“Every year, around 18,400 people visit emergency rooms because of accidents with Christmas decorations. The peak day for these mishaps is usually the Sunday after Thanksgiving, when an annual average of 660 people seek medical attention for their injuries.”
We hope your Thanksgiving Sunday was safe, accident free, and free from trips to the emergency room!
How’s Your Gingerbread House?
What can the last 7 days in the Denver Residential Market tell us?
Denver Market Watch
New Listing 826 Wow, this is a strong number. Sellers looking to get it done in 2023! Coming Soon 62 And, even more for next week. Back On Market 205 Price Increase 118 Price Decrease 1200 Sellers still struggling with initial pricing… Pending 786 Not a bad week. Buyers rushing to get in by Christmas! Withdrawn 242 And, some just gave up! Leased 72 Closed 1093 This is a good week for this time of year. Expired 550
There is nothing here saying, “We’ve given up for 2023, and let’s see what happens in 2024!
Total Active Listings?
In one week, the total number of Active Listings has dropped by almost 1,000. Will this signal a year end rush with buyers taking “what’s left”? 5,539 Active Listings this week is historically low!
So, once again, Long Story Short… Denver’s Residential Real Estate Market is showing remarkable resilience, strength and volume as we roll into year end 2023.
Last but not least, we have a prize for you if you can tell us what this is, where it is and why it is.
TheCryerTeam@Kentwood.com
Let’s get started. Dee and Tom will be there for you every step of the way!
Just off the Thanksgiving break, the Denver Residential Market continues to churn along. In fact, the metro area has enjoyed 57 transactions over $5,000,000 in the last 12 months. From $5M all the way up to over $14M. Pretty strong, pretty strong. #Over$5M gets one into some of the most exclusive neighborhoods in Denver, and the concept of “buying your neighbors” has not been lost here.
As we sail into #YearEnd2023, there is no question, this has been a “different” type of year. Rates, Political Turmoil, Civil Unrest, War and more War. Can I say more? Well there is more, but for today, this is clearly enough. Long story short, Denver has weathered the storm pretty well, and I’m going to bet next year will bring more of the same. “Denver is 500 miles from nowhere”, but it is the Center of Everything for the entire Rocky Mountain Region so it will roll into 2024 with limited inventory, cautious new builder numbers and hopefully lower rates than today.
Finally, there is an annual event called the #SantaClausRally on Wall St. It is not atypical for the stock market to rally between 1-2% during the week between Christmas and New Years. If this happens this year, I will be thrilled! BUT, don’t bet the “pink slip” on it happening.
Let’s get into the Denver Market Watch this week!
Market Watch 11/28/2021
New Listing 407 Well folks, this is very low, even coming off a holiday week! Coming Soon 66This continues to be very low, also! Back On Market 137 Price Increase 49 Price Decrease 678 Pending 676 This is a slow week too! Withdrawn 211 Leased 59 Closed 585 No winners here. Slow, slow, slow. Expired 197
With a Thanksgiving week like we’ve had, it is not unusual for activity to drop off, We will have some rebound next week, but we are into the holiday season, and historically, things always slow down.
The total number of Active Listings is 6,604 right now, and I anticpate this to dip under 5,000 before year’s end. We still do not have an oversupply with distressed sellers flooding the market, but we still have adequate demand to clear existing inventory between now and 2024. Hang in there!
Remember, every once in a while we hang with Thomas Jefferson. He was a redhead you know… George Washington, Patrick Henry, John Hancock, Thomas Jefferson, and Alexander Hamilton all have various shades of red hair; Washington and Hancock both have auburn hair, Jefferson and Henry both have ginger hair that turned dark tan as they aged, and Hamilton’s light auburn hair was strawberry blonde as he grew old.
I normally have more than one #Hashtag on the Subject line. Today, after I typed in #Thanksgiving, I felt if I added more, it would take away from the subject at hand. Thanksgiving is probably my favorite holiday. First off, every 7 years, my birthday lands on Thanksgiving, and this makes 2023 very special to me. I will not only be celebrating a birthday, but the entire family will be celebrating together under a new roof! When the immediate family is together, we never know what will happen, but one thing is for sure, we will be extremely thankful. This leads me to you; May your Thanksgiving be everything you hoped for and far more!
Where do you think we are in the Market Cycle?
Let’s get on with the purpose of this post. The #DenverMarketWatch of residential real estate in Denver, Colorado!
Market Watch
New Listing 816 Sellers continue to enter the market, but not with the same numbers as we have been experiencing. Coming Soon 31 I have not seen this number any lower in 2023! Back On Market 250 Deals continue to crash, and sellers are finding their way back to the market. Price Increase 134 Price Decrease 1256 Trying to get out in front of the price paradigm in Denver’s Market right now it tough! Pending 911 This is not a bad week. In fact it could be consider strong. We put one under contract over the weekend. Withdrawn 230 Leased 68 Closed 957 Once again, Buyers and Sellers are finding their way to the closing table relatively strong numbers. Expired 313
As you can see above, we’ve had some expected seasonal slowing, but nothing here would be indicative of a market in “crash mode”. Quite the opposite, there is a tremendous amount of strength here. We are seeing “What’s old is new again” in this market. Assumptions, BuyDowns, Seller Participation and more. This is a take off from a Jeff Goldblum quote in Jurassic Park; “The market finds a way”.
How does this weekly and annual data of Total Active Listings over the last 10 years. From where we have come, this market is proving everyday how resilient it has become. It all comes down to Supply and Demand.
As you can see above, Active Listings has rounded off, and it will most likely drop between now and the end of 2023. Additionally, the Total Number of Active Listings will probably start 2024 at a level seldom seen in the last 10 years. Only time will tell…
What we need you to remember is simple, we are here 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.
Every once in a while testing positive for Covid is a good thing. How’s that possible Tom? Let me tell you.
First, one’s sleep is messed up so you get up early and see the sunrise!
Second, while awake between naps, it gives one the opportunity to to visit rabbit holes not visited before.
Finally, when the storm of this flu clears, clarity replaces the dull whole body throb. This “clarity” is something refreshing. It’s almost like spring is to winter. A renewed strength, more opportunities, and new life. You tell me?
It makes reading a testimonial like this incredibly heartfelt!
You have a new testimonial or review which is now public.
Rating:
“The Cryer team is a gem of a team in Kentwood. We were fortunate to have partnered with them in this journey. We ended up buying a home in 2021 in one of the worst markets for buyers. However our saving grace was Dee & Tom. They were extremely thorough, methodical and phenomenal buyers agent. They are extremely dependable and they win the customers trust with facts, focus, thought out processes and intention. They communicate and discuss very frequently making sure we are on the right path, or they assist in leading you to the right path because sometimes buyers can be emotional and not logical. We had an absolute BRILLIANT experience with them. They make the world a better place with agents like Dee & Tom for buyers and sellers. We need more realtors like them to make a better impression within the reality community. “
Joshua M
This weeks Denver Market Watch looks like this:
Market Watch
New Listing 973 This is typical of recent weeks. No surprise here… Coming Soon 70 Very low. Once again confirming seasonal malaise. Back On Market 223 Price Increase 126 Price Decrease 1224 Still struggling with appropriate pricing. Pending 890 Withdrawn 219 These are sellers just giving up… Leased 80 Closed 712 A very weak week here. Are buyers and sellers tired? Expired 215
This week does not look different than last week except for the continual decline in the number closed. Are rates finally taking control of this resale market?
Here’s November’s direction of Active Listings. Some interesting notes to follow:
With 500 fewer Active Listings this week as opposed to last week, the seasonal malaise appears to have kicked in for 2023. We will keep and eye on this and report back next week…
Finally, I’d like to leave you this week with what a Broker/Agent does, and demonstrate how we are rewarded. Licensees are leaving the business right now in numbers. It is a tough road, but also rewarding as you can see from the testimonials we post. Dee and Tom Cryer, The Cryer Team, at Kentwood Real Estate are proud of the work they do…
The average FULL TIME REALTOR’s earnings last year was $31,900 @ 40+ hours a week. (Notice I wrote full time 40+ hours not 0-20 hours a week) which is well below the living wage. As a REALTOR they do not get paid a hourly wage or salary and they only get paid if they sell a home and it closes. They can only get paid by broker to broker. As an agent you could work with someone days, weeks, months, or years with no guarantee of a sale ever.
Essentially they wake up each day unemployed going on Job Interviews and they deal with constant rejection. They dedicate time away from family, use our time, gas, pay for babysitters, miss dinner and weekends and rarely take vacations. They are on 24/7! You constantly need to be on, or you could miss an opportunity. Once they do close a home, half goes to the other persons agent. From the remaining half, they have lots of upfront expenses that must be paid out before they even get paid:
Broker Splits and Fees Office rent and utilities MLS Fees NAR Fees Local Association Fees E&O Business Insurance Extended Auto Insurance Self-Employment Tax State Licensing Fees Advertising Fees Showing Service Fees Website Fees Assistant’s Salaries Showing partners Transaction coordinator Yard Signs Photographers Videographers Office Supplies Business Cards Property Flyers Electronic Lockboxes Continued RE Education Legal Fees Gas Income taxes are not taken out so they have to put that aside around 25-30%.
Don’t forget health insurance if you don’t have a spouse who provides it.
As a listing agent they have lots of tasks far more than just selling a home.
1. Prepare Listing Presentation for Sellers 2. Research Sellers Property Tax Info 3. Research Comparable Sold Properties for Sellers 4. Determine Average Days on Market 5. Gather Info From Sellers About Their Home 6. Meet With Sellers at Their Home 7. Get To Know Their Home 8. Present Listing Presentation 9. Advise on Repairs and/or Upgrades 10. Provide Home Seller To-Do Checklist 11. Explain Current Market Conditions 12. Discuss Seller’s Goals 13. Share Your Value Proposition 14. Explain Benefits of Your Brokerage 15. Present Your Marketing Options 16. Explain Video Marketing Strategies 17. Demonstrate 3D Tour Marketing 18. Explain Buyer & Seller Agency Relationships 19. Describe the Buyer Pre-Screening Process 20. Create Internal File for Transaction 21. Get Listing Agreement & Disclosures Signed 22. Provide Sellers Disclosure Form to Sellers 23. Verify Interior Room Sizes 24. Obtain Current Mortgage Loan Info 25. Confirm Lot Size from County Tax Records 26. Investigate Any Unrecorded Property Easements 27. Establish Showing Instructions for Buyers 28. Agree on Showing Times with Sellers 29. Discuss Different Types of Buyer Financing 30. Explain Appraisal Process and Pitfalls 31. Verify Home Owners Association Fees 32. Obtain a Copy of HOA Bylaws 33. Gather Transferable Warranties 34. Determine Need for Lead-Based Paint Disclosure 35. Verify Security System Ownership 36. Discuss Video Recording Devices & Showings 37. Determine Property Inclusions & Exclusions 38. Agree on Repairs to Made Before Listing 39. Schedule Staging Consultation 40. Schedule House Cleaners 41. Install Electronic Lockbox & Yard Sign 42. Set-Up Photo/Video Shoot 43. Meet Photographer at Property 44. Prepare Home For Photographer 45. Schedule Drone & 3D Tour Shoot 46. Get Seller’s Approval of All Marketing Materials 47. Input Property Listing Into The MLS 48. Create Virtual Tour Page 49. Verify Listing Data on 3rd Party Websites 50. Have Listing Proofread 51. Create Property Flyer 52. Have Extra Keys Made for Lockbox 53. Set-Up Showing Services 54. Help Owners Coordinate Showings 55. Gather Feedback After Each Showing 56. Keep track of Showing Activity 57. Update MLS Listing as Needed 58. Schedule Weekly Update Calls with Seller 59. Prepare “Net Sheet” For All Offers 60. Present All Offers to Seller 61. Obtain Pre-Approval Letter from Buyer’s Agent 62. Examine & Verify Buyer’s Qualifications 63. Examine & Verify Buyer’s Lender 64. Negotiate All Offers 65. Once Under Contract, Send to Title Company 66. Check Buyer’s Agent Has Received Copies 67. Change Property Status in MLS 68. Deliver Copies of Contact/Addendum to Seller 69. Keep Track of Copies for Office File 70. Coordinate Inspections with Sellers 71. Explain Buyer’s Inspection Objections to Sellers 72. Determine Seller’s Inspection Resolution 73. Get All Repair Agreements in Writing 74. Refer Trustworthy Contractors to Sellers 75. Meet Appraiser at the Property 76. Negotiate Any Unsatisfactory Appraisals 77. Confirm Clear-to-Close 78. Coordinate Closing Times & Location 79. Verify Title Company Has All Docs 80. Remind Sellers to Transfer Utilities 81. Make Sure All Parties Are Notified of Closing Time 82. Resolve Any Title Issues Before Closing 83. Receive and Carefully Review Closing Docs 84. Review Closing Figures With Seller 85. Confirm Repairs Have Been Made 86. Resolve Any Last Minute Issues 87. Attend Seller’s Closing 88. Pick Up Sign & Lock Box 89. Change Status in MLS to “Sold.” 90. Close Out Seller’s File With Brokerage
As a buyers agent they also have many tasks.
1. Schedule Time To Meet Buyers 2. Prepare Buyers Guide & Presentation 3. Meet Buyers and Discuss Their Goals 4. Explain Buyer & Seller Agency Relationships 5. Discuss Different Types of Financing Options 6. Help Buyers Find a Mortgage Lender 7. Obtain Pre-Approval Letter from Their Lender 8. Explain What You Do For Buyers As A Realtor 9. Provide Overview of Current Market Conditions 10. Explain Your Company’s Value to Buyers 11. Discuss Earnest Money Deposits 12. Explain Home Inspection Process 13. Educate Buyers About Local Neighborhoods 14. Discuss Foreclosures & Short Sales 15. Gather Needs & Wants Of Their Next Home 16. 17. Explain Recording Devices During Showings 18. Learn All Buyer Goals & Make A Plan 19. Create Internal File for Buyers Records 20. Send Buyers Homes Within Their Criteria 21. Start Showing Buyers Home That They Request 22. Schedule & Organize All Showings 23. Gather Showing Instructions for Each Listing 24. Send Showing Schedule to Buyers 25. Show Up Early and Prepare First Showing 26. Look For Possible Repair Issues While Showing 27. Gather Buyer Feedback After Each Showing 28. Update Buyers When New Homes Hit the Market 29. Share Knowledge & Insight About Homes 30. Guide Buyers Through Their Emotional Journey 31. Listen & Learn From Buyers At Each Showing 32. Keep Records of All Showings 33. Update Listing Agents with Buyer’s Feedback 34. Discuss Home Owner’s Associations 35. Estimate Expected Utility Usage Costs 36. Confirm Water Source and Status 37. Discuss Transferable Warranties 38. Explain Property Appraisal Process 39. Discuss Multiple Offer Situations 40. Create Practice Offer To Help Buyers Prepare 41. Provide Updated Housing Market Data to Buyers 42. Inform Buyers of Their Showing Activity Weekly 43. Update Buyers On Any Price Drops 44. Discuss MLS Data With Buyers At Showings 45. Find the Right Home for Buyers 46. Determine Property Inclusions & Exclusions 47. Prepare Sales Contract When Buyers are Ready 48. Educate Buyer’s On Sales Contract Options 49. Determine Need for Lead-Based Paint Disclosure 50. Explain Home Warranty Options 51. Update Buyer’s Pre-Approval Letter 52. Discuss Loan Objection Deadlines 53. Choose a Closing Date 54. Verify Listing Data Is Correct 55. Review Comps With Buyers To Determine Value 56. Prepare & Submit Buyer’s Offer to Listing Agent 57. Negotiate Buyers Offer With Listing Agent 58. Execute A Sales Contract & Disclosures 59. Once Under Contract, Send to Title Company 60. Coordinate Earnest Money Drop Off 61. Deliver Copies to Mortgage Lender 62. Obtain Copy of Sellers Disclosure for Buyers 63. Deliver Copies of Contract/Addendum to Buyers 64. Obtain A Copy of HOA Bylaws 65. Keep Track of Copies for Office File 66. Coordinate Inspections with Buyers 67. Meet Inspector At The Property 68. Review Home Inspection with Buyers 69. Negotiate Inspection Objections 70. Get All Agreed Upon Repair Items in Writing 71. Verify any Existing Lease Agreements 72. Check In With Lender To Verify Loan Status 73. Check on the Appraisal Date 74. Negotiate Any Unsatisfactory Appraisals 75. Coordinate Closing Times & Location 76. Make Sure All Documents Are Fully Signed 77. Verify Title Company Has Everything Needed 78. Remind Buyers to Schedule Utilities 79. Make Sure All Parties Are Notified of Closing Time 80. Solve Any Title Problems Before Closing 81. Receive and Review Closing Documents 82. Review Closing Figures With Buyers 83. Confirm Repairs Have Been Made By Sellers 84. Perform Final Walk-Through with Buyers 85. Resolve Any Last Minute Issues 86. Get CDA Signed By Brokerage 87. Attend Closing with Buyers 88. Provide Home Warranty Paperwork 89. Give Keys and Accessories to Buyers 90. Close Out Buyer’s File Brokerage
Whew…exhausting isn’t it!?! 🤯
✨You don’t need to buy or sell a home to support your agents’ real estate business – here are just a few simple ways to show your support! By sharing one of their listings, sending a friend or family member their way, letting them connect you with agents outside their area for a broker to broker referral, or leaving them a positive comment or review, this helps them feel seen and supported – (thanks to you)! ❤️✨
Of course, the World Series always brings back memories of Octobers Past. Stolen Bases, Homeruns, Errors, Strikeouts, Walks, Umpires, Fans, and much more. Baseball is a riddle wrapped in a conundrum surrounded by an enigma. What does that even mean? It means, baseball is so simple it’s played in backyards to playgrounds all the way to the big leagues. At the Big Leagues, the World Serious was invented, The days are short, darkness comes early, but the World Series fills that evening gap of entertainment. Go Rangers!!
I am a student of the NYSE and the Nasdaq, but it is tough for me to fathom the who, what, when, where and when of the last week and a half. Down 770 one week and up 550 in one day, the Dow is that riddle wrapped in a conundrum surrounded by an enigma FOR SURE! So, it’s very seasonally scary out there right now and more, but let’s do more.
While we are at it, #Fear is very prevalent in our world right now. Whether it be War, the Markets or the season, wherever I go right now people have some fear in their lives. In our residential market right now, we have potential sellers fearful of the rates, we have buyers fearful of rates and we have even more people just being fearful right now. With this being said, the Oracle of Omaha has been frequently quoted as saying, “When others are greedy, be fearful. When others are fearful, be greedy.” Now is clearly the time to start developing a greedy attitude. I wonder if we can develop that Billion $ smirk?
Now it is time to get after this market and find out what’s new in the last week.
WEEKLY MARKET WATCH
New Listing 992 This is not atypical of the last few weeks. We are not dropping huge numbers here. Coming Soon 89 This is much lower than typical. Back On Market 260 This is up a little. Price Increase 250 This is typical. Price Decrease 1351 This is down from the last two weeks. Pending 950 Average week here. Not good, not bad. Withdrawn 241 Still a few giving up! Leased 76 Closed 920. This is is AVERAGE Expired 274 Will these become another source of sellers giving up?
So, not a lot of change from last week here, so let’s take a look at Total Active Listings.
TOTAL ACTIVE RESIDENTIAL LISTINGS
One year ago, there were 7,843 Active Residential Listings in our 11 County service area. Today, 6,853 are Active. Although this number is up from the beginning of 2023, it is down from this time last year. We will continue to watch this every week just for you!
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.
Off year elections are always a little hokey. Like HH in Colorado, how will voters manage the ability of Legislators ability to tax? Spenders and changers want HH, status quo people want to keep Tabor and limit spending. I voted no on HH. I was just not convinced it is good legislation. When ever legislation has so many parts, the ultimate unintended consequences are worse than what’s in place.
Until yesterday, we were having a very colorful fall season. Then wind happened. We have leaves everywhere now!
Rates have been, are and will be the headwind affecting every transaction with a mortgage. I believe we will get no relief until we’ll into 2024. The Fed waited way to long to raise rates and now it’s been over done. Their aim for a 2% Inflation Rate will take time. Monetary changes today take months to grab hold. Long story short, patience wills out on this one. Keep in mind, the first mortgage Dee and I took together was 17.5%. In just a few years, we refinanced to 9.5%. The average mortgage rate over the last 50 years has been about 7.5%. Current rates are not far off this. The sky is not falling!
With all this said, what happened in our Denver Market this week?
Market Watch
New Listing 1047 This is an average week here. Nothing surprising. Coming Soon 110 Back On Market 254 Price Increase 131 Price Decrease 1432 This is continuing to be an issue. Ask us about this!!! Pending 938 Nothing special here. Some might argue this is a little low. Withdrawn 234 Giving Up? Leased 68 Closed 905 Not a great week here for sellers. Seasonal trends are in full affect. Expired 237 Giving Up?
Total Listing Count is always interesting. This week’s total is 5,756 in the Denver Metro 11 County Market. The Chart looks like this.
As you can see we appear to be balancing with Active Listings as we move toward year’s end.
With total residential inventory still less than 6,000 at 5,756, 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 mindset.
What we need you to remember is simple, we are here 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.
Unlocking the real estate market with 8% interest rates as a home buyer can be challenging, but not impossible. Here are a few potential strategies:
Improve your credit score: A higher credit score can help you qualify for better interest rates. Paying bills on time, reducing debt, and using credit responsibly can all contribute to improving your credit score.
Save for a larger down payment: A larger down payment can help offset the impact of higher interest rates. Saving more money before purchasing a home can help you reduce the loan amount needed and potentially qualify for better rates.
Explore different lenders: Different lenders may offer different interest rates and loan terms. Shopping around and comparing offers from multiple lenders can help you find the best option for your situation.
Consider adjustable-rate mortgages (ARMs): ARMs offer lower initial interest rates that can be fixed for a certain number of years before adjusting. If you plan to sell or refinance before the rate adjusts, an ARM may be an option to consider.
Work with a mortgage broker: Mortgage brokers can help connect you with multiple lenders and negotiate on your behalf to find the most competitive interest rate available.
Remember, interest rates can fluctuate over time, so it’s important to stay informed and be prepared for potential changes in the market. Consulting with a financial advisor or mortgage professional can also provide personalized guidance based on your specific goals and circumstances.
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.
When one spends a week in the desert and it rains, it’s a good life. Also, time in the desert allows one to think from a different point of view. One of the things affecting the #OffPavement participants is government. One of the things affecting #Homeowners is government. And of course, the gray area of #TrailClosures and #ApplianceMandates is asking for forgiveness rather than foregoing. I hope this makes sense; remember, I’ve been spending time in the desert where things happen in #GeologicTime.
As we go about our daily lives, #Shelter, #Transportation, and #Sustenance day in and day out, I believe we begin to lose perspective. Let’s face it, in some fashion, we all work for the man! As we take back our perspective through travel, exercise or even a Zac Brown Concert down the street, #TheGreatThomasa’s little head has become pretty darn good at identifying the “conspiracy”.
Long story short, as we work toward reporting an accurate picture of the Denver Residential Market, we have absolutely no control over the external forces. Rates, War, Markets, People, Location and a million other factors not identified here. So, let’s jump into it and put the last two weeks into perspective. #DenverMarketWatch
Market Watch
New Listing 1226 This is a good late season number. Buyers getting more and new choices! Coming Soon 123 Very low, next week looks bleak for New Listings! Back On Market 283 Coming and going, a lot of inspection items not being resolved. Price Increase 152 Price Decrease 1604 WOW, this number is HUGE! Clearly seasonal softening of the market. Pending 966 Not a great week, but let’s follow this one very closely… Withdrawn 244 Sellers giving up. We will see more of this as we move closer to Thanksgiving. Leased 60 Closed 788 This is really weak. This number has been running at 1,000 or more. WE will watch this. Expired 269 Giving up, similar to Withdrawn added together is really Market Threatening!
So, Seasonal Softening is clearly apparent, Now, let’s take a look at Total Active Listings this month.
With 7,838 Active Listings one year ago, and only 6,513 Active Listings today, we are not in an area of potential market collapse, but we are approaching a tipping point from a Sellers’ Market and at least a balance. This would tend to suggest a buyers market is just around the corner. Right? Not sure, it will depend on the attitude of rates.
In closing, it was very difficult to get my father to talk about his time of war in the Pacific. He would simply say, “There is nothing good about war.” Yesterday, I read this, “The only winner in war is the defense industry.” It does not diminish what my father professed, it is simply the realization, businesses and people often prophet from misfortune of war.
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