The Land of Enchantment has some amazing scenery. Some is man made! These dishes are gigantic…
THE VERY LARGE ARRAY
These antenna are about communication. The Denver Residential Market is into its first month of the new year. We don’t have to listen to “deep space” to observe the trend in Denver.
Over the last 7 days, we are experiencing much of what I predicted earlier in the month. We will see supply start to grow, we will see Pending Listings start to grow, and we will see closings pick up with this trend. The market is embracing these higher rates. Sellers are accepting the cost of “buy downs” and buyers are seeking ownership.
Market Watch 2024
New Listings 855 Like I had predicted at year’s end, Listings are spiking! Coming Soon 119 Nothing to see here. Back On Market 206 Funny how this happens… Price Increase 143 Price Decrease 653 It is very hard to appropriately price in this market! Pending 1098 Wow, this is a big jump. Let’s keep an eye on Under Contracts. Withdrawn 116 Leased 67 Closed 678 Nothing to see here, but as we move into 2024, this will be the most telling. Expired 177
But, Tom, how does the broader market of Active Listings look? With only 4,527 Active Listings in the 11 County Market of Denver, we are starting out 2024 almost with almost 500 fewer listings than 2023. Where will our Inventory come from this year?
LSS, no two years are alike. Markets are like snowflakes. There are some similarities we can draw from, however. We are starting the year off with low supply. We are still working through higher rates. Employment in Denver is still strong. I don’t know if we will need sunglasses, but our future is still bright.
TheCryerTeam@Kentwood.com
Please don’t hesitate to reach out and contact us. We maintain a living list of some of the best vendors in this market place. We are here for you every step of the way…tc
The days are getting lighter for longer every day now. Crazy how the Earth does what it does. It’s a pretty cool place. Let’s have a great year!
Denver’s Residential Market finished 2023, and started 2024 with low inventory. We will grow inventory for the next 6 months. What we don’t know and can’t predict is Buyer Demand! As a result we will waltz into 2024 uncertainty.
I predict a slow, maybe even a critically slow recession of mortgage rates. This will continue to keep buyers and sellers on the sidelines. Buyers don’t want to buy into high rates and sellers don’t want to give up their low rates. So, don’t expect anything more exciting than last year.
Finally, this week and next we will post without data, but on the last Tuesday of the month, we will be posting some meaningful numbers.
Until then my friends, thank you for your support and feedback! Go AVS!
Just when you thought it was all over, “Boxing Day”? What is Boxing Day?
Being just a few days away from 2024 leaves us all a little betwixt and between. At this point in the year, we reflect, remember, and wonder about the new year upon us.
Let’s see how the Denver Residential Market is looking as we race into year’s end.
Market Watch
New Listing 353 A very slow week. Coming Soon 17 Back On Market 96 Price Increase 105 Price Decrease 336 Pending 617 Lower rates, and the need of shelter?A pretty good week considering… Withdrawn 165 Leased 48 Closed 732 As we roll into year’s end, this isn’t bad! Expired 270
And, as we close out the year, What does our total Active Listing supply look like?
With just 5,800 Active Residential Listings, the Denver Residential Market appears to be “hanging in there”, but we are rolling into a new year with many, many headwind sources. Interest Rates, Wars, Elections, New Construction, Supply Chain, Inflation, Energy Costs, and more are potential drags on our market. This is the reason to follow, share and offer feedback on this weekly report. Clear, Concise and cogent every week; this is what you will get!
Normally, I would have more than one Hashtag in the subject line, but this week’s #AtlasShrugged hashtag provides more than enough “rabbit holes” for us, I just don’t believe we need more this week.
I was required to read Atlas Shrugged in high school, later on, my son told me to revisit it. Finally, for the third and final time, I enjoyed 50 hours of it from an audio book. It really comes to life in the audio book! I can not recommend the movie, but it you must, you must.
Long story short, required reading never works, but keeping ‘AS’ on your #ReadingList is clearly advisable IMHO!
When I watch, listen or read the news, I am constantly changing the names in the book with today’s newsmakers. I’ll leave that up to you, but what we lack in today’s world is #JohnGalt. Although, John Galt could easily be a metaphor for all the “#SecretSocieties” working on covert activities to further their cause while inviting the #Billionaires to participate. Who knows?
Long story short, if you haven’t read or listened to Atlas Shrugged, it is a clear image of what’s happened, what is happening and what will happen. Like me, it may take you three tries to really see it’s future focused meaning, but also like me, some days, it would be nice to have an invitation to “The Valley”. It is a worthy commitment of your time, and while we are on the subject, I highly recommend the films Dr. Zhivago, and Lawrence of Arabia and a Prime Original, Hell on Wheels.
Well, that’s enough suggestion for your New Year’s Resolutions! This week’s…
Denver Residential Market Watch over the last 7 days…
New Listing 761 This a slow week except for the fact we are in the holiday season. Coming Soon 35 Back On Market 167 Price Increase 89 Price Decrease 768 These are becoming the expired as sellers lose interest and hope for higher prices in the future. Pending 848 This is a pretty strong week and a good time of year to be competing! Withdrawn 228 Gave Up! Leased 67 Closed 807 Not a bad week, but clearly well away from our mid-season numbers. Expired 302 Ready to move in a different direction.
As you can see above, Denver continues to drift along deeper into the holiday season without any real pain. Let’s look what the total supply numbers look like.
Our current number of 5,659 Active Single Family Residences is very typical of pre-covide numbers, and in some cases even lower.
The Total Number of Active Listings has clearly peaked and turned the corner for the season. At a current number of 5,659, there is a good chance of starting 2024 with something under 5,000 active listings. This is not a far off prediction. It could happen.
Some things you might not know about Dee and Tom.Dee, a Wesleyan Grad, brings a tremendous amount of experience to the table with a multi-discipline career from oil and gas to real estate appraisal to brokerage for many years. Tom on the other hand is a DU Grad and went straight into real estate appraisal from college became one of the most awarded Relocation Appraisers of his time and subsequently made the move toward brokerage more than 25 years ago.Dee and Tom can always be reached via email at TheCryerTeam@Kentwood.com
You can go deeper into our past, present and future here with our mission, testimonials and our history in the Denver Market Place right here. We can’t wait for hear from you, we’ll see you in the “Valley”…
“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)! ❤️✨
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