Working smart is what we all want to do. WE constantly reach for a “better way”. Numbers are Numbers, however, and each week, they continue to tell me the same thing. I wish there were a better way.
Let’s take a look at Denver’s MLS for the last 7 days. With a total of about 2,600 active residential listings right now, this is not good news for buyers; once again.
|New Listing (944) Whenever this number is below 1,000, it’s not enough!|
|Coming Soon (303) This number has jumped up by about 40%. Maybe it’s coming?|
|Back On Market (144)|
|Price Increase (212)|
|Price Decrease (234)|
|Pending (1527) Not as big as last week, but still a strong seasonal number. Buyers are not giving up.|
|Leased (77) With a few potential buyers looking for rentals in Denver, this side of the market does not have many choices…|
|Closed (1675) This is another strong seasonal number. Buyers and Sellers are getting to the closing table is grand style!|
Words of advice from veteran in this market. If you are a buyer get credit approved! This means your lender has run your entire “package” through underwriting. With that being done, you should now have a “lender letter” with NO “conditions”. The only thing the lender would need to close is Title Work on the property and an Appraisal on the property. One could argue, at this point, you are almost as good as a “cash buyer”.
By far, however, buyers able to “appear” like “cash buyers” have an upper hand. Sellers continue to be coached “Cash Is King”, ideally, can you appear as a cash buyer? Do you have a “Bank of Dad”, a funded retirement account or a password to a Crypto Cache? With competition as high as it is for every listing, a buyer has to persevere toward all options.
“And in the end”, as the Beatles sang, one doesn’t want to take a wrong turn. Do you want to give up your Inspection Objection on the “flipper house” where the the flipper has not pulled permits, inspected the waste line or replaced the “hail damaged” roof? Be prudent, be armed and be sensible. As I always say, “Houses are like buses, there will be another along in a few minutes”, and there will…tc