It’s happening right here, right now and right in front of us. There will be more to come on this, but as we continue down this road of higher interest rates, we will once again, #What’sOldIsNewAgain, see Buy Downs as a commonly employed tool in the homesale arena. Builders are offering buydowns on their standing inventory, sellers are offering credits for buydowns so that their buyers will pay full list price (?), and of course lenders are stumbling over each other handle this type of transaction.
Along with buydowns, ARMs have risen from the dead and are now in play again. Adjustable Rate Mortgages can affordably provide a buyer with a lower rate for the first 1, 2 or 3 years of the mortgage, nad theoretically, rates are lower going into year for and the borrower refinances to a lower rate. Our tool box is full of fun things. Come take a look…
OK, this is too strange. POWERBALL??? When the bet is $2 for a chance at a billion, I had to buy a ticket or two,,,, Turns out, there is some sort of security protocol slowing down the announcement of the numbers last night. Sure that I will win, this has caused me some disconsternation to no end as I’m sure it has you too!!!
Finally, other than the #Astros winning a World Series, let’s talk briefly about the election. What ever happens over the next few days, let’s remember, “The Sun will come. up…” and life will go on. Dee and I will continue to bring the joys of home ownership to our clients, and life will be good.
So, what happened in the last week in our Denver MLS? And, all I can say is Holy Mackerel!!!
New Listing (997) By far one of the lowest number of Listings in quite a while…!!!
Coming Soon (91) And, this doesn’t help much.
Back On Market (242)
Price Increase (74)
Price Decrease (1556) Wowser, Wowser, Wowser! Does anyone really know?
Pending (943) Keeping up with New Listings, but not much else.
Closed (918) Buyers and Sellers still managing to get to the closing table!
Anecdotally, we found a FSBO listing and closed last week. FSBOs are always so interesting. But, add one more to that list above, so it’s really 919 at least.
Finally, The next two Charts will show you the number of Active Listings on the market and the direction of Average Price. Nothing but fun here today!
And now for Average Prices…
Now, I’d like to write and write and write like the national guys/gals do about the market is heading for catastrophe. The 1980s in Denver was a catastrophe. Brokers would take their signs down, because there would be too many on one street. Builders would walk away from entire developments due to the lack of sales activity. And, then there was 2008 when speculative borrowers and unassuming homeowners would just walk away from their property do to lack of rent or equity and a job offer in another city, and I could go on. This just doesn’t look like a market trending toward the edge of a cliff.
I could be wrong, and we are ready to discuss your goals and fears. Give us a call… TheCryerTeam@Kentwood.com 303-773-3399 at your convenience…tc
Tom Cryer, SCRP
THE CRYER TEAM
Kentwood Real Estate
4949 S. Niagara St. #400
Denver, CO 80237