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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1553 N 69th Place Scottsdale, AZ 85257

$865,000

4 Beds

2.5 Baths

2,628 SqFt

Status Active

MLS # 6724433

Property Type Single Family Residence

Price Type --

Discover luxury living in this 4+ bedroom, 2.5-bathroom gem located on a corner lot in a desirable Scottsdale gated community. Featuring an open floor plan with ample natural light and a gourmet kitchen boasting a large island with breakfast bar and stainless appliances. Enjoy spacious living and dining areas with custom in-ceiling speakers as well as a bonus entertaining or den space. All bedrooms and a bonus room are located on the second floor along with a walk-out terrace. The large master suite offers a walk-in closet and a luxurious en-suite bathroom. The tranquil backyard features a covered patio and easy to maintain turf. The garage boasts an EV charger and epoxy floors. Enjoy the community's resort-like amenities including a serene pool, spa, gym and BBQ grilling area. This property is located near Papago Park and the Phoenix Zoo and is a short drive to downtown. Don't miss your chance to make this home your own!

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29860 N 119th Avenue Peoria, AZ 85383

$865,000

5 Beds

4 Baths

4,043 SqFt

Status Active

MLS # 6727127

Property Type Single Family Residence

Price Type --

Come experience the lifestyle in the gated community Chaparral Canyon at Vistancia. Beautiful premium view lot backing to open space in the back.Energy efficient Solar Powered (owned) home with breaker box fitted to handle an EV charging system. Loaded with upgrades and charming appeal. Chef's Kitchen w/ Butler's Pantry offering a pass through to the Formal Dining Room. Open concept floor plan w/ spacious Great Room and Multi-Slide Door leading to backyard. Private main level Guest Room, Den AND Pocket Office. Generously sized Loft living space. Owner Ensuite w/ Spa like Bath complete w/ dual vanities, walk in tile surround shower and separate soaking tub. All Bedrooms have walk in closets and the primary is very large. Seamless engineered real wood flooring on first floor and stair case. 8' interior doors. Spray Foam Insulation, ENERGY STAR appliances and programmable thermostat, water-efficient plumbing fixtures, and more! OVER 100K IN UPGRADES!! See floor plan, elevation, dimensions and plans by clicking on Documents. Vistancia is a highly sought after master planned community with pools, walking trails, recreational and play areas, golf, tennis and basketball. Prime Peoria Arizona location just a few miles from the loop 303, Lake Pleasant, shopping and restaurants PLUS the future FIVE NORTH at VISTANCIA - envisioned to be a dynamic and vibrant lifestyle destination that offers a walkable and open connection to cool experiences, including 'best in class' and 'first to market' lifestyle and living options in Peoria. The initial phase of development is planned to include a main street restaurant/retail corridor.

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9695 N Fiorella Street Prescott Valley, AZ 86315

$865,000

4 Beds

2 Baths

2,511 SqFt

Status Active

MLS # 6754054

Property Type Single Family Residence

Price Type --

Discover your dream home in Legend Hills! This beautiful single-level home offers 3 bedrooms, 2 baths, plus a den or 4th bedroom, all within an open floorplan. With stunning views of Mingus, Granite, and Bradshaw Mountains, you'll love the spacious kitchen with granite countertops, stainless appliances, and alder cabinetry. Enjoy cozy nights by the gas fireplace in the great room, and relax in the luxurious primary suite with a walk-in shower and ample closet space. Outside, you'll find pipe rail perimeter fencing, 2 automatic gates, RV parking, a large storage shed roll up doors, and an oversized 3-car garage, new Generac generator for backup power. All this, set on 2.4 acres with city light views and privacy, makes this home a must-see!

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6917 S 219th Drive Buckeye, AZ 85326

$865,000

4 Beds

2.5 Baths

2,679 SqFt

Status Active

MLS # 6755029

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOME with DETACHED RV GARAGE and ACREAGE PROPERTY, with a one-person OWNED WELL, OFFERS a PEACEFUL LOCATION that is AWAY from THE BUSINESS OF DAYILY LIFE but close enough for CONVENIENCES*The SINGLE OWNER home has been BEAUTIFULLY MAINTAINED and METICULOUSLY CARED FOR*You have an OVERSIZED GREATROOM and EAT-IN NOOK that LOOKS out at the SPRAWLING GRASS, RAMADA and MOUNTAINS in the distance*the LARGE KITCHEN has GAS STOVE (propane), AMPLE UPGRADED CABINETS, and two pantries*You will love the POCKET OFFICE/HOBBY ROOM*OWNER BEDROOM has SITTING AREA, walk in closet, GRANITE COUNTERS and TILE WORK at the WALK IN SHOWER*Behind your rolling RV GATE is a TWO-BAY DETACHED GARAGE with a 50-AMP RV hook up and clean-up area*COME BY and SEE WHY you will WANT to CALL THIS PLACE YOUR ''HOME''

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4958 E Desert Vista Trail Cave Creek, AZ 85331

$865,000

4 Beds

3 Baths

3,557 SqFt

Status Active

MLS # 6772918

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This expansive 3,557 square foot residence boasts 4 bedrooms plus a versatile library/den, perfect for work or relaxation. Enjoy the luxury of 3 full bathrooms, ensuring convenience for family and guests alike. The spacious primary suite serves as a tranquil retreat, featuring a spa-like bathroom that promises rejuvenation with every visit. The chef's kitchen showcases elegant granite countertops, perfect for culinary adventures. Situated on a prime north-south facing lot, this home backs to serene open space, providing unparalleled privacy with no neighbors behind or beside you. The extended 3-car garage offers ample storage and parking space. The loft adds an extra dimension for play or study. Step outside to your own oasis, complete with a sparkling pool, soothing hot tub, and a charming water feature. The large covered patio is ideal for entertaining or enjoying peaceful evenings. Back yard includes a fire pit and dog run. Minutes away from Desert Ridge, Cave Creek, the 101, and the 51.

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22300 E Quintero Road Queen Creek, AZ 85142

$865,000

4 Beds

3.5 Baths

3,194 SqFt

Status Active Under Contract

MLS # 6702706

Property Type Single Family Residence

Price Type --

Motivated seller! Welcome to Queen Creek! This magnificent home has it all with soaring ceilings, custom stone work and a floorplan of your dreams. Enjoy your private gated court yard as you enter the well-appointed home, inside you will find a huge great room, a chef kitchen with a massive island, quartz countertops, a gorgeous primary suite with a beautiful bathroom and a dream custom closet. Step out to your private oasis HEATED pool and lush grassy yard. This split floor plan offers 3 additional large sized bedrooms with a flex room. The third rear bedroom has its own ensuite. You can enjoy the extended Laundry room with additional storage and extra closets throughout the home. Enjoy a 3 car garage and RV gate for extra parking and more!

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7354 E Sandia Circle Mesa, AZ 85207

$865,000

4 Beds

2.5 Baths

2,757 SqFt

Status Active Under Contract

MLS # 6742022

Property Type Single Family Residence

Price Type --

Welcome to your newly remodeled home, offering the perfect blend of comfort and style. Featuring 16-ft ceilings, 5-inch baseboards, and brand new LVP flooring, paint, and fixtures. The remodeled kitchen boasts white cabinets, quartz countertops, a gas stove, stainless appliances, and plenty of storage. The spacious master suite features private pool access and a huge walk-in closet. Enjoy our beautiful Arizona sunsets pool side with new pool, travertine patio, and BBQ in a large backyard backed by a greenbelt. With 0.31 acres, mature landscaping, and a cul-de-sac location, this home is a true gem! Don't miss out!

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8224 E Virginia Avenue Scottsdale, AZ 85257

Open House

$865,000

3 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6773017

Property Type Single Family Residence

Price Type --

Light, bright, and beautiful! This move-in ready residence feels like luxury and is quality finished with timeless features. Clean lines and modern, the gourmet kitchen opens to a massive great room including wet bar and formal dining. Natural light throughout, and boasting three generous sized bedrooms plus a bonus room. Enjoy spacious backyard perfect for entertaining complete with pool, extended paver patio, and turf area. Fabulous Scottsdale location nearby hiking, shopping and dining favorites!

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10331 E Wavelength Avenue Mesa, AZ 85212

Open House

$865,000

4 Beds

3 Baths

2,750 SqFt

Status Active

MLS # 6769794

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in the highly sought-after Eastmark community, boasting fantastic curb appeal with artificial turf, a paved driveway, and a location next to a serene common area walking path. Inside, you'll find neutral two-tone paint, elegant white wood shutters, and soaring 10-foot ceilings. The gourmet kitchen is a chef's dream, featuring quartz countertops, white cabinets with pot and pan drawers, ample counter space, a single basin sink, and modern pendant lighting. The front bedroom offers an ensuite with a beautifully tiled walk-in shower, while the other bedrooms are perfectly sized for comfort. The primary suite is a sunlit oasis with dual sinks, extra cabinet space, upgraded quartz countertops, a separate tub, and a tiled-to-ceiling shower with a rainfall showerhead. Additional thoughtful features include a convenient drop zone near the garage with built-in cubbies and hooks, a laundry room equipped with cabinetry, a water softener, and exterior sun shades. Step into your backyard retreat, complete with an extended pergola over the covered patio, a gas fire pit, built-in gas BBQ, heated pool with a large baja step, artificial turf, and custom planters. This home is part of a community that offers a world-class resort experience with luxurious pools, splash pads, numerous parks, Steadfast Farm, and the state-of-the-art clubhouse, The Mark, which hosts events year-round.

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7662 W Antelope Drive Peoria, AZ 85383

$864,990

4 Beds

3 Baths

3,024 SqFt

Status Active

MLS # 6777959

Property Type Single Family Residence

Price Type --

Special Financing Available!!!!!!!!! This new single-story home features Lennar's Next Gen® suite, a home within a home complete with a separate entrance, kitchen, bedroom and more for seamless independent living. Off the entry is a convenient den, leading to an open-concept floorplan with access to a covered patio for effortless entertaining and multitasking. Two secondary bedrooms are tucked away to the side of the home, with the luxe owner's suite nestled into a private rear corner with a spa-inspired bathroom and roomy walk-in closet. Photos are of a model home, not the actual home.

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7659 W Tether Trail Peoria, AZ 85383

$864,990

5 Beds

4.5 Baths

4,132 SqFt

Status Active

MLS # 6717198

Property Type Single Family Residence

Price Type --

Welcome to Ashton Woods newest community in Peoria -The Sanctuary at Aloravita. Welcome to your dream home with our stunning Diamond Floor Plan! This spacious two-story home boasts 4,132 sq ft of luxurious living space, featuring 5 oversized bedrooms and 4 1/2 bathrooms, perfect for accommodating your growing family or hosting guests. Step into the expansive great room, highlighted by a breathtaking 4-panel slider that seamlessly merges indoor and outdoor living. The kitchen is a culinary paradise, equipped with built-in appliances with gas range stove, elegant white painted shaker style cabinets, Della Terra quartz countertops, White Mosaic tiled backsplash, and polished nickel hardware. Indulge in premium interior finishes including 6x36 wood style plank tile floors in the main living spaces, upgraded plush carpeting in the bedrooms, loft, and a dedicated office space. Ascending the staircase, the second level unveils an owner retreat that exudes tranquility. The expansive owner's suite includes dual vanities in the bathroom and a large walk-in closet. Additional bedrooms on this level offer ample space for family or guests, each thoughtfully designed with comfort in mind, including a large loft for that extra needed space. Pamper yourself in the upgraded bathrooms adorned with stylish fixtures and lighting. Additional options in this home are 8 foot interior doors, soft water pre plumb, and paver driveway. Great location close to dining, freeways, parks, and entertainment!

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2810 S 201st Drive Buckeye, AZ 85326

$864,900

3 Beds

2 Baths

2,706 SqFt

Status Active

MLS # 6777286

Property Type Single Family Residence

Price Type --

Gorgeous Southwestern Home on an Irrigated Acre, Located on a quiet, paved street. This Park like property has 7 Mature Trees offering abundant shade. This Pristine Property has never housed Farm Animals. Enjoy the benefits of owning your own Private Well. This Spacious Great Room Floorplan has Vaulted ceilings, Authentic Log Beams, an Entertainment Niche and Cozy BeeHive Fireplace. The Kitchen Features a Cooks' Nook, Counter Height Bar, Spacious Counter Space and Bountiful Cabinet Storage with a Bay Window area to allow for a Generous Size Table. 3 Oversized Bedrooms all with Large Walk-In Closets round out this homes Perfect Blend of Southwest Living. Enjoy your Morning Coffee, or watch Magical Sunsets Poolside listening to the Tranquil Water Fall. This home is your Perfect Getaway! Owning your Own Perfect Getaway.

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