03/30/2021derful Denver Market Watch #TheFuture

There is an expression, “Only Fools and Newcomers Predict the Future”. On the other hand, a song writer sang, “The future’s so bright, I gotta wear shades”. I kinda like the latter. The fact remains, before Covid (bc), the world was moving in the right direction. Just click here if you don’t believe me. I am generally an optimist myself. Science seems to always clear a safe path for the human condition.

Maybe this is the reason, so many of earth’s humans desire a permanent address. If you thought the US had the highest ratio of homeownership, you would be wrong. Just click here if you don’t believe me. If you don’t have time for that, it’s Romania. 96% Of Romanians are homeowners! And, the US? It’s way down the list at around 65%. This is not for the lack of trying to improve this ratio. There are programs for all types of buyers. If you want a house, you can get one, somewhere! In fact, there are a few midwest communities selling houses for $1.00. Yes, one dollar…

Where does this take us today? The scarcity of available homes has certainly become a limiting factor in the Denver Metro area of 11 counties with only 1,200 active listings, a roof over your head has become an effort of tremendous perseverance, persistence and patience. But, as Tom Petty sang, “…Waiting is the hardest part…”.

Let’s take a look at the MLS data over the last 7 days in the 11 counties making up the Denver Market. It’s pretty clear, a lack of inventory continues…

New Listing (812) Seasonally, this is way, way below historical standards.
Coming Soon (150) Come on, give us some hope here!!!
Back On Market (119)
Price Increase (289)
Price Decrease (244)
Pending (1613) Wow! Properties continue to sell before they get to the MLS…
Withdrawn (132)
Leased (63)
Closed (1375) Not a strong week, but with this level of inventory, what can we expect?
Expired (99)
The Last 7 days in Denver’s MLS

What can you do for yourself if you want to become a homeowner in Denver? If you don’t have CASH, you need CREDIT. If you need CREDIT to buy, you need GOOD CREDIT. This means the first thing you need to do to get in line for a new home is a financial plan giving you a pathway to EXCELLENT CREDIT.

Next, you need a MENTOR. I recommend your mentor be a seasoned REALTOR. This mentor will be able to assist with finding the right partner to get you on the path to good credit, a financial plan and a budget to get you in line.

Once you’re in line, the question becomes, “How do I get to the front of the line”. In this market, you just can’t get there on your own. It’s OK to lean on your mentors to move up.

So let’s TEAM up and go face to face to create a custom plan just for you. Here’s what our Clients are saying! We would be honored to be your trusted real estate advisor…tc

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Imagine all the people…tc

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03/23/2021derful Denver Market Watch #MainStreetBets

One of the busiest “handles” on Reddit is #WallStreetBets. It is the “chat room”, if you will, behind all the busy “retail” investing on Wall Street these days. It started me thinking, and it lead me to this piece.

Bullish on Homeownership
Bullish on Homeownership

Is the cheering we do as Realtors for the #MainStreetBets any different than the cheering done on Reddit on behalf of #WallStreetbets? This is a very curious notion.

Realtors spend #Millions to obtain a relatively small audience of followers. On the other hand, #WallStreetBets spends nothing, and it has millions and millions of followers.

It seems there is a disconnect here. A stock investment is typically a few hundred or a few thousand dollars at a time, but adding up to something substantial over time. While the purchase of a home can be the largest investment an individual or couple ever make. Plus, that home purchase is done “on margin” most of the time. Why are home buyers willing to risk it all, while securities investors take relatively little risk and consult with millions along the way? Because you can’t sleep in a stock portfolio…

In Denver’s Residential Real Estate Market, decisions have to be made in seconds, minutes or hours. There is seldom time anymore in our market for that “Let me sleep on it” notion. Someone else has already slept on it, and they have already submitted their offer. Funny how it all works.

Let’s take a look at the last 7 days of Denver’s MLS Data.

New Listing (760) Once again, we are not seeing enough inventory.
Coming Soon (200)
Back On Market (165)
Price Increase (279)
Price Decrease (220)
Pending (1586) This is an average mid-season number, but it would be higher with more available inventory!
Withdrawn (89)
Leased (70)
Closed (1337) This is a relatively similar number to weeks gone by. If there were more inventory, we would be seeing more closings.
Expired (133)
Denver’s MLS Over the Last 7 Days…

With all this said, are you #Bullish or #Bearish? If you don’t have an answer, you need to take an hour, pick up the phone and chat with Dee and myself. Get comfortable with this market, build a plan and exercise a strategy for success. There are a lot of potential buyers not succeeding because they have skipped this step. I’ve been quoted over and over again, “Zillow will break your heart”, and it will.

On your trip down #MainStreetBets, take it safe. Let us help you build a plan. Be secure with your investment. TheCryerTeam@Kentwood.com

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03/14/2021derful Denver Market Watch #Snowmageddon #Snowpocalypse #Snowzilla

Monday Morning

It’s truly amazing, we live in the world we do. Snow fell over the weekend at our home. Not just snow, but almost 2 feet of snow. Monday morning, the snow shovelers showed up, the snow-plowers showed up, and of course, Dee loves to shovel snow and be outside, but I helped…

Long story short, because it snows in Centennial year in and year out, we have a system. The HOA handles the snow removal on our private streets, the gentleman handling my yard work in the summer, shovels our walks and driveway in the winter. We have a system is in place.

Extreme weather like this only arrives in Texas occasionally, and a snow system was clearly not in place. On the other hand, however, other parts of Texas have coastal barrier walls for the hurricanes making their way across the Gulf. Planning makes the difference.

Let’s start discussing your plan with what happened this week in the Denver MLS System.

New Listing (639)This is a ridiculously low number! We NEED listings!!!
Coming Soon (319)
Back On Market (104)
Price Increase (312)
Price Decrease (201)
Pending (1460) Another mid-season number in spite of #Snowmagedonn!
Withdrawn (110)
Leased (58)
Closed (1305) Really? This is another mid-season number. This market is hot, hot, hot!
Expired (131)
The Last 7 Days in Denver’s MLS

As you can see, as a buyer, going into this market without a plan is a plan for failure. Building a relationship with the listing broker, writing a coherent contract in a concise manner and making sure both buyer and seller’s needs are met is only part of the plan.

Is the lender responsive, does the property lend itself to the conditions being dropped on the seller’s behalf? And, the list goes on. Occupying a spot in the winner’s circle in a market like this is not an easy one. A TEAM effort is a requirement, and this is where we can help. Giving your home search structure, giving the seller confidence in your offer, and finally, owning the perseverance necessary to cross the finish line. We’re here for you every step of the way.

Don’t hesitate to call, email or message. TheCryerTeam@Kentwood.com

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03/09/2021derful Denver Market Watch #Change #Predictions

As many of you already know, I have watched the stock markets closely for years. It is so much different than Denver’s Residential Market. Residential markets have “need” built into the equation. Shelter is part of the game. There is no need to invest in the “market”. One may “want” the returns available on Wall St., but no one “needs” to to invest.

#MainStreet vs. #WallSt

Supply vs. Demand
Supply vs. Demand

On the other hand, the purchase of a home is just that. It is shelter, security, lifestyle and geography. Oh yeah, it has direct contact with people. Buyers and Sellers bring their own unique Needs, Wants and Budget Constraints to the process. By adding people to the transaction, I would argue, the residential transaction is far more complicated and wrought with hurdles.

I could also argue, however, the residential market has some similarities to Wall St. Wall St. has the company of the month, flavor of the month and even the day. Residential markets have the neighborhood of the week, month and year too. Residential markets are very interest rate sensitive; as is Wall St. The 10 year note is followed by everyone involved in both markets. Who can borrow what, at what rate, and for how long? On either Street, life is complicated, and challenging. Keep your eyes on rates.

So, what happened in the Denver Metro Area this week? We’ve seen a big jump in New Listings. The 7 day moving average shown below actually bumped into 4 digits for a day or 2 over the last 7 days, but still settled in about 30% higher than last week. Finally, some good news for buyers. Just like life, the market finds a way….

New Listing (853) Over the last week, we are starting to see some give in the market.
Coming Soon (176) This does not serve the buyer well. This number needs to grow!!
Back On Market (143)
Price Increase (318)
Price Decrease (237)
Pending (1676) This is a mid-season number still showing incredible strength!
Withdrawn (111)
Leased (80)
Closed (1330) We are seeing a strong seasonal growth in closings each week.
Expired (139)
The Last 7 Days in Denver’s MLS

I am often caught saying, “If it was easy, everyone would be doing it”. To be down right honest, moving is a hassle, buying a home is intrusive and fighting for a place in this market is clearly intimidating. This is where we come into the process. We have been the trusted advisor to hundreds of buyers and sellers over the years in all types of markets. From Foreclosure Sales to Short Sales, from Over Supply to Short Supply and even in a good old fashioned balanced markets, we’ve been there every step of the way.

Your Backyard?

If it is your time to dip you toes into the residential pond, please reach out to us. Dee and I would love to make the process more comfortable for you and yours.

AND, if you would like to never miss one of these Tuesday Morning Masterpieces, please subscribe. I love writing these, and your subscriptions will give me the motivation to persevere…tc

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03/02/2021derful Denver Market Watch #MarchMadness

Any other year, we would be relishing in the excitement of March Madness NCAA Basketball. We’d be wrapped up in friendly betting pools with the TV in the Lounge at the office tuned into at least one sports channel. BUT, this year, March Madness has everything to do with Denver’s Residential Market Madness.

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Any other year, but last year and this year, basketball would be the center of attention. WE can joke about the image imbedded here, but for the buyers in Denver, there is no joy.

Anecdotally, Dee and I put a property on the market as Coming Soon last week. We allowed it to go active on Thursday for scheduling with showings starting on Friday through the weekend with offers in by Sunday evening. We had 45 showings and 4 very valid offers. By Sunday evening, we were all buttoned up and Pending. All 4 offers were well above list price! These buyers had lost out on 4 other properties in the last few weeks, and they were not going to lose out this time, and they didn’t.

I’ve been in the Denver Residential Market for 40+ years. I have been keeping statistics on this market even longer. Never, I’ll repeat; Never have we had a market like this.

Over the last 5 decades we have had a few months to a year of sometimes extreme sellers’ markets, BUT never as voracious, long lasting or as intense as this time around. So, let’s look at the stats for this week. The proof is in the pudding, as they say…

New Listing (706) This is embarrassingly low!!!
Coming Soon (189) This is no better than last week…
Back On Market (133)
Price Increase (328)
Price Decrease (199)
Pending (1465) This is a strong spring season week.
Withdrawn (98)
Leased (74)
Closed (1625) Oh my gosh! This would be a strong month end week anytime!!!
Expired (235)
Denver MLS Data for the last 7 Days

So, what more can I write about? This is #MarchMadness! Make sure you’re betting on the right team. Make sure your tickets are not fakes. Make sure you know who’s holding the money. AND, Make sure you’re practiced and ready for the biggest game in which almost anyone will ever participate.

To be sure, TheCryerTeam@Kentwood.com wants the ball with 5 seconds left in the game. We enjoy being the Trusted Advisor for all your real estate needs. Please do not hesitate to reach out. 303-638-3202, and we’ll be there for you every step of the way…tc

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02/23/2021derful Denver Market Watch #TakeOutTuesday

Here we are again. Tuesday morning’s blog from MyTownCryer! Hip Hip Hooray!!! Today we have Fed Chairman Powell addressing Congress, debate over a $1.9T stimulus, and a stock market unable to decide whether it likes Proctor & Gamble or Tesla. We live in a world of conundrums. One thing for sure right now, however, Denver’s Residential Real Estate Market remains hot! There is a clear and definitive imbalance in the Sellers’ favor. More demand than supply is in evidence across the spectrum of the market. As you can see from this week’s data below, when new Pending Listings out pace New Listings by this much week, after week, after week, a shortage tends to maintain itself to the point of ridiculousness.

New Listing (922) Well better than last week, but this # should be at least 50% higher.
Coming Soon (117)
Back On Market (160)
Price Increase (318)
Price Decrease (242)
Pending (1493) A clear indication Listings are going under contract prior to hitting the market! Not fare for buyers at large…
Withdrawn (106)
Leased (75)
Closed (1166) A good strong number, and once again, growing every week.
Expired (157)
Denver MLS Data Over the Last 7 Days

So, what are you going to “Take Out” this evening? Well, it could be #TacoTuesday? We have so many choices in front of us every day, every hour, every minute… How is one going to decide? Favorite TV shows, favorite blogs, vlogs, streaming services, and where we choose to call home. We even have a choice of where to go next.

Last weekend, I chose to visit Rocky Mountain Arsenal National Wildlife Refuge. There you will find a number of trails wrapping around wooded areas, ponds, lakes and wildlife clusters. In my relatively short hike, I enjoyed Deer, Birds of Prey and a very well maintained trail system.

The decks jutting out onto the frozen ponds and lakes allowed a very close up view.

We all have a choice; the lifestyle, home, career and family allow us an infinite number of choices. The path one takes can be a “do it yourself” or “well guided” tour. It’s up to you…

If you’re seeking trusted real estate advice, look no further. We will be there for you every step of the way!

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02/16/2021derful Denver Market Watch #MardiGras #FatTuesday

Yes, it is that time of year again. As Arctic weather is sweeping across the southern states, we will be observing “Fat Tuesday” in the time of Covid. This cold wave, however, in no way is impacting our still “RED” hot Denver Residential Housing Market.

Please follow along with me. Here is this week’s MLS Data as of this morning over the last 7 days.

New Listing (652) This is even lower than last week’s number!
Coming Soon (163) This is practically unchanged from last week.
Back On Market (159)
Price Increase (341) Listings going pending above List Price?
Price Decrease (237)
Pending (1455) This is a huge mid-selling season number! “Hot”
Withdrawn (111)
Leased (51)
Closed (1079) Once again, a steady seasonal number here indicating more strength.
Expired (136)
Denver MLS 02/16/2021 Last 7 Days

We would be seeing more listings go to Pending Status and Closed Status if we had more listings. Inventory remains extremely low. Services allowing buyers the write a “Cash” contract are coming out of the woodwork to service this demand. “Be fearful when others are greedy. Be greedy when others are fearful.” It makes me wonder if Warren Buffett had something here.

This is the kind of market where buyers and sellers can make BIG mistakes. I know Zillow, Open Door and the rest make it look easy for you as a seller, but please be cautious. And, I know when the “Bidding War” starts, it is easy for a buyer to get caught up in the emotional merry-go-round, but please be cautious.

More than anything, we are experienced “Trusted Advisors”, and we will be there for you every step of the way. You do have a choice…tc

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02/09/2021derful Denver Market Watch @MrSamZell

Hello and Good Morning Everyone!

I was watching Sam Zell on CNBC this morning. This reminded me of his book. I read it a while back. Sam said, “You have to buy a ticket”. If you are reading the book, he talks about all the times in his career when asked for advice. Basically, he is saying, you have to pay to play.

If you want to start a new business, one has to open the door. If you want to want to work on Wall Street, one has to travel to NY. If you want to own a home, one has to make a commitment to the process.

In the meantime, what happened this week in the Denver MLS? Follow along below…

New Listing (719) Once again, this number is low, low, low!!!
Coming Soon (165) Still not raising the bar…
Back On Market (139)
Price Increase (503)
Price Decrease (249)
Pending (1568) This is a number one would see in April, not February!
Withdrawn (100)
Leased (55)
Closed (970) Not quite a mid-season number but growing and consistently high each week.
Expired (129)
Denver Metro MLS for the Last 7 Days

Zell’s reference was about the metaphor of you can’t win the lottery if you don’t buy a ticket, and you’re not going to be successful in business if you don’t take a risk.

I’ve taken this metaphor and attached it to the home buying process. You’re never going to own a home if you don’t get a well qualified team of experts working with you toward the end goal. Managing the risk of home ownership is something in which we are experienced.

Why do our contracts get accepted and others don’t? It all goes back to preparation. Knowing the ins and outs of this market will serve you well when you’re chasing a property with 5, 10, 15 or 50 buyers chasing it. Roll with The Cryer Team all the way to home ownership! Your Trusted Advisors…

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02/02/2021derful Denver Market Watch #Groundhogday

Good Morning Groundhogs Everywhere!

Kentwood’s Mother Ship

Once again, we have continued confirmation of a residential housing market in Denver running on empty. Limited inventory, ravenous demand and extremely rapid market velocity are obvious. There are multiple buyers for every new listing. This, in a market being held back by Covid, is really the surprising fact.

New Listing (720) OK, really? Too low!!!
Coming Soon (158) Buyers, get yourself ready!
Back On Market (162)
Price Increase (379) We are thinking this is properties going under contract above list price.
Price Decrease (271)
Pending (1475) Twice as many going under contract than coming on the market…
Withdrawn (116)
Leased (61)
Closed (1055) This is a very nice week. This is climbing while inventory is declining. Sellers’ Delight!
Expired (317)
MLS Data for the Last 7 Days

Who knew there was a “Punxsutawney Groundhog Club”? On a day like this with GameStop, Short Sellers, Market Rallying, it all rings true. The market doesn’t care and neither does the Groundhog. People are paying attention, however, and the quest for knowledge/wealth has always been there, and this will never change.

I was once told, “When the cabdriver is discussing ‘the market’ with you on the ride from the airport”….

We have the opportunity to discuss the residential market with Brokers all around this wonderful country. Almost without exception we are hearing, Limited Inventory, Strong Demand and Bidding Wars. I hate that expression; Bidding Wars. It’s not so much a war as it is the preparation for battle. Having a combination of “weapons” in one’s quiver is the most important thing. The Listing Broker and the Seller will be impressed with a Buyer coming to the table with all the issues of purchase resolved.

Being Credit Approved, having all funds accounted for and ready, having a lender who is willing to present you in the brightest light and finally, the choice of the real estate broker representing you can secure your place at the front of the line for the next new shiny listing on the street you want to call home.

We work with Buyers and Sellers all the time. Our testimonials on Zillow, Google, Realtor.com and our own website, http://www.thecryerteam.com are living proof we work for our client in every transaction every step of the way. You have a choice. Don’t wait for Punxsutawney Phil…

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