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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13002 N 48th Place Scottsdale, AZ 85254

$839,000

3 Beds

2 Baths

2,662 SqFt

Status Active

MLS # 6763694

Property Type Single Family Residence

Price Type --

Beautiful 3-bedroom, 2-bath, single-story home, on a large corner lot with NO HOA, offers a prime location near dining, parks, golf courses, hiking and biking trails. Its proximity to the highly anticipated Paradise Valley Mall redevelopment set to open soon makes it not only an excellent place to live but also a smart investment opportunity. Inside, you'll find a spacious open floor plan with warm-toned stained cabinets, granite countertops, and a stainless steel appliance package. The large master bedroom features an oversized walk-in travertine shower, while the backyard is ideal for entertaining with a sparkling pool, turf, built-in BBQ. Additional highlights include a 2-car garage with a charging station making this home an ideal blend of comfort, convenience, and distinctive charm.

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5203 E Wallace Avenue Scottsdale, AZ 85254

$839,000

4 Beds

2 Baths

1,995 SqFt

Status Active

MLS # 6767316

Property Type Single Family Residence

Price Type --

Beautifully upgraded home located in the desirable 85254 zip code. This home features 3 bedrooms and 2 full bathrooms, with a versatile den that can serve as an office or an additional room. Upon entering, you're welcomed by a spacious great room with vaulted ceilings that opens up to the backyard. The home boasts upgraded tile and laminate flooring throughout. The well-designed split floor plan offers maximum privacy, with the master bedroom on one side and the other bedrooms on the opposite side. The entire interior was painted a couple of years ago. Step into the backyard to find an expansive patio with upgraded tile flooring, overlooking a stunning pool and a large grassy area perfect for entertaining or for kids to play. Minutes away from Kierland, Dessert Ridge Mall and TPC golf.

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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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3125 E Louise Drive Phoenix, AZ 85050

$839,000

3 Beds

2.5 Baths

2,059 SqFt

Status Active

MLS # 6772935

Property Type Single Family Residence

Price Type --

Welcome to a stunning 3-bedroom, 2.5-bath home with a 2-car garage located in the highly sought-after Sky Crossing community. This open floorplan home boasts 9-foot ceilings and recessed lighting throughout. The chef-like kitchen features an island, walk-in pantry, sleek white cabinetry, gas cooktop, stainless steel appliances, and a water filtration system. The great room is equipped with surround sound, extending to the backyard patio. The primary bedroom showcases beautiful custom shiplap, a spacious walk-in closet, dual sinks, and a luxurious walk-in shower. Ceiling fans adorn every room, and the garage offers epoxy flooring and overhead storage racks. Step outside to a low-maintenance backyard with artificial turf & desert landscaping, along with a spacious covered patio. Sky Crossing amenities include a heated pool/spa, fitness center, playgrounds, clubhouse, and elementary school. Enjoy nearby shopping and dining at Desert Ridge Marketplace and City North. Come see for yourself today!

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17701 E Fort Verde Road Rio Verde, AZ 85263

$839,000

3 Beds

2 Baths

1,948 SqFt

Status Active

MLS # 6781247

Property Type Single Family Residence

Price Type --

Nestled in the beautiful resort-style community of Trilogy at Verde river, this exquisite residence offers an unparalleled blend of luxury and tranquility. Boasting 1,948 square feet of meticulously crafted living space, this 2 Bedroom plus a Den, 2 Bathroom haven is a testament to refined desert living. Step into a world where neutral hues dance with natural light, creating an ambiance of understated elegance. The gourmet kitchen, a culinary dream, showcases GE Monogram stainless steel appliances and a walk-in pantry that makes meal prep and entertaining a joy. Wood-look tile flows throughout, offering the warmth of timber with the practicality of ceramic. Designer lighting casts a flattering glow on the plantation shutters, while a multi-slide patio door beckons you to embrace the great outdoors. The primary bedroom, boasts a spa-like en-suite with a custom closet system ready to organize your wardrobe. Outside, an oversized lot backs onto natural desert open space, offering a private oasis where you can enjoy nature. The immaculate garage has epoxy flooring and built-in cabinets. The home also boasts a water softener and reverse osmosis system. Trilogy at Verde River is a Resort Style community featuring something for everyone! Tom Lehman designed golf course, tennis, pickle ball, bocce ball, heated lap pool and swimming pool, hot tub, fitness center, demonstration kitchen and a 7.5 acre dog park. The community center has casual and fine dining, luxury spa and an events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails yet close to the conveniences of affluent North Scottsdale. Live like you're on vacation!!

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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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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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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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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

New

$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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23116 N 94th Lane Peoria, AZ 85383

$835,270

4 Beds

3.5 Baths

3,003 SqFt

Status Active Under Contract

MLS # 6750543

Property Type Single Family Residence

Price Type --

Fantastic Corner lot with no neighbors on 2 sides. Located in the popular Meadows neighborhood - this 4 bedroom, 3.5 bath plus Den and flex room home has all the space you are looking for. Wonderful open concept floor plan with large great room and fantastic kitchen featuring rich designer cabinets, beautiful countertops and backsplash, stainless appliances, nice sized walk in pantry and the perfect dining area. Generous sized primary bedroom with en suite bath featuring dual vanities, large shower and walk in closet. Separate den with it's own private patio space! Large back yard with covered patio, additional travertine paved area for outdoor dining, artificial turf and raised garden beds. 3 car tandem garage. This special home has it all and then some!!

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