Mortgage rates hover near record lows to close out 2020 — now here’s the bad news

Posted on December 31, 2020 by Dee & Tom Cryer

https://www.marketwatch.com/story/mortgage-rates-hover-near-record-lows-to-close-out-2021-11609429164

Tom Cryer
Tom@kentwood.com
303-638-3202
Www.TheCryerTeam.com

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Kentwood Community eNews

Posted on December 29, 2020 by Dee & Tom Cryer

Your monthly source for community and real estate news.


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Denver Market Watch with 2020 Vision 12/22/2020

Posted on December 22, 2020 by Dee & Tom Cryer
SantaPraying

It may be the first day of #Winter, but still, there is nothing cold about this Denver Residential Market. Week, after week, after week, after week, 2020 has demonstrated very strong buyer interest. The search for a home has really never been more pronounced than right now. Buyers are moving into homeownership from apartments, buyers are moving into single family homes from smaller condos and townhomes. Unfortunately for buyers, sellers are only cautiously listing into this market.

Let’s take a quick look at the last 7 days. Our MLS activity continues to reflect strong buyer demand, but also once again, sellers are not entering the market in numbers sufficient to quell demand. It is tough to predict what may transpire in 2021, but I would bet, we will see more sellers willing to jump into this market. I’m not predicting a balance in 2021, but we will see a a move toward a more “normal” market.

New Listing (533) This is a typical seasonal number. Nobody goes on the market the week before Christmas.
Coming Soon (26)
Back On Market (144)
Price Increase (348)
Price Decrease (276)
Pending (1052) But, people do buy the week before Christmas!!
Withdrawn (158)
Leased (49)
Closed (1497) I’ll be home for Christmas rings true…
Expired (215)
The week of 12/15/2020 MLS Data

Hopefully, Santa has answered your prayers when it comes to homeownership this year. If not, 2021 will have new opportunities. The secret to this market is getting involved. Finding the neighborhood matching your needs and wants often leads to the home providing your “Happy Place”. This does not happen by accident. Focused effort, commitment and time in the market are the only true ways to make this dream come true.

For sellers, there has never been a better time to be actively listed. As a seller, you have more options than you might think. Let’s schedule a time to discuss the ins and outs of this market and make your dream come true too!

TheCryerTeam@Kentwood.com 303-638-3202

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Denver Market Watch with 2020 Vision 12/15/2020

Posted on December 15, 2020 by Dee & Tom Cryer

#IfMyLifeWasaChristmasMovie” is trending on Twitter this morning. This caused me to pause. After a few moments of reflection, I said to myself, “My life is a Christmas Movie”. I didn’t even have to spend the night in the wet and cold like Jimmy Stewart to realize this fact. Now, in now way am I bragging. What ever has happened in my life, has been the result of the people around me. My wife, my children, their children and the business associates to which I have aligned myself and the clients, yes our clients. Advising with the home sale or the home purchase process, in my humble opinion, is THE most insightful event. Long story short, I hope my Christmas Movie will play over and over again for many, many more years, and I want to thank each and everyone of you, and there is no question, we enjoy watching your Christmas Movie too!

But, most of you click onto this post to read about the market and not to see me wax poetically about human nature. As the 2020 closes out, I’d like to offer some vision into 2021. I feel like a broken record, however, when it comes to the Denver Residential Market. Once again, Under Contract Listings and Closed Listings far out strip Active New Listings. Think about this for just one moment. Between contracts and closings, we are in the neighborhood of 2,600 transactions in the last week with only 653 New Listings and the anticipation of 52 Coming Soon Listings. Can you say, “Shortage”?

New Listing (653) Inventory continues to be insufficient for current demand.
Coming Soon (52)
Back On Market (157)
Price Increase (218)
Price Decrease (345)
Pending (1229) This would be a strong week in July!
Withdrawn (187)
Leased (63)
Closed (1385) This is just incredible!!!
Expired (169)
A Clear Vision for 2021

NOW is the perfect time for Buyers and Sellers to be making their plan for 2021, but making a plan without a Vision is tough. We understand that. Here’s my vision for 2021. A Clear, Concise and Cogent look into Denver’s Residential Market for 2021.

  1. Rates will remain low. 30 Year Fixed Rates will not go higher than 3-3.5%.
  2. The supply of homes will remain extremely low, but builders will start to catch up in the 2nd half of 2021 in some of our suburban markets.
  3. Buyer demand will remain strong. Lifestyle locational amenities will be a strong attraction for them. Schools, Pools and Entertainment weigh heavily on demand.
  4. Denver’s employment trends may be even stronger in 2021 now that the vaccine has arrived. Denver’s Geographical Location and Lifestyle Opportunities are not going away.
  5. Sellers will finally have more choices in the move up price ranges allowing them to be more confident about a “convenient” sale. This means more supply!
  6. AND, Dee and I will be here to advise and assist; before, during and after the sale.

Education is power! The source of your knowledge is important. Take the time to understand this market. We have so many ways to converse. Let’s take advantage of the seas while the waters are calm. Going into this market with a position of power is the right course of action. Let’s talk… TheCryerTeam@Kentwood.com or 303-638-3202

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Denver Market Watch with 2020 Vision 12/01/2020

Posted on December 1, 2020 by Dee & Tom Cryer

Well? What’s everyone thinking about on this cold, cloudy Tuesday in December? I’d like to be able to report “all the drama is behind us”, but it is not. It never is. Tomorrow, there will be something new. Who knows what it could be? Here are three things for sure, however, in this time of uncertainty.

First, Home Mortgage Rates are incredibly low, and they will stay low well into 2021.

Second, the Denver Metropolitan MLS Area has a shortage of resale inventory, and New Build Inventory is no better right now. This shortage will run well into 2021.

Finally, Job Prospects, Demographics and Geography are creating strong demand for residential housing in Denver/Colorado. This demand is going to remain strong well into 2021, also.

Low rates, limited supply and consistent demand will define 2021 just as they did in 2020. The sun will come up in the morning, too!

It’s hard to predict the future, but it seems pretty sure of itself right now, so let’s run with it, OK?

This week’s numbers confirm everything reported above. The numbers are really just unbelievable! Please follow along…

New Listing (429) Simply an incredibly LOW number.
Coming Soon (88)
Back On Market (148)
Price Increase (199)
Price Decrease (363)
Pending (1034) REALLY, over 1,000 under contract listings in the last 7 days?
Withdrawn (149)
Leased (38)
Closed (1282) Oh My, “We’ll be home for Christmas…”
Expired (393)

With ratios and number like these, you can understand why I am so sure about my predictions. We will start 2021 with less inventory, better rates and probably equal or higher demand factors than we did 2020. If you are a buyer, or If you are a seller, the water is warm, come on in… The market is waiting for you!

We’ll keep the light on for you…tc21

#AreciboObservatory RIP 007

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Kentwood Community eNews

Posted on November 24, 2020 by Dee & Tom Cryer

Your monthly source for community and real estate news.


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#LeavingCalifornia #BirkenstocksAndSocks #RedRocks #NationalParks #NationalForests #DenverRealEstate

Posted on November 19, 2020 by Dee & Tom Cryer

It has been reported, 28,000 Californians moved to Colorado last year (2019). From what Dee and I have seen in 2020, We are betting it will be even more this year. Although people migrate to Colorado from all states, Californians are becoming #1. Something like this happened in the 1970s in search of John Denver and Coors Light.

Why are these moves taking place? Here is just one story recently written on the subject.

“More people are leaving California than ever before, driven out by worsening wildfires, politics and the skyrocketing cost of living.
More people are leaving California than arriving, driven out by worsening wildfires, power outages and the skyrocketing cost of living.
In 2018 more than 86,000 people left California for Texas, nearly 70,000 left for Arizona and about 55,000 left for Washington.
Between 2007 and 2016, some 5 million residents moved to California and 6million people moved out to other states.
According to a poll locals say they consider leaving due to the high cost of housing, heavy taxation, or political culture.
Today more than two dozen fires are blazing, ripping through a record 3.1 million acres of land and killing 22 people, the worse inferno in the state’s history.”

If you are reading this in California, and if you are looking for a new “nest”, please, give us a call. We can show you a Colorado Lifestyle you might not be living in California, but would like to. From Durango to Sterling. From Grand Junction to Limon, and everywhere in between. Colorado offers Big City Life, to Resort Life, to Small Town Life, to Rural Life. Along the Front Range, Ft. Collins, Longmont, Loveland, Boulder, Denver, Colorado Springs and Pueblo can replace your I-405 Corridor. Loveland, Breckenridge, Keystone, Steamboat Springs, Copper Mountain, Vail, Aspen and Telluride round out resort life. Rocky Mountain National Park, Great Sand Dunes, Mesa Verde, Garden of the Gods, Colorado Monument, Dinosaur National Monument and a myriad of State Parks, National Forests, Historic Sites and VIEWS await. OH, let’s not forget one of my favorites; The Alpine Loop is by far one of those mountain settings in which The Sound of Music would be proud to do reshoot.

Any which way you slice it, Beauty, Value, Recreation, Commerce, Sustainability or Transportation, Colorado has it going on. So, pick up the phone and give us a call. WE can make it happen for you.

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Denver Market Watch with 2020 Vision 11/17/2020 #DollyParton

Posted on November 17, 2020 by Dee & Tom Cryer

Did you know? I didn’t. #DollyParton established a fund at Vanderbilt University that ultimately helped Moderna create their Covid vaccine. Pretty cool. The little and big things we do can have lasting affects, and make real differences. Who doesn’t have some kind of story like this during the time of C-19.

The election, Covid, unrest and working from home all seem to be contributing in some fashion to Denver’s residential real estate market. Week after week, after week, we continue to see supply and demand numbers like we’ve never seen before. Under contracts at atypical season highs. Closings reflecting late spring and early summer ranges, and listing numbers typical of a Christmas, New Year’s week. It is simply mind boggling.

I started working with MLS numbers in the mid 1970s for my brother’s appraisal company. It was common to run at about 2-2.5 Listings for every closing. Occasionally, it would hit 1.5 active listings for every closing 1977-1980. BUT, in this market, we have been under 1 new listing for every closing and it has really been quite stressful on the entire market. Buyers get angry. Sellers get confused. Brokers struggle to price accordingly. And appraisers, well let’s just say, they are earning their keep.

Let’s look at this week’s numbers from ReColorado.com.

New Listing (849). Not enough inventory. Buyers are frustrated!
Coming Soon (100)
Back On Market (232)
Price Increase (253)
Price Decrease (637)
Pending (1541). This is a midseason strong number!
Withdrawn (213)
Leased (70)
Closed (1508). Once again, this is a mid-season number!
Expired (226)
11/17/2020

As we take a look at these numbers each and every week, it is tough to understand the their meaning. So, let’s take a look at the market through our eyes, anecdotally. Dee and I field phone calls on a daily basis. The calls have become routinely, “We live in California, and we need to move to Denver because, We like Denver, Our grandchildren are there, it’s not as crowded, I can work from home anywhere, why not Denver, and last but not least, It is easier to run my business in Colorado.” The household goods movers continue to tell us trucks arrive in Colorado full, but have to reposition to their next pickup empty. Let’s be thankful for all this activity in Denver. With all the frustration that comes along with a “tight” market, this is so much better than 2008-2012. Back then we suffered with close to 30,000 active listings. Today, we struggle with slightly more than 4,000 active listings in an even larger, more populous geographic area.

The Realtors carry a heavy load. They provide the data that “makes the market understandable”. Zillow doesn’t work without our input. OpenDoor can’t buy your house without the data we submit to the syndicator. By being in the market every single day, we accumulate volumes of anecdotal information which becomes invaluable to the next participant in our sphere. Please don’t underestimate the Realtors’ value. And, please don’t underestimate how we can differentiate ourselves with the depth and quality of market knowledge and service.

The successes we have logged this year all share a cooperative partner seeking a well executed plan, a defined timeline, and the desire for change. We can assist you with the same kind of professional service. We would be honored to be your trusted advisor. Let’s discuss your plan of action today!

Dee and Tom Cryer TheCryerTeam@Kentwood.com 303-773-3399

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Denver Market Watch with 2020 Vision 11/10/2020 #VeteransDay

Posted on November 10, 2020 by Dee & Tom Cryer

I often wonder about my father around Veterans day. For that matter, I wonder about him on Memorial Day, etc. He would have been 100 last year. A few times he would answer a question or two about his service in the Navy. Retiring as a full Commander, service in the Pacific during WWII, and many, many years in the reserves at Ft. McHenry in Baltimore. I remember one quote that has always stood above the rest. “There is nothing good about war.” Most of his career was spent in the Defense Industry. One of his early achievements was being the project engineer on the guidance system for the Nike Missile Program. I bet you thought Nike was a shoe? Well, no, it was one of our amazing feats during the “Cold War”. The rest is history, and I came along a short time later, but the cold war continued. The unrest of the 1960s, the absurdity of the 1970s, the excesses of the ’80s and ’90s, and well you know the rest.

I’m not sure why I am sharing this with you today. Maybe in my own mind, life goes on. The Pandemic, Politics, Technology, Economics and more, just can’t stop us from crossing the finish line into 2021. I can’t tell you it will be any better, and I’m not sure it can be any worse. I can tell you the eternal inertia of the human spirit will continue to roll. Roll Tide, Roll!

What I can tell you is simple and direct. Over the last 7 days, we hit a new low for weekly new listings, we arrived at very strong weekly list of pending listings and we crossed the goal line with over 1,600 closed transactions. If there ever was a seller’s market, we are in it now.

New Listing (883) Crazy Low!
Coming Soon (107)
Back On Market (266)
Price Increase (325)
Price Decrease (702)
Pending (1512) A Very Good Week!
Withdrawn (216)
Leased (58)
Closed (1610) And, Another Very Good Week Here, Too!
Expired (260)

Powell has stated emphatically, he will do everything in the Fed’s power to keep rates low. Denver continues to attract new employers and lifestyle seekers on a daily, weekly and monthly basis almost to the point of absurdity. If there is such a thing as “back to normal”, our market is clearly not hearing the cry! A serious shortage of inventory is plaguing us!

Long story short, rates are great, and prices will be higher next spring, so get out there. Fight the good fight. Win a listing and make it your home. Nothing is forever! And, if you are contemplating a move, there has NEVER been a better time to list your home for sale. Period!

The next time you see one of our listings pop up here, take a time out, and come see it. When a buyer sees a listing in person, and then watches it go under contract, the market becomes more clear. Don’t deny yourself this education.

In the meantime, we continue to comb our data base for potential sellers, and we are up early and out late trying to find that illusive “perfect” home for our buyers. There is no question, this market has made our work more demanding, but it has also made us better.

Let’s start a conversation; right now, right here, today. Let us create a customized plan balancing your needs, wants, timing and comfort. It can be done, we do it all the time.

TheCryerTeam@Kentwood.com

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Denver Market Watch with 2020 Vision 10/20/2020 #ElectionDay

Posted on November 3, 2020 by Dee & Tom Cryer

There is so much going on! I just came from the barber, and the excitement over this election is like no other. I can remember as a little kid, my brother Cliff, reached out to a slow moving motorcade and shook JFK’s hand. Not since then, have I personally seen so much excitement surrounding a presidential election.

But, this is not what I do. I report on Denver’s Residential Market from MLS data on a weekly basis. Let me tell you, these numbers are just as exciting as any Presidential Election in their own way. Closings are HUGE. Pendings are HUGE. New Listings are not!!!

New Listing (869) This reminiscent of a Christmas/New Years week.
Coming Soon (120)
Back On Market (254)
Price Increase (266)
Price Decrease (720)
Pending (1618) A typical week for Contracts, not great, not bad.
Withdrawn (230)
Leased (67)
Closed (2149) This is HUGE! Seldom does a 7 day total exceed 2,000 units.
Expired (480)
MLS Data for the Week Preceding 11/03/2020

What’s next? As I have often expressed in these posts, I can’t predict the future, but I sure can guess. My guess is more of the same. There will be the typical “shock” of the election outcome. There will be some knuckleheads running around crying. There will be some volatility in the market through year’s end. And, people needing shelter will still be moving. Life goes on. In my lifetime, the DOW could still hit 100,000, and if we had more LISTINGS in this market, we would have even more sales!

What do you think of all that? It’s a guess right?

Anyway, if you are buying, selling, moving to another state or even another country or if you know anyone who might be, please come to us. We pride ourselves in your satisfaction. We advocate for you. Your wants and needs motivate us to complete your mission.

TheCryerTeam@Kentwood.com

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