09/21/2021derful #Moab #Realtor

Good Morning Everyone,

We were in Moab last week. Moab’s message is simple. Given enough time, you can turn an inland sea into a magnificent spectacle of scrubbed down rock, if you have a couple hundred million years.

The result was I missed a week of this “magnificent” blog post. Maybe this one will turn into something worth waiting. As you can see, the days change but the numbers continue to tell the same story. More demand than supply in the 11 county Denver/Boulder Metroplex. Please, follow along.

New Listing (1211) Too little too late for this year!
Coming Soon (165)
Back On Market (233) This number is up a bit.
Price Increase (141)
Price Decrease (815) “Over priced, Shortage”…
Pending (1813) Another booming week. Those postulating the “Denver Bubble” just aren’t paying attention.
Withdrawn (148)
Leased (79)
Closed (1555) This is a strong seasonal number going into fall. This will be telling as move deeper into year’s end.
Expired (238)
The last 7 days of the 11 Denver/Boulder Metroplex activity.

We submitted an offer on a property listing over the weekend. It received 17 offers. Not 1 or 2, but 17 offers. Seventeen buyers went to the effort of getting a lender letter, proof of funds, and the creation of a purchase agreement only to find out they were competing with 16 other happy households. “Come on man…”

In the meantime, every Market Shaman is predicting the Denver Bubble. I’m here to let you know in no uncertain terms, this market is not going to roll over and play dead.

Active Listing Month by Month 2021 in the Same 11 Counties

As you can see, we are well below the number of listings from 12 months ago. Low supply with steady demand creates a market with multiple offers. So, all the buyers hoping to get a year end deal, the broader market is telling me, “It ain’t gonna happen…” anytime soon.

17 Offers! Was this property grossly under priced? It’s hard to say. It’s in the $750K price range. Low interest rates make this less than renting if you have a downpayment. So, here’s the answer to the question you are asking. Moving forward, until we break the chain of low inventory, Denver will continue to have a market with buyer demand exceeding supply.

Denver has great suburban communities, it has great employment trends, it is geographically positioned for growth and someone can fly out of DIA and be in most parts of the 48 in about 3-4 hours. Private jet flights remains very strong. Household Goods movers still report empty containers leaving. Please don’t sell Denver’s Market short. It is not our of breath yet.

And, what does Moab look like? Here’s a glimpse.

Just a Mere Glimpse…

I almost have to eliminate Moab from the description. Using Utah is much more germaine. We will live with it that way. Please get there before is is completely overrun…tc

Posted in Denver Residential Real Estate | Leave a comment

09/07/2021derful #LaborDay #Homeownership #September #TestimonialTuesday

Good Morning Everyone!

It’s always fun to start a new week. The prospects of a fresh start, new challenges and more change always adds a little excitement to life. Everyone has been reading about the “Stock Market Bubble” and the “Residential Housing Bubble”. Predicting either is for “fools and newcomers”. Remember, “It is time in the market and not market timing”. Today, we will only be focusing on Denver’s Residential Market, and with all the factors attributed to any market, we will be focusing on the micro economic factors attributed to Denver and it’s 11 surrounding counties.

The Metro Area has matured into the innovation “heart beat” for the entire Rocky Mountain Region. This added to already being the financial center, energy center, transportation center, distribution center, tourism center and more, our economy supports its well established home value trend. Rates, Employment, Supply, Demand and Demographics all lend additional credence to this hypothesis. Let’s look at this week’s numbers.

New Listing (947) It was a holiday week, but still, this is too low. We need inventory!
Coming Soon (250) This number is up from last week. Possibly a good sign.
Back On Market (202)
Price Increase (188)
Price Decrease (604)
Pending (1509) A typical number for this time of year.
Withdrawn (118)
Leased (51)
Closed (1604) A pretty strong number. Where are buyers finding these sellers?
Expired (299) This number is up. Sellers with overly optimistic views of value?
Denver’s MLS Numbers Over the Last 7 Days

LOOK, 2021 has been a Roller Coaster! No kidding… Well, the Single Family Residential Market in Denver is clearly in evidence. Not unlike recent years, we will start to run out of listings rolling into year’s end, but demand is unlikely to follow this trend. Buyers will be chasing new listings into 2022. Bet on it!

Listing Count for SFR Properties in Denver Metro 2021

Will Denver’s Economy be adversely affected by external factors? There are a lot of factors facing the good old US of A that could weigh heavily on our economy. A stock market reset, anti-business growth legislation, tax changes, affordability, Global Affairs, and more could all have an impact on our residential market. I believe the path is pretty well set through year’s end. Next year is on you right now. FAANG will guide us into the new year once again, so, I’m pretty optimistic about 2022 too…

Dee & Tom Cryer, SCRP
Broker Associates
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237
303-638-3202
TheCryerTeam@Kentwood.com

Your Trusted Advisors in the Homeownership Business

“Outstanding attention to detail and guided us through the whole process from listing to closing. The marketing was so good, we listed the property on Friday and had an offer by the following Tuesday….. closed the sale 3 weeks later! Great advice and always available (7 days a week) for questions. They saved us a lot of money by recommending appropriate contractors to deal with the repairs required by the buyer. Thank goodness we had the Cryer team to keep the sale on track…. The buyers’ realtor was about as much use as a chocolate oven. I would have absolutely no hesitation using them again or recommending them to a friend or family member.”

  • David H.  2021
Posted in Denver Residential Real Estate | Leave a comment

08/31/2021derful #DenverRealEstate #August

This week in the Denver Metro Area, we are seeing more of the same. Virtually no inventory growth and buyers voraciously chasing what’s still available. Follow my comments below.

New Listing (1141) This is a very low number. This is 10-20% recent weeks.
Coming Soon (149) This number is lower too!
Back On Market (287)
Price Increase (159)
Price Decrease (836)
Pending (1981) This is a big number. Where are this coming from?
Withdrawn (197)
Leased (58)
Closed (2031) Another BIG number! Buyers and Sellers are getting to the closing table!!!
Expired (176)
the last 7 days in and around Denver’s 11 counties

What about a more broad look at this market? As you can see, when more listings close than become active, the supply declines.

With incredibly low interest rates, limited supply and continued buyer interest, there is no discernable “Bubble” from my view.

Dee & Tom Cryer, SCRP
Broker Associate
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237
303-638-3202
TheCryerTeam@Kentwood.com

Posted in Denver Residential Real Estate | Tagged | Leave a comment

08/24/2021derful #tuesdayvibe #testimonialtuesday

Good Morning Everyone!

Another week, and “it’s deja’ vu all over again”.

New Listing (1210) This is an average to weak number. Certainly nothing to indicate a market change.
Coming Soon (200)
Back On Market (259)
Price Increase (179)
Price Decrease (815)
Pending (1776) This is a strong week. Buyers are finding their way to Pending Status in a market short with inventory.
Withdrawn (168)
Leased (54)
Closed (1630) Not a bad week. Times 52 Weeks, and this would be a record year by far!
Expired (162)
Denver’s MLS Over the Last 7 Days

Below is a chart reflecting further evidence, we are not moving toward an oversupply. Practically half the inventory of last year at this time is evident.

Available Inventory in the 11 County Statistical Area Covered

“Working with Dee and Tom is an absolute joy. They are knowledgeable, professional and responsive. We were fortunate to work with Team Cryer when we purchased our home in the Denver area, and insisted on using them when we sold our home when moving out of State. Both experiences were fantastic.”

Please subscribe, and get this weekly via email. Promise, you will learn something new every week.

Dee & Tom Cryer, SCRP
Broker Associates
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237
303-638-3202
TheCryerTeam@Kentwood.com

Posted in Denver Residential Real Estate | Tagged | Leave a comment

08/17/2021derful #Afganistan #Haiti #Wildfires #SPAC #GratefulDead

As we start another week, to the outsider, this world would appear to be upside down and backwards. AS I write this, Wall St. Futures are down but not much. The “Stan” countries are reeling from the prospects of no US intervention moving forward. (Did you know “Stan” means “Land” in Persian?) OMG, can Haiti get it any worse? Earthquakes, Tropical Storms and abject poverty continue to plague the little country. A SPAC created by a Wall St. stallworth is being challenged by the SEC. And, I could go on and on, but for the most part, we soldier on, day in and day out. All this makes me recall a Grateful Dead Song, The Wheel. It goes something like this…

The wheel is turning and you can’t slow down,
You can’t let go and you can’t hold on,
You can’t go back and you can’t stand still,
If
the thunder don’t get you then the lightning will...”

Over the last 7 days in Denver’s MLS system, we continue to see the same revelation as last week and all the 2021 weeks before. WE continue to see more active listings become Pending and more Pending Listings become Closed reflecting a continuing “Sellers’ Market”…

New Listing (1168) This number is so low, anyone forecasting a change to a Buyers’ Market may need to take another look!
Coming Soon (191)
Back On Market (224)
Price Increase (141)
Price Decrease (746)
Pending (1832) Over 400 more Pending listings this week than New Listings! This is way out of balance!
Withdrawn (154)
Leased (63)
Closed (1583) Once again, Sellers will enjoy solid returns moving forward.
Expired (139)
Above, Denver’s MLS Data for the Last 7 Days in 11 Counties

Below, you will see even more verification for my hypothesis of inventory shortage and buyer demand…

Any gains of inventory we felt over the months since April appear to have been all but washed away by August. Keep in mind, today’s inventory in Denver is almost half of that in September of 2020. Let’s understand, Denver enjoys positive employment growth, and it also enjoys tremendous business creation. Couple that with events of the last year surrounding the COVID Lifestyle of remote working, and we have all the makings of continued strong demand for homeownership.

So, today, I will leave you with this image. From over 26K listings to under 5K in listings during the last 10 years. I’d buy into this market, and at the same time, try to lock up as much 3% money as the bank would allow. Enjoy…tc

Dee & Tom Cryer, SCRP
Broker Associate
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237
303-638-3202
Tom@Kentwood.com

Posted in Denver Residential Real Estate | Tagged | Leave a comment

08-10-2021derful #ForTheLongRun #RealEstateIsLocal

Good Morning Everyone,

Denver’s Residential Market continues to soldier on in spite of the media’s charge to kill the market. I counted 5 articles between this week and last week extolling the end of Denver’s Booming Residential Market. This week’s data certainly does not offer any support to that hypothesis. Rates are still great and demand is present.

Week over week, fewer listings than contract and closings. Coming Soon Listings are backing down too. With that being said, we are seeing a more price reductions, but “Sellers want next year’s prices and Buyers want last year’s prices”.

New Listing (1340) A nice number, but clearly nothing dramatic here. We still need more listings.
Coming Soon (180) Really nothing to look forward to here.
Back On Market (254)
Price Increase (363)
Price Decrease (714) This number is larger than we’ve experienced.
Pending (1765) A nice strong midsummer number here.
Withdrawn (154)
Leased (55)
Closed (1450) Another nice strong midsummer number here…
Expired (153)
Denver’s MLS System Over the Last 7 Days

Isn’t it beautiful? An increase in inventory, but sales are still crushing it! This may turn into a market with more of a balance where buyers have a fighting chance. That would be great for everyone. I hate to be old fashion, but when a buyer has to make a purchase decision after a 15 minute showing and maybe give up an inspection and an appraisal and more, that’s just not a fair market, and I believe when someone is buying or selling the most expensive asset in their family, the sides should not be stacked too far in one direction. BUT, that’s just me.

Long story short, Denver’s Residential Market is doing quite well, thank you very much, and will continue to do so. Rates continue to be very attractive and at 2021 lows last week. More to come, stay tuned in and #Subscribe.

Thank You…tc


Dee & Tom Cryer, SCRP
Broker Associate
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237
303-638-3202
Tom@Kentwood.com

Posted in Denver Residential Real Estate | Leave a comment

08/03/2021derful #TestimonialTuesday #GoGetIt

Welcome Back!

“Worked with Tom and Dee Cryer and they were nothing short of spectacular. Very professional from start to finish. I’ll spare the long story and keep it short: If given the opportunity, work with The Cryer Team!” Ryan…

It’s not in our natures to “brag” but, every once in a while, it’s important to express the nature of our Client – Broker relationship. Dee and I take great pride in our record of successful transactions for both Buyers and Sellers. Year in and year out, about 85% of our transaction list is a direct reflection of past client and their referrals. Working with people we know, respect and enjoy is very fulfilling. If you’ve ever been exposed to the “Butterfly Effect”, we like to think with each move, we are helping our client’s positive impact on the world around them.

So, what happened in Denver’s MLS over the last 7 days? And, why do we like to employ Tuesday to Tuesday? Simple, I have found using other days of the week to compile our data causes some unpredictable swings to either too many Pending Listings or too few New Active Listings. So, this is what you get; a consistent report presented most Tuesday Mornings with my personal commentary.

New Listing (1310) This number is very consistent with previous weeks, and we still need more new listings! Getting ready to move?
Coming Soon (221) This is UP just a little.
Back On Market (237)
Price Increase (248)
Price Decrease (803)
Pending (1819) This is a nice strong seasonal number!
Withdrawn (183)
Leased (57)
Closed (1883) And, once again, a nice strong seasonal number.
Expired (289)
Denver MLS Data Over the Last 7 Days

So, what does the broader market have to tell us this week Tom?

11 County Active Listing Count 2020-2021

Above you will see sometime during March 2021 we hit bottom with our supply. Although, we have slowly drifted toward more inventory in the months since, we are nowhere near historic levels of years past, and not even close to 1 year ago which was still a very strong Seller’s market. Long story short, no “Bust” in this market anytime soon.

What does this mean for you? Going into this market without the appropriate presentation, professional representation and/or a bit of courage, you will soon find yourself in a very uncomfortable position with possibly many dollars at risk!

So, give us a call and let’s make your realities come true…tc

Dee and Tom Cryer, SCRP
Broker Associate
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237
303-638-3202
TheCryerTeam@Kentwood.com

Posted in Denver Residential Real Estate | Leave a comment

07/27/2021derful #CliffCryer #TokyoOlympics

Good Morning Everyone!

My brother, Cliff, would have been 73 today. If you’ve lost a sibling, you know what this means. In his honor, in my world, this will be Clifford L. Cryer Day. Please let him be part of your day too!

This week in the MLS has been clouded. All over the press, there have been stories proclaiming “This is the end of the housing boom”... or something like this. I’m here to tell you, IT’S NOT TRUE! Buyers in Denver Metro are still suffering from a lack of inventory and competition from buyers of all types.

New Listing (1345) Wow! This NUMBER is so LOW! “Come on man”, sell your house!
Coming Soon (197) This number has even backed off.
Back On Market (259)
Price Increase (191)
Price Decrease (719)
Pending (1840) It’s hard to believe buyers can even find this many properties to go Under Contract.
Withdrawn (143)
Leased (71)
Closed (1626) Once again, buyers and sellers are getting to the closing table!
Expired (140)
Denver MLS Last 7 Days

The Chart below spells it out. We were short of inventory a year ago at 5,000 active listings and we are really short of inventory with +/- 2,500 active listings. Remember, we are a Metropolitan Area of +/- 3.25M people. Choice does not exist. Not only do buyers have to compete for a home, they have little to no choice.

ACTIVE LISTINGS OVER THE LAST 12 MONTHS IN DENVER METRO

Long story short, there’s no bubble “right around the corner” in Denver. Until long term rates move higher than 3.5% and settle above 4%, Denver’s residential market will remain a “Seller’s Market” and Buyers will be the ones compromising.

URGENT! IF YOU ARE CONTEMPLATING MOVING, WE NEED TO CONNECT. PLEASE CALL, TEXT, EMAIL, SMOKE SIGNALS… WE NEED TO TALK…TC

Tom Cryer, SCRP
Broker Associate
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237
303-638-3202
Tom@Kentwood.com

RIP Cliff Cryer


Posted in Denver Residential Real Estate | Leave a comment

07/20/2021derful #DenverMarketWatch #Bezos

Good Morning Everyone!

What an age we live in! Billionaires in space, Cowboy Hats in space, Octogenarians in space, soon anyone can go to space. Did you ever want to be astronaut?

Please forgive me for missing last week’s post, but two new grandsons inside 2 weeks was just too much to keep up with. But we are back, but not much has changed. Rates are still unbelievable, new inventory is still in short supply. Pending sales are still strong, and we did have another strong week of contracts with both Pendings and Closings outpacing New Listings over the last 7 days.

New Listing (1372) Compared to weeks in June and earlier this month, this is a very weak number!
Coming Soon (231)
Back On Market (238)
Price Increase (253)
Price Decrease (730)
Pending (1894) Nothing eye opening about this number, but still very strong!
Withdrawn (167)
Leased (56)
Closed (1649) This is an Average weekly number reminiscent of the season. Maybe the ‘Dog Days’ of summer are upon us?
Expired (144)
Denver MLS Activity Over the Last 7 Days

Did you ever want some historical perspective? This is the Active Listing count over the last 10 years. As you can see, over the course of the last few months, we have seen some increase in the number of active listings, but we are so far removed from the “foreclosure and short sale market” of 10 years ago. It is very close to 1/10th the number of listings we worked through 10 years ago. Unequivocally, no bubble here!

With the help we are getting from rates, it is the perfect time to be an active buyer. Locking in a long term rate under 3% might be a great goal to seek in this market, and now is the time to do it!

What have we learned? Well, soon, anyone will be able to go to space. Right after you lock down that house, start saving for your space trip. I bet Disney will soon have a ride called “Space Cowboy” by next season! Beyond space, however, we are learning, “Wabi-Sabi”. In other words when referencing this market: Nothing is Finished, Nothing Lasts and Nothing is Perfect.

And, that’s my point, with the market always changing whether buying or selling, everyone needs a Coach to help interpret exactly what is happening. Remember, these statistics are spread over 11 counties included with Denver. Arapahoe County might have extremely different ratios surrounding supply and demand than Park County. Residential Real Estate is Local. Every enclave, community, subdivision and block can have characteristics transcending overall market conditions. Let us be your Trusted Advisor through this transaction process. Let’s Talk – 303-773-3399

Posted in Denver Residential Real Estate | Tagged , , | Leave a comment

07/06/2021derful #DenverMarketWatch #Hamilton

I don’t know why, but this morning, I was reading the lyrics from the musical Hamilton. I know, I didn’t see it in New York in the first 10 rows, but I watched it from the comfort of my own home in HD, and I enjoyed it very much. If you haven’t watched it, much of the play is about overcoming tragedy, interference, station and perception. Basically, it’s a lot like the world we live in right now.

Our update this week will focus on the holiday, its impact and what’s happening in the market anecdotally. I believe our own vision of the market is reminiscent of what’s really happening in the market, so I’m running with it.

When I look back at the successes our buyers have had in this market, they have been successful as a result of their bravery/courage/demeanor. “I want this house, and we’re not going to lose this time”. From “Cash” to 5% down to 20%+ down, our buyers found their “right” property, and ultimately, when the opportunity presented itself, they did not hold back. They went all in. For some buyers, earning this mindset takes some time. For other buyers, all it took was the right property. Basically, bringing out one’s courage to act is different for every participant in this market!

So, let’s see what happened this week with a long holiday weekend, etc.

New Listing (912) After a couple of weeks with more than 1,400 listings each week, the market retrenched to its stingy nature, and choice declined big time!
Coming Soon (294) HOWEVER, this is a larger than “normal” number. What’s to come?
Back On Market (166)
Price Increase (330)
Price Decrease (437) This is a very strong sign, the market may be getting ahead of itself pricewise? The market is smart albeit irrational sometimes.
Pending (1544) The fireworks sure didn’t stop the buyers’ momentum. Opportunity is still knocking…
Withdrawn (130)
Leased (59)
Closed (1770) Being an end of the month week, this is a nice number, but certainly not dramatically so.
Expired (253)
Denver MLS Over the Last 7 Days.

Now, let’s look at the bigger picture. We started this view a few weeks ago, and we pontificated, it may be showing us some leading indicators for what’s to come. From my view, it would look like we have passed the low point for inventory, but with less than 2,500 listings for a metropolitan area of more than 3.25M residents, this is still just not enough supply!

The Last 12 Months of SFR Detached Inventory

When it comes to the Denver Residential Market, what works this week, is different than next week, and so on… One broker will encourage escalation clauses, and the next will forbid them. One broker will run with a lender letter, while another wants proof of full “Credit Approval” and verification of funds. AS the World Turns, we have to get out there everyday and “Skate to where the puck will be”. This is no time for running behind. We believe in getting out in front of market, and from all appearances, this is THE best strategy.

So, here are the lyrics from Hamilton. His perseverance is a good lesson for us. Your home search will not be this hard, but the lyrics provide a level of perspective when you find out on “Monday Morning” you lost.

https://www.google.com/search?client=safari&rls=en&q=lyrics+from+hamilton&ie=UTF-8&oe=UTF-8

Let’s talk… 303-773-3399 Dee or Tom…tc

Posted in Denver Residential Real Estate | Leave a comment