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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2525 W Live Oak Drive Prescott, AZ 86305

$850,000

3 Beds

2 Baths

2,929 SqFt

Status Active Under Contract

MLS # 6778070

Property Type Single Family Residence

Price Type --

Discover the allure of this charming 3-bedroom, 2-bathroom home nestled on a picturesque 1.81-acre lot adorned with light woods. The residence boasts a warm and inviting ambiance, complemented by a cozy fireplace, creating the perfect setting for relaxation and gatherings. Step outside onto the beautiful covered patio, where you can unwind and enjoy the serene surroundings. With its harmonious blend of nature and comfort, this property invites you to embrace a tranquil lifestyle in a truly enchanting setting.

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1 Easy Street Unit 8 Carefree, AZ 85377

$850,000

3 Beds

3.5 Baths

2,191 SqFt

Status Active Under Contract

MLS # 6673085

Property Type Townhouse

Price Type --

This unique location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in this upscale community. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by the open concept design, gourmet kitchen, and opulent primary suites. The amazing mountain views that surround this community only enhance the tranquil, luxurious atmosphere. Community features Pool, Spa, Putting Green, Bocce

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20911 E Excelsior Avenue Queen Creek, AZ 85142

$850,000

3 Beds

2 Baths

2,205 SqFt

Status Active Under Contract

MLS # 6697543

Property Type Single Family Residence

Price Type --

Gorgeous stacked stone exterior in Orchard Ranch! RV Garage 30x40 with epoxy floor, fenced pool, outdoor living areas with covered and uncovered patio areas, plenty of room for horses, great room open to the fabulous kitchen. Vaulted ceilings welcome you into a great room with a stacked stone gas fireplace. The huge kitchen has stunning dual color cabinetry with quartz and granite countertops. Huge master suite has attached bath with custom vanity-dual sinks, huge jetted tub, separate shower and TWO walk-in closets, plus door to patio. Secondary bedrooms at the other end of the house share a hall bathroom with custom vanity. Huge laundry room with washer and dryer and tons of cabinets. 3 car garage PLUS RV Garage. IRRIGATED!! Corner lot is very private. 2 new AC units

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10202 N 101st Street Scottsdale, AZ 85258

$850,000

2 Beds

2 Baths

1,797 SqFt

Status Active Under Contract

MLS # 6780536

Property Type Townhouse

Price Type --

RARE OPPORTUNITY, single story home on the water in the guard-gated community of Las Brisas! 2-bedroom, 2 bath + den home offers waterfront living. The kitchen is open to the spacious living area which leads to a large patio, perfect for entertaining or simply relaxing while enjoying tranquility of being lakeside. Eat in kitchen, breakfast bar, formal dining area make for a great floorplan. Improvements to the home include new roof 2019, HVAC 2019, water heater 2021, pathway & back patio pavers 2020, decorative security front door and side window allow security & fresh air, water filtration system for courtyard water fountain 2021. Community amenities consist of multiple pools, tennis courts, clubhouse. Located near the 101, shopping, restaurants, great schools & medical facilities.

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28036 N 31st Avenue Phoenix, AZ 85083

$850,000

4 Beds

3 Baths

2,284 SqFt

Status Active Under Contract

MLS # 6777976

Property Type Single Family Residence

Price Type --

Discover this beautifully updated mid-century home on nearly two acres, featuring a unique courtyard design where nearly every room (except one bedroom) opens to a sparkling swimming pool, perfect for entertaining. Extensive upgrades include Milgard windows and doors, granite countertops, and stainless steel appliances. Enjoy tall, beamed ceilings, stylish lighting, and stone floors, complemented by glass bowl sinks and plantation shutters. The split master suite offers privacy, with practical features like a mechanics pit in the two-car garage and a spacious three-car carport. This property is horse-friendly! Surrounded by mature trees & majestic saguaros, the lot boasts views of the majestic mountains.

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1531 W Rhea Road Queen Creek, AZ 85142

New

$850,000

4 Beds

3 Baths

2,812 SqFt

Status Active

MLS # 6785631

Property Type Single Family Residence

Price Type --

Must see! Main home conveys 4 bedrooms plus den/playroom/workout room, 3 car garage with epoxy flooring and 2 fireplaces. Large master shower with luxury tub and 2 showers in the same space. Quartz countertops, backsplash, stainless steel appliances. Extended covered patio with epoxy, accessible from the living area via glass garage door and door off kitchen. Close to San Tan Regional Park, Horseshoe Park Equestrian Centre, shopping, hospitals, entertainment and more! This home is the only house on the street with city water service.

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9003 E Windrose Drive Scottsdale, AZ 85260

$850,000

3 Beds

2 Baths

1,579 SqFt

Status Active

MLS # 6777460

Property Type Single Family Residence

Price Type --

THERE IS NOT ANOTHER PROPERTY IN 85260 OR 85259 IN THIS SQUARE FOOTAGE RANGE THAT HAS BEEN REMODELED THIS EXTENSIVELY OR THIS TASTEFULLY. NEW AS OF SEPTEMBER 2024: ROOF WITH 20 YEAR WARRANTY, CABINETRY THROUGHOUT HOME, HIGH END STAINLESS APPLIANCES, GRANITE/QUARTZ COUNTERTOPS, MARBLE BACKSPLASH, LVP FLOORING THROUGHOUT, CEILING FANS/LIGHT FIXTURES, REIMAGINED FIREPLACE, LARGE FORMAT TILES, DELTA BATH FIXTURES, SWISS MADISON TOILETS, NEW HARDWARE, INTERIOR/EXTERIOR PAINT & LANDSCAPING. ALSO FEATURES A SPARKLING HEATED POOL/SPA, A GREAT ROOM FLOORPLAN THAT FLOWS SEAMLESSLY & A GOURMET KITCHEN THAT HAS A LARGE ISLAND WITH STORAGE ON BOTH SIDES IN ADDITION TO A PANTRY CLOSET. THIS SPECIAL HOME IS IN A FABULOUS LOCATION SITUATED ON A PRIVATE LOT WITH EASY MAINTENANCE LANDSCAPING & A MUST HAVE OPEN CONCEPT FLOORPLAN WITH SOARING VAULTED CEILINGS WHERE FUNCTIONALITY MEETS BEAUTIFUL TIMELESS DESIGN !!!!

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7217 E Valley View Road Scottsdale, AZ 85250

$850,000

2 Beds

2 Baths

2,166 SqFt

Status Active

MLS # 6766715

Property Type Townhouse

Price Type --

Step inside this charming townhouse in Villa de Bendita! Explore this beautiful 2 bedroom plus office home, is designed to feel both spacious and inviting with vaulted ceilings and plenty of natural light throughout. This beautiful kitchen has tons of storage as well as a large pantry. In the evenings, imagine cozying up by the fireplace to unwind, or enjoying your tranquil backyard oasis—perfect for relaxing and entertaining.

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3260 E Mead Drive Gilbert, AZ 85298

$850,000

4 Beds

4.5 Baths

4,120 SqFt

Status Active

MLS # 6700887

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom home in Marbella Vineyard offering perfect blend of comfort, style, and convenience. The spacious and inviting living areas are flooded with natural light and soaring ceilings creating an airy ambiance throughout the home. The formal dining room and charming courtyard are perfect for entertaining and creating lasting memories with friends and family. A versatile office space is ideal for those who work from home or need a quiet spot to focus. The heart of the home is the well-appointed kitchen, complete with modern appliances, ample storage space, and a center island. The kitchen overlooks both the cozy den and large family room with surround sound and stacked stone feature wall. Upstairs, you'll discover 3 spacious bedrooms, each offering a tranquil retreat for rest and relaxation. The primary suite boasts a large sitting area/home office space, his & hers walk-in closets, and a luxurious ensuite bathroom with dual sinks, a soaking tub, and a separate shower providing the perfect oasis. The oversized loft has enough space for endless possibilities. The downstairs bedroom is complete with en-suite bathroom. The backyard offers a covered patio, outdoor kitchen, and grassy area and RV gate. Marbella Vineyards community features a 7-acre park, walking paths, three recreation areas that include, ramadas, picnic tables, playgrounds, sandlot volleyball, basketball courts & barbecue areas. Convenient to shopping, schools & entertainment.

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34015 N 10th Street Phoenix, AZ 85085

$850,000

3 Beds

3 Baths

2,054 SqFt

Status Active

MLS # 6711393

Property Type Single Family Residence

Price Type --

Custom Ranch Style 3 bedroom, 2 bathroom home with a bonus game room or office, located on a huge flat elevated lot. 2.1 acre lot with paved road, Cave Creek Water and SW Gas. Surrounded by custom homes. Open floorplan, vaulted ceilings, 2x6 construction. Original owners took meticulous care of the property. Home boasts an attached oversized 3-car garage with work bench and full bathroom, plus additional 2 bay 45 ft RV garage able to handle a large Class A RV. Epoxy floor garage also includes a vehicle lift and separate septic/dump. Four stall carport could be used for vehicles, equipment or horses. Built-in outdoor BBQ makes for a great entertaining space. Indoor gas fireplace feels cozy and warm in the winter. Beautiful natural Arizona desert landscaping. Close proximity to the Sonoran Mountain Preserve with miles of trails for biking, hiking and horseback riding and awesome views of Black Mountain in Cave Creek and Four Peaks!

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3925 Gold Ridge Road Wickenburg, AZ 85390

$850,000

3 Beds

3.5 Baths

2,670 SqFt

Status Active

MLS # 6715991

Property Type Single Family Residence

Price Type --

REDUCED $50K!! ASSUMABLE LOW INTEREST VA LOAN, 2.75% to any qualified buyer. Shea's most sought after Latigo floor plan, no waiting! This is a designer home so the upgrades are endless. This home features a sliding wall of glass, soft neutral color palette, beautiful wood look tile floors throughout, carpet in BD. Master suite is filled with natural light, opulent bath with oversized tub, separate shower, His & Her's walk-in closets. Den/office is perfect workspace for your home office. Guest will love the Casita with full coffee counter, walk-in closet, full bath. Back patio is a dream w/ gorgeous 3 spout water feature(see private remarks), pull down shades, fire pit, fully fenced too! Oversized 3+ car garage, epoxy floor. SOLAR TOO! Assumable low 2.75% loan + over $225K in upgrades.

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4931 E Marino Drive Scottsdale, AZ 85254

$850,000

3 Beds

2 Baths

2,159 SqFt

Status Active

MLS # 6771285

Property Type Single Family Residence

Price Type --

Beautifully appointed 3 -bedroom plus office, 2- bathroom home , located in desired 85254 zip code. Master bathroom with soaking jet tub plus shower, granite countertops in the kitchen. Private pool with travertine deck, extended covered patio, built in outdoor kitchen. Open floorplan with vaulted ceiling. Come and see!

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