Thank you for a Wonderful Year at West + Main - 2019!
Thank you to every single person who trusted, supported, recommended or referred a West + Main agent in 2019!
Start that College Fund Early, Courtesy of the State of Colorado
Every baby born or adopted in Colorado can get a $100 contribution to a college savings account, thanks to a new program that goes into effect Jan. 1.
CollegeInvest is Colorado’s not-for-profit state agency that helps people break down the barriers blocking them from attaining a higher education. Gov. Jared Polis partnered with CollegeInvest to launch First Step, which, starting Jan. 1, 2020, offers a $100 contribution to the child's CollegeInvest 529 college savings account.
Money saved in this account can be used at any public or private college, university, community college or vocational school anywhere in the country. First Step was created to help Colorado families save for their child's post-secondary education, to nurture their aspirations for a higher education and to help reduce student loan debt, particularly for lower- and middle-class families.
CollegeInvest CEO Angela Baier said every dollar counts when it comes to education.
"Opening a CollegeInvest 529 college savings account for a child at birth allows more time for savings to accumulate and interest to accrue," she said. "And, we know that having a college savings account has significant impact on the development of college-bound identity, especially among children of limited opportunity.“
Legislation for this move was passed with bipartisan support in 2019 and HB19-1280 was officially signed into law in May.
Polis said CollegeInvest is a critical tool for parents saving for their child's education.
"This new law will incentivize the use of these tools by providing birth or adoptive parents with $100 to kick start their child’s savings,” he said.
“We know that students with some college savings from low- and middle-income families are three times more likely to enroll in college and four times more likely to graduate than those without a 529 plan. I appreciate the support of Representative (Leslie) Herod, Senator (Steve) Fenberg, Speaker (KC) Becker and other state legislators as well as their efforts to get this important bill passed.”
Herod, who was the primary sponsor of the legislation, said First Step is a "down payment on the future of our state."
This one-time $100 contribution is only available to children born or adopted in Colorado starting on Jan. 1, 2020. To learn more, call 1-800-448-2424 or visit the CollegeInvest website.
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Is a Recession Imminent? Industry Economists Share Predictions
There’s been widespread news that the market is healthy. Job growth is up, unemployment is down and the real estate market is thriving, for now. An undercurrent of concern, however, may be keeping consumer confidence low, and that’s related to fears that another recession is imminent. Is that apprehension warranted?
The National Association of REALTORS® (NAR) answered that question and others in its first-ever Real Estate Forecast Summit on Dec. 11, featuring the insights and market forecasts of 16 economists.
“We’re excited to bring you unique perspectives of the real estate market; where it’s been and where it’s going,” said John Smaby, immediate past president of NAR, kicking off the summit. “There’s a lot of brain power in this room. You’ll hear educated forecasts of tomorrow’s real estate market and hear from top economists on the top challenges and opportunities.”
While they all had varying opinions about the state of the market, and where we are headed, the biggest takeaway is that chances of another recession in the short-term are low, tallied at an average 29 percent chance by the economists.
“This time of year, I get the same question from our 1.4 million members: ‘What’s going to happen next year?'” said Lawrence Yun, PhD, NAR’s chief economist and senior vice president of Research. “I thought it would be good to assemble a group of economists to give their perspectives.”
Here’s what they had to say about today’s economy and real estate market:
“We are in a great economy,” said Yun, “and the job market data certainly reflects that. There is consistent job creation, leading to a super low unemployment rate of 3.6 percent in the U.S. The stock market is touching an all-time high, and homeowners have been accumulating wealth thanks to price appreciation.”
But there are segments of the population that are not participating in this wealth gain, said Yun.
“The younger buyer and African American homeownership rates are still struggling to gain traction,” said Yun. “We want to look into what could be the barriers or perhaps the housing conditions. We have more people, affordability conditions are better, yet home sales are actually lower, so something is not matching up with the current environment.”
Home values are increasing, but the growth is leveling out in certain price points, while others are a little livelier, reported multiple economists.
“We see a much higher increase at the low-end and it is far outstripping the wage increases at the entry level,” said Edward Pinto, resident fellow and director at the AEI Housing Center of the American Enterprise Institute.
For many places across the country, the home affordability gap is increasing because of this.
“The bad news is that house prices have been increasing much faster than household incomes,” said Kermit Baker, PhD, senior research fellow at the Joint Center for Housing Studies at Harvard University, who added that there is a lot of regional variation, and so metro areas along the Pacific Coast and Northeast corridor are where the home price-to-income ratio is not really sustainable.
Lack of inventory continues to be an obstacle, especially at the entry-level, affordable price points. Danushka Nanayakkara-Skillington, assistant vice president of Forecasting & Analysis for the National Association of Home Builders (NAHB), said one of the biggest issues is a lack of skilled labor in construction.
“There are 338,000 jobs open in construction, but we’re finding it really difficult to fill these jobs,” she said. “Many left the labor force for good after the Great Recession, and not many are now going into construction or to trade schools. The immigration platform has also choked off supply.”
According to NAR, there are markets, however, that are expected to outperform the challenged areas over the long term because of their housing affordability and local economic expansion:
Charleston, S.C.
Charlotte, N.C.
Columbus, Ohio
Dallas-Fort Worth, Texas
Las Vegas, Nev.
Ogden, Utah
Raleigh-Durham-Chapel Hill, N.C.
Tampa-St. Petersburg, Fla.
“Potential buyers in these 10 markets will find conditions especially favorable to purchase a home going into the next decade,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. “The dream of owning a home appears even more attainable for those who move to or are currently living in these markets.”
According to Yun, economists agreed that these top 10 markets shared the following strengths:
Domestic migration into the area
Housing affordability for new residents
Consistent job growth outperforming the national average
Age structure of the population
Attractiveness for retirees
Home price appreciation
Moving forward, what can we expect of the market?
“We expect mortgage rates to tick up slightly, finishing up between 3.8 and 3.9 percent,” said Danielle Hale, chief economist at realtor.com®. “We expect median home prices to move up slightly, which is surprising given the limited inventory in the market. We expect slight weakening in home sales, similar to what we saw in 2019, driven more by lack of supply than lack of demand.”
Hale also predicts millennials will make up half of all purchase mortgages in 2020, and that while there will be new opportunities for buyers from an increase in new construction, inventory levels will remain challenging depending on the price point. In higher price points, she said, there will be more availability.
“My opinion is that rates are going to stay on hold at least for the next year,” said James Chessen, PhD, executive vice president and chief economist at the American Bankers Association, who believes there are five drivers of change: consumer health, which is strong; business sentiment, which is weak; trade—currently uncertain; global GDP, on slowdown; and fed rates, on hold.
“We’re expecting a considerably weaker U.S. economy in the next year, and that’s going to really be reflected at the start of 2020,” said Mike Fratantoni, PhD, chief economist and senior vice president of Research & Industry Technology at the Mortgage Bankers Association (MBA). “But it’s going to be something much milder. Think 2001—very slow growth, enough where the unemployment rate might come up a bit. We expect rising home sales, rising originations and some additional supply coming onto the market.”
Yun agreed, stating that if we did go into a recession, “it would be a much shallower recession.”
The following predictions are averages based on the responses of all participating economists:
Mortgage rates will rise incrementally, possibly hitting 4 percent in 2021—still favorable according to historical conditions
60,000 more housing starts in 2021
Slower price appreciation that is more manageable and more closely in line with income growth
Rents expected to rise a little faster than home prices
Overall, predictions for the future were relatively optimistic, with concerns over a recession low—a one in three chance.
For more information, please visit www.nar.realtor.
Family-Friendly Spots to Ring in the New Year
Where to ring in the new year with young kids in Denver.
These events start earlier than most New Year’s Eve celebrations, meaning kids can participate in all the fun and still make it home early enough for bedtime.
Children’s Museum of Denver | Noon Year’s Eve
December 31, 9 a.m. to 4 p.m.
Celebrate the ”noon” year with ball drops on the hour, rainbow confetti, bubble wrap ”fireworks,” crafts, and music. $14-$16, free under age 1. Children’s Museum of Denver at Marsico Campus, Denver.
Clyfford Still Museum | New Year’s Eve Family Tour
December 31, 10:30-11:30 a.m.
Celebrate the new year on a special family tour with trained gallery teachers. Make music, dance, look for fireworks, and create your own artwork to celebrate 2020. Included with admission, which is free age 17 and under. Clyfford Still Museum, Denver.
Denver Zoo | Bunk with the Beasts: Zoo Year’s Eve
December 31, 6 p.m. overnight to 10 a.m.
Spend a night at Denver Zoo exploring the zoo, its exhibits, and Wild Lights. Learn about different animals and participate in games and activities. Ages 5-13. $65-$75. Denver Zoo, Denver.
Downtown Aquarium | New Year’s Eve Family Celebration
December 31, 11 a.m. and 2 p.m.
Ring in the new year at two different times with a buffet meal, beach ball and balloon drop, contests, giveaways, animal appearances, and a sparkling cider toast. $23-$31; includes exhibit admission. Downtown Aquarium, Denver.
Downtown Denver | New Year’s Eve Fireworks
December 31, 9 p.m.
Ring in the new year in downtown Denver and catch an early fireworks show before the midnight crowd. 16th Street Mall, Denver.
Evergreen Lake House | New Year’s Eve Party and Fireworks
December 31, 6 p.m.
Join in a community celebration that includes ice skating, the movie Frozen, fire pits, and marshmallow-roasting. $20-$30, free age 5 and under. Evergreen Lake House, Evergreen.
GameWorks Denver | New Year’s Eve Pre-Party
December 31, noon to 3 p.m.
Attend a special family New Year’s Eve party, featuring a countdown and balloon drop at 2:20 p.m. Packages range from $15-$20 (plus tax, service charge, and gratuity) and include party favors and game play. Call 720-330-9444 to reserve tickets by December 30. The Shops at Northfield Stapleton, Denver.
WOW! Children Museum | New Year’s Eve Parties
December 31, 10 a.m. to noon and 1-3 p.m.
Ring in the new year before bedtime with noisemaker crafts, face painting, live entertainment, refreshments, and playtime leading up to a grand countdown celebration. $6-$11. WOW! Children’s Museum, Lafayette.
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Recycle Your Holiday Tree in the Denver Metro Area
A few weeks after the holidays end that Christmas tree that brightened up your living room and brought warm fuzzy feelings will turn into a scraggly menace that spews dry pine needles all over your carpet. Before your tree starts terrorizing your living room and ruining the fun holiday memories you made with it, you could recycle it with Denver’s annual treecycle program.
From January 6 to January 17, the city will be picking up trees to recycle. Here is how to participate:
Step 1: Make sure your tree is a real tree and not an artificial one. Artificial trees cannot be recycled.
Step 2: Remove all of the lights and ornaments and wrestle the tree out of the tree stand.
Step 3: Put the tree outside in your normal trash set-out location on your normal trash day before 7 a.m. Set it at least two feet away from other waste containers.
Step 4: Pick up some free mulch your tree helped make at the city’s annual compost sale in the spring.
If watching your tree slowly waste away through mid-January is some sort of annual tradition for you, you can still recycle your tree through Jan. 30 by dropping it off yourself at the Cherry Creek Recycling Drop-off (7352 E. Cherry Creek Drive South) or at the Havana Nursery (10450 Smith Road).
Outside the Denver area? Here are some other resources courtesy of Colorado Public Radio:
Arvada: The city will accept trees for recycling anytime through Jan. 19.
• Lake Arbor Lake Park, 6400 Pomona Drive
• Stenger Fields at West 58th Avenue and Oak Street
Aurora: The city offers three drop-off spots for tree recycling.
• Del Mar Park, 12000 E. Sixth Ave.
• Saddle Rock Golf Course, 21705 E. Arapahoe Road
• Olympic Park, 15501 E. Yale Ave.
Castle Rock: Drop-off trees any time through Jan. 31.
• Founders Park, 4671 Enderud Blvd.
• Metzler Ranch Community Park, 4175 Trail Boss Drive
• Paintbrush Park, 3492 Meadows Blvd.
Colorado Springs: The El Pomar Youth Sports Park offers seven locations to drop-off natural trees with a suggested donation of $5 that will go to area youth sports and service organizations, according to its website.
Dec. 28-29 and Jan. 4-5, 9:00 a.m. to 4:30 p.m. at the following locations:
• Baptist Road Trailhead, Baptist Road and Old Denver Highway
• Falcon Trailhead, SW of Woodmen Road and McLaughlin Road
• Cottonwood Creek Park, Dublin Boulevard and Montarbor Road
• Sky Sox Stadium, Barnes Road and Tutt Boulevard
• Rock Ledge Ranch, Gateway Road and 30th Street
• Memorial Park, Pikes Peak Avenue and Union Boulevard
Jan. 2-31, Weekdays 7:30 a.m. - 5 p.m., Saturdays 8 a.m. - 4 p.m. at this single location:
• 1755 E. Las Vegas St.
Denver: Set your trees out at least 2 feet away from your waste bins by 7 a.m. on your scheduled trash collection day between Jan. 6 and 17 and Denver will pick up your tree for free. Plus, you can come back in May and pick up free mulch made from your tree at the annual Mulch Giveaway & Compost Sale. In 2018, Denver collected over 21,500 trees for recycling.
You can also drop off your tree until Jan. 31:
• Cherry Creek Recycling Drop-Off, 7354 E. Cherry Creek Drive S.
• Tuesday - Friday: 10 a.m. - 5 p.m., Saturday: 9 a.m. - 3 p.m.
• Havana Nursery, 10450 Smith Road
• Monday - Friday: 8 a.m. - 2 p.m. Closed on weekends.
Douglas County: Drop-off trees any time through Jan. 31.
• Bayou Gulch, 4815 Fox Sparrow Road, Parker
• Challenger Regional Park, 17299 E. Lincoln Ave., Parker
• Fairgrounds Regional Park, 500 Fairgrounds Drive, Castle Rock
• Highland Heritage Regional Park, 9651 S. Quebec St.
Fort Collins: Live Christmas trees will be accepted at three locations. Be advised that fees may apply.
• Timberline Recycling Center, Hard to Recycle Materials Yard, 1903 S. Timberline Road
• Hageman Earth Cycle Inc., 3501 E. Prospect Ave.
• Larimer County Green Waste Program, 5887 S. Taft Hill Road
Greeley: Greeley and Weld County residents can recycle Christmas trees at the Greeley Organic Waste Center through Jan 31.
GROW Center, 1130 E 8th St.
10 a.m. - 4 p.m., Tuesday to Sunday
Highlands Ranch: Drop-off trees any time through Jan. 17.
• Dad Clark Park, 3385 Asterbrook Circle
• Redstone Park, 3280 Redstone Park Circle
• Toepfer Park, 9480 Venneford Ranch Road
Mesa County: The county will compost your tree. Drop trees off at the county landfill (3071 U.S. Highway 50). Open Tuesday through Saturday, 8 a.m. to 4:15 p.m.
Parker: Drop-off trees through Jan. 29.
• Salisbury Park (East paved parking lot), 12010 S. Motsenbocker Road, 6 a.m. to 11 p.m.
Vail: Public Works crews will pick up your tree for free through Jan. 31. The department says trees should be left whole and placed at the side of the road, not blocking the roadway. The trees are chipped and turned into mulch for the town’s summer landscaping program. Or drop off your tree: 8 a.m. to 5 p.m. Monday—Friday at the Public Works shops on Elkhorn Drive north of the Vail golf course.
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