Now On Demand: IRES MLS 2021 Virtual Town Hall

Missed our live event? Want to revisit speaker sessions? Interested in the Q&A? Here it is!

If you weren’t able to attend our 2nd town hall event Apr 27th, not to worry. We’ve recorded it just for you. In addition to the questions that were answered live during the event, we’ve worked with our fabulous speakers to gather answers for those we didn’t have time to answer live. They are included below.

Chapters:

  • 0:00​ Welcome!
  • 1:29​ Lauren Hansen, IRES Update
  • 16:25​ Katie Johnson, NAR Legal Update
  • 48:16​ Patty Silverstein, Colorado Regional Economic Update

Q & A

Katie Johnson Session

NOTE: Katie answered several questions live during her session. You can hear these in the video above. These were the outstanding questions we didn’t have time to answer live.

  • Question: Please explain the exceptions to the Clear cooperation regarding keeping listings in house – since the rule requires MLS listing to be posted within 24 hours of marketing.
    • Answer: There are no exceptions to the Clear Cooperation Policy. Any listing that is “publicly marketed” must be filed with the service and provided to other MLS Participants for cooperation within (1) one business day. Some sellers decide to use an “office exclusive”. In an office exclusive listing, direct promotion of the listing is permitted only between the brokers and licensees affiliated with the listing brokerage, and is not considered public marketing.
  • Question: Are large brokerages responding the super LOW inventory by finding buyers inside the brokerage before the property is publicly advertised?
    • Answer: As always, real estate is local, marketing strategies vary locally, and REALTORS® must always act in the best interest of their clients. Some sellers decide to use an “office exclusive”. In an office exclusive listing, direct promotion of the listing is permitted only between the brokers and licensees affiliated with the listing brokerage, and is not considered public marketing.

Patty Silverstein Session

  • Question: When do you forecast price stabilization in the residential detached market
    • Answer: Given the strong demand and still limited supply, home prices are expected to continue to appreciate in 2021. However, as occurred in 2020, the rate of increase in prices in Colorado is expected to be below the national rate of increase.
  • Question: Do you anticipate supply chain and manufacturing capacity increases for construction building materials (plywood, drywall, pvc pipe, appliances, etc)?  If so, when?
    • Answer: As the vaccine becomes widely available across the globe in 2021, factories will resume operations and supply chain disruptions will begin to dissipate. However, it does take time for operations to ramp up and stabilize. Expect continued disruptions in 2021 with more stable product availability in 2022.
  • Question: What are the leading indicators of out-migration due to cost-of-living increases?
    • Answer: As there are no exit surveys when you move out of a state, you generally have to rely on anecdotal information. From a statistical standpoint, examining current trends in apartment vacancies and home sales may provide some level of insight. The IRS compiles a series of state-to-state migration flows, so you can identify what states prior Colorado residents moved to and where new Colorado residents came from. However, the latest detailed data is from 2018 and summary data for 2019.
  • Question: Does Colorado remain a popular remote work destination even with the housing price increases?
    • Answer: Yes, but it is all relative. Individuals from more expensive housing markets, such as those found on the east and west coasts, do not view Colorado housing prices as an issue. However, remote work is allowing an increase in popularity of “second-tier” cities where workers can find more affordable housing options and less population density. Colorado is now competing with parts of the country that may not have been regarded as true competitors previously (think Idaho).
  • Question: What happened in 1990 that 20,000 people left Colorado?
    • Answer: While the nation experienced a recession from July 1990 to March 1991 (8 months), Colorado’s downturn started a couple of years before that due to oil & gas price volatility and an overbuilt commercial real estate market. Therefore, people were leaving Colorado in search of better job opportunities elsewhere in the country.
  • Question: What’s the volume of all the fraudulent unemployment claims?
    • Answer: The latest values that I have seen were released April 16 by the CO Division of Labor & Employment and indicate that they “are dealing with 1.1 million fraudulent claims.” This has resulted in at least $19.4 million in state and federal unemployment benefits paid to scammers.

Lauren Hansen Session

  • Question: Where do I find the info on the land lease for solar/wind?
  • Question: Do we have any more information on Sentrilock’s showing service? Will it be as robust as ShowingTime and will it be in partnership with IRES?

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