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The term “REALTOR ® ” is a national registered trademark for members of the National Association of REALTORS® The term denotes both business competence and a pledge to observe and abide by a strict Code of Ethics. To reach a CAR director who represents you, call your local association/board.
FROM THE CEO
Revitalizing Our REALTOR® Community
As we enter the holiday season, I want to take a moment to think about the progress we've made together at the Colorado Association of REALTORS® (CAR). This year (2025) brought its challenges, including a shift from a seller's market to a buyer's market. We also faced the important task of showing the value of the REALTOR® brand for your businesses. However, with your support, we've built not just a professional organization, but a caring community dedicated to excellence and innovation in real estate.
At CAR, advocacy is a key part of our mission. Looking ahead, it’s important to emphasize how crucial our advocacy efforts are in shaping the future of real estate in Colorado. By working with lawmakers and other important organizations, we make sure that your voices as REALTORS® are heard and prioritized. Our commitment to advocacy will keep driving changes that protect your interests and, ultimately, benefit the communities we serve.
As we tackle issues in the real estate world—from making housing more affordable to adapting to new rules—our advocacy work is more important than ever. Together, we'll support policies that help promote growth, protect property rights, and create more opportunities for homeownership. As we move forward, we are focused on empowering you, our members, to champion these issues and make a difference in our local laws.
We are also dedicated to effective leadership that empowers you as REALTORS® to make a real impact in both your industry and communities. We value your feedback and involvement. Your leadership and staff have visited brokerages across the state, hosted virtual town halls, and provided important updates to enhance your experience with CAR. We also celebrate Fair Housing Month provided Property Management Forums to give you the knowledge you need to face today’s challenges.
Another aspect we focused on is improving our communication. We’ve introduced AI-powered tools that make it easier for you to access important information. Whether it’s our governing documents, helpful guides, or email summaries, these innovations streamline the resources you need to engage with our programs. Moreover, our proactive communication strategies have boosted CAR’s visibility and shown our ongoing commitment to community involvement.
Tyrone Adams CEO of the Colorado Association of REALTORS®
Our partnerships with various real estate groups and local associations are key to our collective growth. By hosting symposiums and providing resources for local associations, we continue to show our commitment to working together, ensuring a healthy real estate market in Colorado.
As we wrap up 2025, we have hope and are ready to face any challenge that may come our way together with the National Association of REALTORS® and your local association!
As we prepare for 2026, we strive to be strong advocates for you and provide an excellent member experience. We will do this by fostering an inclusive, proactive and positive culture that aligns with the vision of the REALTOR® brand. Together,
Westerra CU Perks With Purpose
we will enhance member engagement, strengthen our advocacy efforts, and grow our presence in your community.
As you spend time with loved ones and reflect on the past year, we at CAR wish each of you a safe and joyous holiday season.
Thank you for being a member and a vital part of the Colorado Association of REALTORS®. We look forward to all we can achieve together in 2026!
Warm regards!
1. You open a new Smart Money Checking or Money Market Select account and keep a minimum balance of $5 for 30 days from the date of account opening. (Welcome to the family!)
2. You earn $25, and Colorado Association of REALTORS® earns $25! Cha-Ching!
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Tyrone Adams at CAR Committee Meetings with Molly Eldridge.
Scott Peterson and Tyrone Adams at the CAR Inaugural Dinner.
FROM THE PRESIDENT
Strengthening What it Means to Be a REALTOR®
As I look back on this extraordinary year as your Colorado Association of REALTORS® President, one word keeps coming to mind, gratitude. Gratitude to our members who show up, speak up, and serve. Gratitude to our staff who make the impossible look routine. And gratitude for a profession that continues to make a difference, one property, one policy, and one person at a time.
This year, we focused on strengthening what it means to be a REALTOR®. We developed the Best Practices Toolkit for local associations to help retain and engage members. We revamped the CAR website to better showcase the true value of membership and continued conversations across the state to help local associations tap into CAR and NAR resources more effectively.
While visiting offices and attending events around the state, we were listening to feedback and building direct engagement across every district. Our virtual town halls and participation in local meetings drew impressive participation, proof that our members want connection, clarity, and collaboration.
CAR’s new AI-powered 101 Guide and resource summaries have made navigating our tools and benefits easier than ever, while our Leadership Academy and “speed dating” committee event encouraged emerging leaders to step forward, and they did! Nearly 200 REALTORS® applied to serve on CAR committees this year, and 50 were appointed to national roles at NAR.
We’ve clarified roles between NAR, CAR, local associations, and DORA, built new tools to help members thrive, expanded leadership pipelines, and strengthened our advocacy voice at every level. Our advocacy is something that every member can be proud of. We’ve proven once again that REALTORS® are a resilient, forward-thinking force, driven by community and united by purpose.
CAR strives to protect property rights, elevate professionalism, and ensure transparency in every corner of our industry. This year, that mission was tested, and we met the moment.
When concerns arose about procedural irregularities and lack of transparency within the Colorado Division of Real Estate (DORA) and the Attorney General’s Office, CAR stepped forward, firmly and respectfully, to defend open dialogue and proper process. Our letter
Dana Cottrell 2025 President of the Colorado Association of REALTORS®
to DORA, Attorney General Weiser, and Governor Polis was not written lightly. It addressed the critical issue of restricted communication between stakeholders and the Real Estate Commission during quasi-legislative actions, along with concerns over incomplete public notices, closed public comment, and reinterpretations of longstanding statutory authority.
We took a stand because REALTORS® deserve a seat at the table when policies that shape our profession are being written. Our industry depends on open communication and transparency between DORA and CAR, and we will continue to work diligently to restore and maintain that trust.
Open channels of dialogue benefit everyone, from brokers to the consumers we protect. That’s what professionalism looks like in action.
Investing in You
To the 2025 Leadership Council: Molly, Aline, Janet, Courtney, Brian, David, Sarah, Jessica, Crissy, Sean, Breezy, Myra and Jason. You have been the backbone of this year’s success. You brought energy, ideas, humor, and heart to every challenge. You didn’t just lead; you lifted.
To Tyrone Adams, our CEO, thank you for being a steady hand and a calm voice of wisdom. You lead with integrity and grace, and you make CAR stronger every day.
To the CAR staff, thank you for your tireless dedication and unshakable professionalism. You are the pulse of this organization, and none of this could have happened without you.
As I hand off the gavel to Molly Eldridge, I do so with confidence and anticipation. CAR is in strong hands, innovative, engaged, and ready for what’s next.
As REALTORS®, we don’t just sell homes, we build communities.
We don’t just close deals, we open doors.
And we don’t just talk about change, we lead it.
Thank you for trusting me to serve as your President. It has been an honor, an adventure, and a year filled with growth from the peaks of policy to the heart of every Colorado community we represent.
Here’s to what’s next: A future built on transparency, trust, and that unshakable REALTOR® spirit.
Tanner Vice President of Public Policy for the Colorado Association of REALTORS®
Government Affairs Update
The 2026 Legislative Session
The General Assembly will start its 120-day legislative session on January 14, 2026. The Government Affairs team continues to engage stakeholders on various bill concepts and issues affecting real estate, housing, and property rights. One property rights issue that is currently bubbling up is the “right to float or wade” on streams, for which the current law requires a property owner’s approval for someone to float or wade through a non-navigable stream on their property. There are efforts to make the right to wade or float through private property a public right.
We are again expecting several landlord/tenant bills, along with ones addressing the escalating cost and unavailability of property and casualty insurance. We also expect another bill to propose lowering the “public impact” legal standard to qualify as a Colorado Consumer Protection Act (CCPA) claim, potentially to a single transaction with a client. As there have been in the last three legislative sessions, including the Special Session in August (more below), there will be another attempt to “fix” a 2024 law on consumer protections for artificial intelligence. We continue to engage with stakeholders as the current law is set to take effect on June 30, 2026, and could impact the use of identity verification or fraud prevention applications, such as Forewarn.
2026 Sunset Review of the Division of Real Estate, including the Colorado Real Estate Commission (CREC)
Every ten years, a legislative review of the Division of Real Estate is conducted, which will occur in 2026. These Sunset Reviews are to ensure existing government programs are “necessary, fair, effective, and efficient.” The 2025 Sunset Review report for the Division of Real Estate and Colorado Real Estate Commission (CREC) will be introduced during the legislative session and will include 10 recommendations. This year’s Sunset Review takes on added importance in light of recent CREC rulemaking regarding the disclosure of confidential information to Employing or Supervisory brokers, as well as challenges to public input or transparency in the rulemaking process.
Brian
SPECIAL LEGISLATIVE SESSION:
AUGUST 21-26
We were unable to cover this in our Q3 article. Still, it is essential to address this summer’s special session, particularly in light of the federal government shutdown that began on October 1, 2025, affecting federal funding for some Colorado programs.
Colorado lawmakers returned to the Capitol for a six-day special legislative session on August 21st to address the effects of tax policy changes made by House Resolution 1, the “One Big Beautiful Bill Act”, the Republican federal bill signed by President Trump in July. The changes in the federal tax code made in the bill left Colorado with a roughly $750 million hole in the state budget. Part of the strategy to close the gap involved a series of changes to the Colorado tax code targeting wealthy corporations and other higher-income filers. These changes will raise revenue in the state by roughly $200 million. The Governor issued Executive Orders following the Special Session to cut approximately $300 million in state programs and services, including more than $100 million from Proposition 123 funds. State reserves have been used to shore up the remaining amount.
While the budget was the primary focus of the special session, the legislature used the opportunity to address multiple other issues. This included changes to Colorado’s first-in the-nation artificial intelligence regulations, expanding the Healthy School Meals for All ballot measure to include SNAP, and authorizing the sale of tax credits for the Health Insurance Affordability Enterprise (HIAE), transferring gray wolf reintroduction funds to the HIAE, and requiring the Governor to consult with the Joint Budget Committee (JBC) when reducing program funding during an economic downturn.
August Special Session – Artificial Intelligence Legislation
Four bills were introduced during the Special Session on Artificial Intelligence (AI) to address and refine provisions of Senate Bill 24-205, “Consumer Protections for Artificial Intelligence.” The Colorado Association of REALTORS®’ review focused exclusively on the potential impact of these bills on REALTORS®’ ability to safely use technology tools to better understand prospective clients during showings.
Of particular concern, SB 24-205 inadvertently encompasses certain safety and identity verification tools—including applications such as FOREWARN—under its broad definitions of
“artificial intelligence systems.” This inclusion triggers specific disclosure requirements and potential “unfair or deceptive trade practice” penalties if reporting obligations are not properly met, creating compliance risks for REALTORS® using these tools.
The two Republican bills were killed early during the session, leaving two competing Democratic bills: HB25B 1008 “Consumer Protections for AI Interactions” by Reps Lindstedt and Carter, Sens Amabile and Frizell; and SB25B 004 “Increase Transparency for Algorithmic Discrimination” by Sen. Rodriguez, Reps Titone and Bacon.
Both Democratic bills provided clearer definitions of AI systems than those currently in law and would exempt most identity verification applications, including Forewarn, from burdensome disclosure requirements and significant penalties. For strategic purposes, CAR’s Legislative Policy Committee (LPC) took the position of Amend on both Democratic bills to maintain a seat at the negotiating table between these two bills.
Ultimately, the “Increase Transparency for Algorithmic Discrimination” (SB 004) bill advanced through the legislative process. It was revised to delay the implementation of the current law from SB 24-205 by five months, moving the effective date from February 1 to June 30, 2026. This delay provides an additional opportunity to pursue comprehensive AI reforms during the 2026 legislative session. A key challenge during the Special Session was addressing potential liability for developers of AI systems with biased outcomes; under current law, liability rests entirely with the deployers or users of an AI system.
FAIR Plan Is Now Live in Colorado
The 2023 session included the passage of legislation creating Colorado’s FAIR Plan, a last-resort insurance option for property owners who have been denied coverage at least three times through traditional insurers. For consumers, this means up to $750,000 in coverage for residential properties and $5 million for commercial properties. FAIR Plan started providing policies this summer and there are now policy holders in 30 of 64 counties across Colorado. It is important to note that FAIR Plan policies only provide coverage for the actual cash value (ACV) of the property. They are NOT replacement cost coverage. Find updates on FAIR Plan information here
2025 Legislative WIN! Paving the Way for New Condo Construction
One of our top priorities for 2025, the “Colorado American Dream Act ” (HB 1272), passed this year after several attempts. The Multi-Family Construction Incentive Program, effective January 1, 2026, marks a significant step forward in addressing Colorado’s housing crisis. This legislation promotes responsible condominium development while prioritizing consumer protection.
By supporting this initiative, Colorado can expand attainable housing for first-time buyers and downsizing seniors, creating a balanced, win-win outcome for homeowners and builders, and ensuring future generations have access to homeownership.
CAR’s CEO, Tyrone Adams, testified on the bill, emphasizing the urgency of the housing crisis it aims to address, and shared: “Skyrocketing prices and fierce competition among prospective buyers have made homeownership increasingly unattainable for many Coloradans. This crisis affects not only first-time homebuyers but also permeates throughout our communities, impacting economic mobility, community stability, and the overall quality of life in our state.” He added, “The median net worth for renters stands at a mere $10,400, contrasting sharply with $400,000 for homeowners according to multiple reports.”
A big thank you to the hard work and incredible stakeholding from its champions: Representative Shannon Bird (HD29) and Speaker Pro Tem Andy Boesenecker (SD-53), Senate President James Coleman (SD-33) and Senator Dylan Roberts (SD-8).
Colorado Project Wildfire (CPW)
The Colorado Association of REALTORS® (CAR) continues to advance the Colorado Project Wildfire (CPW) initiative amid challenging evolving conditions, legislative changes and resource challenges affecting REALTORS®, homeowners, wildfire professionals, and the insurance industry statewide.
PROGRAM GROWTH AND LEADERSHIP
• CPW remains a member-driven initiative focused on education, collaboration, and community engagement. Over the past year, the program has expanded its leadership and volunteer base, welcoming several new members to join our long-standing core of dedicated REALTORS® from across Colorado.
• Mountain Metro Association members David Hanna and Cathie Nicholson now co-lead the CPW working group and facilitate our monthly statewide Forum, a virtual meeting space connecting REALTORS® from the Front Range, mountain, and Western Slope communities. These sessions provide ongoing updates on legislation, resources, and local initiatives while fostering discussion and problem-solving around emerging wildfire and insurance issues. Participation continues to grow, underscoring the strong engagement and relevance of this work to our membership.
WILDFIRE AND INSURANCE CHALLENGES
• While wildfire preparedness remains the central pillar of CPW’s mission, insurance affordability and availability have become increasingly urgent concerns for members and homeowners. Over the past two years, this issue has dominated stakeholder discussions, reflecting the real and immediate impacts on property transactions and
• CPW leaders are actively engaged with statewide wildfire and insurance stakeholder groups, as well as key elected officials, to shape CAR’s position and strategy heading into the 2026 legislative session. The goal is to ensure REALTOR® voices and client concerns are represented as policymakers address these complex and interconnected challenges.
EDUCATION, OUTREACH, AND LOCAL INITIATIVES
• Our members continue to drive proactive wildfire education and community engagement efforts through local associations and partnerships. Highlights include:
• Wildfire Education Training Series: In partnership with Fire Adapted Colorado (FACO), CPW launched a REALTOR®-specific training initiative supported by CAR funding. The first session was held in Durango in October, featuring state and local wildfire experts. Future sessions are being planned for additional mountain, Western Slope, and Front Range communities.
• Insurance Access & Affordability Resources: Ongoing efforts help REALTORS® and clients navigate policy cancellations, rising premiums, and limited coverage options.
• Colorado Property & Insurance Wildfire Guide: Continued statewide distribution of this popular resource—the most-requested piece from both the Colorado State Forest Service and Rocky Mountain Insurance Association over the past six years.
LOOKING AHEAD
• CPW’s continued success depends on maintaining collaboration between REALTORS®, policymakers, insurers, and wildfire professionals. As we prepare for an active 2026 legislative session, our focus remains on:
• Expanding REALTOR® education and resource access statewide.
• Advocating for practical insurance reforms that protect property owners.
• Strengthening partnerships that promote wildfire mitigation and community resiliency.
“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.
REALTORS® POLITICAL ACTION COMMITTEE
RPAC By the numbers (as of October 23rd):
$855,800
$520,913
Here are some materials created in recent months to provide more information about RPAC:
• RPAC Myths & Facts
• RPAC: Why Invest
• RPAC Brochure
SEE WHAT’S NEXT FOR COLORADO REAL ESTATE
Join us virtually on January 14 from 9:00 AM – 11:15 AM for an engaging and fast-moving look at what’s ahead for Colorado’s economy and housing market in 2026.
The 2026 CAR Economic Summit brings together leading voices in real estate, economics, and market trends. You’ll walk away with practical insights and data that will help you make smarter decisions, serve clients better, and prepare for the year ahead.
WHY ATTEND
This event is designed for REALTORS® who want to stay one step ahead. You’ll leave with real knowledge about what’s driving the market, what’s coming next, and how to use that information in your business.
EVENT DETAILS:
• Virtual Event | $35 Registration
• Registration closes at 5:00 PM on Monday, January 12, 2026, or when capacity (450 attendees) is reached
• No CE credit offered
LEARN MORE
WHAT TO EXPECT
9:00–9:40 AM | Economic Forecast with Jessica Lautz NAR economist Jessica Lautz will share a national and statewide forecast with key insights on buyer behavior, affordability, and the economic factors shaping 2026.
9:40am – 10:15am | Current and Upcoming Colorado Economic Developments with J.J. Ament.
J.J. Ament, CEO of the Denver Metro Chamber of Commerce and expert in finance, public policy, and economic development, will provide an insight into current and upcoming economic development projects across Colorado, with an emphasis on Colorado’s commercial sector.
10:15–11:30 AM | State of Housing with Cooper Thayer CAR spokesperson and market trends expert Cooper Thayer will dig into regional housing data and share his predictions for Colorado’s unique markets in 2026.
Learn more today!
Temporary Buydown Mortgages –What’s the Skinny? Temporary Buydown Mortgages –What’s the Skinny?
Welcome back to this quarter’s edition of Words from a Loan Officer. The Holiday Season is upon us and before we know it, the New Year.
Have you begun your business planning for 2026? January of the new year is a little late to be making plans, but still better than making no plans at all. There are many things one may do to prepare for a new year, so let’s keep our ideas to the business arena. Are you hoping to grow your business by completing more transactions or building or growing a team? Are you wanting to work fewer hours while maintaining your present income level? Maybe you want to improve your knowledge of the industry by cross-training into new areas, possibly new markets, and new segments of a market.
I am going to help you today by educating you about a loan program that has been available for decades yet didn’t become popular until recent years due to the mortgage interest rate spike that we witnessed in 2022; the 1, 2/1 or 3/2/1 Temporary Buydown Mortgage program. Many of you have even come across this program in recent years. Maybe you feel that you are already a pro, maybe you just went along with it, maybe it raised many questions for you, I am here to clear up as many questions as possible for you.
What is a Temporary Buydown Mortgage?
Quite simply, a temporary buydown mortgage is a loan where the first one, two, or three years has a monthly payment associated with it that reflects an interest rate that is a preset number of percentage points under a full 30-year fixed loan
note rate associated with the mortgage. Clear as mud, right?
For example, in a 3/2/1 temporary buydown mortgage, the first 12 monthly payments will reflect a payment that is three percent lower than the full, 30-year fixed rate associated with the loan and that is on the loan note. During the second year of 12 payments, the payment is reflective of two percent lower than the full rate, the third year of 12 payments are reflective of a rate one percent lower than the full rate, and beginning with the fourth year of payments, and for all remaining payments, the payment reflects the full 30-year fixed rate. Hence, a 3/2/1 buydown mortgage.
Let us take an example of a consumer closing with a 6.0% 30-year fixed rate taking advantage of a 3/2/1 temporary buydown mortgage. The first 12 monthly payments would be based on a 3.0% interest rate, the second year of 12 payments are at a 4.0% interest rate, the third year of 12 payments are at 5.0%, and beginning with the 37th payment and for all payments for the remainder of the loan, the payments would reflect 6.0%.
Why are you calling this a fixed rate mortgage?
This is a great question and the first point I would like to clearly make - that this mortgage is in fact a 30-year fixed mortgage. I have had some people try to tell me that it is an adjustablerate mortgage, and I clearly and unequivocally want to reiterate that this is NOT an adjustable-rate mortgage. There are several reasons for this. First, on the loan note, the interest rate printed on the note is the full, “highest” rate of the loan.
A consumer knows, going into this loan, what the interest rate will be every single day of the loan. And, while during the first set amount of years of the loan, the payment is less than the full rate payment associated with the loan, it is important to know that even in those first years, while the borrower is making a smaller payment, the payment being accepted by the bank is actually and always the full interest rate payment.
You lost me there, Mathew. To further explain, we must now look at how this miracle loan is actually paid for and furthermore, how it is structured. Hopefully, it comes to none of my reader’s surprise when I tell you that banks are “greedy” and banks want to get paid – I have said this - lightheartedly and satirically - for years. This loan is structured by simply calculating how much money is saved in each term of the loan, totaling the amount of these savings, and having them paid for by anyone other than the consumer. Traditionally, but not always, from sellerpaid closing costs. There is no simpler way to explain this than to further illustrate it in an actual scenario.
Jane and John Colorado are out shopping for homes and decide to make an offer. They decide that they are purchasing their dream home for $700,000 while putting 20% down, yielding them a loan amount of $525,000. I was their loan officer, so of course they received an amazing interest rate of 5.5% on a conventional, 30-year fixed mortgage, taking advantage of a 2/1 temporary buydown mortgage.
Sounds risky to me…
Well, it is not a program for everyone, but, as with any program, the key to making it successful is education and knowledge. Let’s go back to the question of why this is still a fixed rate mortgage and NOT an adjustable-rate mortgage.
Let me remind you about a couple of key “risky” features of an adjustable-rate mortgage. We all likely know that even adjustable-rate mortgages come with an initial fixed term in which the rate is set for a period, most commonly five, seven or ten years. However, there are rare cases of one year or less adjustable-rate mortgages. After this initial fixed period, the rate then adjusts, and in most cases will adjust to what the present market rate is.
When Jane and John make their offer, they must ask for $11,330.40 (at least) in seller paid closing costs, and it is important to note that every penny must be covered by a concession.
First, please note that the monthly principal and interest payment on a $525,000, 30-year fixed mortgage, with a rate of 5.5% would be $2,980.89. The first 12 monthly payments that Jane and John make will reflect an interest rate of 3.5%, a monthly payment of $2,357.48, also a monthly savings of $623.41. The second year of 12 payments that Jane and John will make would reflect an interest rate of 4.5%, a monthly payment of $2,660.10, saving them $320.79 a month. Beginning with the 25th payment, and for every payment after that, they will pay the full $2,980.89 monthly payment. Now, we take their first year’s monthly savings; $623.41 times 12 payments for a total of $7,480.92 and their second year’s monthly savings; $320.79 times 12 payments for a total of $3,849.48 and add these two figures together for a total savings of $11,330.40. When Jane and John make their offer, they must ask for $11,330.40 (at least) in seller paid closing costs, and it is important to note that every penny must be covered by a concession. The borrower may not pay one cent of it. This, my friends, is how we would structure a temporary buydown mortgage.
While there are limitations on how much a rate may adjust (also known as “caps”), in most cases, the first adjustment would be the same as the maximum adjustment cap, in many cases, five percent. Hence, your 5.0%, 5 year adjustable-rate mortgage could adjust to 10% at its first adjustment, which can be a real kick in the shins, and this happened so many times during the mortgage meltdown of 2007, ’08 and ’09. What really made this tough to swallow was the “unknown”. Consumers did not know five years down the road what that rate was going to adjust to. Sure, we could say it wasn’t going to be higher than x%, but not many people were taking that seriously – unfortunately. For our temporary buydown programs, there is zero unknown. I can tell you what every single principal and interest payment will be on the mortgage.
Next, each adjustment is limited to one percent. With traditional adjustable-rate mortgages, there are typically three caps to be aware of: the first adjustment cap, every adjustment after that cap, and the maximum adjustment cap. Very commonly, one might see a 5/2/5 set of caps, indicating a maximum first adjustment of 5% (the same as the maximum adjustment cap), a 2% adjustment cap for every adjustment after the first, and a 5% maximum adjustment cap over the life of the loan. Again, I will be a broken record here, with a temporary buydown mortgage, a consumer knows what every single payment of their loan will be.
Well still, their monthly payment is increasing for that first set of years, that can’t be good? The thought process behind this is that a consumer will likely be receiving one or more pay raises over that initial period, allowing their affordability to increase as well. There is also the hope, although NO guarantee, that we
could be refinancing them at a permanently lower rate during that first period. Please do not be that loan officer that was guaranteeing consumers of their ability to refinance down the road as was happening during the mortgage meltdown, we do NOT need to endure that awful time again!
Hopefully this will help alleviate some of the apprehension that may be associated with a temporary buydown loan.
What else is there to know about this program?
There are three more critical points that I would like to educate you and the general consumer about this program. First, I will tell you more about these funds and how they are held by a bank, I will discuss maximum seller concessions and lastly, how the property must appraise!
As this is a 30-year fixed mortgage, and as I mentioned earlier in the article, every payment applied to the loan is the full interest rate principal and interest payment. Citing our realworld example earlier in the article, the bank began this mortgage with a “pool” of funds of $11,330.40. Every month, the bank pulls money from this pool to supplement the reduced payment received by the consumer to apply a full principal and interest payment to the loan balance.
What would happen if the borrowers refinanced or sold in that initial period before all of the funds were applied? In this case, the bank would simply refund whatever funds were remaining in the pool. I find that most often, the banks I have worked with and have requested payoffs for borrowers in the middle of this program, will apply these funds to the mortgage payoff for a reduced principal balance and payoff amount. The key takeaway here is that even if able to refinance early or in selling the home, these funds, of which the consumer is ultimately paying for, very likely through seller paid closing costs, would not be lost.
Next, and a critical item with this program is to remember, that all mortgage loan programs have a maximum amount of allowable seller paid closing costs, or more accurately termed “third party contributions”. For a Veteran’s Administration (VA) mortgage, the maximum allowable seller paid closing costs are four percent of the purchase price. For a Federal Housing Administration (FHA) Mortgage and a U.S. Department of Agriculture (USDA) mortgage, the maximum allowable seller paid closing costs are 6% of the purchase price. For conventional mortgages, Fannie Mae, and Freddie Mac, the maximum allowable seller paid closing costs are detailed in the chart below depending on the transaction’s loan to value. With this knowledge, I can tell you that in some cases,
especially with conventional mortgages, there may not be room for a 3/2/1 temporary buydown based on maximum allowable third party contributions.
Finally, and very easily put, we must always remember that the property must appraise at the sale price. If we are adding the maximum allowable 6% in seller paid closing costs and adding that on top of a full price offer on a home, there is a very reasonable chance that the appraisal will not come in with enough value to support this number. The cost of a 3/2/1 buydown on a 6.0%, $600,000 loan amount is more than $26,000. That is already over 4%, not to mention if we are needing other seller-paid closing costs for the more traditional costs associated with a mortgage. Just something to be aware of.
In conclusion, this is a phenomenal program to help buyers ease into this higher rate environment that many of them have never been exposed to. I would say that it is easing them in, in a very safe, comfortable, and predictable way. The key is education and communication, but the key is also that you DON’T try to explain the intricacies of this program to your buyers unless you are a licensed mortgage loan originator! I know that real estate agents are not thrilled when loan originators try to give real estate advice. Please, as a real estate agent, don’t try to give mortgage advice. Be aware of the program, know that it is a safe and ethical program, and know that it has been around for decades. It can be a great option to help consumers struggling with affordability still get into the home of their dreams. If you’d like to know more, I know the phone number to a great mortgage loan originator!
Mathew Schulz, CML, is the President of Firelight Mortgage Consultants in Greenwood Village, Colo., a mortgage company that he has owned for 15 years. You can reach him at mschulz@FirelightMortgage.com.
GARDEN IN A BOX
Waterwise Gardens
Plant A New Perspective
Low-Water Gardening Made Easy
Resource Central, a non-profit in Boulder, Colorado (but offering resources across Colorado), offers a Garden In A Box program that makes it easy to transform any yard into a beautiful, drought-tolerant oasis helping clients to use less water on landscaping year after year.
Each spring and summer, Resource Central offers a selection of professionally designed, low-water garden kits tailor-made for Colorado yards. These do-it-yourself kits include quartsized perennial plants, Plant by Number maps, seasonal maintenance suggestions, and watering schedule recommendations.
How It Works
The Garden In A Box program offers two times to purchase gardens during the gardening season:
• Pre-order in March for pickup and planting in May and June.
• Pre-order in June for pickup and planting in August and September.
1. Join the Interest list for all 2026 Garden season news and updates.
2. Measure your space and determine the sun exposure.
3. When available, pre-order your Garden In A Box online here.
4. Remove your lawn: Our kits are designed to replace sections of non-functional lawns for the most water-saving impact.
Want help? Apply for our affordable Lawn Replacement program.
5. Pick up your Garden In A Box order.
6. Plant and mulch your new Garden In A Box.
7. After the first year, reduce your water usage and start saving.
Boxes sell out fast, so it is recommended to get on the waitlist if you are interested.
About Resource Central — an award-winning nonprofit in Boulder, Colorado, determined to make conservation so easy that you don’t even realize you’re doing it. Established in 1976, our innovative programs have helped more than 1,000,000 people save water, conserve energy, and reduce waste. And we’re just getting started.
https://resourcecentral.org/gardens/
CAR INAUGURAL HIGHLIGHTS
MOLLY ELDRIDGE INSTALLED AS CAR’S 2026 PRESIDENT
At the 2025 CAR Inaugural in Denver, Crested Butte REALTOR® Molly Eldridge was installed as the 2026 President of the Colorado Association of REALTORS®.
Joining Eldridge on the 2025–2026 Leadership Team are:
• President-Elect: Brian Anzur (Denver)
• Treasurer: Janet Marlow (Greenwood Village)
• Immediate Past President: Dana Cottrell (Dillon)
They will be supported by an outstanding Leadership Council of District and Division Vice Presidents:
DISTRICT VICE PRESIDENTS
Metro – Lynn Synder-Goetz, Greenwood Village
Mountain – Kiplynn Smith, Telluride
Northeast – Breeyan Edwards, Estes Park
Southeast – Marlene Berrier, Pueblo
Western – Alisa Green, Delta
DIVISION VICE PRESIDENTS
Legal & Risk Division: Donna Major, Colorado Springs
Member Services: Brenda Wild, Aspen
Government Affairs: Jarrod Nixon, Durango
OTHER APPOINTMENTS
Appointed Past President: Janene Johnson, Winter Park
AE Representative: Sally Arnold, Grand County Association of REALTORS®
Ex-Officio - Tyrone Adams (CAR) - CEO
Award Winners
DAVID BARBER NAMED 2025 REALTOR® OF THE YEAR
At the 2025 CAR Inaugural Dinner, Aurora REALTOR® David Barber of RE/MAX Leaders was named the Colorado Association of REALTORS® 2025 REALTOR® of the Year, honoring his decades of leadership, service, and advocacy. CAR also recognized Distinguished Service Award recipients David Anderson, Crissy Rumford, and Sarah Thorsteinson for their exceptional contributions to Colorado’s real estate industry.
Colorado REALTORS® Honor Liberty Montes as 2025 CYPN of the Year
Liberty Montes of RE/MAX Alliance–Greeley has been named the 2025 Colorado Young REALTOR® of the Year by CAR and CYPN. Recognized for her industry leadership, community service, and role in launching the Greeley Area YPN, she also champions RPAC and housing advocacy. In her honor, CYPN donated $500 to the Genesis Project of Greeley.
Colorado REALTORS® Celebrate Leaders in Diversity, Equity & Inclusion
At the 2025 CAR Inaugural Dinner, members honored leaders advancing diversity, equity, and inclusion in Colorado real estate. Invalesco Real Estate received the Brokerage Firm Award, MRI Real Estate – CTM Software earned the Community Partner Award, and Lindsey Benton was recognized with the Outstanding Individual Award for her efforts to expand access, representation, and inclusive homeownership opportunities statewide.
DANA COTTRELL, DAVID ANDERSON, CRISSY RUMFORD, SARAH THORSTEINSON, AND DAVID BARBER.
LIBERTY MONTES AND BENSON VERBEL.
WINDY BAILEY WITH INVALESCO REPRESENTATIVES GILDA ZARAGOZA AND ANGIE SUDBERRY.
WINDY BAILEY AND LINDSEY BENTON. WINDY BAILEY AND CTM REPRESENTATIVES CHRIS STERKEL AND REBEKAH SCHNAUBELT.
2025 NAR Good Neighbor Awards
Finalist
REALTOR® Scott Matthias
and Knock Knock Angels Colorado Provide Home Makeovers for Veterans, Single Moms
By: Lauren Pinch Editor for REALTOR® Magazine National Association of REALTORS®
Inspired by a past Good Neighbor Award winner, Matthias co-founded Knock Knock Angels Colorado to provide fully furnished homes for Denver-area veterans and single mothers transitioning out of homelessness. In just four years, his team has completed nearly 70 home makeovers, turning empty apartments into warm, welcoming homes.
Real estate agents know all too well how many things get left behind during a move—dressers, extra mugs, framed artwork, lawn tools, you name it—but it takes a special vision and dedication to understand how to repurpose those discarded items to deeply benefit someone who is getting a fresh start in life.
Scott Matthias, a broker associate with Madison & Co. Properties in Greenwood Village, Colo., fits the bill. In addition to being a longtime industry leader at the local, state and national level, Matthias today co-manages the nonprofit Knock Knock Angels Colorado with Barrett Miller, owner of Checkmate Moving & Storage in Littleton, Colo. The group provides home makeovers—with “great reveals” of fully furnished and decorated homes—for nearly 70 persons per year, including veterans and single mothers who are transitioning from unstable living conditions into apartments or single-family homes.
It's a charitable initiative that has changed his life and the lives of hundreds of veterans and volunteers in his community.
NAR Friendships Open the Door
“I’ve always had that volunteer giving spirit. My parents instilled that in me,” says Matthias.
“He is the most giving person. He has so much energy, and he gives of his time, of his money, of his resources. He is just go, go, go, And he is an absolute joy to work with,” Miller says.
Matthias’s “aha” moment came during a general session of the National Association of REALTORS® virtual conference in 2020. During the session, he was one of 13 members being sworn in as 2021 regional vice presidents. Immediately following the swearing-in ceremony, Vickie Lobo, founder of the original Knock Knock Angels program in California, was announced as a 2020 Good Neighbor Award winner. Her story as a cancer survivor and local volunteer organizer was the inspiration he needed, at just the right time.
It felt fateful: The COVID-19 pandemic had stopped international travel, forcing Matthias and several colleagues, including Miller, to put another volunteer program on pause.
“For 22 years, I took teams of 30 or 40 people to Juarez, Mexico, to build two houses a year, as well as churches and schools. But it all stopped when the border closed,” Matthias says.
“I always say, when God closes one door, he opens up another one.” His wife, Lori, wholeheartedly agreed it was the right opportunity at the right time. He called Lobo the next day to congratulate her—and get the details on how to start his own program.
DONATE TODAY
Lobo was overjoyed to help. “She said, ‘Well, Scott, it's been my dream and my vision to take Knock Knock Angels across the country,’ Matthias says. “It’s a natural for [NAR members] because we deal with homes and moving clients every day.”
Matthias and Miller launched the Colorado program in memory of their fathers, both veterans who passed away during the pandemic.
‘You Get by Giving’
Knock Knock Angels Colorado coordinates with social workers and counselors from local housing agencies and other charitable programs to find individuals who need a boost of furniture and supplies for a move. For example, they partner with Hope House Colorado, which provides safe housing and job skills training for young mothers who have nowhere else to turn.
“I’m a big believer in: You get by giving. I have it on my business card. In my sphere of influence, they know me as a [real estate agent], but lately they know me as Knock Knock Angels.” —Scott Matthias
And they work with HUD-VASH, a collaborative program between the U.S. Department of Housing and Urban Development and the Department of Veterans Affairs that combines HUD’s Housing Choice Vouchers (or Section 8 housing vouchers) with supportive services from the VA to help homeless veterans and their families find and maintain permanent housing.
One of the first makeovers by Knock Knock Angels Colorado was for James, a former Marine. He was in the process of moving into an apartment with the support of the Colorado Homeless Coalition when the newly formed real estate volunteer corps paid a visit. (Matthias’ organization does not directly help individuals to find housing; it’s after veterans receive their keys that the Knock Knock Angels volunteers get involved.)
“After we told James how we were going to help him, he didn’t quite believe us,” Matthias recalls. He said, ‘I can’t get too excited because I've been let down my whole life.’ ”
But with Matthias as volunteer coordinator and Miller as a designer, the duo won him over.
Knock Knock Angels provided his dream space, complete with Broncos football memorabilia and a signed jersey, a comfortable couch and mattress, and materials donated
from clients and real estate colleagues. Lobo attended the makeover reveal, too.
The makeovers aren’t just collections of castaway goods. “Our whole mantra is, if you wouldn’t want it in your house, we won’t put it in the house of a veteran,” Matthias says.
Another huge Knock Knock Angels success story: After Trea, a veteran who was living on the streets, was able to find housing and reconnect with his 11-year-old son, he received furnishings and support from Knock Knock Angels. He’s now a volunteer.
“I’m a big believer in: You get by giving. I have it on my business card. In my sphere of influence, they know me as a [real estate agent], but lately they know me as Knock Knock Angels,” Matthias says.
He emphasizes the client relations aspect of volunteerism. “People prefer to do business with people they know, trust and like. If you show a giving and caring attitude, people are going to see that. And people love to help,” whether that means volunteering or providing items for makeover wish list.
Building Dreams Beyond Housing
Local and state NAR members and association staff are big supporters. “There's probably not one makeover that I do where there’s not a fellow REALTOR® involved. So it’s been really cool from the standpoint of being able to [leverage connections made] through all my real estate leadership in
Colorado,” Matthias says.
Matthias’ mentor, Kay Watson, an agent with Kay Watson Properties in Centennial, Colo., specializes in estate sales. She gives Knock Knock first dibs before each sale, offering them the chance to blue-tape the things they want, including new TVs and top-quality furniture. Then volunteers who own trucks transport the goods offsite till they are needed.
“Scott comes across a lot of clients who want to downsize or get rid of furniture,” Miller explains. “All my moving guys know about Knock Knock Angels. If they’re on a job and a customer wants to get rid of something, they always send me a picture: ‘Hey, Barrett, do you want this?’”
Every month, Matthias sends an email to his volunteer list of friends, family, clients, real estate pros saying how many volunteers he’ll need for an assigned location.
“It would take me all day to tell you everything I know about what this man has done in his lifetime. He is my role model, my inspiration. I cannot stress what a giving human being he is. If it's humanly possible, he does it.” —Barrett Miller
“We’ll ‘kick out’ the resident, and in less than three hours, their place will be transformed. They think they’re getting a couch or some beds, but really they’re getting an apartment that’s completely furnished with decor. We ask them the kind of artwork that they would like, and we go back to our storage facility for donated pictures,” Matthias says. “I have a whole basement of frames!”
As an extra touch, he asks makeover recipients for personal photographs as well, and he has them printed full-size for a “veteran wall” of photos and mementos that honor their military service.
When the resident arrives for the reveal, they are always amazed by the veteran wall. “They will do a double-take when they see their own pictures on the nightstand. The same goes for the single moms we help,” he says.
Random Acts of Kindness
When Knock Knock Angels learns of individuals outside of the HUD-VASH program in need of furniture and home goods, that’s when its “Random Acts of Kindness” come in. Matthias and his volunteer squad will open access to their five storage containers to anyone who can get a hold of a moving truck or van. “If you can fit it, you can take it!” he says. The group has provided nearly 150 Random Acts events since the beginning.
“I would have never dreamt that we would have done so much in three years,” Matthias says.
REALTOR® Scott Matthias CRS, GRI, e-PRO, C2EX, of Madison & Co. Properties in Greenwood Village, Colo. is co-manager of Knock Knock Angels Colorado.
E&O Basics – Reasons To Consider Tail Coverage
RETIREMENT, INACTIVATING LICENSE, OR SWITCHING INSURANCE PROVIDERS
Understanding your real estate errors and omissions (E&O) insurance policy is extremely important. Williams Underwriting Group (WUG), a division of Accretive Specialty Insurance Solutions, LLC, is the exclusive real estate E&O provider for the Colorado Association of Realtors (CAR) with additional benefits for CAR members. Continental Casualty Company, a CNA insurance company, is the insurance carrier.
As discussed further below, for there to potentially be coverage for a claim, the policy or an extended reporting period (ERP, often called “tail coverage”) must be in effect when the claim is made, even if you had insurance in place when the subject professional services were performed. If you do not renew your current insurance for any reason – including inactivating or retiring your license or switching to a new insurance provider – you should consider purchasing an ERP endorsement. An ERP Endorsement extends the policy’s reporting date, so the policy applies to claims first made against the insured and reported to the insurance carrier during the ERP. This is important, because claims often arise years after a transaction occurred. The WUG program offers optional ERP Endorsements of 1 to 5 years to any insured licensee who cancels or does not renew coverage for any reason (must be purchased at any time during or within 90 days of cancellation or nonrenewal).
WUG’s policies, like most E&O policies, are claims-made-and-
reported policies. Under a claims-made-and-reported policy, four dates impact whether or not the policy will apply to or provide any coverage for a claim:
1. The date the claim is first made against the insured. Coverage is considered under the policy or ERP in effect when the claim is first made against the insured. If no policy or ERP is in effect when the claim arises, then there is no applicable policy to potentially provide coverage for the claim.
2. The policy’s retroactive date. Under WUG’s policies, the retroactive date is established separately for each insured licensee. This is the date from which the licensee has continuously maintained uninterrupted E&O coverage. Any gap in coverage (break between the end of one policy period and the beginning of the next) terminates the previously-established retroactive date. The new retroactive date will be the date the licensee reestablishes coverage.
3. The date of the professional services giving rise to the claim. The professional services giving rise to the claim must have occurred after the retroactive date for the policy to apply.
4. The date the insured reports the claim to the insurance company in writing. The insured must report the claim in writing during the same policy period or ERP in which the claim first arose for the policy to apply. Insureds should immediately report any claim they receive to their insurance carrier in writing.
For a claim to potentially be covered, the insured must (1) have a policy or ERP in effect on the date the claim is first
made, (2) have had a policy in effect on the date of the professional services, (3) have continuously maintained insurance during that time (between the date of professional services and the date the claim is first made), and (4) timely report the claim in writing to the insurance company. For purposes of the following examples, assume the claim would otherwise be covered under the policy:
Example 1. Changing Careers. From 2000 to 2024, Ms. Salesperson worked in real estate and maintained continuous E&O coverage through WUG during that time. Her last E&O policy was a 2024 policy with effective dates of January 1, 2024 to January 1, 2025. For several years, Ms. Salesperson made extra money selling pottery at art fairs. Ms. Salesperson’s pottery became so popular she decided to do that fulltime, so she did not renew her real estate license for 2025.
No ERP In Place – Ms. Salesperson was so busy with her pottery that she did not consider her E&O coverage. Her last E&O policy expired January 1, 2025. On June 1, 2025, Ms. Salesperson was served with a lawsuit filed by a seller she worked with in 2005. Ms. Salesperson submitted the lawsuit to WUG and asked that a lawyer be hired to represent her. Ms. Salesperson was disappointed to learn there is no coverage for the claim, because it arose after her policy’s expiration date of January 1, 2025 and there was no ERP in place.
ERP In Place – Instead of not considering her E&O coverage as in the previous example, Ms. Salesperson purchased a 3-year ERP endorsement within 90 days after the expiration of her 2024 policy. The ERP endorsement extends the reporting period of her 2024 policy by 3 years to January 1, 2028. When Ms. Salesperson was served with the lawsuit on June 1, 2025, she timely submitted it in writing to WUG. The claim was covered under Ms. Salesperson’s 2024 policy, because it arose within the ERP.
Similar considerations apply when a licensee does not renew due to retirement or death. In the unfortunate event of the licensee’s passing, the WUG policy’s definition of Insured includes “the heirs, executors, administrators, or assigns of the Licensee in the event of the Licensee’s death, incapacity, or bankruptcy but only to the extent that such Licensee would have been provided coverage under this policy.”
Moving from an Individual Licensee Policy, such as WUG’s Policy, to a Traditional Firm Policy. Individual licensees purchase insurance through the WUG policy. Insureds include the licensee and any real estate firm the licensee represents
for the firm’s vicarious liability for negligent acts, errors, or omissions in the licensee’s professional services (to the extent coverage would be available to the licensee).
A different type of policy is often referred to as a “Traditional Firm Policy.” Under this type of policy, the insured is the firm and the firm’s licensees, but only for the licensee’s professional services performed on behalf of the insured firm. Because claims often arise years after the subject professional services, traditional firm policies may present coverage issues for licensees who were previously on their own or associated with a different real estate firm.
Ms. Agent closed her first listing in 2020, while she was with Brokerage #1. On January 1, 2023, she moved to Brokerage #2 where she still works. While with Brokerage #1, Ms. Agent maintained continuous coverage through WUG, with her last WUG policy having effective dates of January 1, 2022 to January 1, 2023. Brokerage #2 maintained a traditional firm policy, which insures Brokerage #2 and its affiliated licensees but only for their professional services performed on behalf of Brokerage #2.
No ERP In Place – Ms. Agent did not consider whether Brokerage #2’s traditional firm policy would provide coverage for any future claims involving the transactions she handled while with Brokerage #1, so she did not purchase an Extended Reporting Period Endorsement for her 2022 WUG policy.
She was surprised to be served with a lawsuit in 2025 that involved a transaction that closed years earlier while she was affiliated with Brokerage #1. She initially reported the claim to WUG, because that was the provider she had insurance with at the time of the transaction; however, she was informed there was no coverage, because there was no policy or ERP in place at the time the claim first arose. She then reported the claim to the provider of Brokerage #2’s traditional firm policy, only to learn it was not covered under that policy, because the professional services were provided on behalf of her former firm.
ERP In Place – Instead of not considering an ERP Endorsement, Ms. Agent purchased a 5-year ERP Endorsement within 90 days of her 2022 WUG policy’s expiration date. The 5-year ERP Endorsement extended Ms. Agent’s insurance through the 2022 WUG policy to apply to claims first made and reported during the ERP. In this case, the ERP would be in place when Ms. Agent received the lawsuit in 2025 and Ms. Agent timely reported the claim to WUG.
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Because WUG’s individual policies are sold to individual licensees, the fact that Ms. Agent changed real estate firms between the date of the transaction and the date of the claim does not affect coverage. Because Ms. Agent had coverage with WUG when the claim was made, had E&O coverage at the time of the transaction, maintained continuous coverage between those dates, and timely reported the claim, it was covered.
To obtain a sample copy of the current WUG policy, visit https://www.wugieo.com/ or call 1-800-222-4035.
Many E&O claims do not arise until years after the subject transaction. Accordingly, if you are not renewing your
Many E&O claims do not arise until years after the subject transaction. Accordingly, if you are not renewing your E&O insurance for any reason, including inactivating your license for any reason, you may be interested in purchasing an ERP endorsement. Your insurance coverage is important. Please take the time to read and understand your policy’s coverage provisions, conditions, and exclusions.
insurance for any reason, including inactivating your license for any reason, you may be interested in purchasing an ERP endorsement
D. Jonathan Griggs Vice President of Internal Operations for the Colorado Association of REALTORS®
Harnessing the Power of AI: CAR Introduces New Tools for Members and Brokers
Artificial Intelligence (AI) is rapidly reshaping industries across the globe, and real estate is no exception. From automating routine tasks to enhancing decision-making, AI is helping REALTORS® and brokers streamline processes, increase efficiency, and focus on what matters most, serving clients and growing their businesses.
Recognizing this trend, the Colorado Association of REALTORS® (CAR) has developed a suite of innovative AI-powered tools designed to make information more accessible, reduce administrative burdens, and save valuable time. These tools were created in direct response to feedback from members and brokers who expressed the need for smarter, more efficient ways to manage governing documents, address common membership questions, and navigate the constant influx of email communications.
THREE NEW CAR AI TOOLS
CAR GOVERNING DOCUMENTS
Access Here » Locating key details within CAR’s Governing Documents can often be a time-consuming process. This tool allows users to quickly search and extract information from these documents through simple queries, ensuring clarity and accuracy without the hassle of manual searching.
101 GUIDE FOR MEMBERS
Access Here » Designed as a quick-reference companion, this guide provides clear answers to the most frequently asked membership questions. By centralizing common inquiries, it empowers members with fast, reliable information while freeing staff and brokers to focus on more complex needs.
EMAIL SUMMARY ASSISTANT
Access Here » With email volumes at an all-time high, many brokers have expressed the need for a tool to cut through the noise. The Email Summary Assistant condenses long or multiple messages into concise, easy-to-digest summaries, ensuring that the most important information is captured and acted upon quickly.
These new CAR tools represent just the beginning of how AI can be leveraged to support REALTORS® in their daily business. By reducing the time spent searching documents, answering repetitive questions, and sifting through email, AI frees up REALTORS® and brokers to focus on building relationships, closing transactions, and driving success.
CAR is proud to provide these forwardthinking resources and will continue to explore new ways AI can serve our members. As the real estate industry embraces this technology, AI is not replacing the human touch, it’s enhancing it.
MARKET TRENDS
Colorado Housing Market Finds Its Footing as 2025 Winds Down
Colorado’s housing market is settling into a new rhythm as the year draws to a close, with steady prices and signs of a broader market recalibration, according to the latest Market Trends Housing Report from the Colorado Association of REALTORS® (CAR) and analysis from the Association’s spokespersons working in markets across the state.
In October, the state recorded 9,659 new listings and 7,353 home sales, both down 2% from a year ago, while active listings reached 30,803, equal to about 4.3 months of supply. The median sale price held firm at $550,000, virtually unchanged year over year.
However, buyers are gaining leverage as homes spend more time on the market, an average of 68 days, up 12% from last October. This added breathing room has led to more measured negotiations, with buyers closing at roughly 5.7% below original list prices on average.
With mortgage rates hovering in the mid-6% range and cost pressures still weighing on budgets, value remains the deciding factor. Sellers who adapt quickly, pricing realistically, presenting well, and offering strategic concessions are the ones finding success in this new phase of the market’s evolution.
Across Colorado’s regions, distinct local patterns are emerging. From metro-area price stability to more pronounced inventory shifts in resort and rural markets, the October snapshot offers a deeper look at how the recalibration is unfolding across the state.
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:
INVENTORY OF ACTIVE STATEWIDE =30,803
AURORA
“Aurora, Adams County, and Arapahoe County continue to track closely with last year’s numbers, showing little change in listings, sales, or prices compared to both October 2024 and the previous month. Most ZIP codes reflect a modest decline in listings, though a few have seen slight upticks in sales, possibly influenced by the recent, if minor, dip in interest rates.
“Aurora currently has 1,157 active single-family listings, down 5% from this time last year, with a median price of $520,000, which is about 2% lower year over year. Conditions are similar across neighboring ZIP codes, though Greenwood Village/ Centennial’s 80111 stands out with a median price of $892,000, a notable 29% drop from last October.
“Homes across the Aurora/Centennial corridor are spending roughly 50 days on the market, giving buyers more leverage. Many motivated sellers are responding with price flexibility and concessions. Looking ahead, more inventory and renewed buyer activity are expected by spring, but for now, market conditions remain especially favorable for buyers, while sellers focused on presentation, repairs, and realistic pricing continue to see success,” said Aurora REALTOR® Sunny Banka.
BOULDER/BROOMFIELD COUNTIES
“The Boulder and Broomfield County real estate markets continue to hold on, even as inventory levels climb and buyer activity is slow. While new listings have increased and homes are taking longer to sell, overall home prices in Boulder remain steady, holding approximately 1.6% higher than at the start of the year.
“In Boulder County, new listings are up 9.5% year-to-date, reflecting a continued desire to capitalize on the area’s strong long-term demand. However, sales have risen just 4.4%, signaling that the pace of buyer activity has not fully kept up with the influx of homes entering the market. Despite the shift, prices remain solid thanks to the region’s enduring desirability and limited land availability. The average days on market has increased to 60 days, and that is assuming the property is priced right and shows well.
“Condominiums and townhomes largely mirror the singlefamily home market, though they are taking slightly longer to sell with an average of 71 days on market. Higher HOA fees, driven in part by rising insurance premiums, have made these properties somewhat less appealing to first-time homebuyers, who remain sensitive to rising payments.
“In Broomfield County, the numbers closely reflect Boulder’s market, though homes are selling faster, averaging around 40 days on market. This quicker pace is likely tied to the area’s more affordable housing options, which continue to attract a broader pool of buyers. However, condos and townhomes are facing headwinds, with fewer new listings and sales down roughly 30% compared to this month last year. The decline may be influenced by higher HOA fees, as well as first-time homebuyers choosing to wait for improved mortgage rates before entering the market.
“As Lawrence Yun (Chief Economist for National Association of REALTORS®) recently noted, ‘When inventory rises faster than demand, buyers gain bargaining power. That’s when the market shifts from speed to strategy.’ Buyers in this market who recognize the ability to buy down their interest rate using seller concessions are getting some great deals at a time when seller motivation is high before the holidays,” said Boulder/ Broomfield-area REALTOR® Kelly Moye.
COLORADO SPRINGS
“October ushered in ghosts and ghouls, and our weather began to change. It was interesting to see that listings increased 10.5% across all properties in a time that we usually see homes pulled from the market. Sold listings dropped 12.4% and median prices pulled back 1.1%. We edged up on months supply of inventory in both townhome/condos and single-family homes.
“Area REALTORS® acknowledge that the townhome/condo market is having problems due to higher insurance costs causing higher HOA dues putting pressure in that area of the market. Property managers are sitting on the most vacant homes they have had in a decade and are now offering out incentives to get them rented. During past slowdowns if a seller could not sell, they rented and usually got their payment covered, or close to it. Today, a seller who cannot sell tries to rent only to find out they are still upside down $500-$1000. Rents are dropping as apartments offer out incentives and property owners must adjust to compete.
“The Federal Reserve did get a rate drop in and in response mortgage rates increased. Debt at all levels is at historic highs and loan delinquencies continue to rise across automobiles, credit cards, and student loans. December will likely see another quarter point drop, but that doesn’t seem to be relieving higher rates in the mortgage world. The 10-year continues to be sticky. Layoffs continue to show up in headlines. Amazon being one of many big names. Fannie Mae announced a recent poll suggesting 70% of consumers feel it’s a terrible time to buy. That is an issue for housing. As the economy continues to struggle, housing is also feeling that pain. Hopefully, we get some relief soon,” said Colorado Springs-area REALTOR® Patrick Muldoon.
COLORADO SPRINGS PART 2
“The Colorado Springs housing market saw a significant rise in inventory in October 2025, marking a turning point from recent years. Active listings for single-family and patio homes reached 3,918—the highest October level since 2013—representing a 15.4% annual increase and a 344.7% surge since October 2020.
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Overall supply climbed to 4.5 months across all price ranges, aligning with what’s considered a balanced market (four to six months of inventory).
“As supply grows, prices typically soften. After more than a decade of steady October price gains, the average home price declined 2.5% year-over-year to $543,590, ending a streak of increases dating back to 2011. Despite this dip, the average price remains 25.7% higher than in 2020 and more than double that of 2015. The median price also slipped slightly to $473,500, continuing the modest downward trend from $475,000 last year.
“Sales activity mirrored this cooling pattern. Just 876 homes sold in October—the lowest level for the month since 2013— down 12.2% from last year and nearly half of October 2020’s volume. Year-to-date, however, sales are up 3.2%. Monthly sales volume dropped 14.5% year-over-year but remains 63% higher than in 2015.
“Buyers now hold an advantage. With ample inventory and softening prices, motivated sellers are increasingly open to negotiation. Combined with easing interest rates, conditions are favorable for buyers seeking opportunities before winter. “In today’s high-inventory market, well-priced and movein-ready homes sell quickly, while overpriced or outdated properties linger,” said REALTOR® Jay Gupta.
Market Breakdown by Price Range
Homes under $400,000 account for 31.1% of all sales, with a 3.8% increase year-over-year. The $400,000–$600,000 segment, representing 42.1% of sales, saw a 19.4% decline. Sales between $600,000 and $1 million dropped 12.2%, while homes above $1 million fell sharply by 28.6%. Supply remains healthy across all tiers: 3.4 months for homes under $400,000, 4.3 months for $400,000–$600,000, 5.4 months for $600,000–$1 million, and a generous 9.3 months for homes over $1 million.
Days on Market
Homes took an average of 54 days to sell in October, up from 44 last year, reflecting a slower pace as buyers take more time to evaluate options.
Outlook
The Colorado Springs market is entering a more balanced phase after years of tight supply and soaring prices. While activity has cooled, the combination of high inventory, softening prices, and improving affordability presents one of the most buyer-friendly environments in over a decade.
DENVER METRO (Seven County)
“As we enter the final months of 2025 and look ahead to next year, it’s clear the Denver-metro area market is in recalibration mode. October inventory metrics looked familiar, with 5,680 new listings (-2.7% YoY) and 4,330 closed sales (-2% YoY), wrapping up the month with 17,107 homes on the market, representing about four months’ supply of inventory. Prices remained fairly steady, portraying a balanced-to-slightly buyer-favorable negotiating environment. Year-to-date, the median sale price has climbed marginally to $580k (+0.4% YoY), but sellers aren’t quite receiving everything they are asking for.
“Market velocity, not volume, has proven to be the backbone of changing leverage. While the number of new listings and sold listings each month has remained consistent with historical norms, average time on market this year has climbed 22.5% to 49 days, which allows weekly inventory to accumulate even when the inflow of new and sold listings stays consistent. The result of elevated relative inventory allows buyers to be not only methodical but also more aggressive in their approach. So far this year, buyers have negotiated an average net close price (net of concessions) approximately 5.7% below the average original list price.
“This market environment rewards preparation and execution over speculation. With mortgage rates hovering near 6.3% and non-mortgage costs elevated, demand is limited but still expresses itself when value is obvious. Sellers who calibrate to today’s pace will price to the market on day one, present cleanly, and use targeted concessions where they move the needle. The mechanics are simple: more time on market creates a pile-up of inventory, the pile-up shifts leverage, and realistic pricing resets the conversation back to value.
“Looking ahead to 2026, inflation patterns, and thus, the continued on next page
path of mortgage rates, will set the cadence. If mortgage rates climb toward or above 7%, expect days on market to remain elevated, months’ supply to drift higher, and prices to run flat to slightly negative as sellers are forced to compensate to remain affordable. If rates hold near current levels, anticipate a similar year to 2025: steady new and sold counts, slower turns, and prices oscillating around flat with small gains in well-positioned segments. If rates fall into the low to mid-5% range, absorption improves, time on market shortens, list-to-sale ratios tighten toward 99%, and modest appreciation becomes plausible as sidelined buyers re-enter the market with newfound motivation,” said Denver Countyarea REALTOR® Cooper Thayer.
CRESTED BUTTE/GUNNISON
“The 2025 real estate market in the Crested Butte and Gunnison area continues to be similar to 2024, but a robust September pushed us ahead of last year. Overall, the area served by the Gunnison Crested Butte Association of Realtors has had transactions that are up 6% from 2024 and the dollar volume is up 7%. The Gunnison area continues to lead the market with 20% more sales in 2025 than the previous year and dollar volume up 15%. Average and median prices are about the same in the GCAR area and in Gunnison with slight variations. Crested Butte area sales are slightly up over last year, but the dollar volume is up 16% which reflects the market shifting towards luxury and higher prices overall.
“October brought the highest-priced sale of a single-family home in the area. The record-breaking sale was a home with a one-of-a-kind location, and it sold for $11,915,000. This surpassed the sale of a home in the ski-in, ski-out subdivision of Prospect in Mt. Crested Butte that sold for $10,000,000 in 2023. There are currently three homes in the Crested Butte area for sale for $10 million or more. One of these is a single-family home listed for $25,000,000, which is the most expensive single-family home listed in the area ever. Located between Crested Butte and Mt. Crested Butte on 125 acres, this 6,500 square foot home is indicative of a shadow inventory of luxury homes that have been built in the area but have never been for sale. As the owners of more of these homes decide to move on for one reason or another in the coming years, luxury buyers will find that Crested Butte is a
place they should consider,” said Crested Butte-area REALTOR® Molly Eldridge.
DURANGO/LA PLATA COUNTY
“October brought renewed activity to La Plata County’s real estate market, signaling a shift from summer’s buyerleaning conditions toward a more balanced environment. Median prices surged 47.8% year-over-year, reversing recent months of decline. This jump was largely driven by a spike in luxury sales—30 homes over $2.5 million sold year-to-date compared to 11 last year—making prices appear stronger overall, though many rural areas remain flat or down.
“Inventory tightened slightly as rural listings began their typical pre-winter retreat. Days on Market rose 23.6% to 110 days, but months’ supply of inventory held steady at 5.3 months, offering brief stability after months of growth.
“Condo and townhome activity remains subdued: sales fell 40.6% in October and 8.5% year-to-date. The median price in this segment dropped 4.5% to $535,000, while supply rose 36% to 6.4 months.
Regional Highlights
• In-Town Durango: Higher-end single-family transactions boosted both average and median prices by over 30% versus October 2024, though the year-to-date median remains 10% lower. Inventory is unchanged at 2.8 months.
• Rural Durango: Inventory and sales volume are both down compared to 2024, but median prices are up 9.5% YTD, supported by upper-tier purchases.
• Rural Bayfield: Inventory has eased, holding the median price steady near $542,000. However, these homes take significantly longer to sell—averaging 125 days, nearly two months slower than last October.
• Purgatory Resort Area: Active listings climbed sharply in 2025, up 67% for single-family homes and 25% for condos/ townhomes, thanks to new subdivisions. Sales have yet to rise, but momentum is expected heading into the winter season.
“October was unexpectedly brisk, with title companies busier than midsummer. Buyers favored in-town Durango or continued on next page
sold listings, days on market, and months’ supply of inventory essentially unchanged from a year ago. New listings provided perhaps the most frightful change, falling 11.5% behind last year’s number but inventory of homes for sale remained well above par, posting a 12-month average increase of over 16%.
“Thirty-year mortgage interest rates dipped briefly then back up and remain at the 6.3% level – keeping many wouldbe buyers firmly planted on the sidelines. Roller-coaster economic news and forecasted woes for those impacted by the extended shutdown of the federal government have further alienated both buyers and sellers from entering what is perceived to be a volatile real estate marketplace providing tummy-aches without the scarfing down the leftover Halloween sweets and chocolates. Active sellers are facing price reductions to get their properties sold while also giving up cash concessions to lure the active buyers in the market to tour and make offers on their homes (many of which have been on the market for 2 months or more).
“Until the uncertainty of the ‘economic crisis du jour’ abates –the residential real estate sector will likely remain subject to boos and hisses on both sides of the transaction until some sort of relief is provided by lower interest rates and a less antagonistic marketplace where investors see mortgages as long term wins like they did in years’ past,” said Fort Collinsarea REALTOR® Chris Hardy.
GRAND COUNTY
“It was an exciting October in Grand County’s housing market and here’s a few things that are stacking up and insight on why now is a moment to pay attention, whether you’re buying, selling, or just watching from the sidelines,” said Grand County REALTOR® Monica Graves.
What the numbers are telling us:
• The typical home value in Grand County is around $764,095, having dipped slightly (-0.9%) over the past year.
• The median home price is about $838,000 over a 12-month trend.
• The market is easing — in August, the median listing price was down 8.4% year-over-year, and homes are spending more days on market, 87 days is average.
• The sale-to-list ratio is ~97% — meaning homes are selling just under list price on average.
Why it matters — market vibe and opportunities:
• Buyers: You might have more leverage than in the frenzied peaks of past years. With prices slightly softened and more days on market, there’s room to negotiate.
• Sellers: Still a high-value market — the typical home is well into the mid-six-figures — but you’ll want to price smart, stage well, and be prepared for a bit longer than lightningfast sale times.
• A nearly $850K median signals that this is premium realestate territory: the lifestyle, the scenery, and the resort access matter. The median price is lowest it has been since 2019.
• The market “breathing out” a bit gives both sides a chance to strategize more thoughtfully rather than rush.
• Autumn is an aesthetic season here — leaving the summer rush and heading into a quieter window, which may bring motivated sellers and interesting listings.
• If you’re looking for second-homes, vacation investments, or a mountain lifestyle relocation — this is a moment to explore Grand County Real Estate.
Winter Park is still a premium mountain/resort submarket, but it's shifting:
• For buyers: There may be more opportunity now than in the “boom” years of rapid multiple offers. Inventory is relatively higher and negotiation room is more likely if the property is not “perfect”.
• For sellers: Premium location still matters (near resort, views, good condition) — but you’ll need to price smart, present well, and expect perhaps more time on market than 20202022.
• For investors: Strong recreational draw remains (skiing, summer trails), but watch for higher cost of ownership (rates, maintenance) and longer marketing as the market normalizes.
PAGOSA SPRINGS
“Compared to October 2024, when sellers experienced significant price gains, the Pagosa Springs market in October 2025 reflects a notable shift toward buyer control. Median and average sales prices have declined both month-over-month and year-to-date, signaling a market recalibration following two years of elevated activity.
Key Market Indicators
• October 2025 Median Sales Price: $485,000 (down 22.4%)
• October 2025 Average Sales Price: $619,966 (down 26.1%)
• Year-to-Date Median Sales Price: $570,000 (down 4.1%)
• Year-to-Date Average Sales Price: $706,723 (down 8.2%)
“Buyers are increasingly focused on value and affordability, favoring homes below the median and average price ranges. This shift has tempered the high-end market, where listings over $1 million continue to grow. Of the 42 homes currently pending, only six are priced above $1 million, a continuation of the trend seen in recent months. As a result, average and median prices are expected to continue declining into November and December as buyers purchase within more moderate price brackets.
“Total inventory increased 20.4% compared to last year, largely driven by new high-end listings. This influx has pushed the months’ supply of inventory to 8.7 months (up 22.5%) and extended the days on Market to 149 days, indicating slower turnover, particularly in the luxury segment.
“While demand for mid-range properties remains steady, the upper-tier market faces challenges stemming from excess supply rather than a lack of qualified buyers. The abundance of million-dollar listings—more than 70 currently active—has intensified competition among sellers.
“As of October, 51 homes over $1 million have sold, with six pending, positioning the market below the 2024 total of 75 sales in this price category. Given the current pace, many high-end properties are expected to remain on the market well into 2026. Sellers in this segment must adopt a buyeroriented approach, emphasizing realistic pricing, strategic incentives, and patience to achieve successful outcomes.
Pagosa Springs continues to operate as two distinct markets:
• A seller’s market for homes priced below the median and average, where competitively priced listings move efficiently.
• A buyer’s market for homes above those thresholds, where elevated supply creates downward pressure on prices.
“Overall, homes are selling at 96.5% of list price, reflecting continued negotiation leverage for buyers. As conditions evolve, both buyers and sellers will benefit from professional guidance to navigate pricing strategies, timing, and market positioning effectively,” said Pagosa Springs-area REALTOR® Wen Saunders.
STEAMBOAT SPRINGS/ROUTT COUNTY
“While September new listings mirrored the prior year's figures, October inventory rose in Steamboat Springs. The month brought 19 more single-family homes to the Steamboat market, raising the year-to-date count to 247 — a 9.3% increase, signaling a 2.8% raise from the 6.5% figure the month before. Our 19 sales were equivalent to last year; median and average sales prices came up slightly under 2%. The highest sales price for the month was $7.5 million and the lowest was $1.275 million, bringing the accumulated median sales price to $2,050,000 (down 8.8%) and the average sales price to $3,093,246 (up 6.3%).
“October saw an increase in new listings for multi-family. This segment of the market is where there is new construction development which attributes to the 33.1% increase for the year. Number of sales fared well for the period with an increase of almost 22% and up 4.7% incrementally. Median sales price is $875,000 reflecting a 3.4% increase, while average sales price decreased 3.5% to $1,062,921. Months’ supply for both single and multi-family is now 7.8 and 6.4 months respectively, which is a significant difference from the same time last year.
“There are 22 homes for sale and months’ supply for singlefamily in the Oak Creek/Stagecoach area echoes Steamboat at 7.3 months. Five homes sold at an average sales price of $986,763. Three condos/townhomes came to the market to total 7 choices for Buyers to choose from. With median prices at $441,500 and average sale prices at $459,750, this slice of the market is more affordable for the Routt County area.
“The Hayden community is holding very steady with total number of new listings (55) and sold listings (29) the same as
last year. With 20 homes on the market, the months’ supply is 6.5. The median sales price is up 2.1% at $620,000 and the average is $668,828 – homes priced above $700,000 typically can expect to endure longer days on market. To date, the multi-family market has had less listings come on the market and even at that, there has been one more sale with a median sales price of $394,000 and average of $553,500. Only 2 units are on the market, creating a 1.3-month supply with an average days on market 55.
“Summer activity in Steamboat seemed a bit unusual; the buyers were there, but the bustle was different. The last three months have shown improvement in the number of home sales thus reducing the months supply from over 9 months to 7.8. The story for condos/townhomes is similar with August showing 8.9 months supply and October now at 6.4. Interest rates could have impacted that some, but there is still a significant number of transactions completed with cash. Fall sales can present an opportunity where a summer listing did not sell, and a better deal can be had.
“There is not a one size fits all strategy for buying and selling in Routt County. Sellers need to look through a ‘buyer’s eyes’ for pricing according to condition, location or combination of the two. Overall, the months’ supply levels for Routt County are significantly more than last year and as a result, the playing field is more level and negotiations are back - not only on price but inspections,” said Steamboat Springs-area REALTOR® Marci Valicenti.
SUMMIT AND PARK COUNTIES
“As ski season kicks off and the lifts at A-Basin, Keystone, Breckenridge, and Copper Mountain begin to hum, the local real estate market is carving its own early-season tracks and finding balance, momentum, and a touch of altitude adjustment as we head into winter. “Like the lift lines on the first powder day, activity is picking up in Summit County.
• Single-family home sales soared 73%, with 64 closings this October compared to just 37 last October.
• Prices adjusted slightly, the median single-family price dipped 7.5% to $1.85 million, while the average came in at $2.34 million, showing that while luxury homes still dominate, buyers are navigating toward value in a higherinventory environment.
• Townhome and condo sales held steady (91 sold, down just 3.2%) with a median price of $755,000, down 7.4% from last year.
• The supply of inventory sits around 6 months, marking a balanced market
“Further south, Park County is taking a more measured pace into winter.
• Sold listings fell 46%, with 20 sales this October, compared to 37 October 2024, reflecting softer demand after a busy summer.
• Still, prices are holding firm with a median price of $610,000, only slightly below last year’s $646,000.
• Inventory grew 23%, and with a 10.5-month supply, buyers now have more choices which is a refreshing change after years of scarcity.
• The average sale price jumped 29% to $926,950, signaling continued appetite for higher-end mountain properties
“Across Summit and Park counties combined inventory expanded nearly 21%, providing more opportunities for buyers as interest rates settle into predictable patterns. Even as days on market lengthened, averaging 79 days, sellers continue to achieve over 96% of list price, underscoring strong interest in desirable properties
“In Summit, Park and Lake counties, 764 listings are currently on the market, ranging from a $82,500 mobile home in Park County to a $21 million ski-in/ski-out Breckenridge home. Nearly half (49%) are priced above $1 million, with 47 listings over $5 million.
“In October, 186 residential closings ranged from a $145,000 single-family home in Park County to a $7.2 million Dillon, ‘shell’ of a home, perched on the cliff at the Pinnacle at Summerwood. More than half (52%) of sales closed above the $1 million mark, and cash deals were 39% of all transactions.
“As skiers wax their boards and locals prep for the first powder days, the real estate market seems to be finding its rhythm: steady climbs, a few controlled turns, and a sense that the long glide of inventory buildup is setting the stage for a smoother ride ahead.
“Much like the early snow, market activity is uneven but promising. Buyers are back out exploring, sellers are adjusting
expectations, and the market overall is showing healthy signs of equilibrium,” said Summit-area REALTOR® Dana Cottrell.
TELLURIDE
“The best way to describe the Telluride regional real estate market is that it has come down from the Pandemic frenzy and leveled off to a balanced seller/buyer equal strength competition. Neither side is in control, hence old-fashioned principles apply. Sellers need to price to the current market if they really want to sell, and buyers have more properties to choose from, which makes more negotiation possible. That being said, every seller and every buyer will have their own opinion about the market, and price negotiations will be more challenging. We still have a lot of wealth in our market. That means most sellers don’t have to sell, and most buyers don’t have to buy. There are exceptions. If a buyer finds their dream property, they may just pay the price. That will probably be the exception.
“Now the stats. October 2025 dollar volume is down 1% to $78.68 million, with the number of sales down 4% to 44, as compared to October 2024. Over the last five-year averages, the current real estate market is down about 31% in dollar volume and down about 36% in the number of sales. Meanwhile, year-to-date through October, total dollar volume was $720.31 million, which is a decline of 17% with the total number of sales for the same period of time coming in at 377, down 4% as compared to the first ten months of 2024,” said Telluride-area REALTOR® George Harvey.
VAIL
“October is part of our window between the summer market and the beginning of the ski season market. Historically, it is a relatively quiet month and follows the slow summer trend.
“Single family/duplex sales were up 36% compared to last year and townhouse/condo sales were up the same. It’s unique in that both segments moved at the same percentage of activity. Pending sales for the single family/duplex were up 11% while townhouse/condo sales were down 24%. New listings for single family/duplex were up 2% with townhouse/ condo listings down 11%. Active listings for single family/ duplex were up 25% and listings on townhouse/condos were up 17%. Months’ supply of inventory for single family/duplex
sits at 7.7 months with townhouse/condos at 5.3 months.
“When we combine both categories for a total market comparison it looks like this: closed sales up 36%, pending sales -9%, new listings -5%, active inventory up 22%, months’ supply at 6.4.
“The trend by pricing niche has continued in both sales and active inventory of units. This trend helps us look at future projections and shows a positive outlook for the pending ski season market which is a historic catalyst to overall performance. The macro-economic market is a factor in our ski season activity. Albeit we have a majority of buyers who are cash purchasers, the lowering of mortgage rates does have significant impact on the lower price niche purchasers and particularly with our local clientele,” said Vail-area REALTOR® Mike Budd.
The Colorado Association of REALTORS® Monthly Market Statistical Reports are prepared by Showing Time, a leading showing software and market stats service provider to the residential real estate industry and are based upon data provided by Multiple Listing Services (MLS) in Colorado. The October 2025 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/
LEADER SPOTLIGHT DAVID BARBER
2026 NAR REGION XI VP
Where did you grow up and go to school? Born in Detroit and grew up in Belleville, MI and went to the University of Michigan.
How long have you been a REALTOR®? 19 years. I'm currently with RE/MAX Leaders and love being a REALTOR®.
Any other career(s) before becoming a REALTOR®? I've owned a manufactures rep. firm since 1981.
How or why did you decide to get involved with association work? My dad taught me early on that if I was going to be part of something be all in. Leaders like Bob Brown and Kay Watson were very encouraging also.
What was a favorite moment or experience you have had at CAR? Too many to name just one, but if I had to pick only one it would be the great work the CEO selection committee did and calling Tyrone Adams to tell him he was the new CEO.
What do you like to do in your free time? Camping, hunting, fishing, and woodworking. I also enjoy spending time with my family and new grandson Easton when I can.
What advice would you give to someone who wanted to become more involved at the local, state, or national level? Follow your passion and give it all you have. Don't be afraid to reach out to myself or other past leaders for advice.
If you played for the Rockies, what would your walk-up theme song be? Bob Seger- Ramblin’ Gamblin’ Man.
DAVID RECEIVING THE CAR 2025 REALTOR® OF THE YEAR AWARD FROM MARY ANN HINRICHSEN.
DAVID PRESENTING A SESSION AT A RECENT CAR EVENT.
DAVID ENJOYING HUNTING SEASON.
DAVID CAMPING WITH FRIENDS AND FAMILY.
AE SPOTLIGHT CESS RETENER
CEO REALTORS® of Central Colorado (ROCC)
How long have you been an AE? I’ve been the CEO of ROCC since April 1, 2025. When I moved to Salida, Colorado, I came from a finance background at the Wynn Las Vegas. The plan was for me to take over management of a real estate firm in Salida, which required me to get my real estate license. At the same time, I worked as a closer at Chaffee Title Company. But I’ve never been one to sit still. Once I learned about the REALTOR® organization and saw that ROCC had a part-time position open in administration and membership, I jumped at the opportunity. I’ve been climbing the ladder ever since, and it’s been one of the most rewarding journeys of my career.
What do you love most about the job? The people - our members, partners, and communities. Every day, I get to see the real impact REALTORS® have on people’s lives. I also feel genuinely loved and supported by my board and workgroups; they make the hard days worth it and the great days even better. I love who we are, what we do, what we stand for, the impact we make, and the opportunities of what we can become. This role challenges me daily, but I invite those challenges because they allow me to grow and be creative. And honestly, I love me more because of it! A special shout-out to the AEs and CEOs across Colorado who’ve become close friends in just a matter of months - you’ve made this journey even more meaningful.
What is a challenge your board/association is facing in the next few years or currently? Like many associations, we’re navigating the ongoing evolution of organized real estatewhere technology, governance, and public perception are all changing rapidly. Our focus is on staying ahead of those shifts by modernizing systems and supporting our members through these transitions. Change isn’t always easy, but our board and members have shown incredible adaptability and a strong commitment to transparency, innovation, and our shared strategic vision for 2026.
Is there something your board/association does regularly to give back to the community? Community engagement is at the heart of ROCC. From our food drives and holiday giving campaigns, to homebuyer education and local partnerships, our members take pride in giving back. We’re constantly com-
ing up with new ways to get involved and help. Next year, we plan to partner more closely with the Boys & Girls Club, Habitat for Humanity, and local programs supporting seniors. Whether that means cleaning up yards, lending a hand, or simply being there to listen as they share their stories and experiences. Sometimes, people just need someone to listen!
What would people be most surprised by about your job? That I wear a lot of hats! My role blends everything from operations and compliance to event planning, advocacy, and community outreach - and some days, I’m also part janitor, part travel agent, and part cheerleader. It’s not an easy career, but I absolutely love it. Every task, big or small, connects back to serving our members and helping our association thrive.
Which talent would you most like to have? I’ve always wanted to learn to play the guitar and do stand-up comedy! Every time I try to learn guitar, I give up the moment my fingertips start getting blisters. As for comedy, my friends say I tend to beat everyone to the punchline and never quite deliver it the way it’s supposed to land… but I like to think I’m accidentally funny, at least!
What is your favorite tv show to watch? The Great British Baking Show! I love watching people create something they’re passionate about - it’s inspiring and oddly calming. Plus, it gives me ideas in the kitchen… even though I don’t actually cook.
Motto or piece of advice you try to live by? “Lead with heart, follow with purpose.” Leadership, to me, is about service - listening, lifting others up, and staying grounded in what truly matters.
KIM WILCOXSON, JOEY ROVINSKY, JESSICA CHARITON, KATE WOOLMAN, KERI GAGE, AND CESS RETENER.
KIM WILCOXSON AND CESS RETENER (R).
Meet the 2026 Colorado Association of REALTORS® Committee Members
The Colorado Association of REALTORS® (CAR) is excited to introduce the 2026 committee members who are leading the charge in shaping the future of Colorado real estate. These committees are made up of dedicated members who bring their expertise, leadership, and vision to important areas of focus within CAR. Whether they’re driving policy discussions, supporting professional standards, or fostering inclusion, their work is vital to the success of our association and the real estate industry statewide. These members will officially take their roles on December 1, 2025.
Audit Committee
Chair: Robert Walkowicz, LovelandBerthoud
David Anderson, Pueblo
Mark Gordon, Vail
James Jenkins, Grand Junction Area
Marina Lewallen, Loveland-Berthoud
CAR Business Services Committee
Chair: Lynn Snyder-Goetz, South Metro Denver
Angela Burdick, Denver Metro
Heather Crow, Denver Metro
Kati Harken, South Metro Denver
MaryAnn Hinrichsen, South Metro Denver
Jacqueline Huff, Montrose
Barbara Imes, Fort Collins
Jennifer Kearns, South Metro Denver
David Madone, Royal Gorge
Larry McGee, South Metro Denver
Michelle Rampelt, Vail
Jennifer Stuckey, BOLO REALTORS®
Amy Yurcak, Vail
CAR Political Action Committee
Chair: Dave Kupernik, Denver Metro
Logan Austin, Durango Area
David DeElena, South Metro Denver
Amy Dorsey, Vail
Lois Dunn, Grand Junction Area
Breeyan Edwards, Estes Valley
Shelby Foster, South Metro Denver
Jamie Goodvin, Greeley Area
Ann Hayes, Grand Junction Area
John Lucero, Denver Metro
Katie Olsen, Loveland-Berthoud
Wynne Palermo, Pikes Peak
Celina Quinones, Denver Metro
Weldon Shaver, Pikes Peak
Bonnie Smith, South Metro Denver
Jubal Speers, Pikes Peak
Cooper Thayer, Denver Metro
Kay Watson, South Metro Denver
Colorado Project Wildfire Forum
Co-Chair: Cathie Nicholson, Mountain Metro
Co-Chair: David Hanna, Mountain Metro
Colorado Young Professionals Network (CYPN)
CYPN Chair: Alex Easton, South Metro
Denver
Brandon Akers, Pueblo
Jake Becktold, Pikes Peak
Kelsey Berglund, Denver Metro
Kori Biernacki, Denver Metro
Angela Blazo, Pikes Peak
Brian Bohrer, Pikes Peak
Tatiana Ceresa, Aspen
Chloe Dunn, BOLO REALTORS®
Kevin Faw, Fort Collins
Venus Martinez, Grand Junction Area
Shante Michael, Greeley Area
Melissa Miller, Montrose
Lindsey Montalvo, Altitude REALTORS®
Liberty Montez, Greeley Area
Daniel Muldoon, Pikes Peak
Lisa Nelson, Loveland-Berthoud
Sara O’Connor, Altitude REALTORS®
Daniel Pitrone, Pikes Peak
Chloe Rogers, Vail
Jennifer Sydow, Vail
Benson Verbel, Greeley Area
Aaron Westbrooks
Amy Yurcak, Vail
Elizabeth Zajicek, BOLO REALTORS®
Diversity & Inclusion Committee
Chair: Adrian Espinoza, South Metro Denver
Windy Bailey, Pikes Peak
Pamala Carter, South Metro Denver
Andrea Cox, Grand County
Karen Esquibel, South Metro Denver
Lauren Fredrickson, Pagosa Springs Area
Douglas Landin, Vail
Celina Quinones, Denver Metro
Jessica Reinhardt, Denver Metro
Barbara Riley, South Metro Denver
Crissy Rumford, Vail
Jennifer Sydow, Vail
Lindsey Tursi, Denver Metro
Christopher Wardrep, Denver Metro
Heather Washburn, Fort Collins
Nicole White, Estes Valley
Finance Committee
Chair: Janet Marlow, South Metro Denver
Brendan Bailey, Denver Metro
Sunny Banka, South Metro Denver
Michael Budd, Vail
Beth Demeter, Mountain Metro
Amanda Fein, Denver Metro
Scott Franks, Denver Metro
Glen Greenlee, Royal Gorge
Robbie King, Greeley Area
Kristine Laine, Fort Collins
Kyle Malnati, Denver Metro
Larry McGee, South Metro Denver
Aline Pitney, Denver Metro
Aaron Ravdin, South Metro Denver
Matthew Starr, Glenwood Springs
Grievance Committee
Chair: Courtney Peel, Altitude REALTORS®
Stephen Arthur, Aspen
Sean Dougherty, Fort Collins
Donna Major, Pikes Peak
Scott Moore, Pueblo
Abbey Pontius, Estes Valley
Jared Sickels, Loveland-Berthoud
Myra Smallwood, Royal Gorge
Rachel Swing, Denver Metro
Jackie Yost, Denver Metro
Insight Advisory Committee
Chair: Mark Gordon, Vail
Donna Austin, Pueblo
Kitsey Behrman, Pikes Peak
Liz Bowen, Pikes Peak
Kathy Christina, Altitude REALTORS®
Nick DiPasquale, Denver Metro
Steve Fisher, Altitude REALTORS®
Ann Foster, Vail
Stephen Foster, Fort Collins
Margaret Hamilton, South Metro Denver
Kati Harken, South Metro Denver
Todd Houghton, Denver Metro
May Jackson, South Metro Denver
Erika Kauzlarich-Bird, Pikes Peak
Katia Leon y Leon, South Metro Denver
Soley Maria, Denver Metro
Tiffany McCracken, Vail
Lin Miklas, Denver Metro
Megan Moffitt, Pueblo
Elizabeth Schmidt, Fort Collins
Jeannette Shepherd, Fort Collins
Lynn Snyder-Goetz, South Metro Denver
Mark Trenka, Denver Metro
Andrea Warner, Pikes Peak
Investment Committee
Chair: Janet Marlow, South Metro Denver
Dana Cottrell, Altitude REALTORS®
Angela Hutton-Hall, Denver Metro
Aline Pitney, Denver Metro
Brenda Wild, Aspen
Legislative Policy Committee
Chair: Paige Haderlie, Glenwood Springs
Windy Bailey, Pikes Peak
Sunny Banka, South Metro Denver
Elecia Bellmire, Four Corners
Jay Brown, South Metro Denver
Amy Cesario, Denver Metro
Jessica Chariton, REALTORS® of Central Colorado
Kathy Christina, Altitude REALTORS®
Sean Dougherty, Fort Collins
Cara George, South Metro Denver
Glen Greenlee, Royal Gorge
Ann Hayes, Grand Junction Area
Todd Houghton, Denver Metro
Mark Hubert, Pikes Peak
Angela Hutton-Hall, Denver Metro
Erika Kauzlarich-Bird, Pikes Peak
Douglas Landin, Vail
Betsy Laughlin, Vail
Marina Lewallen, Loveland-Berthoud
Donna Major, Pikes Peak
Soley Maria, Denver Metro
Janet Marlow, South Metro Denver
Tiffany McCracken, Vail
Courtney Peel, Altitude REALTORS®
Jonathan Post, Pueblo
Don Potter, Grand Junction Area
Michelle Rampelt, Vail
Aaron Ravdin, South Metro Denver
Amy Sampson, South Metro Denver
Weldon Shaver, Pikes Peak
Jarid Sinkler, Fort Collins
Kiplynn Smith, Telluride
Cooper Thayer, Denver Metro
Constance Tremblay, Grand Junction Area
Lindsey Tursi, Denver Metro
Christopher Wardrep, Denver Metro
Andrea Warner, Pikes Peak
Heather Washburn, Fort Collins
Brett Weldon, Pikes Peak
Troy Williams, South Metro Denver
Sarah Windholz, Glenwood Springs
Sarah Woelfle, Aspen
Professional Standards Committee
Chair: Donna Major, Pikes Peak
Keith Alba, Denver Metro
Marilyn Allen, South Metro Denver
David Anderson, Pueblo
Donna Austin, Pueblo
Doug Barber, Pikes Peak
David Barber, South Metro Denver
Kitsey Behrman, Pikes Peak
Jennifer Brink, Denver Metro
Jay Brown, South Metro Denver
Angela Burdick, Denver Metro
Derek Camunez, Denver Metro
Pamala Carter, South Metro Denver
Pamela Cass, Fort Collins
Peter Cerf, Denver Metro
Kathy Christina, Altitude REALTORS®
Patty Clark, South Metro Denver
Barb Cline, South Metro Denver
Rich Coccaro, Fort Collins
Debbie Conner, South Metro Denver
Andrea Cox, Grand County
Richard Crook, South Metro Denver
Shannon Crouthers, South Metro Denver
Heather Crow, Denver Metro
Gordon Dean, Pikes Peak
Beth Demeter, Mountain Metro
Lauren Dolian, Denver Metro
Sean Dougherty, Fort Collins
Amanda Edmondson, Loveland-Berthoud
Breeyan Edwards, Estes Valley
Karen Esquibel, South Metro Denver
Will Flowers, Loveland-Berthoud
Stephen Foster, Fort Collins
Ann Foster, Vail
Lauren Fredrickson, Pagosa Springs Area
Al Galperin, Denver Metro
Marjorie Genova, Grand Junction Area
Alison Gilbert, Estes Valley
Glen Greenlee, Royal Gorge
Sheri Griego, Grand Junction Area
Darryl Grosjean, Aspen
Rodney Gustafson, Denver Metro Commercial
Ed Hardey, South Metro Denver
Fran Hardman, Fort Collins
Kati Harken, South Metro Denver
Faun Hauptman, Denver Metro Commercial
Ann Hayes, Grand Junction Area
Annette Hejl, Grand Junction Area
Valarie Holman, Fort Collins
Mark Hubert, Pikes Peak
Barbara Imes, Fort Collins
May Jackson, South Metro Denver
Jennifer Kearns, South Metro Denver
Colette King, Pikes Peak
Tara King, South Metro Denver
Dan Kingdom, BOLO REALTORS®
Michelle Kinney, Pikes Peak
Cynthia Kruse, Vail
Katia Leon y Leon, South Metro Denver
Marina Lewallen, Loveland-Berthoud
Jill Limberg, Altitude REALTORS®
Crystal Lowe, South Metro Denver
Chris Lutyen, Pikes Peak
Soley Maria, Denver Metro
David Mathewes, Denver Metro
Tiffany McCracken, Vail
Erin McFarland, BOLO REALTORS®
Kristi Meyer, Royal Gorge
Jessica Meyer, Grand Junction Area
John Mitchell, South Metro Denver
Dawn Mullin, Vail
Melissa Park, South Metro Denver
Andrea Peltier, Pagosa Springs Area
Aline Pitney, Denver Metro
Jonathan Post, Pueblo
Leighanne Potts, Pikes Peak
David Powell, Loveland-Berthoud
Julia Purrington, Mountain Metro
Michelle Rampelt, Vail
Alysha Ranson, Pagosa Springs Area
Jessica Reinhardt, Denver Metro
Barbara Riley, South Metro Denver
M. Eric Romero, Denver Metro
Hans Rosielle, Pikes Peak
Steve Rottler, Denver Metro
Crissy Rumford, Vail
Christina Sadler, Grand Junction Area
Cristi Salerno, Pueblo
Maria Scott, BOLO REALTORS®
Alicia Sexton, Mountain Metro
Cheryl Shaul, Grand County
Weldon Shaver, Pikes Peak
Jeannette Shepherd, Fort Collins
Derrick Snider, Grand Junction Area
Jubal Speers, Pikes Peak
Matthew Starr, Glenwood Springs
David Stowell, South Metro Denver
Jennifer Stuckey, BOLO REALTORS®
Connie Tremblay, Grand Junction Area
Lori VanDerWege, Pikes Peak
Charity Vermeer, Fort Collins
Jon Walker, Pikes Peak
Brett Weldon, Pikes Peak
Mark Whiting, South Metro Denver
Troy Williams, South Metro Denver
Sarah Woelfle, Aspen
Brandi Wright, South Metro Denver
Property Management Forum
Chair: Aaron Blazis, Pikes Peak
Regulatory Policy Committee
Chair: Betsy Laughlin, Vail
Kitsey Behrman, Pikes Peak
Liz Bowen, Pikes Peak
Jessica Chariton, REALTORS® of Central Colorado
Lauren Dolian, Denver Metro
Amanda Fein, Denver Metro
Mark Hubert, Pikes Peak
Colette King, Pikes Peak
Julia Purrington, Mountain Metro
Hans Rosielle, Pikes Peak
Sarah Woelfle, Aspen
Brandi Wright, South Metro Denver
RPAC Engagement Council
Co-Chair: Crissy Rumford, Vail
Co-Chair: Scott Franks, Denver Metro
As CAR moves forward in 2026, these committees will continue to drive progress and deliver value to members across the state.
