Good Morning America,
When you hear or read “Homeownership is Dead”, do not believe it! Homeownership will outlive Blackrock’s home buying spree, and the #Daydream of ownership will survive! Who really wants to live without a #Backyard? Really???
So, #PlanB is really about the enjoyment of #homeownership. It’s not the size of the home, it’s the home in the home. Do you get me? Probably not. The backyard might be a balcony, the parking lot or the park down the street. Either way, you’re not the only one competing for ownership. Funds on Wall Street are buying houses, lots and apartments.
Americans for Financial Reform estimates that, as of June 2022, private equity firms owned real estate rented by around 1.6 million households. This includes at least 1,071,056 apartment units, 275,468 manufactured home lots, and over 239,018 single-family rental homes.Jul 27, 2022
But, I digress. What’s going on in Denver this week?
New Listing (744) No dramatic change from last week here.
Coming Soon (56)
Back On Market (246)
Price Increase (101)
Price Decrease (1202)
Pending (868) Actually, this is quite strong coming off a holiday week.
Closed (1118) Wow, month end activity and December’s start is reportedly strong here!
Expired (676) Let’s quit for the holidays???
Based on the season, interest rates and inflation, I could argue this market is warding off everything thrown at it. It’s a great time to find “your neighborhood”…
Overall, Supply and Demand remain in check. There is not real damage being done for the time being by these higher rates. Keep in mind, whenever the market throws you lemons, look around for some sugar; lemonade can’t be far behind.
We have not seen inventory this low since late May or early June of this year. At 5,361 Active SFR Listings right now, the ratio of sales to inventory is predicting a Days on Market for December in or around 30 DOM. This is historically a very good market environment. I’m not reporting we have nothing to worry about, there is always something to worry about, but “Henny Penny” the sky is not falling…tc
We are here for your residential needs. We’re The Cryer Team, and Denver is our market… TheCryerTeam@Kentwood.com