Colorado REALTOR® Magazine February 2025

colorado

FEBRUARY 2025

REALTOR

®

Official Magazine of the Colorado Association of REALTORS®

MAGAZINE

Standing Tall:

From Afghanistan to Athlete and Real Estate Advisor, Powerhouse Kirstie Ennis Conquers Adversity Page 12

See Kirstie Ennis LIVE at:

A New Conference From the Colorado Association of REALTORS®

PLUS:

How CAR’s Strategic Plan is Designed for Colorado REALTORS® Page 4

Together We’ll Soar, Reaching New Heights Page 6

CAR is Hard at Work Protecting Real Estate at the State Capitol Page 8

Secure real estate deals with speed and accuracy Simplify the transaction lifecycle and contract management process

Follow us on social

learn about upcoming trainings, events, offers, and more...

eGent is now part of the MRI Software family.

2

c o lo r a d o

REALTOR

®

MAGAZINE

The COLORADO REALTOR® is published by the Colorado Association of REALTORS®, 309 Inverness Way South, Englewood, CO 80112 (303) 790-7099

c o lo r a d o

REALTOR

MAGAZINE

EDITOR: Lisa Dryer-Hansmeier, VP of Member Engagement & Public Relations: lhansmeier@coloradorealtors.com ASSISTANT EDITOR: Adela Taylor: ataylor@coloradorealtors.com DESIGNER/ADVERTiSING: Monica Panczer, Creative Marketing Specialist: monica@coloradorealtors.com The Colorado Association of REALTORS® (CAR) assumes no responsibility for return of unsolicited manu­scripts, photographs or art. The acceptance of advertising by the Colorado REALTOR® does not indicate approval or endorsement of the advertiser or their product

by CAR. CAR makes no warranties and assumes no responsibility for the accuracy or completeness of the information contained herein. The opinions expressed in articles are not necessarily the opinions of CAR. This is a copyrighted issue. Permission to reprint or quote any material from this issue is hereby granted provided the Colorado REALTOR® is given proper credit in all articles or commentaries, and the Colorado Association of REALTORS® is given proper credit with two copies of any reprints.

®

FEBRUARY 2025: How CAR’s Strategic Plan is Designed for Colorado REALTORS® ............................................................... 4 Together We’ll Soar, Reaching New Heights......... 6 Government Affairs Update.................................... 8 Standing Tall LIVE at Colorado Connections...... 12 Colorado Connections – Get Your 12 Elective CE Credits in One Shot................................................ 13 Expanding Impact: Ann Kidd Leads the CAR Foundation into 2025............................................ 14

COLORADO CONNECTIONS – GET YOUR 12 ELECTIVE CE CREDITS IN ONE SHOT

NAR Fairhaven 13 Challenge

WUG- E&O Insurance............................................. 16 New Homes Are Getting Smaller.......................... 18

Anytime - VIRTUAL

Meet Colorado’s Federal Political Coordinators: Strong Voices for the Real Estate Industry.......... 20 Market Trends......................................................... 22 Come Celebrate Fair Housing Month with Us This April!........................................................................ 29 4 Social Media Tips to Stay Out of Legal

The term “REALTOR®” is a national registered trademark for members of the National Association of REALTORS®.

The term denotes both business competence and a pledge to observe and abide by a strict Code of Ethics. To reach a CAR director who represents you, call your local association/board.

Trouble.................................................................... 30 CAR Member Benefits............................................ 31 AE Spotlight on Denise Unrein............................. 32

COME CELEBRATE FAIR HOUSING MONTH WITH US THIS APRIL!

29 3

FROM THE CEO Tyrone Adams CEO of the Colorado Association of REALTORS®

How CAR’s Strategic Plan is Designed for Colorado REALTORS® As the CEO of the Colorado Association of REALTORS®, I want to take a moment to thank you and, on behalf of your state leadership, express our gratitude for your ongoing commitment to being a REALTOR®. We know you have a choice, and we do not take this for granted.

To ensure this, we follow a CAR Strategic Plan crafted by your peers and approved by the Colorado Association of REALTORS® (CAR) Board of Directors, with a clear vision to strengthen our community and facilitate an environment where our members can thrive.

This plan is based on various sectors, organizations, and member experiences in the real estate industry in Colorado.

The six tenets of our plan are Advocacy, Member Empowerment, Communication and Engagement, Collaboration and Partnership, Organizational Excellence, and Leadership.

Here’s how our strategic plan is making a difference for our members: Advocacy: In a time when industry regulations and economic challenges are constant, the CAR Strategic Plan includes a robust advocacy component. REALTOR® associations work tirelessly to represent their members, homeowners, and consumers' interests at local, state, and national levels. Your investment in RPAC, answering calls for action, and sharing what our advocacy efforts mean to your clients have been essential to our ability to advocate on your behalf and help create an environment that allows you to flourish in your profession.

Member Empowerment: We are a member-driven association. Our plan focuses on ensuring REALTOR® success through a commitment to proactive engagement and support. We aim to equip our members with resources and skills necessary to enhance consumer experiences. Through our legal hotline, webinars, in-person professional development opportunities, and research, we ensure members have opportunities for continuous learning on emerging real estate industry trends, laws and regulations, and

4

innovative practices you can directly apply to your business.

The more knowledge we share, the stronger our collective capabilities become. This holistic approach fosters a stronger, more competent membership dedicated to excellence in service.

Communication and Engagement: This encompasses both internal and external strategies to enhance connections with members and the public. Our internal communication focuses on delivering information in a manner that aligns with members’ preferences, employing various channels for active listening and targeted communication. It emphasizes conveying the value of CAR to members effectively. Our external communications adopt a fact-based approach to discuss housing and property rights while also highlighting REALTOR® volunteer efforts within their communities. This aspect aims to articulate why consumers should use a REALTOR® to the broader public, helping foster a positive perception of the profession. Overall, these communication strategies strengthen relationships and promote the REALTOR® brand both internally and externally.

Collaboration and Partnership: Understanding that connections can make or break a business, our plan emphasizes the idea that collective efforts lead to greater success. Between your local association, NAR, and CAR, it leverages a three-way agreement to enhance the member experience. It fosters an environment that encourages collaborative learning and networking that can lead to even greater success for members.

Organizational Excellence: This prioritizes our members by placing their needs first and ensuring a membercentric approach in the way we utilize our resources. We measure and report on performance outcomes, ensuring accountability and continuous improvement. CAR is committed to responsible fiscal stewardship, providing the necessary resources to fulfill its goals. Additionally,

it prioritizes diversity, equity, and inclusion within its operations, fostering a welcoming environment for all members.

Leadership: CAR is committed to developing and maintaining effective leaders with vision and integrity to lead the association. We actively attract, identify, and train potential leaders so they can take on leadership roles at local, state, and national levels of the REALTOR® associations. CAR will only be as strong as its leadership. Think about a team, company, or organization that is floundering or is in chaos constantly; you need only look at its leadership to see why.

One of my favorite reads is “Leadership Isn’t For Cowards” by Mike Staver. This book talks about leading courageously and driving performance even during challenging times.

In conclusion, today’s real estate industry is increasingly changing and unpredictable like we have never seen before.

This means our priorities, processes, and thinking must change if we plan to remain effective as a brand; otherwise, we will merely exist or, even worse, disappear like so many companies that didn’t evolve. Our Strategic Plan is our guide to help CAR collectively lead courageously with the ability to adapt to market, industry, and organizational changes.

In essence, the plan is tailored for the success of Colorado REALTORS®.

Click here to view the entire CAR Strategic Plan.

If there is something we can do better as an Association, please share your thoughts with one of CAR’s leaders, CAR staff, or myself.

Thank you again for choosing to be a member!

5

Together We’ll Soar, Reaching New Heights Welcome to 2025! I’m thrilled to step into this year with all of you, ready to embrace new opportunities, navigate challenges, and continue shaping the future of real estate in Colorado.

FROM THE PRESIDENT Dana Cottrell 2025 President of the Colorado Association of REALTORS®

Our industry is always evolving, and with change comes the chance to grow, innovate, and strengthen our profession. Whether it’s advocating for property rights, elevating professionalism, or ensuring our voices are heard, we are in this together. I truly believe that when we collaborate, we thrive—not just as an industry but as a community.

As your 2025 President, my door is always open. I want to hear from you—your ideas, concerns, and insights matter. Let’s work together to make this year one of progress, connection, and success. Feel free to reach out to me anytime.

Below is the poem I wrote for the inauguration. The theme of the event was “Magic”.

In the heart of Colorado, where the mountains rise, We gather today, with hope in our eyes.

Change is upon us, a chance to ignite, Together we’ll soar, reaching new heights.

I see your commitment, your passion, your fire, So many stepping up, reaching ever higher.

In our committees, ideas will bloom, Creating a culture that breaks every gloom.

With gratitude deep, I stand here today, Thankful for each of you, paving the way.

We’ll re-create our industry, strong and bold, In unity and purpose, our future will unfold.

So let’s lift our voices, let our spirits sing, For the strength of our union, and the hope that it brings.

Here’s to a year of connection and grace, Together, we’ll make our industry a better place.

Mistakes may come, and stumbles we’ll face, But with this group of leaders, we’ll quicken our pace.

Learning and growing, hand in hand, Building a future, together we’ll stand.

When we all join forces, there’s magic in play,

Thank you for trusting, for believing in me, Let’s journey together, let’s set our sights free.

In Colorado’s embrace, let our vision take flight, Here’s to our future, shining ever so bright!

Not always easy, but together we’ll stay True to our communities, our ethics and clients, We will do our best and sparkle like diamonds.

With CAR staff beside us, volunteers so bright, We’ll shine like the stars, illuminating the night.

6

Kansas City • San Francisco Now Open in Breckenridge

Sweeten

the Deal Custom-branded gifts for clients and closings. gifts@elbowchocolates.com

816.875.4219

7

Government Affairs Update Government Affairs

CAR is Hard at Work Protecting Real Estate at the State Capitol

Brian Tanner Vice President of Public Policy for the Colorado Association of REALTORS®

New CAR team member. Please join us in welcoming Carla Blanc to the Government Affairs team! Carla brings a wealth of experience spanning nonprofit leadership, the private sector, and government affairs. She gained invaluable insight into policymaking and advocacy through her work with the current Senate President James Coleman during his time as the President Pro Tem and as a state lobbyist in the executive branch – and she is excited to draw from this rich background as a part of the CAR team. We are equally excited to have Carla on board and look forward to the work ahead!

More New Faces. Did you know that 34 new members out of 100 total joined the Colorado General Assembly this year? Among them, 7 are familiar faces making the leap from the House to the Senate! It’s a fresh batch of lawmakers with new perspectives, and now’s the perfect time to get to know who’s representing you. Take a minute to find out who your House and Senate reps are!

2025 Legislative Policy Committee (LPC). 56 REALTORS® from nearly 20 different Local Associations serve on the Colorado Association of REALTORS® 2025 LPC. They will review more than 100 bills over the course of the 120-day legislative session that ends on May 7th.

The LPC is the official body to take Association positions on legislation impacting REALTORS® and/or real estate which you can track on our CAR Bill Sheet. This bill sheet is updated regularly.

Protecting REALTOR® Safety. Last year, the legislature passed a bill with the intent to prevent algorithmic discrimination including related to housing (SB24-205 “Consumer Protections for Artificial Intelligence”) However, the bill could punish any REALTOR® who uses an identity verification system, such as Forewarn, and expose them to significant harm. CAR is working to fix this issue before the bill takes effect in 2026 and make sure REALTORS® can work safely. Please continue to use Forewarn and any identify verification system unless you hear otherwise from us.

Protecting Privacy. CAR is leading the charge to prevent an invasion of privacy by fighting for changes to a bill (Senate Bill 011) allowing wildfire-detection cameras across the state.

Good intent to catch wildfires early but these 360-degree cameras can zoom 20 times, covering up to 10 miles, and view private property structures (i.e. houses). We are actively working

8

to permanently remove private structures from view, notify property owners that cameras can view their property and make sure users of these cameras know they are subject to penalty for any unintended use.

CAR in the News on Privacy. "We understand the intent, and we want to do everything we can to protect our communities against wildfire," says Brian Tanner, Vice President of Public Policy for CAR. "At the same time, when you have cameras... how are those property owners — that could have cameras on their property or even on their homes — how are they being protected?"

CAR advocates for clear legal protections, including statemandated pixelation of homes, homeowner notifications, and public transparency on who accesses wildfire detection camera footage.

Westword “Aspen Fire Chief Swears by AI Detection Cameras.

Colorado Lawmakers Are Listening.” 2/4/25 Déjà vu. Similar to recent years, there is another wave of landlord/tenant legislation in 2025 with more bills on the horizon. There are bills related to pricing coordination between landlords (HB 1004) and one that would allow the receivership of residential housing by local governments (SB 20). The Colorado Association of REALTORS® (CAR) is actively working on protecting property rights and reducing harm to property owners, especially property owners that may only have a few rental units, on all these bills.

Landowner Immunity in Emergencies. The Colorado Association of REALTORS® (CAR) testified in support of a bill that protects landowners from being sued if they allow access through their property during an emergency. House Bill 1053 does not require that a landowner must provide access during an emergency. It is a “good samaritan” law providing immunity to a landowner from civil liability if there is damage or injury to persons or property as a result of allowing access to the landowner’s property during a defined emergency.

The exception is if a landowner intentionally causes injury or damage to a person or property. HB 1053 passed out of committee and is headed to the House floor for a voice vote on Thursday, February 6th.

Vegetative Fuel Mitigation Bill and Other Wildfire-related Proposals. CAR is working around the clock to fix HB 1009 “Vegetative Fuel Mitigation” because it would allow fire protection or metropolitan districts to fine homeowners up to $300 and place liens on real property for not removing dry or dead plant material. The bill does not consider other factors such as how burdensome the out-of-pocket costs could be on homeowners. Do you or your clients have stories to share about the costs or time it takes to remove vegetation (i.e.,

trees) from a property? Share your story here: https://tinyurl. com/9wh7zby9.

What’s New for Seniors: Updates on Housing Assessments & Tax Credits. The legislature continues to take important steps towards providing financial relief and stability for seniors’ housing this session. Senate Bill 013 seeks to extend the existing senior housing tax credit into the 2025 and 2026 tax years. The bill passed out of its first committee and is heading to a second discussion in coming weeks.

Meanwhile, sponsors of House Bill 1156 hope to ensure that the current property tax reduction for a senior’s primary residence will no longer have an expiration date, by making it a permanent benefit that is adjusted annually for inflation.

HOA Updates: New Bills Could Change How Disputes & Collections Are Handled. HOA bills were a key focus in housing policy last year, and they’re continuing to make waves in the 2025 session. House Bill 1123 encourages HOAs and unit owners to first attempt internal dispute resolution, and if need be, mediation with a third party, before filing a complaint with a court. House Bill 1043, however, states that prior to starting a foreclosure process, HOAs would have to send unit owners a notice informing them of the consequences of foreclosure and credit counseling options. It would also require a minimum bid for units that have been foreclosed on to be no less than 80% of its fair market value.

RPAC. Show your Colorado pride in making a Colorado Share investment of $38! We became the 38th (and best) state back on August 1, 1876, so invest in the political work REALTORS® do to make Colorado great, or better, on real estate, homeownership, and property rights issues. Also, anyone who invests $300 before March 31st as part of their pledge to become a Major Investor, and complete their $1000 total investment by December, will not only receive their Major Investor pin from NAR but also a custom CO RPAC Major Investor lanyard to show off at all your meetings, conferences, or events. Click HERE to invest in RPAC.

continued on next page

9

REALTOR® DAY UNDER THE DOME

2025 REALTOR® Day Under the Dome. 60 members from more than 25 legislative districts advocated for REALTOR® safety and starter homes at the Colorado state capitol on February 4th. Due to space limitations, this was an invite-only event where association members from the Leadership Council, Legislative Policy Committee (LPC), the Political Action Committee (CARPAC), Federal Political Coordinators (FPCs) and local association leaders volunteered their time to have impactful discussions with state policymakers. While dozens of conversations happened at the Capitol, please connect with your legislators when they are back home on issues impacting REALTORS® and the clients you serve. (See photos above and watch highlight video here.)

10

Don’t Miss Out on the Action – Sign up for REALTOR® Party Mobile Alerts.

Text REALTORS to 30644 REALTOR® Party Mobile Alerts offers REALTOR® Associations and REALTORS® a way to stay connected directly from their cell phone or tablet. When a national or state legislative call for action is launched, subscribers get a short text message containing information to take action. Stay in the “know” as housing legislation heats up at the state capitol and nationally this year. *If you sign up for RPMA and receive a Call For Action, taking action does NOT subscribe your information to a listserv.* RPMA and CFA are strictly to inform members of legislation that the National Association of REALTORS® or Colorado Association of REALTORS® needs grassroots engagement.

11

Standing Tall:

From Afghanistan to Athlete and Real Estate Advisor, Powerhouse Kirstie Ennis Conquers Adversity Kirstie Ennis’ story may have begun when she lost her leg after her helicopter went down in Afghanistan, but it certainly doesn’t end there. After more than 40 surgeries and the amputation of her leg first below and then above the knee after a life-threatening infection, the former Marine sergeant has already accomplished more than most people have in their lifetimes.

Ennis joined the Marines when she was only 17 years old and enlisted as an aircraft mechanic, inspired by her parents who were both Marines. Despite everything she’s been through, it’s inspired her to push even harder, not only for herself but to inspire others.

Ennis has turned the concept of “disabled athlete” on its head, proving how capable she still is, whether it’s on one leg or two. She competed in boardercross and banked slalom as a Paralympic snowboarder and then ventured into mountaineering, setting out to climb the Seven Summits (the highest points on each continent) while fundraising and raising awareness for a variety of causes. She summited Mt. Kilimanjaro (at 19,341 feet it’s the highest point in Africa) to support the non-profit The Waterboys. Then she successfully climbed Carstensz, the highest point in Oceania, for The Heroes Project; tackled Elbrus, the highest point in Europe to support GLAM4GOOD; and then conquered Aconcagua, the highest point in South America at 22,841 feet. She has summited Cotopaxi, the highest peak in Ecuador, and got turned around by weather while on Denali in support of Building Homes for Heroes but later summited it in 2021.

In 2022, she reached the summit of Mount Vinson, the highest peak in Antarctica. Ennis made it to the South Summit of Mt. Everest in 2019, and though extreme conditions prevented her from summiting on her 2023 expedition, she’s planning her future return.

What people might not know about Ennis: she’s

12

completed three Master’s degrees (Human Behavior, Business Administration and Public Administration) and is currently working to complete her doctorate in Education. She’s in the process of training to become an aerial firefighter. She is the founder of The Kirstie Ennis Foundation, a nonprofit organization that provides therapeutic climbing clinics for disabled, veteran and minority communities and sponsors mobility-based equipment both locally and across the globe. She is an ambassador for the nonprofit Building Homes for Heroes and sits on the board of Merging Vets and Players. She worked as a stuntwoman on Patriots Day starring Mark Wahlberg in 2016. She’s an entrepreneur and businesswoman who opened her first business, the Chapter One Hair and Body Lab, in Oceanside, California in 2017, followed by her second business, Citizen Crossfit.

She earned her license as a real estate advisor and is based at Engel & Volkers in Aspen, Colorado.

After returning home from Everest in the summer of 2019, Ennis was the ESPY’s Pat Tillman Award recipient. In 2020, she was the recipient of the “Higher Ground” award at the Salute to Greatness Awards, held by the Martin Luther King Jr. family. She is also the youngest inductee ever into the International Sports Hall of Fame.

Ennis’ story has been well documented, from being featured on the cover of ESPN The Magazine’s “Body” issue and in People magazine, to appearing on Tamron Hall and being featured in a Sports Emmy nominated segment on HBO’s Real Sports.

Don’t miss seeing Kirstie’s Keynote, Standing Tall, where she will remind you not to let one chapter in life define your whole story. Kirstie leaves attendees inspired to climb whatever mountain stands before them with passion and perseverance. LEARN MORE & REGISTER HERE.

Colorado Connections – Get Your 12 Elective CE Credits in One Shot Join us April 1-2, 2025, and earn up to 12 CE credits with courses designed for every REALTOR® Customize your experience with a diverse lineup of continuing education (CE) courses covering essential topics: • “10 Things” Every REALTOR® Needs to be Thinking About in 2025: Join CAR General Counsel Scott Peterson for his most in-demand class as he navigates the legal and regulatory considerations impacting REALTORS® in 2025.

• Understanding TCPA Compliance: Navigating Do Not Call and Spam Regulations: Stay compliant with Do Not Call laws, FTC’s new lead generator regulations, and CAN-SPAM rules to protect your business.

• Handling Material Defect Disclosure to Clients: Learn how to properly disclose material, latent, and stigmatizing defects based on client relationships while avoiding misrepresentation.

• New-Home Construction and Buyer Representation: Learn how to guide buyer-clients through purchasing, constructing, and customizing a new home while working effectively with builders.

• Introduction to 1031 Exchanges: Gain a solid foundation in 1031 Exchanges, including like-kind exchanges, investor motives, and the delayed exchange process.

• Bias Override: Overcoming Barriers to Fair Housing: Meet NAR’s Fair Housing triennial requirement by examining the history of bias in real estate, learning about implicit bias, and enhancing client communication skills.

No matter where you are in your real estate journey, Colorado Connections will help you thrive in 2025.

• Redline Contract Changes for 2025: Get a detailed breakdown of the latest contract changes, compliance requirements, and best practices following the NAR settlement.

REGISTER TODAY!

13

Expanding Impact: Ann Kidd Leads the CAR Foundation into 2025 CAR Foundation Ann Kidd 2025 Board Chair for the Colorado Association of REALTORS® Foundation

The Colorado Association of REALTORS® Foundation is set for a dynamic and impactful 2025 under the leadership of Board Chair Ann Kidd. A dedicated REALTOR® with the Pikes Peak Association of REALTORS®, Kidd brings a passion for community engagement, education, and a commitment to expanding the Foundation's influence across the state.

For more than 30 years, the CAR Foundation has been at the forefront of addressing housing-related challenges in Colorado, from disaster relief to funding attainable housing initiatives. As Chair, Kidd is focused on amplifying the Foundation's mission through enhanced educational initiatives, increased REALTOR® volunteerism, and broader statewide awareness of the Foundation’s work.

DEEPENING THE FOUNDATION'S EDUCATIONAL MISSION A key priority for Kidd in 2025 is strengthening the education component of the Foundation’s mission. “Education is critical to empowering individuals and families on their path to financial literacy, homeownership and housing stability,” says Kidd. “We want to ensure that our Foundation is not only providing financial support to qualified nonprofits working in educational initiatives but also equipping people with the knowledge and resources they need to succeed.”

This year, the Foundation aims to partner with local organizations to offer financial literacy programs and increase access to industry-related training that benefits both REALTORS® and the communities they serve.

ENCOURAGING REALTOR® COMMUNITY ENGAGEMENT Colorado REALTORS® have long been champions of their communities, and Kidd is eager to build on this tradition by fostering more volunteer opportunities through the Foundation. “Our REALTOR® members are already making a difference across the state, and we want to harness that energy in an even greater way,” she explains. “By sharing volunteer initiatives and celebrating REALTORS® and local boards for their existing volunteerism, we can make a tangible impact in our local communities while strengthening the bond between REALTORS® and the people we serve.”

14

Foundation Fundraiser 2024

Kidd envisions increasing REALTOR® participation in hands-on projects, such as housing builds, neighborhood revitalization efforts, and mentorship programs. Through these efforts, the Foundation will not only provide funding but also direct, meaningful engagement that transforms lives.

GROWING AWARENESS OF THE CAR FOUNDATION

LOOKING AHEAD As the CAR Foundation embarks on another year of service, Ann Kidd, along with Board members from across the state, is eager to lead with passion and purpose. “I am honored to step into this role and build upon the incredible work that has been done,” she says. “Together, we will continue to make a difference by expanding education, increasing REALTOR® volunteerism, and ensuring more people know about the important work of the CAR Foundation.”

While the Foundation has been instrumental in supporting safe and attainable housing, Kidd sees an opportunity to enhance awareness of its mission among REALTORS® and the broader public. “The more people who understand our work, the greater impact we can have,” she says. “By increasing visibility through storytelling, social media, and local association partnerships, we can encourage more REALTORS® to get involved and inspire additional donors to support our cause.”

With a Strategic Plan in place, Kidd and the Foundation Board aim to highlight success stories, showcase the direct impact of donations, and engage with REALTORS® at the grassroots level to foster a deeper connection to the Foundation’s work.

15

WILLIAMS UNDERWRITING GROUP REAL ESTATE ERRORS AND OMISSIONS INSURANCE HIGHLIGHTS

Even the most diligent and experienced real estate brokers may be faced with an errors and omissions (E&O) claim. Sometimes the broker had little or no control over the root cause of a claim. For example, many brokers have represented buyers who had a friend or relative (instead of a licensed inspector) look at the property to save money. When problems arise after closing, the buyers may go after the real estate brokers involved rather than blaming the friend or relative who did them a “favor.” Other times, minor details lead to claims. Leaving one blank initial line, assuming a home in a new subdivision has city sewer, and failing to urge a buyer to follow up with the lender have all resulted in claims against real estate brokers.

Recognizing an E&O Claim – Some brokers incorrectly think an E&O claim only arises once a lawsuit is filed; however, that is not the case. Other communications, even emails, may arise to a claim. For example, the current Colorado REALTOR® E&O Program policy defines a claim as follows: Claim means: 1. A written demand for money or services received by the Insured; or 2. Service of a lawsuit or institution of arbitration or mediation proceedings against the Insured seeking Damages and alleging a negligent act, error, or omission in the performance or failure to perform Professional Services. Complaints to or disputes before a real estate regulatory board or commission are not Claims. Criminal proceedings are not covered under this Policy regardless of the allegations made against any Insured.

Immediately Report All Claims to Your Provider in Writing – E&O claims are often made even when the broker did everything by the book. Other claims result from honest mistakes. It’s always critical to immediately notify your E&O provider in writing of any claim you or your firm receives, even if you think it is frivolous or will go away. Failure to do so may jeopardize any coverage that may otherwise have been available.

Allegations v. Facts – Under the current Colorado REALTOR® E&O Program policy, a claim must allege a negligent act, error, or omission in the insured licensee’s performance or failure to perform professional services, regardless

wugieo.com/colorado-resources/colorado/ 1616

of whether the allegations are true. When defending an E&O claim, being able to show you complied with your duties can be as important as complying with them in the first place. Proactive brokers consider how their business practices can support their defense in the event a claim is made.

Takeaways – Even the most diligent and experienced brokers may be faced with a claim.

Even if you think a claim is meritless or is likely to go away, you should always immediately report any potential claim or claim to your E&O provider in writing, because failure to do so might jeopardize any other coverage that may have been available. If you are insured under the current Colorado REALTOR® E&O Program, report all claims and potential claims to the claims administrator by email at claims@risceo. com or mail at RISC, Claims Department, 4211 Norbourne Blvd., Louisville, KY 40207-4048.

This information is for illustrative purposes only and is not a contract. Nothing herein should be construed as legal advice or advice regarding any applicable standard of care. Rather, this information is intended to provide a general overview of certain products, services, and situations encountered in the course of our business. This information does not amend any E&O policy in any way. Only the applicable policy can provide the actual terms, coverages, amounts, conditions, and exclusions, which may be subject to change without notice.

In the event of a claim, the nature and extent of coverage is determined based upon the claim’s facts, circumstances, and allegations and application of the relevant policy’s terms, conditions, and exclusions. The E&O program described herein is only available in Colorado. The program referenced herein is underwritten by Continental Casualty Company, a CNA insurance company. CNA is a registered trademark of CNA Financial Corporation. Copyright © 2024 CNA. All rights reserved. Prepared by Williams Underwriting Group, a division of Accretive Specialty Insurance Solutions, LLC © 2024.

17

New Homes Are Getting Smaller.

Are Buyers Looking for Less Square Footage?

By: Eliana Block Originally published in REALTOR® Magazine, a publication of the National Association of REALTORS®

Research shows new homes are shrinking, and a recent study shows that matches consumer preferences.

Want” survey. That’s about 200 square feet—the size of a 14-by-14 bedroom—less than what they wanted two decades ago.

When it comes to what home buyers want, detached single-family homes continue to be a hot commodity.

“Among the possible explanations behind the shift in size preferences are high home and land prices and the desire to save on heating and cooling costs,” NAHB’s report says. The association found that 35% of buyers would be willing to take a smaller home in exchange for a better price and were most willing to compromise on space for a home office or dining room. The median size of newly constructed homes is also shrinking to match that demand.

And while buyers are looking for larger properties, it’s not a whole lot more than what they currently have, according to the National Association of Home Builders.

In 2023, home buyers had a median of 1,802 square feet in their current home and wanted a median of 2,067 square feet, NAHB found in the latest edition of its “What Buyers Really

Aside from the sticker shock of larger homes, changes in household composition could also be driving down the size of homes, says NAR Deputy Chief Economist Jessica Lautz.

“We know that there are more single households and single home buyers than we have seen historically—about a third of recent home buyers are single, so they may need or desire a smaller property,” Lautz says. She adds

18

that the number of households with children is at an all-time low. “So, they may not need that three-bedroom, two-bath home. They may really want a two-bedroom, one-bath home, and that’s not necessarily the inventory that’s out there. So, home builders are starting to be attuned to that and building smaller properties where they can.”

While some might be quick to pin the trend on an aging demographic looking to downsize, the numbers don’t support that notion.

“For 55- to 74-year-olds, they are ‘downsizing’ 100 square feet—if we can even consider that fully downsizing,” Lautz says. “That’s almost a one-to-one trade. And then for those 75 years and older, they're downsizing 200 square feet.”

According to Census data, the median square footage of new single-family units peaked in 2015 at 2,466 square feet and dropped to 2,177 in 2023.

In the western part of the country, the size of new builds peaked in 2014 and dropped 370 square feet in 2023.

Randy Ginn, a broker with NW Build-

ers Group, a part of Windermere Real Estate, in Bellevue, Wash., says that’s generally not the direction builders want.

“What's happening is jurisdictions [in the Seattle region] are imposing rules and lot coverage restrictions,” Ginn says. “Effectively, what's happening is the cities are preserving more trees.

They’re preserving larger setbacks.

They're shrinking the amount of lot that we can cover with a new house, and the builders, therefore, are being forced into smaller houses. They don't want to build smaller houses, and quite frankly, the market doesn't necessarily want smaller houses.”

Ginn works primarily in new construction and says he believes local policies, like tree ordinances, are impacting home sizes more than a shift in house hunters’ preferences.

“In my experience, everybody is trying to buy as big of a home as they can afford in their comfort zone,” Ginn says.

“I rarely have people come in saying, ‘I want to get the smallest house out of the group.’ If you look at the average deal we do and the average loan, they're buying 95% of what they can

afford[EB1] and, in most cases, 100%.”

When compared to new builds, NAR data shows previously owned homes purchased in 2024 were slightly smaller, at about 1,800 square feet.

That makes sense, Lautz says, because generally, existing homes in the market today were built during a time when properties were smaller.

The typical home bought in 2023 was built in 1985, and the typical home bought in 2024 was built in 1994.

While homes are measured in square footage, there is a lot of space that isn’t counted in that measurement, such as unfinished basements, garages and pools.

During the COVID-19 pandemic and the early days of lockdown, many homeowners took comfort in the freedom to enjoy their own private outdoor sanctuaries on their porches, decks or in their gardens.

ness comes in different forms, giving an example of a 3,500-square-foot home with flat ceilings throughout the first floor, or a house that’s 3,200 square feet with a 20-foot ceiling and tall windows.

“Space is a lot more important than square footage to a lot of buyers,” he says.

So how much space do you need to call home? That's in the eye of the beholder.

See article originally published in REALTOR® Magazine.

Ginn agrees that the feeling of open-

19

Meet Colorado’s Federal Political Coordinators: Strong Voices for the Real Estate Industry Colorado Federal Political Coordinators (FPCs) traveled to Washington D.C. on January 22nd for a two-day REALTOR® Party Training. The Colorado FPC team is a group of member volunteers committed to advocating for legislation to unlock housing supply, affordability, and ensuring REALTORS® are at the forefront of complex legislative proposals that support homeownership.

New and returning FPCs engaged in boot-camp style training tailored for them to learn how to best engage with their assigned member of Congress and learned about the National Association of REALTORS’® legislative priorities and resources. Whether it’s advocating for bipartisan housing solutions such as the More Homes on the Market Act or the Neighborhood Homes Investment Act, it is crucial for FPCs to communicate the value of tax-based solutions in a way that persuades our U.S. Senators and Representatives to support it.

Paige Haderlie, FPC for Congressman Jeff Hurd, said she is an FPC “because it allows everyday REALTORS® like me to bring the real experience of our clients and colleagues to life in a very real way, creating influence with their representatives.”

April Andrews, FPC for Congresswoman Brittany Pettersen said she is an FPC because “this role allows me to be a strong voice for our industry, ensuring that our congressional representatives have the facts they need to make informed decisions.”

20

When asked about how she plans to apply her skills training, Andrews said, “Moving forward, I plan to apply these skills by ensuring I complete detailed field reports, strengthening my engagement with Congresswoman Brittany Pettersen, ensuring that our industry’s priorities are clearly communicated and well-represented.”

Haderlie recounted her experience at Advocacy Week as a relationship-building experience: “While in D.C., I met with Congressman Hurd and his team, developing contacts that allow for real time information exchange, communication, and discussion.”

Randy Reynolds, FPC for Congressman Jeff Crank, remarked at the effectiveness of the training because federal legislators have an “average of 13 meetings per day, so we need to be laser-focused when we are in front of our elected officials.”

The FPC team will focus on tax reform in 2025 as a way to increase housing inventory and affordability.

The Colorado Association of REALTORS® is thankful for this dedicated team of volunteers who are advocating solutions to national real estate issues with federal lawmakers.

See this video for coverage of Advocacy Week.

CAR's 2025 Federal Political Coordinators

April Andrews

Jamie Goodvin

Paige Haderlie

Julie Hummel

John Lucero

Randy Reynolds

Ron Thorne

Lisa Wade

Troy Williams

Interested in becoming a FPC? Conact btanner@coloradorealtors.com.

21

MARKET TRENDS

Housing inventory hits the market as spring selling season approaches Buyers and sellers itching to move face a market tug of war as affordability continues to challenge the sale INVENTORY OF ACTIVE STATEWIDE = 20,343 January’s housing market delivered a much anticipated and welcome spike in new listings across the seven-county Denver metro area and in markets statewide, according to the latest Market Trends Housing Report from the Colorado Association of REALTORS® (CAR) and analysis from the Association’s spokespersons across Colorado. Despite a perceived itchiness from buyers and sellers to get in the game, markets are facing more of a tug of war thanks to higher interest rates, elevated median pricing, rising insurance premiums, property taxes and HOA fees as affordability challenges the ultimate sale, particularly for entry-level buyers.

A total of 3,839 new, single-family listings hit the seven-county Denver metro area in January, up 105% from December and a 27.3% increase from a year prior. Condo/townhomes new listings also spiked just shy of 150% in the past month. The 1,509 new listings are up nearly 34% from January 2024.

Statewide, the 6,682 single-family new listings were up more than 90% from December to January and were up just shy of 23% from a year ago. The 2,397 condo/townhome new listings in January represent a 93% increase in the prior 30 days and are up nearly 34% compared to a year ago.

Even with the significant increases in January inventory far outpacing the prior two January’s new listing numbers, median sales pricing remains steady in most markets.

“The situation is bittersweet,” said Colorado Springs-area REALTOR® Jay Gupta whose market delivered a record-high level of single-family and patio home inventory in January not seen since 2014. “As the saying goes, ‘Water, water everywhere, and not a drop to drink.’ This famous line from Samuel Taylor Coleridge highlights the irony and frustration of eager buyers who, despite desire and willingness to purchase, are being

22

JAN 2025

14,582 12,649

+19.7% JAN 2025

JAN 2024

SINGLE FAMILY

5,543 +33%

4,168

JAN 2025

JAN 2024

TOWNHOUSE/CONDO

kept back by devastating inflationary economic conditions, affordability challenges, and tumultuous political turmoil blurring the future.”

“The biggest obstacle remaining in the market is, of course, entry-level housing affordability. In particular, the condominium market segment has lagged behind singlefamily in nearly every metric of performance. The driving force behind these challenges has been ongoing increasing costs of ownership, such as insurance premiums, HOA dues, and property taxes,” said Denver-area REALTOR® Cooper Thayer.

“Addressing entry-level housing is a top priority of real estate industry advocates, but solutions take time, and many entrylevel buyers may continue to be priced out of the market this season.”

LOCAL MARKET SUMMARIES 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:

continued on next page

AURORA “January may have been a cold month for our temperatures, but our housing market activity picked up with listings, pending sales, and closed sales all up as it appears that buyers and sellers are starting to get a jump on the spring selling season. Currently Aurora boasts approximately 1,390 available properties for sale with 570 pending and awaiting closing. We saw 338 properties close in the last 30 days.

“Southeast Aurora seems to have the largest available inventory with 136 active properties for sale and 80 pending in the 80016 zip code. Pricing is somewhat higher the further south you go where we have 89 active listings and 50 pending closing in zip code 80015. Moving to north Aurora, the inventory is much lower with only 77 active listings in zip code 80010 which includes the area near the CU Anschutz Medical Campus. In 80010 there 31 properties in a pending status. Zip code 80013 (central Aurora) has the highest available inventory with 191 properties for sale and 81 pending.

“It appears that buyers are ready, and inventory is there to meet the demand. It will be interesting to see how the next few months play out,” said Aurora REALTOR® Sunny Banka.

BOULDER/BROOMFIELD COUNTIES “In Broomfield and Boulder counties, the year started out with a whisper. While many were hoping for a renewed energy after the first of the year, what we’ve seen is more of a cautious toedipping from buyers and continued reluctance from sellers.

Broomfield County’s numbers are flat, no new listings and no appreciation since this time last year. For sellers who priced realistically, the average days on market is down to 48, and for those who didn’t, price reductions are accounting for over half of the listings on the market. Boulder County has seen a few more listings hit the market but with an average of 80 days on market, they are taking longer to sell.

“Both areas are seeing a surge in attached dwelling inventory due to several new home communities hitting the market.

These more affordable units are geared towards first-time home buyers and the affordability of these properties are

attractive to those who wish to live close to Boulder but not pay Boulder single-family home prices. The spring offers hope for more inventory but sellers need to be prepared to offer concessions to buy down the interest rate for interested buyers. The general feeling of the market is optimistic but cautious,” said Boulder/Broomfield-area REALTOR® Kelly Moye.

COLORADO SPRINGS “Frustration in the housing market continues with no real winners. January delivered a mild win for sellers with total sold properties up 3.2%. But we stacked a lot of new inventory on the market, pushing active listings up 34.6%. Buyers saw a loss with the median price pushing up 5.7%. And so, it appears that 2025 is going to be the same sludge in housing that we dealt with all through 2024. Mixed data depending on price, higher interest rates across the board, and the wins will be on a case-by-case basis depending on buyer vs. seller motivation.

“Nationally, we saw the number of people receiving jobless benefits increase by 550,000 in the last two-and-a-half years.

Continuing claims are running around 300,000 above 2019 levels. Hiring also fell to a low of 3.3%, also pre-pandemic levels. These numbers would show that the labor market continues to struggle. But it has not affected housing.

“Rates being higher for longer has not had the effect that most of us thought we would see by now. I fully expected housing to see some softening on prices. While we do see that in certain price points, it has not been the case overall. The industry is feeling it. REALTORS® and lenders are open to say that this is a very hard market. And that is grass roots. But from a 30,000foot view, housing remains resilient, and the stagnant market of 2024 will continue into 2025,” said Colorado Springs-area REALTOR® Patrick Muldoon.

COLORADO SPRINGS “In January 2025, the Colorado Springs real estate market saw a record-high inventory of single-family and patio homes in January since January 2014. Conversely, in January 2021 and continued on next page

23

2022, we experienced the lowest levels of home inventory on record for January. This current surge in the inventory of available homes is an incredible opportunity for buyers to find properties that meet their preferences and to negotiate more favorable offers with motivated sellers. However, the situation is bittersweet; as the saying goes, ‘Water, water everywhere, and not a drop to drink.’ This famous line from Samuel Taylor Coleridge highlights the irony and frustration of eager buyers who, despite desire and willingness to purchase, are being kept back by devastating inflationary economic conditions, affordability challenges, and tumultuous political turmoil blurring the future,” said Colorado Springs-area REALTOR® Jay Gupta.

Other Key Highlights from the Colorado Springs Market include: •Active Listings – Supply: In January 2025, there were 2,514 single-family and patio homes for sale in the Colorado Springs area, marking a slight month-over-month increase of 0.4% and a whopping year-over-year increase of 43.7%.

This inventory level was the highest for January since 2015. The overall months’ supply of active listings stood at a healthy 3.6 months. For homes priced under $400,000, the supply was at 3.1 months; for homes priced between $400,000 and $600,000, it was at 3.2 months; for homes priced between $600,000 and $1 million, the supply was 4.5 months; and for homes priced over $1 million, it was 5.8 months.

•Sales – Demand: Last month, only 696 single-family and patio homes were sold in the Colorado Springs area, representing a significant decrease of 20.6% compared to the previous month and a smaller year-over-year decline of 4.2%. The monthly sales volume also decreased by 20.3% from the previous month, but there was a year-over-year increase of 9.4%. Year-to-date sales volume is down 10.1% compared to last year. However, compared to January 2015, 10 years ago, the monthly and year-to-date sales volumes have massively increased by 129.7%.

•Days on the Market: The average number of days on the market in January 2025 was 68, compared to 57 days last month and 54 days in January last year.

•Price Reductions: Last month, 36.4% of active listings in El Paso County and 28.5% in Teller County had price reductions.

•Sales by Price Range: Last month, 27.2% of homes sold were priced under $400,000, while 45.3% sold for between $400,000 and $600,000. Homes priced between $600,000 and $1 million accounted for 21.7%, and those over $1 million represented 5.9% of the sales. Comparing January 2025 to the previous year, there was a 10.4% decrease in the sale of single-family homes priced under $400,000.

In contrast, the market saw a 1.3% increase in homes priced between $400,000 and $600,000, a 25.8% increase in homes priced between $600,000 and $1 million, and a 13.4% increase in homes selling for over $1 million.

•Average & Median Sales Prices: Last month, the average and median sales prices of single-family and patio homes reached historically high levels for January, at $548,541 and $482,250, respectively. The average sales price rose 5% year-over-year and 46.1% since January 2020, 5 years ago.

Similarly, the median sales price climbed 7.2% year-overyear and 43.2% since January 2020

DENVER METRO (11-County) “Market activity is starting to pick up pace across the Denvermetro area as we enter the annual spring selling season.

Over 5,300 new listings hit the market in January, 28.5% more than the same month last year, and a sizable +115.2% increase from the month prior. Median sales prices declined slightly month-over-month to $565,000 in the metro area but remained elevated (+3.7%) over this time last year. Average time on market continued climbing to new 12-year highs, indicating buyers are taking a cautious approach to the market, constrained by new lower levels of relative inventory in contrast to market conditions over the past year. Market sentiment, however, remains very optimistic as it seems buyers are nearly fully acclimated to the ‘new normal’ of mortgage rates in the 6% range.

“In my ‘boots on the ground’ experience so far this year, it feels like buyers and sellers who have waited on the sidelines over the past few months are itching to move, and pent-up continued on next page

24

supply and demand are about ready to enter the market.

Despite cooling activity over the past two years, driven by a lack of motivation, there’s an underlying sense of eagerness emanating from both the buy- and sell-side. Home prices have remained strong and resilient to economic factors, and consumer sentiment has been steadily improving. If market conditions continue to become more attractive in the coming months, we could be in for a wave of demand driving the Denver-metro market back to the competitive, fast-moving nature we’ve come to expect.

“The biggest obstacle remaining in the market is, of course, entry-level housing affordability. In particular, the condominium market segment has lagged behind singlefamily in nearly every metric of performance. The driving force behind these challenges has been ongoing increasing costs of ownership, such as insurance premiums, HOA dues, and property taxes. The ‘perfect storm’ of 30-40% jumps in these non-mortgage costs, combined with interest rates remaining elevated over the past few years, has built additional barriers to entry in the already limited stock of entry-level homes across the Denver metro region. Addressing entry-level housing is a top priority of real estate industry advocates, but solutions take time, and many entry-level buyers may continue to be priced out of the market this season,” said Denver County-area REALTOR® Cooper Thayer.

DURANGO/LA PLATA COUNTY “With a virtually snowless winter, sellers have been chomping at the bit to list their homes and make a move earlier than is customary in Durango and La Plata County. Newly listed single-family homes are 124% higher in number this January over last, and condos/townhomes are 18% higher.

“Outside of the resort area, Buyers tend to be scarcer in the winter, but more serious-we have seen La Plata County singlefamily sales jump 18% over last January (32 vs. 27) and condos/ townhomes are par with last year’s number of sales at 14.

“With just one month’s inventory to reflect on, it’s impossible to detect trends for 2025; instead, we have “just the facts, ma'am”. The median price of La Plata County single-family homes sold in January was $719,900 and in town Durango

was $1,336,500. Month’s supply of inventory is higher in the county this January at 3.2 months vs. 2.7 last year for singlefamily and 3.6 for condos/townhomes vs. 3.4 in 2024, while the number has fallen in-town Durango single-family homes at 1.8 months inventory vs. 2.1 months. We hope for snow on the way to end our winter season and assist in bringing in spring break travelers in March,” says La Plata County-area REALTOR® Heather Erb.

FORT COLLINS “The real estate market is in a tug of war – with itself. Like the mystical creature, the pushmi-pullyu, mortgage rates are in a seemingly endless tug-of-war as many economic factors indicate a lower mortgage rate would be appropriate (lower actual inflation numbers), while simultaneously, other economic factors (rosy jobs report, the new administration’s tariff announcements) drive them higher. The result is a mortgage interest rate that can’t seem to move off the 7% pivot point for more than a day or two at a time.

“The challenges of a pushmi-pullyu market are numerous.

When you look at January sold numbers year over year, it shows a 21% improvement, but if you compare it to the number of sales in December – it has dropped 64%. The postelection enthusiasm was evidently short-lived. Neither buyers nor sellers feel like they have an upper hand, which really says we’re in a balanced market even though the months supply of inventory stands at just two months. Demand for housing is palpable but first-time buyers can’t participate with mortgage rates at this level. Many sellers won’t participate because they’re still enjoying historically low interest rates on the houses they currently own. But that hesitation may be wearing thin as new listings in January jumped over 13% year over year - more than double the new listings that came on in December.

“Another tug-of-war indicator is median price. Over the course of the last quarter of 2024, the median price in Fort Collins moved up and down like a washboard-riddled country road.

October 2024 was $631,000, November dropped to $585,000, December popped up to $595,000, and last month we hit $600,000. Certainly not numbers that indicate an overall appreciating market but also not numbers that show a market continued on next page

25

in significant decline.

“One of the most curious things about a pushmi-pullyu is that for the animal to move in any linear fashion, half the animal would have to walk backwards so the other half could walk forwards. It took more than a little cooperation for the twoheaded beast to move any significant distance in a single direction. It is analogous to the current state of our real estate market. Opposing forces creating a stagnating result. Perhaps as the thaw begins this spring, we’ll see movement in this otherwise stymied market,” said Fort Collins-area REALTOR® Chris Hardy.

GRAND JUNCTION/MESA COUNTY “We’re experiencing a positive start to the year in comparison to January 2024 across Mesa County. New listings, pending sales and solds are all up from this time last year however, on the flip side, they are all down from December 2024. With only 160 sales in January, we still have a long way to go. Median pricing came in at $397,500, with the average price at $479,086.

Days on market increased to 101, giving buyers more time, but it’s something sellers have to adjust to. Our most active price ranges remain $300,000-$500,000 but surprisingly, we saw strong January activity in the $700,000-$1 million range,” said Grand Junction-area REALTOR® Ann Hayes.

GUNNISON/CRESTED BUTTE “It is hard to read anything into the January statistics in a small market like Crested Butte and Gunnison since January isn’t one of our biggest sales months and just one sale or the lack of one big sale can skew the numbers. For the entire Gunnison Crested Butte area, January 2025 had one less sale than 2024 (33 vs. 34) and the dollar volume was slightly down as well ($39.9 million vs. $45.6 million in 2024). The Gunnison area had the same number of sales each year with 13, but the dollar volume was down significantly ($7.3 million vs. $11.3 million in 2024) due to the fact that there were three sales over $2 million last year and only one that was just under $2 million this year. The area around Crested Butte was slightly busier this year with 17 transactions vs. 13 in 2024, but the dollar volume was more than double the amount we had in 2024 ($14.8 million in 2024 vs. $31.2 in 2025). Again, the difference is in the number of high-end properties that sold this year. This year, we had four sales over $3 million vs. just

26

two in 2024 and of those, two were over $5 million vs. just 1 in 2024.

“While it can be tough to make any predictions for the year based on January sales, I can tell you that our inventory is down about 10% from last year, but we are seeing new properties come on the market and sell quickly if they are priced correctly. We also have more under contract right now than we did last year and in the first weeks of February, the activity level has increased – both in terms of buyers looking at properties and sellers putting their homes up for sale. People are tired of waiting for interest rates to go down to make their next move and so that could bode well for the Crested Butte and Gunnison real estate market in 2025,” said Crested Buttearea REALTOR® Molly Eldridge.

PUEBLO “The Pueblo real estate market showed some positive numbers in January with new listings up 13.5% compared to January 2024 and overall inventory up just shy of 11%.

Pending sales were up 10.7% compared to the same time last year as well. Our average days on market dipped slightly but remains right around three months. Looking to the percentof-list-price received, we remained fairly strong at 97.5%. Sold properties in January fell 4.7% compared to a year prior and we did see our median pricing fall 4.7% to $305,000.

“We don’t anticipate any real growth over the next few months as buyers continue to wait for interest rates to stabilize in the low 6% range. Escalating home insurance prices aren’t helping sales either and insurance companies are implementing a lot more in the way of limits on what they will and won’t cover for roofing and much more.

“That said, we have seen some uptick in showings and the attitude of buyers and sellers is improving,” said Pueblo-area REALTOR® David Anderson.

SAN LUIS VALLEY Looking at markets across the San Luis Valley, REALTOR® Megan Bello said, “Overall, home prices are climbing significantly in most areas, but inventory constraints and longer selling times suggest a shifting market dynamic.” She shared the following county summaries: continued on next page

• Costilla County - saw a sharp increase in median home prices, rising 75% to $350,000, despite a slight decrease in inventory. However, homes are taking longer to sell, with days on the market increasing by 17.9%.

• Conejos County - experienced a dramatic 189.6% surge in median sales price to $347,500. However, new listings dropped by 60%, and homes are staying on the market much longer, with an increase of 244.1% in days until sale.

• Mineral County - had no recorded home sales in early 2025, marking a complete drop from 2024, when the median price was $400,000. Inventory has also been cut in half.

• Rio Grande County - had a strong 187% jump in median prices to $485,000, with an 80% increase in sold listings.

However, homes are taking longer to sell, and inventory levels remain tight.

• Saguache County - saw a 70.8% increase in median prices to $316,000, while new listings tripled. However, sold listings declined slightly, and the market remains slow-moving.

• Alamosa County - showed a steady 28.8% increase in median prices to $335,000, with a rise in new listings but a small decline in sales. The market remains relatively stable compared to other counties.

STEAMBOAT SPRINGS/ROUTT COUNTY “In Steamboat Springs, two single-family homes sold in January at an average sales price of $3,682,500. This activity represents five fewer transactions than 2024. The month did see an increase in new listings; 19 vs. 10. Eight of the new listings are currently under contract, with five of those residing in a new subdivision which has initial pricing in excess of $1.35 million. Multi-family units realized a 21.1% increase in transactions sold with a median sales price of $860,000. New listings were also significantly more for condos/townhomes than January of 2024; with about one third of those now pending. Months supply for Steamboat is hovering around four months.

“In the outlying Steamboat Springs communities, there was an insignificant number of new listings for Clark, Oak Creek, and Hayden - as well as sales. Inventory is very low with Clark having four homes for sale, Oak Creek six, and Hayden 13. Hayden inventory for multi-family is seven units and

represents about a six-month supply. January realized one townhome sale which closed for $399,000 – an improvement over 2024 which did not realize a sale.

“Routt County is witnessing new developments at various stages in the planning phases as well as construction. In addition to the new housing development located between the west end and downtown Steamboat, the ski base area has two upper-end developments currently underway each at different stages of construction. In Hayden, the first phrase of Prairie Run would feature a mixture of 135 units comprised of rental two-story apartments, townhomes, and live-work units. Most of the units offered for sale will be deed restricted. The area of Stagecoach has an Oak Creek address and is home to Stagecoach Reservoir and a State Park.

Stagecoach in the 1970s was home to a short-lived ski resort.

Applications for plans have been submitted to the Routt County Planning Department to develop a private ski resort along with hundreds of luxury homes. Another developer has an application in to subdivide about 40 acres of an 89-acre parcel into 89 single-family lots, 33 duplex lots and 40 multifamily units which would all be sold at free market pricing,” said Steamboat Springs-area REALTOR® Marci Valicenti.

SUMMIT, PARK, AND LAKE COUNTIES “The resort market keeps chugging along like a mountain train – steadily climbing, but at a slower pace. Sellers are securing about 98% of their list price, yet properties are spending 25% more time on the market. Nationally, median sales prices went up 6% but in Summit and Park counties, they rose 19%, showing that buyers are still eager to hop aboard the ski train.

“One of the most striking trends is the shift in which price ranges are gaining traction. Comparing January 2025 to January 2024, multi-family home sales in the $2 million to $5 million range surged 300%, while single-family homes priced between $5 million and $10 million saw a 33.3% increase. Homes in the $1.5 million to $2 million bracket also experienced a remarkable 200% jump in sales,” said Summitarea REALTOR® Dana Cottrell.

Average Single-Family Home Sale Prices (January 2025): Summit County: $2,533,133 (24 sales, up from 15 in Jan 2024) Park County: $618,176 (11 sales, down from 18 last year) Lake County: $1,290,411 (1 sale, down from 3 last year) continued on next page

27

Average Multi-Family Home Sale Price (January 2025): Summit County: $1,041,508 (55 sales, up from 46 last year) “Among the 509 active residential listings in Summit, Park and Lake counties, the most affordable listing is a mobile home in Park County priced at $137,500, while the most expensive is a luxurious single-family home in Breckenridge, is priced just shy of $19 million. There are eight listings over $10 million,” added Cottrell.

January saw 92 sales with a wide range of price points: · Lowest Sale: A mobile home in Dillon for $262,400. · Highest Sale: A Breckenridge single-family home for $9.2 million.

Luxury buyers remained active with 51% of all sales surpassing the $1 million mark and nearly 47% of transactions closing in cash. With more sales, rising prices and an expanding inventory compared to last year, 2025 has started with strong momentum in the mountain real estate market. *These numbers exclude time share, deed restricted, land and commercial properties.

TELLURIDE “The Telluride regional market pulled back a little with 29 sales this January which is the exact same number that we had in January 2024 however, the dollar volume was down 37% to $52.22 million compared to $89.2 million in January 2024.

What was also different was the volume was almost evenly dispersed across the town of Telluride, the town of Mountain Village, and the rest of San Miguel County. Telluride dollar volume was $20.57 million across nine properties, $14.65 million over nine transactions in the town of Mountain Village with the rest of San Miguel County having $16.99 million in 11 transactions.

“It's too early to see if this is a trend. Our market is truly small which requires at least three months sales stats to spot a true trend,” said Telluride-area REALTOR® George Harvey.

VAIL “We began the year with a similar trajectory to January 2024.

There was a significant, 18.7% jump in listing inventory compared to 2024 and we have reached the highest level in recent years. However, the inventory is skewed to the condo/

townhome sector which had a 40% increase with the single family/duplex segment increasing just 3.4%. This has created an inventory that is basically equal for each of the segments.

The inventory of the condo/townhome segment is basically new and has a greater position in the lower pricing niches.

Months supply of inventory hit 5.8 for single- family/duplex with condo/townhome at 4.3 months. The larger inventory has taken a certain level of urgency out of the buying process and, as a result, properties are staying on market for a longer period.

“Closed sales were down 3% for the month however, sales revenue was positive 4.5%. This follows the trend we experienced throughout 2024 and is driven by the continuing changes in market share in the different pricing niches:

<$1 mil $1-$2 mil $2-$3 mil $3-$4 mil $4-$5 mil $5 mil +

2025 Units 31% 37% 13% 7% 3% 9%

$ 8% 22% 13% 10% 6% 41%

“The two lower price niches cumulatively equal the unit percentage for the under $1 million niche pre COVID. The two highest price niches now represent three times their unit share pre COVID. This has been an evolving market performance for the post COVID period. The trend seems to be the new normal as macro-economic factors couple with availability of private land for future development. Thus, the market should find more predictability and less volatility going forward,” said Vailarea REALTOR® Mike Budd.

The Colorado Association of REALTORS® Monthly Market Statistical Reports are prepared by Showing Time, a leading showing software and market stats service provider to the residential real estate industry and are based upon data provided by Multiple Listing Services (MLS) in Colorado. The October 2024 reports represent all MLS-listed residential real estate transactions in the state. The metrics do not include “For Sale by Owner” transactions or all new construction. CAR’s Housing Affordability Index, a measure of how affordable a region’s housing is to its consumers, is based on interest rates, median sales prices and median income by county.

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

28

2024 Units $ 30% 10% 35% 25% 16% 17% 5% 6% 3% 5% 11% 37%

Come Celebrate Fair Housing Month With Us This April!

CAR’s Diversity & Inclusion Committee is hosting four great activities in the month of April to educate and celebrate Fair Housing Month. Participate in all four activities to receive a $20 gift card to the REALTOR® store.

NAR Fairhaven Challenge Anytime - VIRTUAL

1

History & Risk Management

April 8 - 1pm-3pm (2CE) - VIRTUAL

2

This innovative training platform is available to all 1.4 million NAR members at no additional cost. Be an advocate for fair housing and the future of our industry.

Commit to combating discrimination in real estate.

Join us as we journey through the history of Fair Housing in Colorado and refresh your knowledge of the Fair Housing laws and what protected classes are included at the Federal, State, and County levels. The content will also focus on common Fair Housing violations occurring currently in our market and how to avoid finding yourself in violation. This class meets the new NAR Fair Housing triennial training that is required for all REALTOR® members beginning 2025.

The People Behind Diversity

Film Review

April 16 - 10:30am-Noon - VIRTUAL

3

To celebrate Fair Housing Month, the Colorado Association of REALTORS® will be hosting a panel of individuals who represent a community that is often thought of when discussing diversity – they will share the beauty of their community and what REALTORS® should be mindful of when working with individuals from this community.

April 24 - 1pm-3pm - VIRTUAL

4

Participants will watch the film America Divided: A House Divided together on Zoom.

Attendees will have time to answer questions geared to help everyone reflect on the content together through discussion.

Each registration comes with an individual bag of popcorn and candy to enjoy while watching the film.

LEARN MORE! 29

4 Social Media Tips to Stay Out of Legal Trouble Make sure your posts abide by copyright and advertising law, are ethical and use the REALTOR® marks correctly.

GOOD: @janerealtor BAD: @janetherealtor

By: Melissa Dittmann Tracey Originally published in REALTOR® Magazine, a publication of the National Association of REALTORS®

If you’re not careful, your posts on social media could land you in legal trouble.

“Social media is a powerful marketing tool for real estate professionals, enabling them to showcase their expertise, reach a wider audience and engage with both potential and current clients,” says Chloe Hecht, senior counsel at the National Association of REALTORS®, in NAR’s latest “Window to the Law” video. “However, like most business tools, the use of social media comes with its own legal risks.”

Real estate pros would be wise to heed social media best practices, as 52% of agents and brokers say social media was their top tool for attracting quality leads over the last 12 months, according to NAR’s 2024 Technology Surveypdf.

In the video, Hecht highlights some best practices for real estate professionals when using social media, including: 1. Use the REALTOR® trademark correctly. Only NAR members can call themselves a “REALTOR®.” The trademark should not be used to describe the real estate profession at large.

30

Hecht says that in social media usernames, the REALTOR® mark can only appear next to a member’s name (e.g. @janerealtor but not @janetherealtor). Also, descriptive wording cannot be used with the REALTOR® mark; for example, “Professional REALTORS®” or “Top Chicago REALTORS®” are improper uses of the mark. For more tips on trademark usage, consult NAR’s Membership Marks Manual.

2. Watch the images you post. “It may be tempting to post an image or other content you found online to your social media profiles, but always obtain written permission before using any third-party content,” Hecht advises. You could face steep penalties—up to $150,000 per infringement, for using copyrighted work without permission.

3. Abide by advertising laws. Make sure your social media advertisements comply with federal, state and local laws. For example, the Federal Trade Commission Act prohibits unfair, deceptive acts or practices in commerce. That means, for example,

any testimonials or endorsements must be truthful and not misleading, Hecht says. Additionally, “state laws typically require real estate licensees to include their license information and brokerage name in all advertisements,” she says.

4. Keep it ethical. Article 12 of the REALTOR® Code of Ethics says that agents who are REALTORS® must present “a true picture in their advertising, marketing and other representations.”

That includes those that appear on social media.

“Members should avoid posting listing photos or other content that is not accurate, including manipulated photos,” Hecht says. “Also, members must obtain the permission of the listing firm before advertising any third-party listings on their social media.”

Read the orginal article here.

MAXIMIZE YOUR

CAR MEMBERSHIP

The ultimate guide to CAR benefit partners

CAR has partnered with several companies to provide our valued REALTOR® members discounts on products and services to help you with your business.

DISCOVER OUR PREMIER PARTNERS LIKE...

• CTM ECONTRACTS

• WILLIAMS UNDERWRITING

• EXODUS MOVING & STORAGE

GROUP

• KAYDOH VIDEO MESSAGING • DOMII • LENOVO

• VAULT HEALTH INSURANCE • ODP BUSINESS SOLUTIONS

• IXACT CRM • 1QR.COM • LIVEPAD • UPS • RENTSPREE • AVIS CAR RENTAL

Explore new partners like Domii who offers free background checks before showings. Learn more about these products and attend Free webinars at link below.

• CONSTANT CONTACT

PLUS, YOUR CAR BENEFITS INCLUDING...

• CAR LEGAL HOTLINE

• MARKET RESEARCH

• POLITICAL ADVOCACY

• LEGAL RESOURCES

• PROFESSIONAL DEVELOPMENT

• NETWORKING

www.COREALTORMARKETPLACE.com

31

AE SPOTLIGHT Denise Unrein AE of the Four Corners Board of REALTORS® Denise Unrein

How long have you been an AE and how did you get your start?

I have been an AE for almost 14 years, I answered an ad in the newspaper. I was interviewed by the Four Corners Board of Directors and was also interviewed by Amanda Erickson, who was the Executive Officer in Durango at that time and still is.

What do you love most about the job?

My favorite part is having the creative freedom that I have and then seeing the positive impact of my work. And I also like the constant learning and new challenges.

What is a challenge your board/association is facing in the next few years or currently?

Currently and always is the problem of recruiting enough volunteers.

cal kids going to college. Many of our Realtors® volunteer at Habitat for Humanity and other organizations in Montezuma and Dolores County.

What would your members be most surprised by about your job?

Probably most of it, I don’t think they realize all the different things that we do.

Which talent would you most like to have?

Play the piano What is your favorite tv (or streaming) show to watch?

Landman Motto or piece of advice you try to live by?

Treat people with kindness.

Is there something your board/association does regularly to give back to the community?

We do the Parade of Lights for the community at Christmas time, and it gets bigger every year. We also do the Dean Hanson Memorial Golf Tournament to raise money for lo-

Denise at Golf Tournament with Members.

32

Taste of the Four Corners Painting Event.