03/02/2021derful Denver Market Watch #MarchMadness

Any other year, we would be relishing in the excitement of March Madness NCAA Basketball. We’d be wrapped up in friendly betting pools with the TV in the Lounge at the office tuned into at least one sports channel. BUT, this year, March Madness has everything to do with Denver’s Residential Market Madness.

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Any other year, but last year and this year, basketball would be the center of attention. WE can joke about the image imbedded here, but for the buyers in Denver, there is no joy.

Anecdotally, Dee and I put a property on the market as Coming Soon last week. We allowed it to go active on Thursday for scheduling with showings starting on Friday through the weekend with offers in by Sunday evening. We had 45 showings and 4 very valid offers. By Sunday evening, we were all buttoned up and Pending. All 4 offers were well above list price! These buyers had lost out on 4 other properties in the last few weeks, and they were not going to lose out this time, and they didn’t.

I’ve been in the Denver Residential Market for 40+ years. I have been keeping statistics on this market even longer. Never, I’ll repeat; Never have we had a market like this.

Over the last 5 decades we have had a few months to a year of sometimes extreme sellers’ markets, BUT never as voracious, long lasting or as intense as this time around. So, let’s look at the stats for this week. The proof is in the pudding, as they say…

New Listing (706) This is embarrassingly low!!!
Coming Soon (189) This is no better than last week…
Back On Market (133)
Price Increase (328)
Price Decrease (199)
Pending (1465) This is a strong spring season week.
Withdrawn (98)
Leased (74)
Closed (1625) Oh my gosh! This would be a strong month end week anytime!!!
Expired (235)
Denver MLS Data for the last 7 Days

So, what more can I write about? This is #MarchMadness! Make sure you’re betting on the right team. Make sure your tickets are not fakes. Make sure you know who’s holding the money. AND, Make sure you’re practiced and ready for the biggest game in which almost anyone will ever participate.

To be sure, TheCryerTeam@Kentwood.com wants the ball with 5 seconds left in the game. We enjoy being the Trusted Advisor for all your real estate needs. Please do not hesitate to reach out. 303-638-3202, and we’ll be there for you every step of the way…tc

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02/23/2021derful Denver Market Watch #TakeOutTuesday

Here we are again. Tuesday morning’s blog from MyTownCryer! Hip Hip Hooray!!! Today we have Fed Chairman Powell addressing Congress, debate over a $1.9T stimulus, and a stock market unable to decide whether it likes Proctor & Gamble or Tesla. We live in a world of conundrums. One thing for sure right now, however, Denver’s Residential Real Estate Market remains hot! There is a clear and definitive imbalance in the Sellers’ favor. More demand than supply is in evidence across the spectrum of the market. As you can see from this week’s data below, when new Pending Listings out pace New Listings by this much week, after week, after week, a shortage tends to maintain itself to the point of ridiculousness.

New Listing (922) Well better than last week, but this # should be at least 50% higher.
Coming Soon (117)
Back On Market (160)
Price Increase (318)
Price Decrease (242)
Pending (1493) A clear indication Listings are going under contract prior to hitting the market! Not fare for buyers at large…
Withdrawn (106)
Leased (75)
Closed (1166) A good strong number, and once again, growing every week.
Expired (157)
Denver MLS Data Over the Last 7 Days

So, what are you going to “Take Out” this evening? Well, it could be #TacoTuesday? We have so many choices in front of us every day, every hour, every minute… How is one going to decide? Favorite TV shows, favorite blogs, vlogs, streaming services, and where we choose to call home. We even have a choice of where to go next.

Last weekend, I chose to visit Rocky Mountain Arsenal National Wildlife Refuge. There you will find a number of trails wrapping around wooded areas, ponds, lakes and wildlife clusters. In my relatively short hike, I enjoyed Deer, Birds of Prey and a very well maintained trail system.

The decks jutting out onto the frozen ponds and lakes allowed a very close up view.

We all have a choice; the lifestyle, home, career and family allow us an infinite number of choices. The path one takes can be a “do it yourself” or “well guided” tour. It’s up to you…

If you’re seeking trusted real estate advice, look no further. We will be there for you every step of the way!

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02/16/2021derful Denver Market Watch #MardiGras #FatTuesday

Yes, it is that time of year again. As Arctic weather is sweeping across the southern states, we will be observing “Fat Tuesday” in the time of Covid. This cold wave, however, in no way is impacting our still “RED” hot Denver Residential Housing Market.

Please follow along with me. Here is this week’s MLS Data as of this morning over the last 7 days.

New Listing (652) This is even lower than last week’s number!
Coming Soon (163) This is practically unchanged from last week.
Back On Market (159)
Price Increase (341) Listings going pending above List Price?
Price Decrease (237)
Pending (1455) This is a huge mid-selling season number! “Hot”
Withdrawn (111)
Leased (51)
Closed (1079) Once again, a steady seasonal number here indicating more strength.
Expired (136)
Denver MLS 02/16/2021 Last 7 Days

We would be seeing more listings go to Pending Status and Closed Status if we had more listings. Inventory remains extremely low. Services allowing buyers the write a “Cash” contract are coming out of the woodwork to service this demand. “Be fearful when others are greedy. Be greedy when others are fearful.” It makes me wonder if Warren Buffett had something here.

This is the kind of market where buyers and sellers can make BIG mistakes. I know Zillow, Open Door and the rest make it look easy for you as a seller, but please be cautious. And, I know when the “Bidding War” starts, it is easy for a buyer to get caught up in the emotional merry-go-round, but please be cautious.

More than anything, we are experienced “Trusted Advisors”, and we will be there for you every step of the way. You do have a choice…tc

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02/09/2021derful Denver Market Watch @MrSamZell

Hello and Good Morning Everyone!

I was watching Sam Zell on CNBC this morning. This reminded me of his book. I read it a while back. Sam said, “You have to buy a ticket”. If you are reading the book, he talks about all the times in his career when asked for advice. Basically, he is saying, you have to pay to play.

If you want to start a new business, one has to open the door. If you want to want to work on Wall Street, one has to travel to NY. If you want to own a home, one has to make a commitment to the process.

In the meantime, what happened this week in the Denver MLS? Follow along below…

New Listing (719) Once again, this number is low, low, low!!!
Coming Soon (165) Still not raising the bar…
Back On Market (139)
Price Increase (503)
Price Decrease (249)
Pending (1568) This is a number one would see in April, not February!
Withdrawn (100)
Leased (55)
Closed (970) Not quite a mid-season number but growing and consistently high each week.
Expired (129)
Denver Metro MLS for the Last 7 Days

Zell’s reference was about the metaphor of you can’t win the lottery if you don’t buy a ticket, and you’re not going to be successful in business if you don’t take a risk.

I’ve taken this metaphor and attached it to the home buying process. You’re never going to own a home if you don’t get a well qualified team of experts working with you toward the end goal. Managing the risk of home ownership is something in which we are experienced.

Why do our contracts get accepted and others don’t? It all goes back to preparation. Knowing the ins and outs of this market will serve you well when you’re chasing a property with 5, 10, 15 or 50 buyers chasing it. Roll with The Cryer Team all the way to home ownership! Your Trusted Advisors…

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02/02/2021derful Denver Market Watch #Groundhogday

Good Morning Groundhogs Everywhere!

Kentwood’s Mother Ship

Once again, we have continued confirmation of a residential housing market in Denver running on empty. Limited inventory, ravenous demand and extremely rapid market velocity are obvious. There are multiple buyers for every new listing. This, in a market being held back by Covid, is really the surprising fact.

New Listing (720) OK, really? Too low!!!
Coming Soon (158) Buyers, get yourself ready!
Back On Market (162)
Price Increase (379) We are thinking this is properties going under contract above list price.
Price Decrease (271)
Pending (1475) Twice as many going under contract than coming on the market…
Withdrawn (116)
Leased (61)
Closed (1055) This is a very nice week. This is climbing while inventory is declining. Sellers’ Delight!
Expired (317)
MLS Data for the Last 7 Days

Who knew there was a “Punxsutawney Groundhog Club”? On a day like this with GameStop, Short Sellers, Market Rallying, it all rings true. The market doesn’t care and neither does the Groundhog. People are paying attention, however, and the quest for knowledge/wealth has always been there, and this will never change.

I was once told, “When the cabdriver is discussing ‘the market’ with you on the ride from the airport”….

We have the opportunity to discuss the residential market with Brokers all around this wonderful country. Almost without exception we are hearing, Limited Inventory, Strong Demand and Bidding Wars. I hate that expression; Bidding Wars. It’s not so much a war as it is the preparation for battle. Having a combination of “weapons” in one’s quiver is the most important thing. The Listing Broker and the Seller will be impressed with a Buyer coming to the table with all the issues of purchase resolved.

Being Credit Approved, having all funds accounted for and ready, having a lender who is willing to present you in the brightest light and finally, the choice of the real estate broker representing you can secure your place at the front of the line for the next new shiny listing on the street you want to call home.

We work with Buyers and Sellers all the time. Our testimonials on Zillow, Google, Realtor.com and our own website, http://www.thecryerteam.com are living proof we work for our client in every transaction every step of the way. You have a choice. Don’t wait for Punxsutawney Phil…

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01/26/2021onderful Denver Market Watch #Allthatglittersisnotgold…

We’ve started 2021, and now almost 4 weeks in, we start to see the story unfold. As we noted in yesterday’s blog post, Denver is still considered a “hot spot” on the national level for 2021, and this story isn’t going away anytime soon. Please follow along below.

While all this segues perfectly into my Hashtag above. I wish it weren’t so. Whenever a market’s pendulum swings too far one way or the other, eventually “the arm breaks”. All that glitters is never gold. Shakespeare had it right!

New Listing (644) This is dangerously low. What are sellers waiting for?
Coming Soon (138) Nothing here…
Back On Market (141)
Price Increase (372)
Price Decrease (314)
Pending (1435) Wow!!! This number is huge even for mid-season!
Withdrawn (100)
Leased (57)
Closed (995) My goodness; weren’t we busy around the holidays?
Expired (146)
The Last 7 Days from MLS Data

In Denver Metro, we have enjoyed 10+ years of an upward trend in home appreciation. My blog post from 01/2011 read a little differently. If you click back to a time when we were recovering from the excessively liberal lending policies of 2000-2008, we saw a market come apart at its seams and healing start. The title of that blog post read, “Denver Foreclosures Have Reached Their Peak and Turned the Corner, but….”

The headline today should read, “Buyers are locked out. There are no home choices for them to buy.” This is an incredibly harsh negative statement about our market. We complete transactions all the time with both buyers and sellers, but let me tell you, the buyer’s journey is significantly more difficult than the seller’s in this market. So, the joy of home ownership is a pilgrimage at best. The Glitter toward Homeownership is not golden when it takes such a concerted effort to achieve.

That’s why if you are a buyer, it is to your benefit to learn how our system works to give you the best opportunity to “come in first”. If you are a seller, learn from our experience by getting your home ready to “bring top dollar”. From your first home to your last, we will be there for you every step of the way…tc

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Welcome to 2021derful and My Town Cryer!

Your monthly source for community and real estate news.

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Denver Business Journal and Zillow Agree. Denver Residential Market to Remain Hot Into 2021derful…

By James Rodriguez  – Reporter, Denver Business Journal Jan 20, 2021, 10:01am EST

“Denver is expected to be the fifth-hottest home market in the U.S. in 2021, according to the results of a recent survey published by Zillow Inc. 

The Zillow Home Price Expectations Survey takes into account the predictions of more than 100 economists and real estate experts. More than half (56%) said they expected home value growth in Denver to outperform the national average this year.”

So far in 2021derful, I agree with these assessments of the Denver Market. Low, low inventory with high demand is the classic formula for even more price appreciation. #GoodtoBeASeller

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Denver Market Watch 01/19/2021derful “Changing of the Guard”

Have you seen it? You know, “The Changing of the Guard”, happens all over the world. The ceremony of palace guards changing order at a proclaimed time of day, everyday. It happens with a lot of camera flashes and virtually no noise. It goes off over and over again without a hitch.

Probably the most seen guard change in the US is at Arlington Cemetery. I’ve personally been present for Arlington, Buckingham Palace and the Prague Castle. It happens over and over again without much happenstance, but there is something about the uniforms, the boots on ground and the respect of the onlookers making it special every single time, rain or shine.

Well tomorrow, we will have a different kind of guard changing. The changing of our Executive Office is one of tremendous anticipation or regret depending on one’s politics. One thing is certain, however, and that is “the sun will come up tomorrow”, and based on the weatherman, in DC, it will be a sunny day tomorrow. Who knew? Having started in this business during latter days of Gerald Ford and the early days of Jimmy Carter, I can say with certainty, on Thursday, like mosts days, we will get up and do what we do with little or no notice. As the world turns, we continue to do what we do.

We will see many things change. Some gradually, some not so gradually. When I was a kid, I went to the office of our pediatrician in his own home. Now you can video chat with one’s medical specialist. When this business was all about paper, we waited on Fridays to get the MLS Book dropped off. With this in hand, we greeted the weekend with the most analogue source of information imaginable. Now, we can have alerts pop up on our handheld devices as we drive down the street. Now we can have someone buy our property and close within a couple of weeks, no muss, no fuss. (Or so they say…) Nothing is like it seems.

But, one thing is for sure, Bitcoin does not change hands without something or someone making a market. Your shares of Tesla do not change hands without something or someone making a market. Your real estate does not change hands without someone or something making a market. My point being, Without entrepreneurs making markets, participants will struggle to find value, and without value, Bitcoin, Stock and Real Estate will have less or no perceived value.

This makes the perfect segway into this weeks Market Watch. Over the last 7 days, it has been “deja vu all over again”.

New Listing (687) This is simply too low. Buying a property under $500K has become a “war zone”.
Coming Soon (106) Move along, nothing to see here!!!
Back On Market (133)
Price Increase (357)
Price Decrease (277)
Pending (1361) As we start 2021derful with this level of absorption means, “deja vu” all over again.
Withdrawn (72)
Leased (59)
Closed (993) A little research suggests, cash transactions with abbreviated escrow periods tells us, market velocity is key to getting a deal done.
Expired (144)
MLS Activity for the week before 01/19/2021derful…

So, along with the sun coming up every morning, it is almost as sure in the Denver Residential Housing Market there will be continued shortage and excess demand. So, what does this mean. If you are an owner already, this is the best time ever to have your home on the market. If you are a buyer, you have to prepare yourself for battle. You might even pick up, download or listen to Sun Tzu. Learning the strategy of war can never hurt, particularly in this market, but knowing who you’re going to battle with will serve you best…tc

TheCryerTeam@Kentwood.com 303-638-3202

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Monthly Douglas County Colorado Stats 2020

When a market area has a 30% jump in Sales Volume, it is a HOT Market!

21_Jan-AllMonthlyStats_Douglas_8.5×11.pdf

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