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…|
|Closed (1770) Being an end of the month week, this is a nice number, but certainly not dramatically so.|
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!
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.
Let’s talk… 303-773-3399 Dee or Tom…tc