04/18/2023 #DenverRealEstate #MarketWatch #Rates #MultipleOffers

Posted on April 17, 2023 by Tom & Dee Cryer

Good Morning Everyone,

Let’s get right into it. Over the last seven days, our Denver MLS System has enjoyed an active market. We’ll take a look at this right now…

New Listing (1260) This is a strong number for supply. Buyers should be encouraged!
Coming Soon (260) Additionally, a strong number here too…
Back On Market (224)
Price Increase (159)
Price Decrease (759) Pricing after last year’s comps is troubling.
Pending (1398) A very strong number after a long Easter Weekend.
Withdrawn (136)
Leased (82)
Closed (1106) A good number, but whenever this number is less than New Listings, Supply will grow.
Expired (233) I follow Expired Listings for a couple of zip codes, and Sellers are giving up, keeping supply down.

So, the long story short for the last 7 days, more of the same, but we can see a spring twist to this story where we should start expecting more fresh inventory each week for the next 60 days. Let’s see what happens.

Now, let’s take a look at the trend of inventory over the last 10 years to understand what’s happening now.

The number of Active Listings is up from last week with 4,023 which is up from 3,943. These numbers are in line with the last 10 years with generally lower rates than today. I would like to point out right here, #RATES go up faster than they come down. Don’t expect an interest rate drop in a hurry!

In spite of this, every transaction Dee and I have been apart of so far in 2023 has had a #MULTIPLEOFFER component to it. Good Inventory still has more buyers chasing the sellers offering. These offers are generally from buyers who can afford this new rate paradigm with perceived job security.

#DENVERMARKETWATCH is what WE do. We are watching out, so you don’t have too. It is a great time to be a seller, and it is a great time to be a buyer. Give us a call and let us show you how….tc

Let me leave you today with some #EASTERBUNNYMAGIC…TC

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04/14/2023 #BlackRock #WallStreetHomes #CorporateHousingRaid

Posted on April 14, 2023 by Tom & Dee Cryer

It is unlikely that companies like BlackRock will buy up all the houses in America. While there have been reports of large investment firms purchasing single-family homes in bulk, the overall housing market is still largely driven by individual homeowners and renters. Additionally, there are laws and regulations in place to prevent monopolies and ensure fair competition in the housing market. However, it is important to keep an eye on these trends and monitor any potential impacts on the availability and affordability of housing for individuals and families.

There are several laws and regulations that are in place to prevent monopolies in the housing market. The most notable of these is the Sherman Antitrust Act, which was enacted in 1890 and prohibits any actions or agreements that restrict competition or create a monopoly in any industry, including the housing market.

In addition to the Sherman Antitrust Act, there are other laws and regulations that help promote fair competition in the housing market. For example, the Fair Housing Act prohibits discrimination in the sale, rental, and financing of housing on the basis of race, color, religion, national origin, sex, familial status, or disability.

There are also regulations in place at the local level, such as zoning laws and building codes, which can affect access to housing and limit competition in certain areas. These regulations are typically put in place to maintain safety and preserve the character of a community, but they can also have unintended consequences for housing affordability and availability.

So, there you have it.

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04/11/2023 #WinTheDay #It’sAGoodLife #TuesdayTestimonials

Posted on April 11, 2023 by Tom & Dee Cryer

Good Morning People!

Do you have a “Saying” like these two on your cork board by your desk? Which one are you drawn to? Please share yours with the rest of us. I first heard #WintheDay 25-30 years ago. Some say it was a “Navy” thing, and in recent years it was change to “The Rent Is Due”. The change came from the realization that “Success is not Owned, but simply rented.” So, my new share is “The Rent Is Due.” #TheRentIsDue

This week we received this new Testimonial, and it deserves being shared.

“I very much enjoyed working with Dee and her team. We received multiple offers and their professionalism and integrity played a big role in choosing their offer. It would be a pleasure to work with them again.” -DW

Never underestimate how important it is to communicate well with the Listing Broker!

Now, let’s get down to Brass Tacks! We are going to measure the market of April, 2023 as accurately as possible… So, let’s look at the last 7 days of Denver MLS first.

New Listing (975) Wow, Easter sure slowed things down from last week!
Coming Soon (270) This is a little higher so the future’s so bright, we’ll all need sunglasses!!!
Back On Market (208) This is off a bit. Could be a good sign!
Price Increase (162)
Price Decrease (715) This is a HUGE number compared to previous weeks…!!!
Pending (1220) A nice week, nothing outrageous, but simply a nice week.
Withdrawn (116)
Leased (84)
Closed (1044) When ever closings are greater than New Listings it shows strength in the marketplace!
Expired (155)
Stats from the Last 7 Days in Denver MLS.

What is the most recent listing trend?

Except for 2021 and 2022, this is the lowest active listing count going into April for the last 10 years. The strength of our market continues to amaze me. Rates, wars, politics, equity, inequity, and more can’t seem to cause any realizable harm to the Denver Market.

If rates were to stay in the 5-6% range throughout the rest of 2023, we might see a balanced market. It’s a good life!

Remember, if you would like to enjoy the benefits of professionalism, integrity, experience and successful negotiations, The Cryer Team is here for you every step of the way. TheCryerTeam@Kentwood.com Please contact us...tc

I’ll leave you today with a special image of western exploration…

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04/04/2023 #Turning60 #WhoIs?

Posted on April 4, 2023 by Tom & Dee Cryer

Another week has passed, and we are well into spring now??? So, that means waking up to snow on the ground this morning. Low 20s, snow on the ground, and a busy day ahead of us; spring?

First off, #JohnnyDepp and #Barbie are turning 60 this year. Already for #Barbie and soon for #JohnnyDepp, makes me wonder. Is Barbie is too old for Johnny? All that aside, let’s dive right into this week’s Denver Stats.

Over the last 7 days, this is the activity in the Denver MLS System.

New Listing (1203)The most in one week this year! Hurray for Buyers…
Coming Soon (164)But, this number is down.
Back On Market (205)We continue to see deals falling in the range of 20% of the time.
Price Increase (159)Homes are still moving above list price, but less so now.
Price Decrease (738)This is extraordinarily high. Pricing too high wreaks havok…
Pending (1221)A solid number clearly keeping pace with new inventory.
Withdrawn (112)
Leased (82)
Closed (1416)After lasts week’s weak number, this is good to see such a strong number!
Expired (332)Sellers giving up?
Denver MLS Over the Last 7 Days.

Follow along, I’m not finished, yet…

You are reading this chart correctly. Only 2021 and 2022 had fewer Active Listings at the end of March than 2023 does. If history continues to repeat itself in the Denver Market, we should see 4-5,000 active listings in the next few months?

With all our transactions so far this year, we continue to see multiple offers increasing price and the take of buyer conditions. In the historically strong neighborhoods the prospect of anything for sale under $600,000 is an impossibility at this point in the market. “Date the rate, but Marry the house” has become the battle cry for 2023.

I suppose my lead question was a bit childish, just tell me Johnny isn’t considering the prospect…

Have a great week, before we know it, the sun will be out and we will once again be complaining about how dry it is…

As always, don’t hesitate to call Dee or Tom. 303-773-3399, Thank You…tc

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03/28/2023 #FirstQuarter #ElonMusk #BirdWatching

Posted on March 28, 2023 by Tom & Dee Cryer

Good Morning and Thank You!

That’s right! The #FirstQuarter is gone but not forgotten. Much has happened in our Real Estate Careers, but during our conversation the other day, we noted how much has happened in just the last 3 months. The #Fed, #FDIC, #InterestRates, #SoftLanding, #HardLanding, #HousingBubble, #NoBubble, #War, #Treaties, #StrangeBedFellows, #Weather, and who knows what I’ve left out, but I know, there are many more topics in our daily lives in this 1st Quarter. As Bob Dylan would sing and still sings,

And it’s a hard, and it’s a hard, it’s a hard, and it’s a hard

And it’s a hard rain’s a-gonna fall

What about #ElonMusk? He took over Twitter. He purged Twitter’s workforce, and he went into battle with his Warriors. I had no doubts about it. He’s a survivor, a leader and a troublemaker! And, who says parents don’t play a roll? ClickHere

“5 Months of Elon Musk Twitter Takeover!”

@elonmusk

“– reached 500 million + total active users – released new features in the shortest time period in Twitter’s history – became the most downloaded & #1 news app – improved ad relevance – removed child porn – more output with less staff – reduced bots, scams & hate speech – improved engagements for advertisers – exposed truth via Twitter files – removed censorship – all time high daily users – restored free speech – reduced child sexual exploitation – community notes debunking propaganda & misstatements – launched Twitter Blue globally – introduced verified badges for company accounts – creator monetization & Twitter payments in making – open source code for recommended tweets next week”

Image

·

4.1M Views

When the scripted is finally written, this guy is going to play prominently. #RewritingRuleBooks

Moving on, #BirdWatching? What does Bird Watching have to do with Real Estate? Now I’ve been out a couple of times explicitly to spot birds and evolve into a “Birder”. Here’s the analogy.

Birds pick the premium spots to do what birds do. They are experts at avoiding predators, homing near water and food. They come in all shapes and sizes. Some can fly at the speed of SuperMan, and some can float on the air for what seems like forever. They are as diverse as we the people. Does this sound like residential real estate and how we select our homes?

Some of us want to soar in a Hi-Rise, or set up out in the country or on a mountaintop. Some of us have unlimited resources, and the rest of us have a budget. Spread your wings; live a little…

This weeks, looks very similar to weeks past, and I’m betting weeks further into 2023.

New Listing (1016) We’ve started spring, and we are not being deluged with New Listings…
Coming Soon (183) No big change here either…
Back On Market (200) This number is actually a little better.
Price Increase (91)
Price Decrease (625) Sellers continue to come on the market with inappropriate pricing.
Pending (1320) This is a good number. Not great, but well ahead of the New Listing count.
Withdrawn (115)
Leased (81)
Closed (920) This has been a 2 week window with Spring Breaks. Typical for this number to be down a bit…
Expired (171)
MetroList Last 7 Days of Activity

Next up, a broad view of the Supply and Demand in the 11 counties making up the Denver SMSA

We have reached a level of Active Listings only achieved twice before in the last 10 years; in 2021 and 2022. We still have all the right statistical points of a “Seller’s” market. Every offer we have submitted for our buyers this year and every offer received on our Seller’s Listings has been in a multiple offer paradigm. This is not a time for buyers or sellers to be taking their eye off the ball.

Becoming an “A Student in the Front Row” takes time and effort. I you are not willing to be coached in the appropriate direction for every market segment, then most likely, you will be wasting your time in this market.

Lean in on our experiences. Take advantage of our resources. Never forget, we will be there for you after closing too!

TheCryerTeam@Kentwood.com

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The Cryer Team eNews

Posted on March 28, 2023 by Tom & Dee Cryer

Your monthly source for community and real estate news.

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St. Patrick’s Day

Posted on March 17, 2023 by Tom & Dee Cryer
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03/14/2023 #HeSaidSheSaid #NoHashtags #It’sAGoodLife

Posted on March 14, 2023 by Tom & Dee Cryer

Good Morning Everyone,

Sometimes, I sit down to pen this blog, and I haven’t given it a single thought all week. As I’m always thinking, I cannot tell a lie! I’ve thought about this more than enough over the last 7 days. The events of the last 7 days have been transformative.

Banks Failing will create a ruckus in Washington, and in the name of protecting US, there will be changes. They will be slight, but there will be changes. Wall Street continues its upward trend, and life goes on. The coverage of this/these event(s) by our “journalists” will all boil down to He Said, She Said. We will be confused. Overall, however, it is a good life!

Over last 7 days in Denver have looked like this.

New Listing (937) Not showing a growth in supply for the spring market.
Coming Soon (199) Some help here, but not enough!
Back On Market (206) It’s still looking like 20% of deals are falling and coming back.
Price Increase (137)
Price Decrease (666) This is still surprising me. I would expected Sellers and Brokers to have a better handle on appropriate pricing by now.
Pending (1300) Strong number here. Where are buyers finding these properties to buy.
Withdrawn (106)
Leased (78)
Closed (893) This is not an exciting number!
Expired (182)
Let’s do a little math here. Assuming New Listings, Coming Soon and Back on the Market represent the new inventory on the market, half of these listings need at least one price reduction prior to going Pending.

How does the inventory look over the last 10 years?

Over the last 5 years, it shows how 2022 and 2021 were simply anomalies of super low inventory. In 2019 at this time of year, there were 4,674 Active Listings, in 2020 there were 5,232, in 2021 there were only 2,398, but then 2022 caused a Buyer Rush with only 1,929 until rates jumped into this market in June of 2022.

What does all this mean. 2023 Is starting out with not enough inventory for buyers, but Interest Rates have taken some buyers out of the market or lowered their qualified price. Anecdotally, we are seeing our buyers having to compete with other buyers on almost every contract we submit.

Being the buyer with Full Credit Approval, Funds in Place and Reasonable Expectations can still put you in the Front Row. Don’t cut corners. Be the buyer that’s the A Student in the Front Row!

I thought this was important to share. This was given to me many years ago, and it just keeps coming back, over and over, and over again. Keeping up with the market psychology is something we should all be doing.

My guess right now is clearly past Euphoria. After that, I’ve seen almost every emotion on the downward curve for both buyers and sellers. With such a bifurcated market, Not Buyers’ and Not Sellers’, this market has a way to go before it can filter out some of the cloudiness. If I was to guess, we will see relief sooner rather than later…

As always, we are in the market everyday. We see the successes, we see the failures, we know what wins for buyers, and we know what a seller needs to do to get top dollar. Pick of the phone and call. We will be there for you every step of the way….tc

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03/07/2023 #DenverResidentialRealEstate #ListingsVsSales #What’sNext

Posted on March 7, 2023 by Tom & Dee Cryer

Good Morning Denver!

Let’s dive right into it. The last 7 days’ activity has looked like this.

New Listing (1026) Less than last week, still too low for buyers.
Coming Soon (193) Up a little, but not holding out much hope for a spring supply.
Back On Market (230) A lot of contracts are not making it to closing!
Price Increase (151)
Price Decrease (668) Wow, Sellers and Listing Brokers are just not getting it!
Pending (1233) This is a nice number!
Withdrawn (104)
Leased (67)
Closed (1257) Sellers and Buyers finding their way to the closing table in spite of 6% +/- rates.
Expired (379)
It is clear to see we have some volatility out there.
Ragtes, Economic Uncertainty, and National/Global Events don’t seem to be causing much anxiety in this market.

Now, let’s look on the Metro Denver Supply Side.

Inventory has dropped off a rock. We are down almost 600 Active Listings from last week. BUYERS, even with elevated interest rates, are going to find it tough sledding with this supply and demand scenario.

As always, week in and week out, we are fielding questions from our clients, our referrals our friends and our neighbors. What is going on. Residential Real Estate is hyperlocal, even more so than I’ve ever seen. Check in with us for 5 Star advice.

TheCryerTeam@Kentwood.com

Thank You…tc

FYI

Limited Lessening

Monetary policy works most quickly via the most interest rate sensitive sectors of the economy, autos and housing. However, for very different reasons, both sectors have successfully resisted the impact of higher rates. Car sales are rising as semiconductor supply improves, and while housing starts are way down, the number of units, both single-family and multifamily, under construction is staggeringly high, and thus construction employment has yet to decline. 

Econ70 – Home of GraphsandLaughs

www.econ70.com

Elliot F. Eisenberg, Ph.D.

elliot@graphsandlaughs.net

FYI

SUMMARY OF POWELL TESTIMONY (3/7/23):

  1. Peak rate will be “higher than anticipated”
  2. Revisions show inflation “higher than expected”
  3. Minimal deflation in services
  4. Decisions to be made “by meeting”
  5. Inflation “to be bumpy”

A pivot from hawkish to more hawkish.

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02/28/2023 #NoAI #TrainTracks #SnowPack

Posted on February 28, 2023 by Tom & Dee Cryer

Good Morning Everyone,

I hope this finds you well. There will be no #AI this week, however, that was pretty easy last week. I would have changed a few things upon editing, but left it original for you…..

Living near#TrainTracks has inherent dangers. With the technology available to us, should know what’s going by? This is serious business affecting livelihoods, household wealth and individual health. This is an area where we have the Dept. of Transportation, and there isn’t even any public conversation. Just so you know, the big guys all own shares in Railroads. Vanguard, Blackrock, Berkshire Hathaway, and more all own railroads or own shares in railroads. There are even at least 5 ETFs exclusively invested in railroads. I’m not a conspiracy theorist, but do you surmise, this might be why we don’t have more regulation on our railroads? Things that make me say, “Hmmm?”

Colorado’s snowpack is tremendous this year. If this interests you, there is a nice website with a map here. It looks good, with only the far eastern plains and the Arkansas River Basin being the only two Zones with below average #SnowPack. But, for you, HERE IT IS…

As you can see, your favorite place to ski is well above average…

OK, what’s happening this week with Denver Residential Real Estate.

New Listing (1002) Finally over 1,000 so far this year. Spring is in the Air?
Coming Soon (176) Not much change here, but healthy.
Back On Market (215) Are 15-20% of our Pendings falling out? This is too high.
Price Increase (213)
Price Decrease (807) I’ve been harping on this for months. Sellers and their Brokers are just too optimistic, and the price reductions are ultimately reducing their sale prices.
Pending (1240) This is a strong number but not heroic in any way.
Withdrawn (129)
Leased (64)
Closed (1315) OK, Explain this to me. We just had a bunch of 3 day weekends/holidays, this number is really strong! Is this ultimately an indicator of Denver Metro’s Residential Market’s overall health in spite of rates twice as high as last year/
Expired (163)
It does not appear from this weekly data our FED has been able to adversely affect our market too much.

As far as INVENTORY goes in our Metro Area, it has fallen inline with years past except for 21 and 22.

For those of you who have called and asked questions about our market, thank you! We love sharing our anecdotal evidence with our clients, customers and friends. Take time to lean in on what we’ve learned. We’ll be here for you regardless of how rough the road becomes, but we are hoping for nothing but the best…!!!…tc

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