Volume 16 • issue 12 - December 2012From our President

M o n t h l y N e w s l e t t e r

Happy Holidays to our Membership, in light of several questions that the consumer has been asking with regards to the predictions for the upcoming year, we thought this would be a good article to share with you that you could also share with your clients. Your Board of Directors wishes you a happy, healthy and safe upcoming Holiday and great success in 2013. Thank you for allow us to serve your association.

Housing Market Uptrend Expected Through 2014 ORLANDO (November 9, 2012) - The housing market recovery should continue through the coming years, assuming there are no further limitations on the availability of mortgage credit or a “fiscal cliff,” according to forecast presentations at a residential forum here at the 2012 Realtors®Conference and Expo. Lawrence Yun , chief economist of the National Association of Realtors®, said the housing market clearly turned around in 2012. “Existing-home sales, new-home sales and housing starts are all recording notable gains this year in contrast with suppressed activity in the previous 4 years, & all of the major home price measures are showing sustained increases,” he said. “Disruption from Sandy likely will be temporary, notably in New Jersey & New York, but the market is likely to pick up speed within a few months with the need to build new homes in damaged areas,” Yun added. Yun sees no threatening signs for inflation in 2013, but projects it to be in the range of 4 to 6% by 2015. “The huge federal budget deficit is likely to push up borrowing costs & raise inflation well above 2%,” he said. Rising rents, quantitative easing (the printing of money), federal spending outpacing revenue, & a national debt equal to roughly 10 % of Gross Domestic Product are all raising inflationary pressures. Mortgage interest rates are forecast to gradually rise & to average 4.0% next year, & 4.6% in 2014 from the inflationary pressure. With rising demand & an ongoing decline in housing inventory, Yun expects meaningfully higher home prices. The national median existing-home price should rise 6.0% to $176,100 for all of 2012, & increase another 5.1% next year to $185,200; comparable gains are seen in 2014. “Real estate will be a hedge against inflation, with values rising 15% cumulatively over the next 3 years, also meaning there will be fewer upside-down home owners,” Yun said. “Today is a perfect opportunity for moderate-income renters to become successful home owners, but stringent mortgage credit conditions are holding them back.” Existing-home sales this year are forecast to rise 9.0% to 4.64 million, followed by an 8.7 % increase to 5.05 million in 2013; a total of about 5.3 million are seen in 2014. New-home sales are expected to increase to 368,000 this year from a record low 301,000 in 2011, & grow strongly to 575,000 in 2013. Housing starts are forecast to rise to 776,000 in 2012 from 612,000 last year, & reach 1.13 million next year. “The growth in new construction sounds very impressive, & it does mark a genuine recovery, but it must be kept in mind that the anticipated volume remains below long-term underlying demand,” Yun said. “Unless building activity returns to normal levels in the next couple years, housing shortages could cause home prices to accelerate, & the movement of home prices will be closely tied to the level of housing starts.” “Home sales & construction activity depend on steady job growth, which we are seeing, but thus far we’ve only regained half of the jobs lost during the recession,” Yun said. Yun projects growth in Gross Domestic Product to be 2.1% this year & 2.5% in 2013. The unemployment rate is showing slow, steady progress & is expected to decline to about 7.6% around the end of 2013. “Of course these projections assume Congress will largely avoid the ‘fiscal cliff’ scenario,” Yun said. “While we’re hopeful that something can be accomplished, the alternative would be a likely recession, so automatic spending cuts and tax increases need to be addressed quickly.” Regardless, Yun said that 4 years from now there will be an even greater disparity in wealth distribution. “People who purchased homes at low prices in the past couple years, including many investors, can expect healthy growth in home equity over the next 4 years, while renters who were unable to get into the market will be in a weaker position because they are unable to accumulate wealth,” he said. “Not only will renters miss out on the price gains, but they’ll also face rents rising at faster rates.” Also speaking was Mark Vitner,

managing director & senior economist at Wells Fargo, who said the fiscal cliff is the biggest situation that needs to be addressed. “Beyond concerns about the fiscal cliff, the economic improvement seems to be broadening,” he said. “Housing will strengthen in 2013 even if the economy weakens because there is a demand for more construction, & the demand for apartments is rising at a faster rate than the need for more single-family homes,” Vitner said. “Unfortunately, apartment construction is focused on about 15 submarkets, so additions to supply will be uneven. Even with declining market shares of foreclosures & short sales,

Vitner said they will continue. “Distressed homes right now are like an after-Christmas sale - most of the best stuff has been picked over, but make no mistake they’ll be with us for a while.” Yun projects the market share of distressed sales will decline from about 25% in 2012 to 8% in 2014. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1

million members involved in all aspects of the residential and commercial real estate industries.

Durango Area Assn. of REALTORS

Denise is the President ofThe Durango Area Assn.

of REALTORS® You can contact her at

970-759-9819

DAAR CALENDAR OF EVENTS

December 2012Sunday Monday Tuesday Wednesday Thursday Friday Saturday

2 3 4 5 6 7 8

8:15 Monthly Marketing Meeting

CLASS 9:00Tax Deduction

DAAR Grant Reception5:00 - 6:30

8:30 Exec. Cmte. Hanukkah begins at sundown

9 10 11 12 13 14 15

Hanukkah 9a – 1p New Member Orientation

8:15 Board of Directors

16 17 18 19 20 21 22

First Day of Winter

23 24 25 26 27 28 29

Christmas Eve Christmas Day

30 31 1 2 3 4 5

New Year’s Eve New Year’s Day 8:30 Exec. Cmte.

DAAR Office Closed

DAAR Office Closed

The 2012-2013 Durango Area Association of REALTORS® Board of Directors:

President / Denise Storm / 759-9819 / denise@denisestorm.comPresident-Elect / Kelly Kniffin / 749-3867 / Kelly@homesdurangoco.com

Past President / Jarrod Nixon / 769-0774/ jnixon@yesdurango.com Vice President / Jim Wotkyns / 375-7005 / jim@jimwotkyns.comTreasurer / Jerome Bleger / 759-1658 / jerome@yesdurango.comDirector / Cathy Craig / 749-3986 / ccraig@durangomountain.com

Director / Gabi Bergstrom / 946-7522 / gabi@frontier.netDirector / Linda Buzzalini / 259-6680 / lindabuzz@frontier.netDirector / Nicole Perino / 259-6680 / perinodurango@gmail.com

CAR Director/ Lois Surmi / 749-7559 / lois@realestatedurango.comCAR Director/ Jarrod Nixon / 769-0774/ jnixon@yesdurango.com

Association Office StaffExecutive Officer/ Amanda Erickson/ 247-9604/ amanda@durangorealtor.com

Member Services/ Jasmyn Fouts/ 247-9604/ jasmyn@durangorealtor.comMLS & Communications/ Jo Ann Johnston/ 247-9604/ joann@durangorealtor.com

CommitteeExecutive Committee

Board of DirectorsScholarship Task Force

Important Updates and Reminders!

MLS TUESDAY MARKETING MEETINGThe next meeting is scheduled for Jan. 8th at 8:30am. The format will in-clude:• Listing Presentation• Wants and Needs• Technical UpdatesThe meetings can be sponsored by affiliates. There is no cost to sponsor though you can provide breakfast at your discretion and you will be the only affiliate featured at the meeting ( up to 5 minutes of floor time). If you are interested in sponsoring a meeting please contact Jo Ann at 970-247-9604 or joann@durangorealtor.com

Ethics AuditIf you received an email stating that you needed to complete your Ethics class requirements, you will need to take this class by the end of the year. The National Association of REALTORS® will audit accounts on Janu-ary 1, 2013 and suspend any REALTOR® that has not taken the class. This will affect your local membership. If you have taken this class from another

board, online, etc. we will need a copy of your certificate to place in your National Association of RE-ALTORS® profile. Please email copies to Jasmyn@durangorealtor.com or fax us at (970) 385-5205.

DAAR Annual DuesAnnual dues renewal time is right around the corner and scheduled to go out on December 17th! We appreciate your continued support of our organization. DAAR leadership and staff are committed to finding new, useful ways of assisting you in your business, and it allows US to continue providing op-portunities that support and benefit your career as a REALTOR®. Please watch your email for more information on Annual Dues.

OFFICE CLOSUREThe DAAR Office will be closed Monday, December 24 and Tuesday, December 25 for the Christmas Holidays. We will also be closed Monday, December 31 and Tuesday, January 1st for New Year’s. We here at DAAR would like to wish all a very Merry Christmas and Happy New Year’s.Amanda, Jasmyn and Jo Ann

Annual StatisticsThe MLS will be audited in preparation for annual statistics Jan. 7 - 11. Please ensure data entered is correct. Feel free to contact Jo Ann should you have any questions. joann@durangorealtor.com

COMMITTEE MEETINGS SCHEDULEDCommittee

Executive CommitteeBoard of Directors

Scholarship Task Force

Date/Time/LocationFriday, 12/07/12 - 8:30 - DAAR

Thursday, 12/13/12 - 8:30 - DAARThursday, 11/15/12 - 8:30 - DAAR

Contact InformationAmanda - amanda@durangorealtor.comAmanda - amanda@durangorealtor.com

Jo Ann - joann@durangorealtor.com

PLEASE SIGN UP FOR ANY OF THE FOLLOWING CLASSES USING YOUR LAMPS LOGIN AT https://daar.getlamps.net/Default.aspx?page=calendar

Regional Housing Alliance to Offer Home-buyer Education Class- Just for RealtorsTuesday, January 22nd and Thursday, Janu-ary 24th – 8:30am – 1pm (both days) Classes held at DAAR offices.

Have you ever wondered what material is covered in the Homebuyer Education Class? Well now is your chance to know, first- hand. Don’t miss this opportunity to take the Regional Housing Alliance’s Homebuyer Education Class - offered just for realtors. Not only will you receive 2 hours of CE credit, but you will have a better understanding of topics covered in the class, understand why sending your clients to class will make your job easier, as well as a great refresher on talking points for those entry level buyers.

Please call the Regional Housing Alliance at 259-1418 to register.

G O T E D U C A T I O N ?

Ethics Corner- By Steve StazelSteve Stazel is a senior ethics instructor for C.A.R. since 1979, teaching the Professional

Standards course here in Durango and across the state of Colorado. He has been a REALTOR since 1974 and is a member of N.A.R.’s Professional Standards Committee.

Steve is available to answer your ethics questions at303-773-3333 or email him at stazels@msn.com

IS YOUR WEBSITE ETHICAL?Standard of Practice 12-9 states “REALTORS firm websites shall disclose the firm’s name and state(s) of licensure in a reasonable and readily apparent manner.

Websites of REALTORS and non-members licensees affiliated with a REALTOR firm shall disclose the firm’s name and the REALTOR’S or non-member licensee’s state(s) of licensure in a reasonable and readily apparent manner.”

Is your website in compliance? Is your firms name readily apparent?

The Colorado Real Estate Commission agrees with the Code. In Rule E-8 the commission states “A real estate licensee who performs any act requiring a license, including advertising or advertising property be-longing to another shall do so in the name of the employing broker.”

Standard of Practice 12-8 states “The obligation to present a true picture in representations to the public includes information presented, provided or displayed on REALTORS websites. REALTORS shall use reasonable efforts to ensure that information on their websites is current. When it becomes apparent that information on a REALTORS website is no longer current or accurate, REALTORS shall promptly take corrective action.”

Michael K. Russell, PEPrincipal

934 Main Avenue, Unit C Durango, CO 81301

ph: 970.385.4546 fx: 970.385.4502e: michael@russellpe.comwww.russellpe.com

EQUAL HOUSING

LENDERFDIC

Mike and Judy Malone970.375.BANK (2265)

1201 Main Avenue, Suite 101Durango, CO 81301

Colorado Capital Bankmortgage

R E S I D E N T I A L M O R T GAGE OF COLORADO A DIVISION OF UNIVERSAL LENDING CORPORATION

Mike & Judy Malone970.375.2265

970.749.1104 (Judy) 970.749.1101 (Mike)

1201 Main Avenue, Suite101www.applywithjudy.com

Lisa M. ReedPresident

1099 Main Avenue. Suite 213 • Durango, CO. 81301970-382-9800 • Fax 970-382-9808

E-mail: lisar@southwest-mortgage.com

Southwest MortgageLoans, Inc.

As of November 1, 2012, this valuable NAR member benefit is now available to all REALTORS® across the country. If you're new to RPR, you can create your account today by visiting www.narrpr.com

It will only take a few minutes, and you will immediately be able to search property information on over 147 million parcels of property in the United States.

Perhaps you were among the thousands of REALTORS® who took advantage of this new member benefit by creating their account during the NAR Annual Convention in Orlando. If you’ve already created your account, the next step is to sign up for a training webinar. RPR has both beginning and advanced webinars available multiple times per week. Learn how to take full advantage of RPR to increase efficiency and impress clients. Simply register for a class and let the learn-ing begin.

And don’t forget: RPR has a 24/7 US-based call center avail-able to assist you.

Call 877.977.7576 day or night, weekday or weekend, for help with any of your RPR questions.

So what are you waiting for? Get started with RPR today!

Have you created your REALTORS Property Resource®

(RPR®) account yet?

DORA Announces FeesEach year, the Division of Real Estate works with the Budget Office of the Depart-ment of Regulatory Agencies to evaluate the current licensing and renewal fee paid by licensees. Fees are based on a number of factors, including licensed populations. There has been a steady decline in the numbers of renewing appraisers and real es-tate brokers. The renewing appraiser population has been declining approximately 20% annually since 2007. The renewing real estate broker population has been de-clining approximately 5% annually since 2007. The fees that will be effective on No-vember 15, 2012 are as follows:

Real Estate Brokers:

Original License/Application $480.00Renewal $138.00Reinstatement in 1st Year $207.00Reinstatement in 2nd Year $276.00Transfer Fee $50.00 Corporation/LLC/Partnership Application/Entity Change $480.00Subdivisions:Original License/Application $1,200.00Supplemental Registration $292.00 Renewal $269.00

Real Estate Appraisers:

Registered Appraiser $276.00Licensed/Certified Appraiser $408.00*Renewal-Registered Appraiser $138.00Renewal-Licensed/Certified Appraiser $264.00*Reinstatement-Registered Appraiser $184.00Full Reinstatement-Registered Appraiser $230.00Reinstatement-Licensed/Certified Appraiser $312.00*Full Reinstatement-Licensed/Certified Appraiser $360.00* Temporary Practice Permit $75.00*Fees include the $40.00 annual National Registry Fee. A total of $120.00 is collected based on Colorado’s three-year license cycle.

What’s Happening With The Membership?

Welcome NeW members!Rachelle Wilburn - The Wells Group

Taryn Yates - Re/Max PinnacleVictor Schultheiss

Good bye aNd Good luck!MSI Appraisals & Morgan Ingram

Value Rely Appraisal Srvc. & Scott VakulskasDiane Merrick - Bobbie Carll

Judy Spolum - Keller WilliamsAmanda Mapes - Action RealtyJohn Tolbert - The Wells Group

Bonnie Unis ~ 12/3Terry Hutchison ~ 12/3

Lynda Vanderpool ~ 12/4John Gillam ~ 12/8

Aaron Miller ~ 12/11Coby Wiegert ~ 12/15Larry Ashcraft ~ 12/17Charlie Cole ~ 12/18Lisa Govreau ~ 12/19

Richard Franklin ~ 12/19Rickie Londe-Swink ~ 12/19Anne-Britt Ostlund ~ 12/20Fred Zimmerman ~ 12/20

Marilyn Lang ~ 12/27Margie Cruise-Quenelle ~ 12/29

Dave Hardy ~ 12/30Carla Neal ~ 12/30

December birthDays

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Basic Education Information that ALL REALTORS should know

The CREC Annual Update Class – It’s no wonder that most of you are confused about this class as the commission keeps changing the requirements on this one! However, as it stands, All REALTORS are required to take this course EVERY YEAR. The commis-sion, also known as the Division of Regulatory Agencies (DORA), will make available an updated version of this class every January. DAAR will schedule a CREC Annual Update class once every quarter to help ensure that REALTORS meet this requirement before their license expires. However, timing still might not work out for some of you, in which case your other option is to take it online at VANED.COM, at another board or your local Real Estate College 247-8530.

Education Requirements— You are required to complete within each of your 3 year li-censing periods 24 hours of Continuing Education (CE). Of those 24hrs. ,12 of them will be the CREC Annual Update Class that you are required to complete every year (these are 4hr classes, hence, 4hrs x 3 = 12). You may chose any electives you wish for the re-maining 12hrs as long as they count toward CE credit. Continuing Education Classes are available at DAAR and other boards but you may also take classes online at VANED.COM or through the Real Estate College. You are not required to submit proof when you renew your license that you have completed your 24hrs of education. How-ever, should you be audited by the commission you will need to submit all your certifi-cates.

Tracking your Education— There is no single entity, except YOU, that keeps track of all the education you have taken. You can access your education transcript through the CAR website but it will only display the classes you took through CAR and VANED. It is important that you keep a file during each of your 3 year licensing periods of your certifi-cates so that if you were to be audited you're not scrambling around last minute trying to remember what you took 2 years ago and from whom and so forth. To access your Edu-cation Transcript on CAR’s website go to www.coloradorealtors.com. Log in with your email address and your NRDS#, click on Education and then select History/Transcripts.

Ethics— Besides the CREC Annual Update Class, Ethics is the only other REQUIRED class that must be taken by all REALTORS. NAR and DAAR require that you take this course once every quadrennial period. The next quadrennial period will start in January of 2009. That means you should have taken it at least once between January of 2005 and December of 2008 and you’ll need to take it at least once between January 2009 and December of 2013 and so forth for each quadrennial period. You may take the 6hr Ethics and Professional Practices class, the 4hr NAR Ethics class or take the 2.5hr class online at NAR’s website to meet this requirement.

For any additional information on any of these education topics please contact Carrie at the DAAR office 247-9604.

For any additional information please contact the DAAR Office at 970-247-9604