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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

3702 W Riordan Ranch Road Phoenix, AZ 85083

$839,000

4 Beds

3 Baths

3,479 SqFt

Status Active

MLS # 6763338

Property Type Single Family Residence

Price Type --

Experience breathtaking mountain views in this stunning 4-bedroom home. With owned solar panels, you'll enjoy significant energy savings and a reduced carbon footprint! This home features 3 full bathrooms, den, spacious living room, and a formal dining with butler's pantry, this home is perfect for entertaining. The eat-in kitchen, equipped with tons of cabinet space and storage, flows into the family room with a cozy gas fireplace. Enjoy a loft for additional space. The backyard is a private oasis with lush grass and a self-cleaning pebble tec play pool with soothing water features. Complete with a 3-car garage, this move-in ready home is a true gem. Welcome home!

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10399 E Saltillo Drive Scottsdale, AZ 85255

$839,000

4 Beds

3 Baths

1,963 SqFt

Status Active

MLS # 6769621

Property Type Single Family Residence

Price Type --

Welcome to this charming 4-bedroom, 3-bathroom home located in the highly sought-after McDowell Mountain Ranch community! This beautifully updated property features an open kitchen, vaulted ceilings, and large windows throughout that fill the space with natural light. The home also includes a two-car garage and a putting green in the backyard, perfect for outdoor enjoyment. Over the years, it has been thoughtfully remodeled with fresh paint, new carpet upstairs, a water softener, newer AC units and so much more. Nestled in a desirable community with access to top-tier amenities and breathtaking views, this home truly has it all. The McDowell community has walking trails, 2 pools, 10 pickleball courts, tennis courts, splash-pads, basketball courts and playgrounds! Come see this home today!

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9457 W Coral Mountain Road Casa Grande, AZ 85194

$839,000

4 Beds

3 Baths

3,094 SqFt

Status Active Under Contract

MLS # 6585158

Property Type Single Family Residence

Price Type --

2023 Modern Mediterranean home with attached Casita. It's decor is a blend of cultural influences with open spaces & elegance. 1 full acre just 2 minutes from I-10. Beautiful iron doors lead you to a Dream Gourmet kitchen complete with gas cooktop, amazing hood, oven, pot filler, island, stainless appliances, deep white sink, rich quartz counter tops, decorative back splash, brilliant chandelier lighting. & upgraded cabinetry. Grand family room with fireplace & 18' slider for magnificent views. Amazing master suite with Impressive master bath complete with tile & stone inlay. huge double back patio, RV gate, block fence, Paver driveway, Blown in foam insulation,2X6 exterior walls & sprinkler system. HOA allows RV's Boats & Toy

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6921 W Fremont Road Laveen, AZ 85339

$839,000

5 Beds

3 Baths

3,662 SqFt

Status Active Under Contract

MLS # 6711972

Property Type Single Family Residence

Price Type --

Stunning Horse Property! 1 acre lot, 24 foot entry. Salt water Pool with remote controlled lights, water slide, attached Grotto in pool, cave under grotto seats 6 persons, ''10 person spa Included'' Solar leased, Kitchen Granite Counters, Cherry spice raised 42 inch cabinets with crown molding, large walk in pantry with a door. Build in Granite Island, stainless steel appliances all included. Dramatic Stairway, primary is upstairs, Master bedroom suite with jetted tub, separate shower, private toilet, spacious walk in closet. Loft upstairs. Garage has 4 plus spaces insulated. The casita has private entrance, own ac. Sprinklers throughout, Security system, 8 cameras around the property. 3 front doors. Seller needs 15 days to move.

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8622 Jupiter Drive Flagstaff, AZ 86004

$839,000

4 Beds

3 Baths

3,209 SqFt

Status Active Under Contract

MLS # 6744885

Property Type Single Family Residence

Price Type --

**SELLERS MOTIVATED**If you're looking for a beautiful multi-generational home on 2.5 acres with stunning views of the San Francisco Peaks, look no further! This property features a spacious main home of 2,473 sq feet, including 3 bedrooms and 2 bathrooms. Enjoy large family and living areas, both equipped with pellet stoves to keep you warm during the colder months. The fenced front yard is perfect for relaxing while enjoying the tranquility of rural living. Additionally, there's a charming 1 bed 1 bath guest home with an attached garage, ideal for short or long term living. This property backs up to the National Forest, providing excellent opportunities for hiking and watching wildlife. With ample space for outdoor toys, animals, and guests, you'll have plenty of room for all your needs

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302 E Coral Gables Drive Phoenix, AZ 85022

Open House

$839,000

4 Beds

2 Baths

2,543 SqFt

Status Active

MLS # 6763600

Property Type Single Family Residence

Price Type --

Don't miss this beautiful 4-bed, 2-bath, 2,500 + sq ft home on a coveted corner lot in Moon Valley's sought-after Sandahl home. Features N/S exposure, split floor plan, designated dining room, and eat-in kitchen. The backyard is perfect for family fun, and entertaining, with a pool, pergola and spacious patio. Plus, a conditioned 200 sq ft workshop perfect for an office, gym, or creative space. Triple pane windows keep the outside out. Extra insulation in the attic helps with Heating/cooling costs. Don't miss this gem in a prime location close to schools, parks, and neighborhood hotspot restaurants!

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7167 E Rancho Vista Drive Unit 3003 Scottsdale, AZ 85251

$838,800

2 Beds

2 Baths

1,155 SqFt

Status Active

MLS # 6700295

Property Type Apartment

Price Type --

This beautifully remodeled condo offers a prime investment opportunity, currently generating $6,000 per month in rental income. Located in the heart of Scottsdale, the 2/2 condo features a luxurious open layout with marble floors and gold accents. The chef's kitchen boasts stainless steel appliances, marble countertops, and a dining area, flowing into a spacious living room with a fireplace and patio views of the community pool. The expansive master suite includes dual closets and a spa-like en-suite with dual vanities and a multi-head shower. With high-end finishes and consistent rental income, this condo is a perfect investment opportunity or a fabulous place to call home.

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3258 W Via Dona Road Phoenix, AZ 85083

$838,000

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6713785

Property Type Single Family Residence

Price Type --

BRAND NEW HOME!! ONE OF THE BEST VIEW LOTS IN THE DEVELOPMENT! Here is your chance to buy a move in ready home with NO WAIT TIME. This is the beautiful Trillium Model situated on an amazing lot with awesome views! This 4 bedroom/3 bathroom plus NEXT GEN Suite, is one of the best Lennar floorplans they have. Everything is BRAND NEW, with backyard landscaping coming soon. Easy access to the entire valley and close to the new TSM Semiconductor Facility. Gated Community. Builder warranty transfers to new owner. Come take a look at this wonderful home before it is gone! (Photos are of builders model. Home is unfurnished and more photos will be added)

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2955 E Appaloosa Road Gilbert, AZ 85296

$838,000

3 Beds

2.5 Baths

2,525 SqFt

Status Active

MLS # 6766666

Property Type Single Family Residence

Price Type --

You'll love this STUNNING Crafstman-style home in Morrison Ranch that offers 3 bedrooms plus a den with double doors and 2.5 baths in 2525 SqFt. Beautifully updated and meticulously maintained by the original owners, this home offers custom details throughout. The gourmet kitchen features upgraded espresso cabinetry, granite countertops, tile backsplash, stainless appliances including a gas cooktop and wall ovens, a large walk-in pantry, and an island with breakfast bar and pendant lighting. The great room and dining area have tons of natural light thanks to added windows above and below the regular windows. Sliding doors lead out to the covered patio with a gas stub for your BBQ, extended paver patio with pergola covering, and a great backyard with artificial turf for kids and pets to play on, raised planter beds, and only single story neighbors. Split bedroom layout. The primary suite offers a spa-like bath with dual sink vanity, large soaking tub with tile surround, deluxe double tiled shower with bench seating and multiple shower heads, and a walk-in closet with a convenient door into a spacious laundry room with cabinets & shelving. Two secondary bedrooms share a Jack & Jill bath with double sinks, and there's also an additional powder room for guests. Other features include mud room, designer lighting fixtures and ceiling fans, upgraded tile floors throughout living areas and baths, and a 3 car tandem garage.

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6738 S Rachael Way Gilbert, AZ 85298

$838,000

4 Beds

3 Baths

2,740 SqFt

Status Active

MLS # 6741651

Property Type Single Family Residence

Price Type --

Living is good at Seville Golf & Country Club community located in the heart of Gilbert! Look no further than this beautiful & updated home! Enjoy your own backyard oasis, backing to a greenbelt, year-round swimming with your heated/cooled pool, BBQ island, screened patio & fire pit. Inside, you'll be impressed by the extensive remodel of this 4 bed/3bath home (den could be 4th) featuring upgraded hardwood & tile flooring, recently painted, plantation shutters, beautifully updated bathrooms, and a stunning stacked stone fireplace with entertainment wall. The kitchen with granite countertops, island, pantry, and stainless steel appliances. This home is truly a gem in the heart of Gilbert.

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15265 N 104th Way Scottsdale, AZ 85255

$837,000

4 Beds

3 Baths

2,132 SqFt

Status Active

MLS # 6763054

Property Type Single Family Residence

Price Type --

PRICE IMPROVEMENT! Well-kept home walking distance to Community Center/pool/tennis/playground/school. Walk to Thompson 105 restaurant! Large kitchen with white cabinets. Sparkling pool with lots of afternoon shade. Wood floors, Plantation Shutters, unique mud room, bedroom on main. Walk-out deck with views of McDowell Mtns! Newer ac and roof! Solar panels! Perfect home in highly desirable McDowell Mountain Ranch community with A+schools and all the amenities you want! New roof-2019. New AC-2020. New water heater-2022. Solar panels-2015. Water softener & RO system. 2-car garage with lots of storage.

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3227 E Copperleaf Lane Flagstaff, AZ 86004

$835,944

4 Beds

4 Baths

2,370 SqFt

Status Active

MLS # 6784632

Property Type Townhouse

Price Type --

SPEC home recently complete and ready to move-in! New construction. This 2 level townhome features 4 bdrm 4 bath with 2370 sq ft. Master bedroom downstairs, additional bdrm/bathroom downstairs, and 2 bedrooms w/bathrooms up. Standard features include spray foam insulation, tankless hot water heater, gas dryer and range hookup. Tile surround shower with pony wall in master bath. All appliances included with this home. Backyard landscaping included. Truly Move-in ready! Escape the heat of the valley and come to the cool mountains of Flagstaff! Don't miss out on this one with the seller offering large $$ incentives!

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