Did you present a contract on your next chapter home and lose out? If so, your IRA PROBABLY FUNDED THE SALE!!! Your homeless, but your IRA is earning 5 or 6% renting the property while you’re in your parent’s basement, on your friends couch or paying rent on an apartment you hate. Yes, your competition might just be a managed fund from Wall Street. Black Rock, Vanguard and a dozen others have determined it’s easy to make money on #MainStreet.
What’s happened in Denver this week?
|New Listing (967). Bummer, this number is lower than last week. Maybe it was Easter Weekend, maybe it was something else, but this has broken a nice trend we were enjoying with growing numbers of New Listings.|
|Coming Soon (504). On the other hand, this is a huge increase, so, I’m sticking with my Easter Weekend theory.|
|Back On Market (158)|
|Price Increase (216)|
|Price Decrease (354). Many more listings surviving the weekend, so price adjustments are seen as necessary!|
|Pending (1465). Once again, buyers are finding their way to being Under Contract. This does not bode well for buyers being shut out of the market by more aggressive buyers.|
|Closed (1389). This is a routine seasonal number. In the weeks to come, we will start to see the Closing trend mature and give us a glimpse into the strength of Denver’s Market.|
We have been tossed around a little coming into spring. We’ve been thrown at least a couple #curveballs. We watched March tell us, supply and inventory was building, and we had hopes of some relief for buyers being shut out. But, this chart tells us something different.
So, what have we learned this fine spring morning? First, buyers are not only competing against themselves, they are competing agains #WallSt. money too. There really are #Lions and #Tigers confronting buyers in these market times, and it is not fun for participants.
Next, we thought inventory would be starting to grow by this point in the season, especially with rising rates, but it’s not.
Finally, if the number of listings tripled, we’d still be below historical averages of inventory. Buyers in this market can’t catch a break, #OhMy…
We’ll see you next week. In the meantime, watch your P’s and Q’s…tc