4 Reasons to be on Your Game as a Buyer in Denver These Days! #BeyondHot #Denver #Shortage #Kentwood

  1. Supply vs. Demand

    Supply vs. Demand

    HI – thank you to all 60+ of you who showed S Jericho Way in the first 24 hours on the market. This clearly is an indication of the market conditions we are all experiencing.  The seller has accepted a contract. If for some reason it should come back on the market, I will notify you via this showingtime notification.  Thank you again to all of you. Best regards to you and your clients

  2. Thank you for showing this beautiful Pinery home this weekend. If your buyer wishes to submit an offer, the Sellers will be reviewing all offers tonight. We will respond on Monday. Thank you and Good Luck!
  3. Hello everyone, several offers have already been received on this great home. The seller will now be reviewing all offers by 4:00 PM Saturday February 7th, 2015. Please allow until Sunday February 8th at Noon for a response. A response will be given by Sunday February 8th. Thank you very much.
  4. Sellers have multiple offers with more coming today from yesterdays showings.  They have dogs, babies and pregnant.  They were out of the house from 10 until 8 pm yesterday.  With excellent offers in front of them they directed me to have no more showings.  I am sorry that you didn’t get a chance to see it.  If anything changes I will certainly let you know.

This is what happened with our inventory over the last 7 days.  As you can see below, our demand continues to exceed available supply week in and week out.

New Listing (949)

Back On Market (247)

Price Increase (223)

Price Decrease (356)

Under Contract (1332)

Withdrawn (75)

Leased (3)

Sold (614)

Expired (288)

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View #Denver in One Minute!

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Kentwood Broker Associates Generously Donate More Than $5,000…

Gobble, Gobble, GobbleJanuary 13, 2015

FOR IMMEDIATE RELEASE

Kentwood Real Estate-DTC Joins Forces with Food Bank of the Rockies to Help Feed Needy Children during the Holidays.

Kentwood Broker Associates Generously Donate More Than $5,000 to Provide Tote Bags Filled with Nutritious Food for Distribution during School Break.

DENVER Kentwood Real Estate-DTC and the company’s generous Broker Associates

recently joined forces with the Food Bank of The Rockies to help provide needy children with nutritious food during the approximately two-week holiday break from school. Kentwood’s agents collectively donated more than $5,000 to fill tote bags to food-insecure children just prior to the school holidays. The Food Bank of the Rockies and its Totes of Hope Program annually serves approximately 5,000 children from 61 individual sites.

The endeavor for the Food Bank was initiated by the Brokers at Kentwood Real EstateDTC as the firm’s annual holiday giving effort each December. Luisa Staerkel, Managing Broker for Kentwood’s DTC office, helped kick start the donation process with the help of Kentwood assistant Gail Junso. The donations were used to provide tote bags to children in both public and parochial schools supported by the Food Bank throughout the school year. The tote bags were delivered to children the last Friday prior to the holiday break.

“Each Friday during the school year children can pick up a tote bag at their school with food items that will hold them over for the weekend,” said Staerkel. “Unfortunately, when there is a holiday break or a school vacation, the tote bags are not available for the students. When we learned ofthis issue, our agents generously donated money for the Food Bank and needy children. This was a very rewarding endeavor for an outstanding cause and I am very proud of our brokers and the generosity they exemplify throughout the year for the communities that have fueled their success.”

Food Bank of the Rockies (FBR) is the largest private hunger-relief organization in Colorado. Founded in 1978, FBR has provided nearly 571 million pounds of food to its member agencies, which translates to nearly 476 million meals for people in need. FBR uses less than four cents of every dollar for administration, which makes it one of the most efficient charitable organizations in the country. FBR has a pool of more than 12,000 volunteers. The efforts made by Kentwood Real Estate-DTC provided tote bags for children filled with such items as chicken noodle soup, ravioli, spaghetti, assorted fruits and vegetables, and more.

More than one in seven Coloradans struggle with hunger and nearly half are children.  For more information on FBR and to make a donation, please visit http://www.foodbankrockies.org. Interested parties may also contact Tom Cryer at 303-773-3399 or via email at Tom@Kentwood.com.

Kentwood Real Estate is dedicated to building on its legacy of being “Colorado’s Premier Real Estate Company” through the highest producing, most knowledgeable, caring and experienced brokers in the country who offer the highest quality customer service experience. Kentwood Real Estate is an innovator known for unparalleled marketing strategies and superior Internet technology that places its clients in the best possible position. The company’s brokers each averaged more than $12 million in sales volume annually, which is ranked number one nationwide by the National Association of Realtors and REAL Trends.

Kentwood Real Estate is comprised of Kentwood Real Estate-DTC, Kentwood Real Estate-Cherry Creek, and Kentwood City Properties in downtown Denver. For more information, visit Kentwood Real Estate online at http://www.DenverRealEstate.com.

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Denver Metro Association of REALTORS® Market Trends Committee Has Published Their December Report

Supply vs. Demand

Supply vs. Demand

The following update from the DMAR Market Trends Committee is telling us very much what I had published yesterday.  I only follow 8 counties, but the 11 county input is not too much different.  Follow along and click through to the entire report.

Anthony and the DMAR committee are doing a great job lending a third party perspective on the Denver Market and additionally, sharing it with us is a great membership bonus from the Denver Metro Association of Realtors.

DMAR-Market-Trends_DECEMBER According to recent data provided by the Denver Metro Association of REALTORS® Market Trends Committee, the November market transactions encompassing the 11 Counties of the Denver Metro Area* are:

Residential (Single Family plus Condo):
Active Inventory: 5,420 -19.68% prior month
Sold Homes: 3,586 -24.96% prior month
Average Price: $330,544 2.07% prior month
Median Sold Price: $280,954 2.54% prior month
Average Days on Market: 39 8.33% prior month
Single Family:
Active Inventory: 4,419 -18.72% prior month
Sold Homes: 2,597 -23.51% prior month
Average Price: $364,770 1.19% prior month
Median Sold Price: $313,000 2.62% prior month
Average Days on Market: 41 7.89% prior month
Condo:
Active Inventory: 1,001 -23.65% prior month
Sold Homes: 989 -28.54% prior month
Average Price: $240,672 2.84% prior month
Median Sold Price: $192,500 4.05% prior month
Average Days on Market: 33 3.13% prior month
* Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.
2
DMAR Market Trends | December 2014
© 2014 COPYRIGHT | All rights reserved to Denver Metro Association of REALTORS® The lower end of the market is still very tight, and selling quickly – especially in
the central Denver neighborhoods
 Consumer confidence decreased in November to 88.7 down from 93.8 in October
 Year-over-Year Average & Median sales prices are up 8.95% and 12.38% respectively
 Year-to-Date, a total of 49,583 homes closed at an average sold price of $324,566
 Year-to-Date Closed Sales Volume is $16.1 Billion (through November 30th)
 Mortgage interest rates remaining stable with 30-yr conventional rates under 4% and
a 15-yr conventional rates around 3.0%
 Some buyers still coping with 2014 market realities and having trouble understanding
why they can’t get a ‘rock-bottom deal’
 Public perception is that it’s mostly a seller’s market
 Days on Market (DOM) is slowly increasing with homes selling in 39 days
 Year-to-Date, sales volume for the Condo market is up sharply with a 43.56% increase
compared to 2013
 Year-to-Date, the Residential market saw a 42% drop in the # of listings, but still
registered the same # of closings while posting a 5.24% increase in sales volume
 Outdoor spaces with kitchens and fireplaces are highly desirable and becoming a
necessity in higher-end homes ($1m+)
 Listing agents need to help sellers price for today’s market without too much influence
on the frenzy of several months ago
 Buyers are willing to wait for unrealistically priced properties to come down before
considering an offer
3
DMAR Market Trends | December 2014
© 2014 COPYRIGHT | All rights reserved to Denver Metro Association of REALTORS®

With less than a month remaining in 2014, the traditional or
seasonal cool-down has slowed the market somewhat –
although not as much as in prior years. The strength of our
market continues because eager homebuyers are still in
search of their “American Dream” home, and favorable
local economic indicators continue to improve and show
strength throughout the greater Denver metropolitan area.
Buyers are somewhat anxious to get settled in because they
realize mortgage interest rates are expected to increase in 2015 and are growing
weary watching from the sidelines. Meanwhile, prospective sellers looking at the
horizon still see an excellent opportunity to “cash-in” to buy up into their dream
homes or, in some cases, downsize as they become empty-nesters. They realize the
active listing inventory of homes for sale remains low and prices continue trickling
upwards. Overall, the market is strong as inquiries from buyers and sellers are
ringing merrily for DMAR agents as we enter the holiday season.
Year-to-date, the severe shortage of inventory showed active listings are down
almost 42%, the number of sold listings remained unchanged, but we’re still 5.24%
ahead of where we were a year ago with an overall sales volume at $16.1 Billion. The
year-over-year residential market has seen days-on-market (DOM) drop 22% and
the average sales price increase 8.95%.
– Anthony Rael, Chairman of the DMAR Market Trends Committee

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Guess What? It’s 2015! Making Sense of the Denver Market

The Ratio of New Listings to Closed Sales

The Ratio of New Listings to Closed Sales

My how things can change. When I look back on our Denver Market Watch publication we have learned a lot. That being said, predicting any market is for “fools and newcomers”.

Just a few years ago, we were listing almost three houses for every one closing. During 2014, we were barely able to find one new listing for every closing. This is a shortage of monumental proportions!

Anecdotally, we are witnessing stories of buyers that have “given up”. With too much competition for the few listings coming on the market, these buyers have hunkered down in their rentals hoping for a more forgiving market. This has resulted in these highest occupancy rates for rentals ever recorded.

On the other hand, we are witnessing sellers being fearful to place their own homes on the market for fear of not finding a place to go.

Warren Buffett is credited with saying, “When people are greedy be fearful, but

Supply of Inventory

Supply of Inventory

when people are fearful be greedy”.

What we have in Denver right now is two groups of fearful people, buyers and sellers. This stalemate and lack of friction in the market right now will change. Supply will build as sellers take profits, buyers will emerge from their rentals and new construction will slowly add even more opportunities to the market. It’s happened before. In 1977, in 1992, in 1999 and over the last three + years, we have dipped into this “shortage” market again, albeit as short as I’ve ever seen it!

What makes this time different? New construction, pure and simple, we have weathered 7+ years of an historic low of building permits issued. Only now are we emerging to a solid market where the homebuilder has returned, but at a much slower pace than previous recessions – recoveries.

The History of Denver Average Prices

The History of Denver Average Prices

Can this market change and change quickly? Yes it can! I personally don’t think people are being greedy yet, so I’m not fearful, but conversely, I don’t think it is a good time to be greedy either.

What should happen is a transition into a balanced market. From there, the future will become more definable. Only time will tell what happens in this market, but when I was looking at average prices in 1974 of $34,722 a BMW was about $4,000. Today, our average price is $365,376 and a BMW is about $40,000. Can you envision an average price of $3.65M in another 40 years?

I’ll let my children answer that question…

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Colorado Economic Forecast for 2015

CU’s Leeds School has done it again!  Enjoy their report and predictions for 2015.

The sections that follow provide a summary of 2014, a
forecast for 2015, and industry-specific data analysis and
insight into the key factors influencing each sector. We
believe this information will prove useful in your business
and policy decision-making process.

Click Here for the Entire Report

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#Denver #Residential Inventory Plunges! #LeadingRELocal

The TOP 5 Denver Residential Market Insights as of 12-2014:

Denver Metro Association of Realtors 12/2014 Market Update.

Denver Metro Association of Realtors 12/2014 Market Update.

DMAR-Market-Trends_DECEMBER

1.The lower end of the market is still very tight, and selling quickly – especially in the central Denver neighborhoods

2. Consumer confidence decreased in November to 88.7 down from 93.8 in October

3. Year-over-Year Average & Median sales prices are up 8.95% and 12.38% respectively

4. Year-to-Date, a total of 49,583 homes closed at an average sold price of $324,566

5. Year-to-Date Closed Sales Volume is $16.1 Billion (through November 30th)

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Denver Market Continues to Lack Residential Inventory

Buyers are on the sidelines because of the lack of inventory.  Transferees moving from out of state would rather rent than compete in multiple offer shenanigans over the same listing.  Sellers are not placing their homes on the market because they are unsure if the property they will want will come on the market.  Seniors are aging in place because they can’t find a better solution.

The chart below confirms this ultra low inventory problem facing Denver buyers and sellers, but it only tells half the story.  Sure, inventory is low, and buyer activity in some areas is ravenous.  That doesn’t mean you have to sit out a great market.  It means you hae to prepare, be ready and be confident.

YTD Inventory View 11-2014

As your Realtor, we have faced each one of these opportunities in the eye, and we have overcome their hurdles and sprinted to the finish line of success.

There’s no trick to providing for any of these buyer or seller needs and wants.  Hard work, experience, perseverance and an historical market perspective that few bring to the table easily overcome anything this market can throw at us.

When the market is not cooperating look for the opportunity.  Every market offers opportunities.  Being able to recognize an opportunity is what makes the difference.

If you have been sitting on the fence, this is the season to be making plans for your next step.  Learning the market, understanding what you can afford and keeping current throughout the process are the characteristics necessary for a successful transition into your first property, your last property and everything in between.

Take time out, come visit with us.  You may find what you’re seeking is just a hidden opportunity requiring seasoned professionals to uncover it for you.

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Coming Soon! 5621 E. Nichols Pl. Centennial, CO 80112

The Cryer Team is pleased to announce a new listing coming soon.  5621 E. Nichols Pl. Centennial, CO 80112 will be available for showings on or before 12/13/2014.  These two videos will provide an excellent view of the property, the community and the location.

 

 

 

We hoped you enjoyed this preview.  Thank you for viewing!

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5 Things You Can Do When Preparing to Sell Your House in the Fall & Winter

cropped-img_3316.jpgPREPARING TO SELL YOUR HOUSE IN THE FALL & WINTER

THE ONSET OF COOLER MONTHS DOESN’T MEAN YOU NEED TO WAIT TO LIST YOUR HOUSE. WITH A FEW SIMPLE TIPS AND TRICKS, BUYERS WILL BE LINING UP TO VIEW YOUR PROPERTY.

  1. Holiday Spirit- Everyone likes a little holiday cheer, make sure to keep your decorations simple and tasteful. A wreath on the front door and elegant Christmas tree will make your house feel warm and inviting while still allowing buyers to picture themselves in the home.
  2. Curb Appeal- Good curb appeal is the most important thing when selling your home, it’s the first thing to catch a buyer’s attention. As the seasons begin to change, take extra care in raking leaves or shoveling the driveway. A clear path to the front door is critical.
  3. The Right Agent- It’s important to work with an agent who understands Colorado winters. Whether it’s driving conditions or ski resort recommendations, your agent needs to know the local details.
  4. Winter Warmth- Come November, you may be turning on your furnace for the first time this year or lighting a cozy fire. Make sure everything is up to code and inspected, especially if you have a wood burning fireplace.
  5. Patience- Selling your home in the off season may take a little longer, however, winter buyers are typically motivated and ready to close quickly.
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