COVID-19 Brings Remote Notarization Changes to Colorado

Despite an improving market outlook, with new listings increasing by 53% compared to April and interest rates dropping, we’re all still in the middle of a pandemic. If you’re still working with clients who insist on doing things from the safety of their homes, an important bill concerning remote notarization recently passed in the Colorado General Assembly.

Since March 27, an executive order allowed for a temporary suspension of the notary’s personal appearance requirement. But recently, a new bill passed that both extended the remote notary ability to the end of the year and made it permanent starting on January 1st, 2022.

Unlike many other states who already allow remote notarization, Colorado is putting a specific emphasis on privacy. The new bill, “prohibits the use or sale of personal information of a remotely located individual by a remote notary and the provider of a remote notarization system…” So, you can assure your clients that their private information is safe if they choose to use a remote notary.

To make sure your industry knowledge keeps up with this ever changing world, sign up for our online Real Estate Continuing Education courses.

 


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Colder Temperatures Cool Down the Colorado Real Estate Market

Over the past year or so, the media has deceivingly discussed the decline in the real estate market across the U.S. Will there be another 2008? Is another recession around the corner? While these words may instill some fear, that’s where the tall tale ends. Real estate projections in most of the nation all show steady continual opportunities. Most states, Colorado included, are seeing continued above average home sales for this chilly time of year.

After a 6 year long hot real estate market, it is to be expected that the market will cool down. The residential and commercial markets in general remain strong and agents are just now seeing properties remain on the market for longer. Coloradans have seen inventory increases and that’s resulted in increased price reductions and concessions. To put it simply, sellers can’t be as aggressive in their pricing strategy because the market is going from one (sometimes even less) homes per buyer to three or four. This increase gives buyers more options to choose from and less competition when putting in offers. After a heavy multiple offer scenario market, a cool down is a good thing.

Today, nine out of ten home buyers require financing to purchase property. Fortunately, interest rates are lower than this time last year. This dip in interest rates means that buyers shouldn’t just look at the sales price, but also factor in the cost of the loan. Buyers purchasing homes under $500,000 have some big advantages this time of year. Typically, November through February is a great time for buyers to purchase a home and more people should take advantage. Moving expenses are far lower and the power of negotiation and available choices have multiplied.

For agents, buyers and sellers, winter isn’t the easiest time for home showings because of the weather. For agents, this is a great occasion to spend time with family for the holidays and to complete your required continuing education.

This time of year can be stressful enough, completing your continuing education doesn’t have to be! With Real Estate Training Institute, you can stay in and use any internet enabled device to complete your courses.


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