As I sit here this morning in front ot my computer eating one of Oprah’s Favorite English Muffins hand delivered to my house yesterday by global travelers, we are talking about what buyers and sellers are thinking right now in the Denver Residential Market. Pretty cool, huh? I didn’t even know Oprah had a favorite muffin…

The first thing coming to mind was Buyers Are Concerned about #Affordability. The persistence of higher rates is killing the young buyer slow to the market. “But, Henry and Jane have a rate of 3.5%…” It is truly killing them! Did you know, the all time average for 30 year mortgage interest rates is 7.52%? Engaging with a highers interest rate than Henry and Jane is not a sin, a calamity or a reason to lose sleep. In the big picture of a lifetime of homeownership, accept it and move on.

Additionally, realize we are a “#Locally owned and operated marketplace”. Our market is different than Chicago’s, New York’s, Atlanta’s and Dallas’. We are the Denver Market with 11 counties included making up about 3.25 million people in about 1.6 million residential properties. We still have less than 7,000 units for sale! Doing that math quickly, .004375% of properties are for sale. Not that there is nothing to worry about, but there’s nothing to worry about today.

So, think #Locally when considering the Denver Market. We still enjoy economic growth in a very diverse economy along and in the Front Range!

Next up, #Globaly. Sure, as Barry Mcguire sang in 1965, we are on the Eve of Destruction, and we’ve been there before. Life will go on, and we will get on with our lives. This is the way…

The Eastern world, it is explodin’
Violence flarin’, bullets loadin’
You’re old enough to kill but not for votin’
You don’t believe in war, but what’s that gun you’re totin’?
And even the Jordan river has bodies floatin’

But you tell me
Over and over and over again, my friend
How you don’t believe
We’re on the eve of destruction

Anyway, this week really starts to push us into the fall market. Let’s take a close look at the last 7 days.

Market Watch

New Listing
1074 This is a strong week for buyers. With this many new listings, some buyers will be happy!
Coming Soon
132
Back On Market
264
Price Increase
152
Price Decrease
1628 This is still an explosion of price reductions. We are not getting it right.
Pending
1020 Not a bad week, buyers are still out there in force, and sellers are setting the hook.
Withdrawn
228
Leased
82
Closed
922 Nothing special about this number, but it is not dire, just average.
Expired
275

Where has total supply of residential listings taken us this week?

With total residential inventory still less than 7,000 at 6,657, we are a long way from another real estate recession, but we need to be vigilant. We need to, first and foremost, price appropriately. Particularly, in the higher price ranges of $1.5M and up. Buyers in this price range in large part, made their moves when rates were under 5%. Under $1M, we are still seeing a very busy, shake it off, type of mind set.

What we need you to remember is simple, we are there for you to interpret the local complexities of this market.

The Cryer Team’s Mission: Provide Real Estate Services so complete, thorough and professional, The Team becomes not only YOUR real estate resource, but by referral the resource for your family, friends and associates. Inherent in this mission statement is the vision of impeccable service and unquestionable integrity.

Dee and Tom provide a multi-disciplined background of experience, service and results in the Denver residential market.

The Team is dedicated to providing SELLERS an unparalleled marketing strategy, superior Internet presence, exceptional customer service and consistent communication backed by more than 30 years of successful residential experience.

The Team is also dedicated to providing BUYERS an organized, strategic and aggressively negotiated platform from which to acquire the home of their needs and dreams. They have worked diligently to provide a list of concierge services making the buying process transparent and supportive.

Tom and Dee have been awarded and acknowledged by their clients, peers and associates many times throughout their careers. That being said, they are most proud of what their past clients have written about them in the form of testimonials.

We would urge you to take an hour, come visit our office, discuss your needs and wants with us and learn why our system may work best for you.