The Double Comma Club

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Where did all the under $500K homes go?

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The July DMAR Market Trends data was released this week, and there are two notable trends. First, when comparing 2021 to pre-covid 2019, our seasonality is falling back into normal ranges. We have a healthy influx of listings which were up 8 percent, 2 percent more homes went under contract, and there were 7.5 percent more closings when compared to 2019, yet we continue to see three times the price growth. If I return to our current month-over-month or year-over-year and stop there, we are bleeding red.

But the real story is in the green. Green month-over-month active listings are eluding to hope that more balance is on its way, yet green double-digit annual closed prices say that balance may not arrive too quickly. The second trend that stuck out is that year-to-date, homes priced over $500,000 are flying off the shelves compared to 2020 and 2019, with more homes at higher prices coming on the market, going under contract, and closing. Year to date 54 percent of all homes sold in the Denver market were over $500,000. In July, that number spiked to 74 percent. Where did all of the under $500,000 priced homes go?

 

1031 Reverse Exchanges and What You Need To Know

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In this episode, Tracey Wilson of IPX1031.com compares the 1031 Exchange from the previous episode and explains the 1031 Reverse Exchange. In the previous episode Tracey Wilson went into details about the 1031 Exchange laws, how they work, details you need to know, including the six rules.

Here is the nutshell of this 8-minute episode. You'll want to listen or call Tracey to get a more comprehensive explanation:

In a Forward Exchange, you would sell the old property. You have 45 days to identify the new, buy new, then 180 days to complete the purchase of the new property.

In a Reverse Exchange, there are two types:
1. replacement property parked first
2. relinquished property parked first.

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What you need to know about 1031 exchanges

What you need to know about 1031 Exchanges

 

Nicole welcomes Tracey Wilson of Investment Property Exchange Services. You can find him at ipx1031.com. Ipx1031 has provided its clients with superior qualified intermediary services for three decades. And each year they assist thousands of clients and their tax and legal advisors by providing proven exchange solutions that best achieve the client's goals of enhancing their business portfolios and preserving equity. But he'll tell you more about that at the beginning of this episode. This is a two-part episode. There is so much to learn. This first one covers the basics you need to know as an agent and as an investor, about a 1031 exchange to avoid capital gains taxes. He will give you guidance, no matter how creative you think you are, he will have solutions and some recommendations to keep you out of hot water with the IRS. Listen to this episode now.

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False Summit or False Peak? DMAR June 2021

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The second half of May seemed to open up a bit. But, sorry, it was a false peak. Less inventory came on the market and more buyers went out looking for it. Inventory was down 6% from last month, and down 14% from last year inventory.

6718 homes went under contract, which was up 17% last month, and up 3% from last year.
Active listings dropped last month. In fact, there was a 20% drop and inventory fell below 2000 homes for sale the second time this year. Listings are spending and average of four days on market.

You have to be ready to pounce, offer 30K over asking, without any contingences and ready to close in 2 weeks.

26% higher close - higher end homes.
23% higher close -medium priced homes.
$700,000 average closed price detached.

We are nowhere near the peak. Same with rates. Rates turned up mid-month.
Inflation jumped 4.2% - the highest in 13 years. Core inflation jumped to 3%. This was the highest monthly gain - EVER. Get the rest of the insights by listening to this 9 minute episode. More false peaks are expected.

8 Steps to Self-Leadership with Ryan Leak

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Author, Speaker, Coach Ryan Leak is back! His book, Chasing Failure has been published. 8 steps to learn self-leadership starting now!

We laughed pretty hard and learned so much! Here are the questions covered:

1. What's it like to be around me?
2.  Do you know where you want to go?
     - What's one word you'd use to describe you?
     - What's one word others would use to describe you?
     - What's one word you'd like others to use to describe you?
3. What credit can I give away?
4. What mistakes can I own?
5. How can I get better? 
6. When can I make time to invest in myself. 
7. Whom am I investing in for the future?
8. Who knows who I really am? 

Inflation Explained to Understand Why It Changes

what is inflation and why should I care?

Headlines regularly push the topic of inflation. We usually know it's bad if it goes up, but why? What causes the change, and what industries are affected by it that will affect my life? These are questions answered in this episode. 

So what is inflation? We know it can occur in any product or service including need base expenses and want base expenses. We also know that the Federal Reserve Bank monitors the inflation rates.

The Consumer Price Index (CPI) measures what you and I feel at the grocery store, medical care, etc. Inflation rates have moved from 2.5 to 4.16 which is the largest increase since 2008. Food costs are rising twice as fast as pre-COVID. Retail sales are running out of steam after stimulus monies have been spent and sticker shock is settling in. This also pushes interest rates up.

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How to Build Your Top 25 Brand Advocates

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We continue the Agent Ignite session with Dr. Bruce Lund as he helps us master the four-hour workday. Some of what he covers in this session includes knowing the difference between a promoter and an advocate. Understanding the levels of relationships in business: Connectors, climbers, somedays, aspirational, and experts. He has some actionable homework for you too. Get excited! Listen now.

The First 90 Minutes of Your Four Hour Workday - Mind, Body, Heart and 30 for the Spirit

4 hour work day with Dr. Bruce Lund Your Sales Coach

Have you ever heard of the concept, "Eat the frog"? Eat the frog is basically, do the one thing that you really don't want to do first thing in the morning. So for a lot of us that is working out, and so I'm just a big believer. Here is a time system that works for success. Nicole's guest is Dr. Bruce Lund. He's here to get us started on the successful method of a four-hour work day by starting from the moment your feet hit the floor - the first 90 minutes, then going into the next 30 minutes.

Some of the point covered are:

Physical activity of some type, then move into the walk and talks later in the day after a light lunch.

Stimulating the mind by feeding it helpful information from people and resources you admire and trust, market stats you can share that will show you are of value to your followers and clients, inspirational tips, mediations.

Rely on people of influence rather than people of interest to inspire you. Get the ego out of it.

Practicing gratitude for at least 10 minutes a day. This can be making a list, or making a call.

Who is on your call list? Who is in your database? Take care of your time, your hear, body, mind and spirit by thinning out that list and putting them in the correct buckets.  You attracting high-maintenance people that commoditize you? They will ZAP you.

Listen to get the rest of the actionable items to take care of you, and then that will help you increase your success in all corners of your life.

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Strained Denver Housing Inventory, Understanding Headlines, and Cryptocurrency

Denver Report for Agents April 2021 - Agent Ignite

Here's the quote that impacted me today. Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, "I will try again tomorrow." I'm going to get up and I'm going to try again tomorrow. I loved this quote because some days you just feel so beaten down, but I actually love this quote right now from the perspective of the first-time homebuyer. It just really struck out at me because I know we've been working through trying to get those first-time homebuyers under contract. Especially the first-time homebuyers who are FHA or down payment assistance or minimum down, or don't have the money to do the appraisal gaps or put in over asking.

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Fact vs. Fiction - Housing Bubble - Colorado

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This is the one topic that has not only generated more calls to our office but to our agent clients, a crazy number of internet searches. People want to know - is the housing bubble about to hit? Let Nicole tell you how it is in Colorado. 

Fiction: an imminent collapse is coming.

Fiction: forbearance will lead to foreclosures, especially in Colorado.

Fact: Equity gain is our saving grace.

Fact: What's happening is leaps and bounds different than 2008.

Listen to this 10-minute episode to get the facts.

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