You’ve all heard it before; #October, #BlackMonday, #TacoTuesday and of course #TestimonialTuesday. Let’s debunk some of these myths and get you right into this week’s numbers.
First of all, Denver’s residential home market is still on Fire! As anecdotal proof we presented several properties to our buyers over the last week, and the week before last had some doozies! Well this week, we had one with 50 showings over the weekend with offers $100K above list price. We had another with about 20 showings and 4 offers over the weekend. It was listed at $1.1M. Finally, a property we had shown to one of our buyers a month or so ago was listed at $1.8M, and it closed at (are you ready for this?) $2.3M. That’s $500K over list price. I’m so excited for our buyers because clearly this market is cooling off, NOT!!!
Let’s see what’s happened over the last 7 days.
|New Listing (1037) Are you kidding me? This inventory shortage has to break!|
|Coming Soon (176)|
|Back On Market (252)|
|Price Increase (272)|
|Price Decrease (868) This is telling. Sellers being a little too euphoric?|
|Pending (1735) With so few New Listings, where are buyers finding these?|
|Closed (1496) Week in and week out, all year long. Closing after closing after closing!|
As I asked above, where are buyers finding the inventory. This graphic below will continue to confirm, the 11 county supply of inventory around Denver is still way off the numbers from just 12 months ago.
Well below October’s numbers from 12 months ago, September is closing out with just less than 3,000 Active Listing. This is the simple reason we are seeing multiple offers, and the pervasiveness of Buyer Fatigue.
Now, what are the #BlackSwans waiting for Denver’s Residential Market? First, this week, we saw long term rates click up. This puts some buyers out of the market due to affordability. This makes it possible for other buyers to jump in and win. But, is a buyer really winning when it has to give up an Inspection Objection, or give up an Appraisal Objection, or a Loan Objection or for that matter, any Objection? Sellers are gutting the system of any Buyer Protection. When a market becomes something less than a market, what are the long term effects?
That’s what we are here for. We can guide you through the process of competitive bidding. We can find you a lender willing to fight for you. With the help of an inspector with years of experience and a non-alarmist approach how or why you could give up an Inspection Objection, and many other tricks of the process in this Sellers’ Market. Let’s talk!
If you are a potential Seller in this market, let us show you the pathway to the highest price with the least amount of inconvenience. We have a successful battle proven system and years of negotiation skills to serve you. Let’s talk!
In October of 1987, mid month, the NYSE took a hit. #BlackMonday It through the economy which was just starting a recovery into a deeper trough. Wait for it… It rebounded all the way up to the dot.com bust of the late ’90s. Worrying about the market is energy lost. Everyone wants to be economically successful. Why else would the Hippies of this generation live in a van with a GoPro? The world is a mysterious place…tc
Dee and Tom Cryer, SCRP
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237
303-887-3917 or 303-638-3202