NAR Data Shows Now Is a Great Time to Sell!

We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.

Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that home-buying demand continued to outpace supply in May.

The map below illustrates buyer demand broken down by state (the darker your state, the stronger the demand is there).

In addition to revealing high demand, the index also mentioned that “compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 24 states, ‘stable’ in 25 states, and ‘strong’ in D.C and West Virginia.” 

Takeaway: Demand for housing continues to be strong throughout 2017, but supply is struggling to keep up, and this trend is likely to continue into 2018.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales, but was instead the inventory of homes for sale (supply). The report explained:

• Total housing inventory rose 2.1% to 1.96 million homes available for sale
• That represents a 4.2-month supply at the current sales pace
• Unsold inventory is 8.4% lower than a year ago, marking the 24th consecutive month with year-over-year declines

According to Lawrence Yun, Chief Economist at NAR:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 4.2- month supply, and houses are going under contract fast. The Confidence Index shows that 55% of properties were on the market for less than a month when sold.

In May, properties sold nationally were typically on the market for 27 days. As Yun notes, this will continue, unless more listings come to the market.

“With new and existing supply failing to catch up with demand, several markets this summer will continue to see homes going under contract at this remarkably fast pace of under a month.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market. And the supply will continue to ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house. Give me a call for more information – J.P. Cook – 602-320-4253.

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877 W Golden Ore Pass Apache Junction, AZ 85120

$874,251

5 Beds

4 Baths

3,656 SqFt

Status Active

MLS # 6771716

Property Type Single Family Residence

Price Type --

Extraordinary farmhouse modern home currently under construction in Blossom Rock, a community that offers biking/walking paths, a playground, clubhouse, and a pool! The LEED certified home features 5 bedrooms, 4 baths, an office, a game room, and a 2 bay front loaded garage alongside a 1 bay side turn garage. The designer selected home boasts an Executive kitchen with a 36'' gas cooktop and Della Terra Quartz countertops. Other features include a GenSmart with a kitchenette, upgraded Benton Paint White cabinets, 12' ceilings in the kitchen, great room, and dining room, plank tile flooring with upgraded carpet, and a 16' center pull glass door at the kitchen. Pavers can be found at the porch, courtyard, and driveway.

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Pinetop AZ 85935

$874,000

4 Beds

3 Baths

2,914 SqFt

Status Active

MLS # 6657406

Property Type Single Family Residence

Price Type --

'ATTENTION VETERANS! THIS HOME HAS A VA ASSUMABLE LOAN OF A LOW RATE OF 5.008%! 'Woodland Hills Beauty'' nestled on .66 of an acre. This Entertains Delight boasts 2 Master Suites, 4 lg Bdrms, 3 full Baths, Gourmet Kitchen w/ high end finishes, Great Rm w/FP, Office/Study, Formal Dining, Covered Front Deck & Covered back Patio, Fully Fenced, RV parking, Oversized 2 car garage w/ tons of storage (pulldown ladder for attic storage) & bonus game room & more! Conveys partially furnished! Close to Woodland Lake with rec fields, walking trails. Close to schools. Great area for families. WOW! ATTENTION VETERANS! HAS A VA ASSUMABLE LOAN!

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35213 W Van Buren Street Tonopah, AZ 85354

$874,000

3 Beds

2 Baths

1,919 SqFt

Status Active

MLS # 6670949

Property Type Manufactured Home

Price Type --

**FREE 2-1 RATE BUY DOWN** This gem of a property, located just minutes from I-10, offers just under 12.5 acres of flat, usable and buildable land, a very well laid out 3 bedroom plus a den 2 bath home with extended length covered patios and a large attached carport and storage room, BRAND NEW SHASTA POOL, covered RV parking, large covered area for feed or equipment storage, 8 covered 16x24 stalls, arena, private well, abundance of peace and quiet and a never ending supply of beautiful Arizona sunsets....even the furniture can stay so all that is missing is YOU! SLLER MAY CARRY!

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2223 N Beverly Place Buckeye, AZ 85396

$874,000

4 Beds

2.5 Baths

3,248 SqFt

Status Active

MLS # 6749293

Property Type Single Family Residence

Price Type --

Experience the BEST of Verrado living! This energy-efficient home features spray foam insulation, 47 OWNED SOLAR PANELS, Tesla batteries for OFF-GRID capability, and NO ELECTRIC BILLS—just yearly credits! Ideally located across from a serene park with captivating views. Enjoy sunsets from your porch or retreat to your backyard oasis with a sparkling pool, swim-up bar, and covered BBQ area. Inside, find wood-look tile floors, stainless steel appliances, new carpet, and smart features like a Rachio watering system and updated pool equipment. The garage has epoxy floors, custom cabinets, and extra storage. Plus, a den and versatile BONUS ROOM perfect for a home office, craft room, or gym. Luxury, comfort, and sustainability in one of Buckeye's most desirable communities.

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4304 W Ivanhoe Street Laveen, AZ 85339

$873,000

4 Beds

3 Baths

2,301 SqFt

Status Active

MLS # 6740362

Property Type Single Family Residence

Price Type --

Rare opportunity! Beautiful territorial home located on 2.324 acres of non-HOA land. This home is situated next to unobstructed views of the South Mountain Preserves. This property has spectacular panoramic mountain views to the East with quiet, serene privacy. You can enjoy riding horses, biking, hiking or just having coffee on the large paved backyard patio complete with a fire pit. The large home has 2,301 sq. ft. and is super clean (air conditioning ducks have been cleaned prior to listing home) and well maintained. Upon entering this home, you will notice the large open area complete with a wood-burning fireplace and the popular Coretec Plus vinyl plank flooring. This home is a must see if you are looking for a home with 2 plus acres, no HOA and privacy! Please click on more . As you continue exploring this home you cannot help but see the beautiful solid oak interior doors and oak trim throughout that boasts quality. The home emphasizes 4 bedrooms (4th bedroom off the great room could be used for an office complete with a separate entry) and 3 baths. the kitchen is complete with soft-closing cabinet door & drawers, GE Microwave, glass top range and Kenmore dishwasher, large laundry room with lots of storage and a newer a/c unit. There is a sky light in the laundry room, guest bathroom and 3 in the garage. Also included is energy efficient dual pane windows and a soft water system. The attached oversized garage has an epoxied floor, utility sink, plumbed for ice maker, R-19 insulated walls and ceiling, 2inch insulted overhead door, storage cabinets, separate entry door, 220- amp circuit, option of adding 2 more 20-amp circuits, and extra installed pavers next to concrete driveway, leading up to garage. For an extra bonus there is a detached garage/shed (estimate size 16 x 32) with an 8-foot overhead door and a walk-through door. This building has endless uses including car/truck storage, hobbies, storage just to name a few. The exterior of the home has 2-50-amp RV outlets, parking pad for small RV or 3rd vehicle. You will also enjoy the low maintenance landscaping and automatic irrigation system. Close access to Loop 202 South Mountain Freeway. Also close to 5G Verizon tower. This home is a must see if you are looking for a home with 2 plus acres, no HOA and privacy!

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22592 E Alyssa Drive Queen Creek, AZ 85142

$871,485

4 Beds

3 Baths

3,555 SqFt

Status Active

MLS # 6773984

Property Type Single Family Residence

Price Type --

Last opportunity to own a Tri Pointe Home in Madera, specifically the Terrace community. Loaded with designer selections, this single-level masterpiece is a must-see. The kitchen has executive appliances with double wall ovens and a 36'' gas cooktop, light tone quartz countertops with a waterfall edge island, and more! Other features include Benton birch flagstone with black bronze hardware, a 16' center pull sliding glass door at the great room, 12' ceilings at the great room, custom tile surrounds at the primary shower, upgraded bath fixtures in stainless brilliance, and square drywall corners with contemporary baseboards and door trim. There is also a laundry sink with base cabinets, 2in faux wood blinds throughout, upgraded interior paint in snowbound, and a garage service door.

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20475 E Palomino Drive Queen Creek, AZ 85142

$871,000

4 Beds

3.5 Baths

3,218 SqFt

Status Active

MLS # 6771550

Property Type Single Family Residence

Price Type --

Located in the unique and highly sought after equestrian neighborhood of Will Rogers Equestrian Ranch you are afforded amenities and opportunities unlike any other neighborhood in town! HOA offers a club house, community pool, trailer parking, and horse facilities to keep your animals close. And the home itself offers solar panels with no loan or lease payment, an expansive pool complete with waterfall, rope swing and lap lane, large, covered patio, gazebo, and plenty of space behind the RV gate to park any cars or toys you may have! The single car garage is double deep and offers an over height door to accommodate any parking needs you may have. With double master bedrooms this home is perfect for extended family needs or guests. You're going to love this neighborhood! Come see this one!

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5743 N 208th Lane Buckeye, AZ 85396

$870,796

3 Beds

3.5 Baths

2,870 SqFt

Status Active

MLS # 6714356

Property Type Single Family Residence

Price Type --

MLS#6714356 Ready Now! The Shire in Victory at Verrado, a 55+ active lifestyle community, offers a great open floorplan layout with beautiful mountain views. Enter the foyer area and stop by the private study to work from home or read a book. Two private guest bedrooms are on either side of the foyer - each has its own full bath and walk-in closet. Enter the heart of the home and enjoy the open gathering room that seamlessly connects to the kitchen with center island and dining area. Perfect for entertaining! Structural options include: paver front porch, 15' x 8' multi sliding glass door, additional 2 car garage, upgraded square corners, 5 baseboards, pre-plumb for future laundry sink, and gas line for future outdoor kitchen.

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3561 E Weather Vane Road Gilbert, AZ 85296

$870,000

4 Beds

3 Baths

3,297 SqFt

Status Active

MLS # 6756346

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Gilbert! This stunning former-model home exudes elegance and comfort at every turn. With four bedrooms, three bathrooms, and an impressive 3,297 square feet of living space, this property offers ample room for families of all sizes. As you approach the house, you'll be greeted by the charming tree-lined streets of the Morrison Ranch neighborhood. The curb appeal is undeniable, with a beautifully landscaped front yard, pavered driveway, and front porch. Step inside, and you'll immediately be impressed by the attention to detail and high-end finishes. Wood flooring, plantation shutters, crown molding, wainscoting, and built ins. The open floor plan creates a seamless flow between living spaces, perfect for both everyday life and entertaining guests. The heart of this home is undoubtedly the gourmet kitchen, which features granite countertops, stainless steel appliances, and upgraded 42-inch cabinets. The island provides additional prep space, while the pantry ensures ample storage. The eat-in kitchen area makes meals even more convenient. The two main living areas ensure plenty of space for everyone to gather and enjoy each other's company. The loft area upstairs offers additional flexibility, serving as a perfect playroom or teenage retreat spot, and has a covered balcony to enjoy. The primary bedroom offers a spacious layout and an ensuite bathroom. The dedicated office, school, or craft room has built-ins, a desk, and crown molding. Outside, the backyard is your private oasis. The sparkling pebble-tec pool with a rock waterfall is perfect for cooling off on hot summer days or hosting pool parties with friends and family. The covered tiled patio with surround sound, custom outdoor kitchen, and seating area add to the enjoyment. Situated in the desirable Morrison Ranch community, you'll enjoy easy access to a variety of amenities. Stroll to nearby stores and restaurants or explore one of the multiple parks, catch-and-release fishing lakes, basketball and sand volleyball courts, or the Riparian Preserve at Water Ranch, which offers a beautiful natural escape for exercising, birdwatching, or picnicking. This home is located within the top-rated Gilbert School District, which offers excellent educational opportunities from elementary through high school. Don't miss the opportunity to make this stunning property your new home, sweet home.

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8714 E Jackrabbit Road Scottsdale, AZ 85250

$870,000

4 Beds

3 Baths

2,196 SqFt

Status Active

MLS # 6764221

Property Type Single Family Residence

Price Type --

Welcome home to stunning views of Camelback Mountain and your beautifully remodeled home featuring 4 bedrooms, 3 baths and two living spaces. The oversized master suite boasts a large walk-in closet an impressive spa-like bathroom. Two additional large bedrooms are on the same side of the home with the fourth bedroom split across the home with private den and full bathroom. 2 car garage, with direct access from the garage to the mud room. The home boasts new plumbing, a new sewer line, and updated electrical wiring for added peace of mind. The bright and open floor plan is enhanced by abundant natural light. The chef's kitchen is outfitted with a gas stove, new top of the line refrigerator, upgraded quartz counters, and a beautiful eat at quartz island. GREAT PRICE/GREAT HOME

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7839 E Nestling Way Scottsdale, AZ 85255

$870,000

4 Beds

2 Baths

2,014 SqFt

Status Active

MLS # 6778338

Property Type Single Family Residence

Price Type --

Tastefully updated 4 bedroom/2 bath home in the always popular community of Grayhawk Village. The interior offers Travertine floors in the main living areas with warm and inviting wood plank floors in the bedrooms. Newer kitchen and baths renovation feature beautiful, custom granite counters with tile backsplash, stainless appliances and white cabinets finished with black matte hardware. North/South exposure and the large backyard is the perfect place to create your own personal Desert Oasis. Come and live the good life in Grayhawk and all it offers with easy access to dining, shopping and the opportunity for endless outdoor experiences such as Golf, walking and biking paths and parks. Easy access to the 101 and all the things that make Scottsdale a wonderful place to live.

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8989 N Gainey Center Drive Unit 108 Scottsdale, AZ 85258

$870,000

3 Beds

3 Baths

2,113 SqFt

Status Active Under Contract

MLS # 6713396

Property Type Townhouse

Price Type --

Desirable end-unit townhome in the 72 unit, gated community of 8989 Gainey Center. This residence features three bedrooms, three bathrooms and second-floor bonus room. The Owner's Suite offers a private balcony. For outdoor entertainment, the inviting patio provides the perfect setting for gatherings with friends and family. Additional highlights of this home include a two-car garage, ensuring ample parking and storage space. While the property is in its original condition, it presents an exceptional value and a unique opportunity for you to personalize and make it your own. Discover the potential and lifestyle that await you in this exceptional townhome. See the attached floor plan for more details. Don't miss out on this rare find!

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