce. Investing in our community through the ECLF supports the quality of people who, in turn, comprise a quality community,” reflects Griffin. “If we want a quality experience for our resort guests, we need to invest in our quality of life for our workforce.”

HERE'S A THING...

THE MOST IMPORTANT LESSON FOR REALTORS® IN 2022

FROM CAR GENERAL COUNSEL

Scott Peterson

As many of you know, I travel around the state to different local associations and brokerages with my “Ten Things” presentation for the year. I do this because it’s important for you to keep abreast of legal changes and important issues for your business. Many of these topics come to me through our “Legal Hotline,” which is a benefit as part of your membership. You can call the Hotline if it is approved by your Employing Broker and you have questions regarding contracts, deadlines, scams, technology, insurance, etc.

This year, I have one important Thing that is more about you than any new legal issues. If you didn’t get to see my talk, I wanted to make sure you knew my number one “Thing” for the year, “Respect Yourself, Dammit!”

REALTORS®, when I started putting together my list of topics for the year back in January of 2022, we were in the middle of a crazy market—multiple cash offers, appraisal gaps and waivers, and buyers and sellers who were at the end of their ropes looking for a beacon of light in a tight market. I talked to many of you at the height of this market, and you were making sure you were doing the right thing for your clients. You were working your tails off!

Compare that with right now, a slower market, where things are somewhat “normal” again (whatever that means in this business). Now I can tell there is some increasing stress coming across in your voices: the number of days homes are for sale on the market is taking much longer, both buyers and sellers have more time and room for negotiation, interest

rates continue to skyrocket, and the economy continues to slide.

So, what’s the difference in how you conduct your business and what you tell your clients from February of 2022 and right now? An extra hour to write the contract? Time for one more cup of coffee in the morning? Stressed Sellers rather than stressed Buyers?

THE ANSWER IS: NOTHING.

I mean it, there’s no difference. You’re still an expert in your geographic location, you still have a code of ethics you hold dear to your hearts, and you still seek out every learning opportunity you can find to benefit your clients. You are still working your tail off!

But now is a good time to take these REALTOR® values and work ethics and tell your clients.

Think about what you bring to the table for your clients and sell it to them.

If you think about it, what other profession do you know of where a person doesn’t get paid unless they are successful?

Respect yourself, Dammit! You earn every ounce of it!

HAPPY NEW YEAR REALTORS®

NOTES FROM A MORTGAGE PROFESSIONAL: A PRIMER ABOUT THE FACTORS

IN CALCULATING RATES

USED

By Mathew Schulz President/Owner at Firelight Mortgage, Board of Directors at the Colorado Mortgage Lenders Association

Hey Mathew, what’s the rate on the 30-year fixed mortgage today?

I HATE this question! It’s not because I am trying to be dodgy or elusive, it is because I believe that it is next to impossible to answer accurately without more information.

In general, the public is not aware of all the different factors that go into calculating a rate. Banks don’t offer just one interest rate, but many different interest rates.

Let’s tackle the first issue: adjustments. There are so many different factors that go into calculating a buyer’s rate, and it goes a lot deeper than a credit score. However, that is a great place to start. Fannie Mae and Freddie Mac both look at a 740 middle credit score and above as the top tier of pricing. If you have a 740 or an 820, it doesn’t really matter, you are in the top tier of pricing.

Every 20 points below a 740-middle score, there is an adjustment to the pricing of the loan. That adjustment is also based on the equity position of the loan, also known as the loan to value ratio (LTV). The larger the down payment on a purchase or equity position on a refinance,

combined with a higher credit score, the consumer will receive the optimal pricing. However, as the credit score and equity position decrease, the adjustments become larger. Therefore, the consumer would receive a higher interest rate.

Yet there are so many more adjustments. Most are aware that investment property and a second home will have a higher interest rate than a primary residence. Are you aware that both Fannie Mae and Freddie Mac will give a higher interest rate if a consumer is financing a condominium with a greater than 75% loan to value? If a loan has a second mortgage (also known as a home equity loan or home equity line of credit) at the time of consummating a new first mortgage, there is also an adjustment. This adjustment is based on the loan to value ratio of the new first mortgage as well as the combined loan to value adding the first and second mortgage balances together.

In the mortgage world, there are three ways to break down loans: purchase loans, no cash out refinancesand cash-out refinances. Fannie and Freddie both have adjustments on a cash out refinance compared to a

purchase or no cash-out refinance that is also based on credit score and loan to value. Multi-unit properties will also have adjustments to pricing. And there are many more adjustments in addition to these.

Below is an example of what is called a “rate stack,” and under it is an example of a credit score adjustment table.

The numbers in the credit score table represent adjustments

Rate Stack Example

Rate 15-Day 30-Day 45-Day

5.875 97.344 97.314 97.144

5.920 97.518 97.488 97.318

5.990 97.729 97.699 97.529

6.125 98.234 98.204 98.034 6.250 98.769 98.739 98.569 6.375 99.234 99.204 99.034

6.500 99.663 99.633 99.463 6.625 99.979 99.949 99.779

6.750 100.480 100.450 100.280 6.875 100.953 100.923 100.753 6.990 101.316 101.286 101.116 7.125 101.587 101.557 101.387 7.250 102.062 102.032 101.862 7.375 102.456 102. 426 102.256 7.500 102.731 102.701 102.531 7.625 102.877 102.847 102.677

to the “pricing” of the loan, not to the actual rate. An example might be an individual with a 740 middle credit score that is in the 70.01-75.00% loan-to-value column. They would have a .25% adjustment to the pricing of the mortgage. In the rate stack, if you looked at a 6.75% rate in the 30-day rate lock

column, the starting price would be 100.45, meaning if the consumer chose this rate option the bank would give them .45% of their loan amount as a credit toward their closing costs. However, after having a .25% adjustment for credit score, the loan would net a 100.20 price or .20% credit toward their closing costs. In the same example, if the consumer had a 620 middle credit score, now their adjustment would be 3.0% to pricing. In theory, they could still have the same 6.75% rate if they wanted, but it would simply come with a net price of 100.45 – 3.00 = 97.45 or a 2.55% discount fee. More than likely, this consumer would go with a higher rate to absorb that pricing adjustment without having to pay dramatic discount points. You can imagine that the pricing adjustments can get significant with lower credit score borrowers, putting less money down on a property type that also has pricing adjustments.

While it is important to have a general understanding of how loans are priced, please do not get hung up on memorizing adjustment tables and all that goes into the pricing of a loan—it changes quite often. Individual banks may have other adjustments or credits that other banks do not have in addition to the standard adjustments put forth by Fannie Mae, Freddie Mac, FHA, VA, and USDA. In mentioning FHA, VA, and USDA (government loans), it is important to note that these loans start with lower interest rates in general compared to conventional loans (Fannie Mae and Freddie Mac), although they will typically come with higher fees. Individual banks also may have “portfolio” loan programs with their own pricing standards where they plan to permanently service themselves. Finally, please remember that unless you’re also licensed as a mortgage loan originator, discussing the terms and pricing of a mortgage would violate licensing standards. Best to leave it to us mortgage nerds with the giant calculators and pocket protectors!

Mathew Schulz, CML, is the President of Firelight Mortgage Consultants in Greenwood Village, Colo., a mortgage company that he has owned for 15 years. He is also a board member and past president of the Colorado Mortgage Lenders Association. You can reach him at mschulz@FirelightMortgage.com. Matthew provides a regular look into the market called MMG Weekly. Click here if you’d like to subscribe.

CAR Foundation Raises Nearly $93K at Annual Fundraiser, Welcomes New Board

AUCTION RESULTS

CAR Foundation supporters put on their favorite boots and kicked up their heels at Boots & BBQ, the Foundation’s an nual fundraising dinner, held at the CAR Fall Forum in Snow mass, Colorado. The event was a tremendous success, raising $92,738 for the CAR Foundation’s programs. As the philan thropic and community engagement arm of CAR, the Foun dation’s mission is to support safe and attainable housing, ad vance homeownership, and provide housing-related disaster relief.

Nearly 150 guests enjoyed socializing, a high-end silent auc tion, and a boisterous live auction. Both auctions were spon sored by REcolorado, whose subscribers also had the oppor tunity to bid and donate in the silent auction. Thank you to the many donors and supporters who attended and contributed – with your support over the last 31 years, the Foundation has invested more than $10 million in Colorado communities and touched more than 90,000 lives.

2023 CAR Foundation Board of Directors Officers are:

• Chair: Janene Johnson (GCBOR)

• Chair-Elect: Mary Ann Hinrichsen (SMDRA)

• Vice Chair: Ann Kidd (PPAR)

• Treasurer: Aline Pitney (DMAR)

• Secretary: Suzan Koren (AE, FCBR)

FALL 2022 GRANT CYCLE

The Foundation’s Fall 2022 Grant Cycle: Invest in Colorado is currently open, with the application window for nonprofits closing November 23, 2022. The winning organizations will be chosen by the Foundation Engagement Committee and Board in early December, and funding will take place prior to the end of the calendar year. Thanks to support from Colorado REALTORS®, community members and industry partners, the Foundation’s 2022 grants will help thousands of Coloradans.

NEW DIRECTORS

Also at CAR’s Fall Forum, the Foundation held its final meeting of the 2021-2022 Board year. Applications for new Directors were considered, and the Board is honored to welcome Mike Heraty (PSAAR), Sonia Franzel (DMAR), Brenda Wild (ABOR), and Rich Coccaro (FCBR).

TOTALS FOR THE YEAR: CELEBRATING THE FOUNDATION’S IMPACT IN 2022

The Foundation focused the first part of 2022 on quickly mo bilizing to help victims of the Marshall Fire. Thanks to a $2M grant from the REALTORS® Relief Foundation, we distributed

mortgage and rental relief directly to individuals displaced from their primary residence due to destruction or damage from the fire.

• Total households that have received aid: 541 – more than 1,800 individuals

• Total amount of aid distributed: $1,274,017.17

• Total nights of shelter provided by these grants: 16,000+

• Of approved applicants:

• 410 received mortgage assistance

• 131 received rental assistance

• Nonprofit organizations serving victims can still apply for grants from our Boulder County Fire Relief Fund through the end of the calendar year or until all collected funds are spent out.

In April, the Foundation launched its 30 Year Impact Report and first ever Annual Report, a collection of data, stories, and information about the tens of thousands of Coloradans who were helped by the Foundation in 30 years of grantmaking and community investments. The report encompasses CAR HOF and the Education Foundation and shines a spotlight on the positive impact YOU, our Colorado REALTORS®, continue to have on communities across the state. Including 2022 to tals to date, in 31 years of grantmaking, the Foundation has in vested $10,083,289.17 in Colorado communities and touched more than 90,000 lives.

JOIN THE MISSION

We invite you to get involved in the Foundation by:

• Joining us in encouraging brokerages and title companies to become participants in our escrow interest program, in which interest earned on escrow accounts is donated to the CAR Foundation. This is the program which funded CARHOF grants from the beginning – all it takes is the completion of a simple form.

• Becoming a donor or a connector yourself. By giving to the Foundation, or connecting us with other donors and corpo rate partners, you help us continue to support qualified com munity organizations and elevate the REALTOR® brand at the same time.

The Foundation will launch a pilot Advisory Group in Febru ary 2023, welcoming by invitation REALTORS®, industry part ners, past Directors, and potential future Directors who would like to provide guidance and connections for the Foundation. If you would like to nominate a contact for a position in the Advisory Group, email Amy McDermott, Executive Director, at amcdermott@coloradorealtors.com

2023 SNEAK PEAK:

LOCAL ASSOCIATION FOUNDATIONS

Also in 2022, the Foundation launched the CAR Foundation Charitable Funds, a community foundation structure intend ed to bring impactful philanthropy to local communities by offering local boards the ability to create grantmaking and disaster relief funds for use in their own communities under the Foundation’s 501c3, taking the administrative burden off of local associations and offering significant advisory and regulatory support. Multiple local boards expressed interest in opening a fund, and DMAR is the first to officially launch their own grantmaking fund and disaster relief fund, named DMAR Gives.

• The Foundation will be launching a Giving Pledge program, where you, your brokers, and your offices can pledge a per centage or an amount from each closing as a donation to the Foundation. Giving Pledge participants will be celebrated with marketing materials for your office and special visibility. Stay tuned for more information to come!

• Look for the Colorado’s Heart Award cycle to open again for nominations in Spring 2022.

Attendees at the recent CAR Foundation Dinner in Snowmass.

Colorado

Markets Spotlight Dramatic Fall Change

Conditions drive inventory and opportunity for an increasingly skeptical and cautious buyer pool

As cooling temps lead to dramatic changes in foliage across Colorado’s iconic mountain forests, rising interest rates and a growing list of economic challenges and uncertainties are creating their own dramatic changes in the state’s housing markets, according to the September 2022 Market Trends Housing Report from the Colorado Association of REALTORS®.

Dramatic dips in pending sales and sold listings (ranging from -20% to -33%) helped drive up inventory options for an increasingly skeptical and cautious pool of buyers. With the inventory of active listings slipping from August to September both in the seven-county Denver metro area and statewide, the volume of available properties remains well above where the markets stood in September 2021. Months supply of inventory also remained flat in September and, at roughly 2 months, remains well short of what would be defined as a balanced market (4-6 months supply).

The combination of factors pushed median pricing down slightly for single-family homes in the Denver-metro market, as well as statewide. However, the more affordable townhouse/ condo market saw median prices tick up 1.2% statewide to $419,900, and 2.5% in the seven-county Denver area to $415,000. That said, sellers are having to price properties carefully and are facing scenarios not seen in a few years that includes reducing prices and offering buyer concessions as the percent of list price received fell slightly again in September to ranges not seen since early 2020.

Capturing the changes, REALTORS® across the state are focusing their lens on local housing markets that are changing

like the leaves – some are turning a variety of colors, some are hanging on to their pristine color palette, while others are beginning to see the fall.

REALTORS® across the metro area and state shared these highlights (expanded summaries of each market are included in the following pages):

• Aurora – We’re experiencing a very common theme among the Aurora and Centennial zip codes as prices continue to go up, days on market have nearly tripled, inventory is rising, and the number of closed sales is down.

• Boulder/Broomfield counties – In Boulder and Broomfield counties, we are in a ‘Tornado’ market, a phrase coined by my REALTOR® colleague Frederick Warburg. It’s a market where, ‘one home trades hands briskly while other, similar properties languish.’

• Colorado Springs – With active properties up 91.9 %, we are beginning to feel the pain, a pain brought on by higher interest rates, up 55% from a year prior. The tables have turned from sellers demanding high prices, appraisal gaps and the first born, to sellers beginning to get aggressive on pricing and still hoping to see an offer come in. The good news is, we are still selling homes, but you better be serious about price and condition to bring that buyer in.

• Denver County – Are we headed for a 2008-era crash or is there simply going to be a course correction that, although major in comparison to the last two years, is really nothing more than a slight pivot? The latter is looking true of the Denver market since the course correction began several months ago. This last month was, in fact, the first time that price appreciation was back to single digits counted year-overyear in over four years. It’s important to consider this metric

as it represents that there has not been a ‘crash’ but rather a simple, ordinary correction. Remarkable in its transition speed but rather unremarkable on a multi-year graph.

• Denver Metro – In the metro-Denver region there are over 50% more single-family homes on the market than there were just a year ago, providing more choice and opportunities to buyers. Affordability continues to be a challenge as interest rates move up again, with the average for a 30-year mortgage around 6.7% and the median price of a single-family home in metro Denver sitting at $630,000, an increase of 13.7% year to date. With more time and more choices to make a decision about buying, many buyers are choosing to sit on the sidelines and watch.

• Douglas County – Inventory in Douglas County jumped more than 54% year-over-year in September, continuing the shift towards a buyer's market. Naturally, as the supply of housing increases and demand is constrained by rising interest rates, single-family home prices were forced lower, decreasing 2.8% month-over-month in September. The townhouse/condo market, however, continued its upswing with median sales prices increasing 5.6% last month.

• Durango/La Plata County – The ‘cream puff’ properties are still getting snatched up in a matter of days at asking price or above. Properties that are in less desirable locations or conditions are staying on the market for extended amounts of time, and these properties are seeing multiple price reductions. There is still strong buyer demand, but buyers are becoming more discerning and unwilling to settle. Sellers are getting creative, offering incentives to help with down payments or buying down points on buyers' loans.

• Estes Park – The most notable stat to share in this regard is the average days on market, a direct reflection of the slowing and general change to the market. Single-family homes have gained four days on the market longer than September of last year, a 10.5% increase. Year-to-date this is a 15.9% jump in time on the market to close.

• Fort Collins/Northern Larimer County – Our housing market is a little like that vintage game show, The Price is Right, where contestants are tasked with ‘guessing’ the closest retail price of goods without going over in order to win a host of fabulous prizes. Right now, sellers and listing brokers are the

contestants trying to guess the right price to list a house.

• Grand Junction – September of 2022 is a very different story versus September 2021. New listings are down 18.7%, pending sales are down 19%, and solds are down 26.8%. However, prices are up, with the median up 19.2% to $404,000, and the average up 17.5% to $445,853. We are not yet seeing prices go down. We are seeing incentives from sellers, such as buying down the buyers' interest rate, and some small price reductions. The troublesome statistic in Mesa County is that our affordability index is down 38.4% to 53.

• Jefferson County/Golden – Homes are now sitting on the market an average of 25 days compared to 13 a year ago, a significant expanded timeframe for sellers. It is still a seller’s market now that new inventory has also declined 20% however, sellers are not receiving the multiple offers as in the past several weeks and most are having to reduce the list price to sell the home.

• Pagosa Springs – This year continues to deliver an abundance of changes - prices, interest rates, inventory, home affordability. Even expectations for buyers and sellers have changed. Like the change of season, today’s market is significantly different from three weeks ago, and just as it has been since the first of five interest rate hikes this year.

• Pueblo – “The Pueblo market continued to slow in September with new listings down 22% compared to September 2021. Pending sales were also down 22% from September 2021 and -3.4% year to date. Solds were down 29.4% from September to September and down 0.3% year to date. The theme here is down.

• Steamboat Springs/Routt County – For Routt County, a shortage of housing persists. Single-family had almost 56% less new listings on the market in September than it had last year, resulting in almost 20% less active listings; multi-family had almost 39% less new listings with active listings a mere six more than the prior year. Average sales prices for houses declined 13.8% from September last year yet remains up 5.8% YTD at $1,627,394.

• Summit, Park, and Lake counties – Compared to last September, Summit single-family home inventory is up 73%, condo inventory is up 37%. Inventory in Park is up 12%, and

Lake is up 40%. Homes are getting about 96% of list. With all these listings you would think sales would be going up, but sales have decreased 32%. In the last week, 23 properties dropped their prices. While prices have not fallen to even 2021 levels, sale prices are down 30% on average from the peak of the market this past January.

Taking a more in-depth look at some of the state’s local market data and conditions, the Colorado Association of REALTORS® Market Trends spokespersons provided the following assessments:

while other, similar properties, languish.’ The statistics show a continued brisk market despite recent interest rate fluctuations, with 10% appreciation since the beginning of the year and a healthy 31 average days on market. But a view from the ground tells a different story. Many homes are listed, price reduced many times, with a final sale much lower than the seller expected. Others are experiencing multiple offers and enjoying over list price premiums. Officially, our sales price/ list price ratio remains at 103% but many sellers are not having that experience.

AURORA

“We’re experiencing a very common theme among the Aurora and Centennial zip codes as prices continue to go up, days on market have nearly tripled, inventory is rising, and the number of closed sales is down. Obviously, the situation varies among neighborhoods and zip codes including in 80016 where the southeast part of Aurora is showing a median price of $763,000, up 4.5% over last year. However, total sales are down 25%. In 80015, another southeast Aurora zip code, we see double the inventory from last year and a median price of $598,700, up 15.8% over 2021. Once again, actual closed properties are down 32% from last year. In 80011, a north Aurora zip code, we also see an inventory double however, that is only a total of 57 properties on the market and a median price of $451,000 and closed properties are down 46%.

“Centennial is also seeing inventory rise almost 70% over this time last year with a median price of $675,000. Closed sales are down 31%. For buyers, the takeaway is that there is more opportunity through more inventory and homes that are staying available longer. For sellers, the takeaways are that pricing is key, and there is more competition for those buyers. The best news is that we are seeing the market start to balance in all price ranges,” said Aurora-area REALTOR® Sunny Banka.

“Townhomes and condos continue to enjoy more appreciation than single-family homes – around 17% since the beginning of the year, likely related to their affordability compared to houses. Homes that are priced right from the start, staged, and are updated are the ones being touched by the tornado while the others are often overlooked by increasingly skeptical and cautious buyers. According to the statistics, the average days on market has remained the same from the previous month but, in order to sell in a short time, sellers must price properly, make their homes shine, and even offer a buyer concession to help pay down the volatile interest rates. What a storm,” said Boulder/Broomfield-area REALTOR® Kelly Moye.

COLORADO SPRINGS

“Housing affordability coming to a city near you, but when? It seemed like just yesterday when the REALTOR® population at large stated that Colorado would not and could not see declines in housing prices. We were told that we just did not have any inventory and because of that reason alone home prices were safe and rental prices were too. But that season has changed and as we work through the beautiful fall weather here in Colorado, housing is heading for winter, and fast.

BOULDER/BROOMFIELD

“In Boulder and Broomfield counties, we are in a ‘Tornado’ market, a phrase coined by my REALTOR® colleague Frederick Warburg. It’s a market where ‘one home trades hands briskly

“We dropped 26.8 % on sold listings year over year – a number that simply amazes me. Just think how many people that drop affects. From the mortgage world to new home builders, REALTORS® and more. That number is massive. And with active properties up 91.9 %, we are really beginning to feel the pain, a pain brought on by higher interest rates, up 55% from a year prior. But even before that we were in bubble territory, this just exaggerated that bubble. Because of that, the tables have turned from sellers demanding high prices, appraisal gaps and

the first born, to sellers beginning to get aggressive on pricing and still hoping to see an offer come in. The good news is, we are still selling homes, but you better be serious about price and condition to bring that buyer in. And then you can expect lower offers, concessions, and tossing in a fridge or two.

“The industry is trying to wrap its mind around what happened. So many couldn’t see this day coming and now that it has, panic is beginning to set in. Maybe one of the reasons is that the Fed is going to continue quantitative tightening until they break something. So, these first few months are just the beginning of the downturn. With talk of recession, home prices dropping in many areas across the nation, international and national news of possible large, international bank failures, devaluing currencies, untamed and high inflation, and gas prices heading north again, we have very little good news to work with. If I was a betting man, I bet house prices are headed south from here and until affordability along with economic stability is reached, many may be shocked on what is coming and how bad this may get. Not to mention that 2008 isn’t that far away and many have a bad taste left over from how fast that hit and what it cost us all. The headlines today are reminiscent of those days.

“Currently, sellers are going to have to price their homes aggressively to sell them, and even then, we are witnessing buyers sitting on the sidelines knowing there is blood in the water and waiting is probably going to snag them an even better deal. As the large IDX sites continue to show price drops, I cannot say I blame buyers for their patience. As for the industry as a whole, it reminds me of the parable, ‘The Ant and The Grasshopper.’ I hope there are more ants than grasshoppers because these could be trying times,” said Colorado Springs-area REALTOR® Patrick Muldoon.

correction that, although major in comparison to the last two years, is really nothing more than a slight pivot? The latter is looking true of the Denver market since the course correction began several months ago. Prices have continued to increase but much, much slower than 2020 and 2021. The year-overyear median increases were in the double digits over the last three years but in September 2022, they are back under 8%, similar to the trajectory of 2017 and even slightly higher than 2018. This last month was, in fact, the first time that price appreciation was back to single digits counted year-over-year in over four years. It’s important to consider this metric as it represents that there has not been a ‘crash’ but rather a simple, ordinary correction. Remarkable in its transition speed but rather unremarkable on a multi-year graph.

“Further evidence of this crashless pivot has been the time a home sits on the market before sale. At 23 days last month, that number is certainly higher than last year’s 12 and is marginally larger than 2020's 19 days. However, 23 days is still higher than 2016, 2017 and 2018 which all tied at 22 days on market - a statistically even number with pre-COVID September performance.

DENVER COUNTY

“Whenever a market shifts, it’s only natural to wonder how deep and wide that correction is going to be. As real estate has proven through the years, more often than not, simple changes in our trade tend to be a good barometer of the overall economy’s health, or lack thereof. Are we headed for a 2008-era crash or is there simply going to be a course

“In Denver County specifically, fewer new listings and fewer overall sales occurred last month than at any over the past 6 years. It makes sense that there’d be less sales with less new listings but it’s important to consider the factors resulting in lower listings. It could simply be that in 30 months of experiencing a post-pandemic world, people are simply staying put. During the early months of 2020, there seemed to be a mass swapping of living situations as we all adjusted to our new surroundings. Since then, we have sharpened our expectations and are collectively appreciating a little less chaos. Add in a dash of higher interest rates, prices looking like they’re poised to grow at a more healthy rate and you might just have yourself a real estate market that is becoming healthier, more sustainable, and less volatile than it’s been in recent memory,” said Denver-area REALTOR® Matthew Leprino.

DENVER METRO

“Fall is in the air and as the leaves are changing their colors, so is the real estate market. Many might consider the current

real estate market not as pretty as the fall colors, but with change there is always opportunity. In the metro-Denver region there are over 50% more single-family homes on the market than there were just a year ago, providing more choice and opportunities to buyers. Also, there are nearly 23% more townhouses and condos on the market compared to a year ago. Properties are staying on the market longer, 29 days for single-family properties compared to 14 days, and 24 days for townhouse-condos compared to 15 days a year ago. All of this provides buyers a bit more time to make their home buying decision.

“Affordability continues to be a challenge as interest rates move up again, with the average for a 30-year mortgage around 6.7% and the median price of a single-family home in metro Denver sitting at $630,000, an increase of 13.7% year to date. With more time and more choices to make a decision about buying, many buyers are choosing to sit on the sidelines and watch. The data continues to support downward pressure on home prices, but that pressure is staying in check as we see well priced, well positioned properties successfully going under contract,” said Denver-area REALTOR® Karen Levine.

on the market longer, consumers fear economic uncertainty, dissuading them from purchasing a home or decreasing their budget, causing the market to slow further. Consumer confidence has decreased beyond peak-pandemic levels in May 2020, accelerating the seasonal housing market slowdown into the winter months. While Douglas County's housing market is quite strong and more stable than in the spring of this year, consumer doubt about economic conditions will likely continue to push prices down and inventory up in the months to come. Sellers can expect a noticeably longer time to sell their home this fall and may consider more upgrades/ repairs to their home to make it more attractive compared to the larger inventory. Buyers, while constrained by affordability, will have many more options while searching and increased negotiating power while under contract,” said Douglas Countyarea REALTOR® Cooper Thayer.

DURANGO/LA PLATA COUNTY

DOUGLAS COUNTY

“Inventory in Douglas County jumped more than 54% yearover-year in September, continuing the shift towards a buyer's market. Naturally, as the supply of housing increases and demand is constrained by rising interest rates, single-family home prices were forced lower, decreasing 2.8% month-overmonth in September. The townhouse/condo market, however, continued its upswing with median sales prices increasing 5.6% last month. While the Douglas County market is relatively flushed with multi-family inventory (+122% since last year), there is still an imbalance of housing stock in the category, with multi-family sales making up just over one in every 10 closings in the county. As the population surges throughout the county, fueled by massive retail growth in places like Parker and Castle Rock, there remains a lack of entry-level housing to accommodate the large number of middle-class households joining the workforce.

“Slowdowns in the housing market can be a compounding issue due to their nature as a feedback loop. As homes stay

“To say the Durango market is in flux would be an understatement. Compared to the previous month, the average sales price in September trended upward, hovering at just over $1 million. Current inventory levels continue to rise, with just over a three-month supply of single-family homes for sale. Days on market increased to 87 from 65 in August. The number of new listings decreased, as did the percentage of the list price received. What does all of this mean? Buyers have more time to make buying decisions with additional options and a better negotiating position. Sellers, on the other hand, must be much more strategic when positioning their properties for sale in this market.

“The ‘cream puff’ properties are still getting snatched up in a matter of days for the asking price or above. Properties that are in less desirable locations or conditions are staying on the market for extended amounts of time, and these properties are seeing multiple price reductions. There is still strong buyer demand, but buyers are becoming more discerning and unwilling to settle. Sellers are getting creative, offering incentives to help with down payments or buying down points on buyers' loans.

“Some industry experts expect interest rates to hit double digits in the coming year, sidelining more buyers. In addition,

fewer sellers are willing to give up the low-interest loans they secured in the past few years. Buyers waiting for prices to drop need to be aware of the effect rising interest rates have on their buying power. As interest rates continue to increase, locking in a lower rate today could save buyers hundreds of dollars on their monthly payments. If rates go down in the future, they can always refinance. Sellers must be prepared to be patient and flexible in order to get their homes sold in this ever-changing market. Even with all of the uncertainty in the current market, appreciation is still near 25% year-to-date,” said Durango-area REALTOR® Jarrod Nixon.

received dropped 2.2% in September 2022 compared to last year to 99.2% of list price. Year to date the figures are still over listing at 102.2%, but that’s a 0.3% year-to-date drop. So, September is showing some slowing and buyer negotiating power across the board. It will be interesting to see if the real estate market leaves fall from the trees this season,” said Estes Park-area REALTOR® Abbey Pontius.

FORT COLLINS

ESTES PARK

“As the temperatures fall and the leaves turn, the air in the real estate market is similar in Larimer County. The most notable stat to share in this regard is the average days on market, a direct reflection of the slowing and general change to the market. Single-family homes have gained four days on the market longer than September of last year, a 10.5% increase. Year to date this is a 15.9% jump in time on the market to close. Townhouse/condos are feeling the drag to the finish line as well. Compared to September 2021’s average of 42 days on market, this September lengthened to 100, a 138.1% increase. Year to date it’s not as bad with a 44.3% increase to 88 DOM versus 61.

“New listings are still down from historical points for both single-family and townhouse/condos. Single family are down 8.2% year-to-date, townhouse/condos are -22% year-to-date. The shortage of homes in the affordable range, coupled with the hefty interest rates, is really slowing the market for your entry level buyer, or the average family who lives paycheck to paycheck. What could have been affordable this time last year, between interest rates and price increases, has gotten even further out of range. Average sales prices have climbed again. Single-family homes are closing for 10.9% more than September 2021, a year-to-date increase of 15.5%. Townhome/condos are seeing the same with a 17.7% increase over September 2021. Percent of list price received however, is down to 100.4%, a small dip of 0.9%.

“Townhouse/condos have gained 1.4% momentum over list, to a 103.1% average year-to-date. Single-family homes are starting to come down to earth a bit too. Percent of list price

“Planning to buy or sell a home between now and the New Year? Come on down, you’re the next contestant on The Price is Right.

“Interest rates are at a 20-year high; inventory of homes available for sale is on the rise; and 20% or more of the traditional buyer pool is sidelined due to lack of funds (primarily first-time home buyers).

“The run-up in home prices throughout the first third of the year has come to a halt – note the drop in median price from its high of $634,240 in June to $585,000 in September. That’s a cascade of over 8% in the span of less than 90 days. The absorption rate – also known as months’ supply of inventory is four and a half times higher now than it was in February of this year. Rapidly rising mortgage interest rates remain at the top of the list for dragging the housing market from an all-out sprint to a leisurely stroll.

“But how is this housing market like a vintage game show where contestants are tasked with ‘guessing’ the closest retail price of goods without going over in order to win a host of fabulous prizes? Right now, sellers and listing brokers are the contestants trying to guess the right price to list a house. Price volatility is not generally used to describe real estate pricing. Since 2012 home prices have only moved in one direction. Facing a stall in price appreciation in the span of just a few months after years of escalation requires stoic acceptance of what is so – not what is wishful thinking.

“The rapid departure of buyers willing to pay top dollar for high-priced homes thanks to cheap money from lenders and dramatic post-covid stock gains was swift as interest rates exceeded the 7% mark briefly at the end of September. This has made pricing a home supremely challenging as there is

“Home prices in the median range are seeing multiple price corrections after initial listing if the house isn’t under contract within the first 10-14 days on the market. Savvy sellers (or sellers with savvy listing brokers) understand the value of pricing aggressively to drive interest and create a scenario for multiple offers or in some cases, any offer.

“With discretionary cash being eaten up by higher interest rates, buyers are looking for turn-key properties that won’t require cash to fix-up. Buyers have a little more latitude to pick and choose the houses with the best floor plans, the best staging, the best landscaping, and the best price. Sellers must recalibrate for the season at hand if they must sell now. Sellers with the luxury of time on their side may take a ’wait-and-see’ posture hoping that inflation diminishes after the mid-terms and New Year with interest rates trailing lower behind that drop,” said Fort Collins-area REALTOR® Chris Hardy.

correctly price homes as they hit the market. Homes are now sitting on the market an average of 25 days compared to 13 a year ago, a significant expanded time frame for sellers. It is still a seller’s market now that new inventory has also declined 20%. However, sellers are not receiving the multiple offers as in the past several weeks and most are having to reduce the list price to sell the home. Typically, there is a cooldown in the market in the later months of the year which explains some of the lower inventory currently. The median sales price for single-family homes increased yet again to $655,000, and for condo/townhomes, the median sales price ticked up to $391,925. It will be very interesting to see if interest rates continue to increase and what that will do to the market in late January and February,” said Jefferson County-area REALTOR® Barb Ecker.

PAGOSA SPRINGS

GRAND JUNCTION

“September of 2022 is a very different story versus September 2021. New listings are down 18.7%, pending sales are down 19% and solds are down 26.8%. However, prices are up, with the median up 19.2% to $404,000, and the average up 17.5% to $445,853. We are not yet seeing prices go down. We are seeing incentives from sellers, such as buying down the buyers' interest rate, and some small price reductions. The troublesome statistic in Mesa County is that our affordability index is down 38.4% to 53.

“The under $300,000 price is where we are seeing most of the negatives. Sales under $300,000 are down 33.3% for singlefamily homes and 40% for condo/townhomes. The dramatic rise in interest rates, coupled with rising prices, are simply pricing those in the lower incomes in Mesa County out of the market,” said Grand Junction-area REALTOR® Ann Hayes.

“This year continues to deliver an abundance of changes - prices, interest rates, inventory, home affordability. Even expectations for buyers and sellers have changed. Like the change of season, today’s market is significantly different from three weeks ago, and just as it has been since the first of five interest rate hikes this year. With our rural average days on market at 79, correct pricing and seller concessions mindset change is imperative to meet the average days on market sale period. Buyers and sellers in today’s market are both faced with reality and affordability. Buyers are either adjusting their expectations, standing on the sidelines, or are likely priced out of the market. The same is true with sellers finding it difficult to find a replacement or move-up home, obtaining their desired home sale proceeds, offering seller concessions, and accepting home sale contingent offers. The largest gains in September 2022 compared to September 2021 were sales price and inventory (median sales price at $525,000 (+11.8%), average sales price at $659,771 (+15.7%), and Inventory of homes at 193 (+44%).

JEFFERSON COUNTY/GOLDEN

“In Jefferson County, pricing a home correctly for this market

September showed us that the highest current inventory gains were homes priced $500,000-$699,900 (+90%) at 42 homes, $1M to $1.99M (+121%) at 42 homes, and $100,000-199,999

(+150%) at five homes. We currently have a 4.5-month supply of homes. True, inventory is at a year high, just not in the price range of many buyers. Several homes priced in the ‘comfort buyer price level’ are not meeting the buyer expectations as they may be a distance from town or not quite the buyer’s desired neighborhood. Additionally, most homes in comfortlevel pricing need maintenance, repairs, or updates. These projects can be costly and overwhelming to a buyer in a rural area seeking a first, second, or retirement home.

“Another 2022 change is the Archuleta County short-term permit moratorium set until Spring 2023. Historically, outof-state buyers have chosen short-term rentals to help offset home expenses and provide opportunity for more buyers to purchase a second home. Even with an abundance of price reductions, sellers and buyers in all price points are challenged with changes in the real estate market to meet their desires and needs. With new interest rates making average monthly payments about 70% higher than it was a year ago, cash buyers may have a little negotiating leverage with sellers, as fewer buyers are previewing homes and making an offer on any of the homes previewed. Many buyers are still on the sidelines hoping to jump into the game and score in this market change. Higher interest rates have created fewer buyers and lower sales unit numbers. As such, home prices will continue to decelerate for sellers desiring to sell within the average days on market, the onset of winter home showing demands, and before the new year. Price adjustments are not of abundance in the “comfort price point”, as the larger inventory exists in the higher price points. Winter season has historically offered buyers in higher price points discounted pricing- and perhaps their best time to buy!

Vacant land is also tracking the same as home sales. Higher inventory volume at higher prices. However, land sales will not come close to the over 700 units sold in 2022. Currently, only 312 land parcels have been sold, with an inventory of 300+ parcels. Higher land prices have curved land purchase numbers. Some buyers have changed their home buying option to a land purchase, as it is an instant comfortable compromise and affordable to the buyer's budget. Most builders are now taking building orders for 2025. With continued escalated infrastructure, building, and labor prices, land buyers are purchasing with the intent not to build right away,” said Pagosa Springs-area REALTOR® Wen Saunders.

PUEBLO

“The Pueblo market continued to slow in September with new listings down 22% compared to September 2021. Pending sales were also down 22% from September 2021 and -3.4% year to date. Solds were down 29.4% from September to September and down 0.3% year to date. The theme here is down.

“These changes have basically ended 2.5 years of a seller's market. The months supply of inventory sits at 2.4 as homes are simply staying on the market longer. Our median price of $315,000 is exactly where we were just a few months ago and the percent of list price received dropped a little to 98.5% in September 2022. Another telling sign of our market conditions changing: We now are seeing multiple open houses – sometimes for 3 or 4 days a week – compared to just a few months ago when there were no open houses.

“Sellers are dropping their prices as they see far fewer buyers in the market thanks to rising interest rates and products that don’t match expectations. The result has been a growing level of concern from sellers,” said Pueblo-area REALTOR® David Anderson.

STEAMBOAT SPRINGS/ROUTT COUNTY

“Real estate seems to be ‘in a pickle’ right now – a phrase traditionally coined by baseball when a player was caught between two bases. Some buyers are caught between the bases – wanting to buy, but not economically confident if they should advance to the next base (purchase) or run back (stay in existing or rent). The rapid rise in interest rates has left some buyers standing on the base- or worse yet, not allowing them to even get up to bat with lost purchasing power. The higher interest rates have resulted in lowering of some list prices which can somewhat counteract the higher interest rate. Where we may see real estate prices drop, rental prices have not, thus creating another pickle for Buyers who are now stuck as they have been priced out of buying due to the higher interest rates. Sellers also find themselves in a pickle as they come to grips with a market that has shifted. Although still considered a seller’s market, getting to the closing table sooner than later now often requires a Seller to negotiate on

purchase price, concessions, and inspections. Appropriate pricing at the onset can still produce a homerun depending on property condition and location.

For Routt County, a shortage of housing persists. Single-family had almost 56% less new listings on the market in September than it had last year, resulting in almost 20% less active listings; multi-family had almost 39% less new listings with active listings a mere six more than the prior year. Average sales prices for houses declined 13.8% from September last year yet remains up 5.8% YTD at $1,627,394. Condos/townhomes average sales prices were up 51.8% over September 2021 and +33.7% year to date at $1,101,708. With fewer properties to sell, it makes sense that 2022 would realize fewer contracts and sales yet realize appreciation. Influencers of interest rates, inflation, and consumer confidence have their effects on slowing the market a bit more to almost three months’ supply of single-family homes and almost two months for multi-family. To effectively navigate a particular segment of the market, buyers and sellers should seek a REALTOR® for the rundown,” said Steamboat Springs-area REALTOR® Marci Valicenti.

that lower-priced properties are selling most often, and/or overall prices are coming down. September saw about 31% of closings paid for with cash. Looking at inventory, we currently have about four months of supply and we would consider it to be a balanced market with about six months.

“An interesting change is that Keystone and Copper, which do not have any short-term rental restrictions, outperformed the rest of Summit County by 10%. There are 515 residential active listings in the Summit MLS that range from a low-price, single-family home in Park County for $149,900 and a high price single-family home in Breckenridge for $18.9 million, which has been on the market for over 2 years. Out of the 177 sales in September, the lowest was a home in Park County for $194,000 and the highest was a single-family home in Breckenridge for $5.45 million. These numbers exclude deed restricted, affordable housing. In Summit County, an average priced home is below the $2 million mark at $1,933,610, down about $204,000 from last month,” said Summit-area REALTOR® Dana Cottrell.

SUMMIT, PARK, AND LAKE COUNTY

“Yes, average prices are falling like the leaves in Summit County, but we need a little perspective. Prices ran up so fast and so high last year that, even with an average $203,961 less for property, the overall price for a home is still higher than the previous year-to-date for Summit, Park, and Lake counties. Compared to last September, Summit single-family home inventory is up 73%, condo inventory is up 37%. Inventory in Park is up 12%, and Lake is up 40%. Homes are getting about 96% of list.

“With all these listings you would think sales would be going up, but sales have decreased 32%. In the last week, 23 properties dropped their prices. While prices have not fallen to even 2021 levels, sale prices are down 30% on average from the peak of the market this past January. This could indicate

The Colorado Association of REALTORS® Monthly Market Statistical Reports are prepared by Showing Time, a leading showing software and market stats service provider to the residential real estate industry and are based upon data provided by Multiple Listing Services (MLS) in Colorado. The Sept 2022 reports represent all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction. CAR’s Housing Affordability Index, a measure of how affordable a region’s housing is to its consumers, is based on interest rates, median sales prices and median income by county.

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

Congratulations 2022 Legislators of the Year

CAR awards two legislators and the governor’s office with its an nual “Legislators of the Year” in September.

Representative Shannon Bird (D-Westminster), and Repre sentative Marc Snyder (D-Manitou Springs) are CAR “Legisla tors of the Year” for 2022. As a part of its annual recognition pro gram, CAR extended thanks to Governor Jared Polis and honored Eleni Angelides, Legislative Advisor to the Governor on Housing, with its first-ever, “Raise the Roof” Award.

These policymakers worked closely with CAR to enhance public policy that will help current and future homeowners. They realize the importance of protecting property rights as an important link to general prosperity and a cultivator of future economic growth. Colorado REALTORS® work diligently to pursue public policy that builds better communities, preserves our environment, improves real estate practices, and ensures economic vitality.

“The REALTORS® of Colorado appreciate Rep Shannon Bird, Rep. Snyder, and Angelides for Gov. Polis--for being instrumental in ensuring Coloradans can access the American Dream of home ownership,” said Matthew Hintermeister, 2022 CAR President.

Rep. Shannon Bird (D-Westminster), now in her third term, is a persistent champion of affordable homeownership. During the 2022 Legislative session she worked to protect property owners from burdensome property taxation changes being proposed and she is always searching for public policy that takes a bal anced approach to housing regulation. As a strong ally for afford able housing, she was instrumental in the continuation of the Low-Income Housing Tax Credit program for the next 10 years that creates hundreds of affordable housing units each year. Rep. Bird was also a critical voice in ensuring that statewide building code legislation gave consumers choices that are affordable by making sure that there was robust local government participa

tion that respects local control, and the state code board includes affordability definitions in their regulatory processes after the passing of HB-1362.

Rep. Bird is the chair of the House Finance Committee and on the Business Affairs and Labor Committee. She is an attorney and previous councilwoman for the City of Westminster from 20162018.

Representative Marc Snyder (D-Manitou Springs) continues to be a regular champion of small business owners and affordable housing problem-solver. He is a strong advocate for wildfire miti gation funding at the Colorado Capitol for local governments, individual property owners, and forest health alike. Rep. Snyder always listens to conversations about the effects of high property taxation on working families especially in the face of rising costs of living and inflation. He is highly engaged in conversations around balancing the mitigation of the housing affordability and regulatory policy in the energy and environmental space.

This was Rep. Marc Snyder's second term as the Vice-Chair of the House Finance Committee and a member of the Business Affairs and Labor Committee. He was a former mayor and a councilman for Manitou Springs. Snyder is an attorney, specializing in trust and estate law for families with disabilities.

CAR’s newest award, “Raise the Roof,” represents an advocacy voice that is akin to the 101st person on the team. Beyond the 100 legislators in the House and Senate, the Governor’s voice and his position on legislation are critically important for any state leg islation to receive his support to become law. This award recog nizes that the legislative housing policy champions are not only sitting legislators but also the Executive Branch. It also recognizes the impact on the development of balanced housing policy that gives all Coloradans the potential to access homeownership. The

Governor’s Office prioritized affordable housing this past session to brighten the future for prospective homeowners and boost their opportunity to create intergenerational wealth through ac cess to affordable homeownership.

CAR would like to recognize Eleni Angelides, Legislative Ad visor to Governor Polis on Housing for Gov. Polis’s tireless support of:

• Creating homeownership opportunities for those with in ur ban, rural, and rural-resort communities as seen in 2022 House Bills 1304 and 1282 and Senate Bill 159.

• Finding the balance in mobile home park legislation that cre ates more notice and comment periods for residents to be able to purchase their own mobile parks in HB22-1287, without regulating the housing market too much to remove affordable housing options for Coloradans.

• Continuing to prioritize affordability in the conversations around statewide building codes.

• Supporting the “Century of Opportunity” Realtor and Habitat for Humanity legislation in 2021 that increased transparency of affordable housing dollars spent (HB21-1028), requiring fi nancial literacy in future high school curriculum (HB21-1200), enabling renters to build their credit to access homeowner ship (HB21-1134), and incentivizing local governments to cre ate affordable housing units and remove regulatory barriers (HB21-1271).

• Finding a more balanced policy approach to inclusionary zon ing for local governments that pursue those policies and get state grant funding.

TOP LEGISLATIVE SUCCESSES AT THE CAPITOL 2022

Affordable Housing Funding

Nearly 400 million in new affordable housing funding for grants, revolving loan funds, innovative modular housing, and housing trusts with federal ARPA dollars and a tiny home legal structure are included in SB-159, HB-1304, SB-232, HB-1282, HB-1242.

STATEWIDE BUILDING CODES THAT INCLUDE AFFORDABLE HOUSING

DEFINITIONS

Whether it’s green energy of the future or wildfire resiliency, what matters most to consumers is having affordable choices to make.

CAR worked feverishly to promote policy that included language on affordability in both HB-1362 and fought against a last-min ute amendment to SB-206 that would not have included defi nitions of affordability for wildfire resiliency. In this time of high costs and inflation, every dollar matters, especially to some of our vulnerable Marshall Fire victims who lost everything and must rebuild their homes.

SHORT-TERM RENTAL POLICY THAT RESPECTS PROPERTY RIGHTS

Under HB-1117, local voters now get to decide how to allocate existing lodging tax revenue or add new lodging tax revenue to support the childcare and housing needs of the tourism-based workforces in our local communities.

As we accept visitors from outside our local community, we need to do a better job supporting the civil servants of our communi ties that make them great places to live, work, and play.

PROPERTY TAX COMPROMISE THAT SAVED THE NOVEMBER BALLOT CYCLE

Property taxes are increasingly being looked at as a target for groups on the left and right to interfere in the housing market either to limit amounts of taxation or local government revenue as a cost-saving measure, or as a way to tax the wealthy to fund housing for lower income needs.

The problem with many of these solutions was the unintended consequences of how they planned to make their measure fit into Colorado from other states without disrupting the housing market and the supply of homes needed to meet the demands of all Coloradans

With the passage of SB-238, your property taxes will be more complicated for the next four years, but we don’t have five state wide housing and property tax ballot measures to fight in No vember. For years one and two, we have reduced property taxes for residential and first-time commercial property owners, then we go to the deal struck during the pandemic for years three and four--for temporarily reduced property taxes if your valua tion went up quickly before we return to normal property taxes in year five.

Managing During a Whole New World in Real Estate

Tips from Leaders Who’ve Been Through an Economic Downturn

(or Two)

Three Leaders from NAR offered up practical wisdom for broker/owners and managing brokers during CAR’s Strategic Think Tank session at the 2022 Fall Forum.

Charlie Oppler (CO) is the 2022 Immediate Past President of NAR and is the CEO of Prominent Properties Sotheby’s International Realty, with 15 (and counting!) offices in New Jersey. During his presidency, he led the association and industry through the global pandemic and drove a renewed commitment to diversity, equity, and inclusion.

Kenny Parcell (KP) is NAR’s 2022 President-Elect and broker/owner of Equity Real Estate Utah, where he is from originally. Parcell has been in several positions at the national association level, including Vice President of Government Affairs, REALTOR® Party RPAC Fundraising Liaison, and Regional Vice President for Region 11.

Shannon King (SK) is the NAR 2022 Vice President of both Association Affairs and the NAR Executive Committee. She is from Kailua, Hawaii, where she has been a broker/owner of Island Living Homes since 2022. Shannon has served on several NAR committees and was a founder and the second chair of the Young Professionals Network.

These NAR leaders have been through an economic downturn during the 2008 recession and offer some tips and takeaways to broker/owners, managing brokers, smallrealty companies, and associations. In addition to being top producers, they all hold main leadership positions at NAR.

What Should I Be Doing Right Now?

KP: Work on something every day to better your business. Now is the time to use your time wisely. Have a plan and realize you will be with your seller for six months now instead of 45 days.

SK: I love downturns because it’s an opportunity. Did you know that 35% of potential homeowners are Veterans Administration buyers and sellers? Their loans are assumable, and the rate is less than 3%. That’s a unique market to look at during this time.

CO: Teach your brokers how to educate their clients. It’s not just about interest rates. Consumers will adapt to the market when they are learning and you are being empathetic, so alter your sellers’ expectations by providing education and understanding of the market. The first home I sold in 1981, the interest rate was 19%. Now we need to think about those who recently bought a home when the rates were at 3%, where will they go in the market? Thinking about that now will help you and your agents down the road.

KP: Know where you’re going to spend your money in your business and be okay with not spending it if it’s not a good investment. And it’s not big bonuses to your agents, sometimes it’s little things like putting an attribute on a post-it on their keyboard. It keeps the morale up.

CO: I analyze markets to be on the lookout for managers and the top producers so we can select who we want to be in our company. So now I’m recruiting more dollar production. The experience is ongoing—we do everything ongoing to be better than our competition. We want to be better than our competition. I selected $800 million of production by doing that.

SK: My job as a broker is to teach others how to build a lifestyle--not just buy and sell a property. I teach them about tax benefits, budgeting, and setting up their businesses as an individual. I reinvest in our brokerage by collectively buying property. I want my agents to invest and be buyers and sellers in the market we’re in. I want them to be ambassadors. We can have more empathy by doing what buyers and sellers do. We’re also going to look at investing in new products and ideas so we’re ready when the market gets better.

CO: We are going to be more aggressive. We know where we’ve been from 2009-2013 (the last downturn). We look at each of our offices and teams as an individual profit center. We will look at where they need support and if it will make a return for us. I know what a certain team will yield. Now we have recruited new agents who know they will get more business working in our office.

On Creating Mentorship and Membership Without Competition

CO: We set up training with top producers and new agents. It’s not a formal mentorship but the top producers offer a lot of information and education at these training sessions.

SK: Make a tribe of small brokers, get together once a month and compare business issues. I then encourage them to get involved with their local associations by making the ask: Who is the best person to run our x program? If you lead by example, you can naturally turn these things around in your association or brokerage. And don’t give up asking. It’s intimidating to go to a meeting where people are 20 years older. Don’t just ask them, take them, sit by them, and explain what’s happening.

KP: The best agents and brokerages I know of are the ones who cross-pollinate with new brokers. Instead of getting frustrated with a newer agent after they’ve been unprepared or rude, take them aside and ask them, “what if we had handled this better?” And then show them kindness. I think you will find that instead of competition, they will end up in your office, asking for help because they didn’t realize they needed help.

If You Could Go Back and Tell Your New REALTOR® Self

Anything, What Would It Be?

CO: I worked at the March of Dimes and some REALTORS® affiliated with the organization told me I would be good at real estate. When I started, I made $28,000 in 1981, and I soon realized it wasn’t really about the money. I would tell myself to take advantage of the relationships I had built. The other thing is to know that you can be successful at the age of 26, which is when I ran one of the top three offices.

KP: I started out as a college kid. I started dropping candy bars and business flyers at my professor’s offices and they didn’t know I was already on campus all the time. They told me to fax them so I didn’t have to park. They’d ask me how long I’d been in business, and I would say, “It feels like forever.” They kept referring me to other professors. The best marketers I ever met were the ones who marketed for you. So, If I went back, I would tell myself, if you sold five homes, get those five clients to be raving fans to get you the business. Don’t ask what they can do for you. Do for them.

I’d also tell my younger self to go to annual conventions at the state and national levels. Of course, the education is great, but when you are there, you will introduce yourself to someone and get a great idea for something you can work into your business. You will get 100s more transactions from attending these programs.

SK: One of the things I learned is that I could choose my workday. When I sold in San Diego, it would be to whomever accidentally fell into my lap. I was driving 90 miles all around San Diego County, and I did 48 transactions that year. However, my business partner had a very small area where she sold-it was a mile by a quarter mile and she had 10 transactions for the year. Guess who made more money that year. Guess who had a better quality of life. Be purposeful with your business.

Hidden Gems

An Event Recap and Schedule of Events for Colorado REALTORS®

SO MUCH GOLF!

Vail Board of REALTORS® welcomed Theresa Harvey, Jon athan Griggs, Jason Witt (2023 CAR President-Elect), and Keith Kanemoto (2013 CAR President) to its ten annual fold tournament. The Vail Board of REALTORS® Foundation raises funds from the tournament to support the com munity, non-profit organizations, and VBR members with need-based financial assistance, education, and disaster relief. VBRF also has an annual academic scholarship, and we give financial support to several local nonprofits.

The Four Corners Board of REALTORS® hosted its annual Dean Hanson Golf Tournament, which is in its 34th year of raising scholarship funds for local high school graduates. Thanks to Jason Witt, 2023 CAR President-Elect; Marjorie Genova, 2023 CAR Western District Vice President; Lynn Gillespie, 2022 CAR Western District Vice President), and CAR leadership for support in the community.

Durango Area REALTOR® Association held its annual Helping Hands (Mini) Golf tournament in September. REALTOR® members raised more than $14,000, which will be granted to area nonprofits. The tournament’s “course” takes place at different local brokerage offices and busi

nesses. Not to be missed holes were the toilet dunk tank and the fire engine chute. The winning foursome was the “Spice Girls,” Heather Feistner, Gayle Webster, Payton Randle, Ashley Truitt, and Heather Erb. See an album of the whole adventure here

MORE:

At Home with Diversity - Jason Witt and Natalie Davis teamed up to provide the six-hour At Home with Diver sity certification course in September at Elevations Credit Union.

WCR Colorado hosted a Leadership Training event. Pictured below are members Janee' Walker, WCR President Jennifer Gerdes, CAR President-Elect Natalie Davis, WCR President-Elect Liz Bowen, Aline Pitney, and another 20 members for a day of leadership training, including Davis' presentation on Authentic Leadership and Public Speak ing.

COMING TO A REALTOR® ASSOCIATION NEAR YOU

Nov. 15 & 16 CAR Six-Hour Professional Standards Enforcement Training, 8:30 am-noon (both days), 6 CE

Nov. 17 DMAR’s Because Price Matters, 9 am-1 pm, Virtual. 4 CE.

Nov. 30 Colorado/Wyoming CCIM, Intro to Commercial Real Estate, 11:30 am-1:45 pm at CAR Office, 4 CE

Dec. 1 Colorado Mountain Contracts, 12:30-3:30 pm, at the Summit REALTORS® SAR Classroom. 3 CE. mikel@sarsummit.com

Dec. 7 Radon for Real Estate Professionals, 10-11 am, at Fort Collins Board of REALTORS® 1 CE

Feb. 8 & 9 Economic Summit & REALTOR® Day at Sheraton Denver Downtown. Registration coming in November 2022. Watch your email.

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.

"Managing During a Whole New World in Real Estate" from page 33

Our Senior Population of REALTORS®:

CO: In our company, for the older agent whose been in the business for 30 years, we pair them with younger agents. And one of these seasoned agents said that the best thing they ever did was bring on two younger agents, because I know they care about my clients as much as I do. With these two younger people on that agent’s team, that book of business that has been built for 30 years is not lost. And the agent who has been in business for a long time gets to go to Paris on vacation.

SK: Yes, you are keeping institutional knowledge alive. You are offering them an opportunity to not work as hard as they once did, but they are still involved and so you are creating a mentor.

CAR’s Strategic Thinking Committee provides feedback to the CAR Leadership Council by identifying, analyzing, and providing input on emerging issues and the competitive landscape regarding the industry and association. The committee brings valuable content through event forums and experiences that challenge the status quo, brings value to members, and focuses on solutions keeping REALTORS® relevant in tomorrow’s landscape. Contact VP of Member Engagement & Public Relations Lisa Hansmeier or Committee Chair Nobu Hata at (303) 790-7099 or communications@ coloradorealtors.com

NAR LEADERS IN ACTION

Kenny Parcell, NAR President Elect went to Ukraine recently to support Ukranians. Accord ing to the Facebook group “Realtors for Ukraine,” “Kenny slept a maximum of three to four hours a night. There were many transfers. Worked at full volunteer centers. He had meetings with dozens of my colleagues. He helped in hospitals and on construction sites after rocket attacks, in orphanages and volunteer centers, in tent camps and in shelters. Not for PR, but at the call of the heart and soul. He also met with representatives of the authorities, both central and regional.”

AE SPOTLIGHT JACQUELINE HUFF

AE for Montrose Association of REALTORS® Since May 2022

How did you get your start as an AE? My sister is Halley Combs, who is on the MAR’s Board of Directors. She said, “We need you-you have the skill set to do this job and you’ll be great.”

What do you love most about the job (so far)? It is testing all of my skills. There is so much planning and organizing, which I’m used to, but now I’m more social since I’m meeting lots of new REALTORS® and putting names and faces together. I’ve always been really organized; I’ve always loved numbers and solving problems. I also work in our family business, which is a dietary supplement company called Honey Combs. I do all the FDA regulation compliance work, which is in a back room in my house. Now I have to get my hair done and meet people!

What is your biggest success (so far) as an AE? That’s tough to say because I’m still figuring things out. I did really learn a lot at the NAR Leadership Summit in Chicago. I went with our MAR Chair-Elect Dana Gleason. The speakers and event pro duction were amazing and so informative. I learned about a program called OnWatch, which helps people learn about the signs of human trafficking. REALTORS® are a great fit for this program since they are driving all over the place, in people’s homes, and meeting new people all the time. They are already trained in observation so are a natural fit for this program.

What would your members be most surprised by about your job? How much time I spend alone. Even though I’m getting know everyone, for the majority of my day, I am alone.

CAR benefits you and or your members use most: We just had CAR’s General Counsel Scott Peterson out for his 10 Things education program. Being new in this job, I learned a lot and he is a great resource.

Which talent would you most like to have? I’d love to be able to play the piano. I’m amazed when I see people’s fingers

fly across the keys. I don’t have the patience to practice, but it looks so fun.

What is your most treasured possession? I love my home because that’s where we gather. And my love language is acts of service. So, getting all of my kids together, feeding them, and taking care of them is what drives me. I love that they want to come to our house and tell me about the most amaz ing news from their lives. I’m just a little mommy duck.

Which historical figure or literary hero do you most identify with and why? I identify with Oscar Wilde because he has a dry wit and sarcasm and that is my inner dialogue with my self constantly.

Motto or piece of advice you live by: From Lewis Carroll from Alice in Wonderland, “I give myself very good advice, but I very seldom follow it.” I do this every day.

AE SPOTLIGHT RIP RIPLEY

AE for Grand Junction Area REALTOR® Association since June 2022

How did you get your start as an AE? The majority of my career has been spent in marketing and advertising. It grew to 800 people, and I needed a change. One of my clients was REColorado (Metro List at that point in time). I ended up work ing with them on a contract to help them rebrand and change the name. I then was the CEO for corporate Metro Brokers and then took time off.

Just as my wife Linda (a REALTOR®), and I wondered what was next this opportunity came up. We moved to Grand Junction. I have always been based in Denver, but was an east coast transplant who went to CU.

A fun sidenote: I started as the CEO of Metro Brokers the same week that Tyrone Adams began as CAR CEO. We were at a meeting together, and I told him he had by far, the hardest job ahead of him.

What do you love most about the job (so far)? I love the variety of what my staff and I get to do on a daily basis. You’re everything from a high-level strategist to a party planner, to a coach and a psychiatrist.

What is your biggest success as an AE? In my short time, I have made a concerted effort to get to know our Grand Junc tion REALTOR® community. I’ve made one-on-one connec tions and am trying to build bridges between our leadership and the members.

Since you’re new, what’s the weirdest thing you’ve done in your job (so far)? I participated in cutting up a lockbox be cause we couldn’t get it open with the key. We used power tools and a sledgehammer.

CAR benefits you and or your members use most: Access ing CAR’s Legal Hotline, Scott and his team has been huge. Government affairs is also big--one of the things about the western slope is you feel disconnected from the rest of state.

Their work helps us feel connected. We also like the conven tions and networking meetings. We have always had a very engaged group with CAR and NAR who have been involved and they are a huge help.

Which talent would you most like to have? Just like my grandmother told me I would say, I wish I could play the pia no. She tried to teach me. From my long career in marketing, I was involved with people who could easily write and produce creativity. That same magic in my fingers is what I would have liked for the piano.

What is your most treasured possession? People and rela tionships first. I do have an heirloom dresser from my family that was a wedding gift to my great great great grandmother in 1851 along with the lineage of the family. There is also my little 1973 BMW. My dad was a car dealer and a racer for years. That car was something that I bought once I sold my compa ny, something I bought for myself. Its old, crotchety and kinda stylish, just like me.

Which historical figure or literary hero do you most identify with and why? Teddy Roosevelt said he was born in the east but was a westerner at heart. Like him, I am happiest in wide open places. He did great things for the country but caused a lot of change, too. I’m not afraid of change. He did what was necessary even though it wasn’t popular.

Motto or piece of advice you live by: It comes from my fa ther: Rip Rules of the Seven P’s. Proper Prior Planning Prevents Potentially Poor Performance. It’s gone with me in all of my working life, and so far, it’s worked pretty well.

One more thing: I am very appreciative of the help and sup port of my fellow AEs around the state. It’s really a hallmark of the real estate business that there are people who are willing to help you in a noncompetitive environment!

72 CAR Members Selected to Serve on 34 NAR Committees and Boards

Congratulations to CAR members who have been selected to serve on NAR Committees and Board for 2022/2023. Please see below a list of Colorado REALTORS® and association staff listed in alphabetical order by last name.

Milford Adams: Fair Housing Policy Committee

Tyrone Adams: AEC Recommendations and Recognition Advisory Board

Brian E Anzur: Board of Directors Large Association Representative, Insurance Committee

Windy Bailey: Fair Housing Policy Committee

Sunny Banka: Risk Management Issues Committee

David Barber: Membership Policy and Board Jurisdiction Committee

Deborah A Beauchesne-Mack: Real Property Valuation Committee

Jeff Bosch: AEC-AE Institute Advisory Board

Ted Bryant: Board of Directors DSA Recipient

Dale Carroll: Diversity Committee

Natalie Davis: Board of Directors State President, Leadership Identification and Development Committee

Sue Dolquist: Leading Edge Advisory Board

Amy Dorsey: REALTOR® Party Trustees for Campaign Services Committee

Sean Dougherty: Board of Directors Medium Association Representative, Professional Standards Committee

Amanda Edmondson: Member Communications Committee

Molly Eldridge: Board of Directors Small Association Representative, RPAC Participation Council

Marjorie Genova: Membership Policy and Board Jurisdiction Committee

Micah George: Professional Standards Committee

Mark Gordon: Resort and Second Home Real Estate Committee

Nobu Hata: AEC-AE Institute Advisory Board

Ann Hayes: Board of Directors State Allocated Director, RPAC Major Investor Council

Mary Ann Hinrichsen: RPAC Major Investor Council

Loren Hotz: Board of Directors Large Association Representative, Public Policy Coordinating Committee

Janene Johnson: Board of Directors State Allocated Director, Janene l Johnson Broker Engagement Council

Keith Kanemoto: Leadership Academy Advisory Group

Kate Kelley: Consumer Advocacy Outreach Advisory Board, Consumer Communications Committee

Justin Knoll: Consumer Advocacy Outreach Advisory Board, Consumer Communications Committee

Piper Knoll: Board of Directors Large Association Representative, Consumer Advocacy Outreach Advisory Board

Michael Labout: Leadership Identification and Development Committee

Kevan Lyons: Sustainability Advisory Group

Donna Major: Board of Directors Large Association Representative, REALTOR® Safety Advisory Committee

Melissa Maldonado: Consumer Communications Committee

Janet Marlow: REALTOR® Party Member Involvement Committee

Scott Matthias: Board of Directors Large Association Representative, Public Policy Coordinating Committee

Christopher McElroy: Legal Action Committee

Larry McGee: Conventional Financing and Policy Committee

Eugene Millman: Multiple Listing Issues and Policies Committee

Shana Morgan: Land Use Property Rights and Environment Committee

Michael Murphy: Business Issues Policy Committee

Ron Myles: Board of Directors DSA Recipient

Linda Philpott: Consumer Communications Committee; Member Communications Committee

Hank Poburka: Membership Policy and Board Jurisdiction Committee

Randy Reynolds: Board of Directors Large Association Representative, State and Local Issues Policy Committee

Michael Robertson: Land Use Property Rights and Environment Committee

Crissy Rumford: Diversity Committee

Bonnie Smith: Board of Directors State Allocated Director, Finance Committee

Steven Thayer: Board of Directors Large Association Representative, Leading Edge Advisory Board

Ron Thorne: Board of Directors State Allocated Director, Land Use Property Rights and Environment Committee

Linda Romer Todd: Public Policy Coordinating Committee

Robert Walkowicz: Board of Directors State Allocated Director, Meeting and Conference Committee

Andrea Warner: Multiple Listing Issues and Policies Committee

Kay Watson: Board of Directors Executive Committee