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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9418 E Theia Drive Mesa, AZ 85212

$799,000

5 Beds

4.5 Baths

4,341 SqFt

Status Active

MLS # 6780854

Property Type Single Family Residence

Price Type --

Welcome to your Eastmark dream home. There is fantastic curb appeal, from the impeccably designed landscape to the paver driveway leading to a three-car garage. Discover a captivating interior, starting with the living room, offering high ceilings, a soothing palette, and attractive wood-look flooring. Gather loved ones in the spacious great room with wide sliding doors that open to the backyard for seamless indoor-outdoor living. The delightful chef's kitchen showcases quartz counters, abundant cabinetry with crown moulding, a stylish tile backsplash, pendant/recessed lighting, stainless steel appliances, and a large center island with a breakfast bar. Upstairs, you'll find a sizeable loft that provides additional space for work or relaxation. The casita offers one bed & a full bath. The primary bedroom includes plush carpet, an ensuite with double vanities, and a walk-in closet. You'll find two covered patios for outdoor relaxation. It's a highly desirable location right next to the community park.

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10925 E Silvertree Drive Sun Lakes, AZ 85248

Open House

New

$799,000

2 Beds

2.5 Baths

2,659 SqFt

Status Active

MLS # 6782886

Property Type Single Family Residence

Price Type --

RESORT STYLE LIVING in Sun Lakes, AZ, is already a THING..... now you can make it YOUR THING!!! This Incredible Borgata model, with 2bd, 2.5ba, 2.5 CAR GARAGE, AND a SEPARATE DEN, is located in the HIGHLY DESIRED community of PALO VERDE in Sun Lakes. This home has had a complete FACELIFT....A RESORT LIKE back yard.... NEW SALT WATER POOL with Extended Deck and Patio, NEW ROOF and ALL 4 NEW SKYLIGHTS, Newer HVAC, NEW FLOORING, NEW PAINT INTERIOR and EXTERIOR, NEW OFFICE CUSTOM REMODEL, New Appliances and New Kitchen Remodel with GRANITE Counters. ALL bathrooms have been UPGRADED, BUT.... the Primary has been RECREATED!!. This IS A MUST SEE HOME, and Sun Lakes with ALL IT OFFERS, is TRULY a MUST VISIT COMMUNITY!!!

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17226 W Calistoga Drive Surprise, AZ 85387

Open House

$799,000

2 Beds

2 Baths

2,127 SqFt

Status Active

MLS # 6748884

Property Type Single Family Residence

Price Type --

PRIDE of OWNERSHIP at its finest! ORIGINAL OWNERS. BORGATA PLUS CASITA has a stack stone finish throughout the exterior, front and back. Recently painted as well. Very popular model in THE GRAND offers 2 bedrooms 2 bathrooms and can easily be made into a 3rd bedroom from original model when built. Don't forget the Beautiful, detached CASITA as you enter the private courtyard. The peaceful and serene rear patio and backyard will have you relaxing with the views of the golf course and Mountains in the distance. Misting system added recently & resurfaced patio floor. Built in gas grill. Also, many upgrades throughout. New energy efficient windows, HVAC system, hot water heater, energy efficient insulation throughout. So much more to mention. So, book appointments now to view before its gone.

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18427 N 42nd Street Phoenix, AZ 85032

Open House

$799,000

4 Beds

2 Baths

2,530 SqFt

Status Active

MLS # 6778769

Property Type Single Family Residence

Price Type --

STOP THE CAR...This beautiful 4 bedroom/2 bath home and an entertainer's backyard, including new Pebbletech coating on the diving pool, built in BBQ, hot tub, outdoor kiva/fireplace, lovely covered patio with seating area ,and a lot in excess of 1/3 acre. NO HOA!!! As an Airbnb this has rented for $5-6K/Month and $250-$450 daily during the high season. Very close to highway 51 and 20 minutes from Sky Harbor airport. Check out the photos!!!!

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4048 E Kroll Drive Gilbert, AZ 85234

Open House

$799,000

5 Beds

3 Baths

3,363 SqFt

Status Active

MLS # 6781233

Property Type Single Family Residence

Price Type --

Welcome to 4048 E Kroll Drive, a spacious 5-bedroom, 3-bath home in desirable Gilbert, AZ. Perfect for families or entertainers. This home has it all private pool, game/bonus room, loft, open office, and 3 car garage! Enjoy saving with owned solar. and AC units under 5 yrs old. Laminate flooring throughout . The large living areas flow seamlessly, with a modern kitchen and dining space that overlooks the beautifully landscaped backyard. The home is within walking distance to Highland High School and close to shopping, dining, and parks, offering convenience and comfort. Park and basketball court directly accross the street. A must-see gem in a prime location!

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28414 N 101st Place Scottsdale, AZ 85262

Open House

$799,000

2 Beds

2.5 Baths

2,562 SqFt

Status Active

MLS # 6740136

Property Type Townhouse

Price Type --

PRICE REDUCTION 25.9K Luxury Listing: Exquisite Townhouse in Troon North AN ELITE GOLF COMMUNITY, Scottsdale, AZ Step into a world of unparalleled luxury with this masterfully remodeled (2021) and professionally designed 2 beds, 2.5 bath townhouse nestled in the prestigious Troon North, Scottsdale, AZ. This smart home, seamlessly integrated with ALEXA voice control, spans 2,562 sq ft and boasts cutting-edge features including a Tesla Solar System and a pristine 2-car garage equipped with a charging station and sleek epoxy floors. The whole-house Lutron smart lighting system, complemented by a new roof and solar tube sky lighting (2022), illuminates every corner with elegance. Indulge your culinary passions in the gourmet chef's kitchen, adorned with top-of-the-line Thermador appliances, custom cabinetry, and luxurious & leathered granite countertops that has a particular rustic charm & more traditional granite countertop centered around a massive island. The primary suite is your personal sanctuary, featuring a spa-like en-suite bathroom and an expansive closet with custom built-ins and a closet island that redefines organization and style. The renovated second bedroom and bathroom offer versatility, perfect for hosting guests or setting up a sophisticated home office. Situated just a short stroll from the world renowned Troon North Golf Club and mere minutes from Scottsdale's premier shopping, dining, and entertainment, this townhouse is a haven of sophistication and convenience. Embrace a lifestyle of opulence and modern convenience in this exquisite Troon North retreat. See the documents tab for a list of key luxury features.

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24619 S Ribbonwood Drive Sun Lakes, AZ 85248

Open House

$799,000

2 Beds

2.5 Baths

2,631 SqFt

Status Active

MLS # 6734586

Property Type Single Family Residence

Price Type --

Golf lot home in Sun Lakes. Unobstructed views of the 18th Green. This Borgata Model is a 2BR w/large den, and bonus room, both that could be converted to bedrooms. Spacious kitchen with pullout shelving, long peninsula w/travertine tile counters & wet bar. Primary bedroom includes a sitting area, huge soaking tub, separate shower, double sinks and large walk-in closet. Second bathroom has a walk-in tub/spa w/shower. Formal living room W/wood burning fireplace. Your large extended patio w/Ramada allows you to enjoy the sunrise, and golf course views from your pristine desert landscaping. Perfect for large gatherings. Take a swim or jacuzzi across the street in the Voax pool, or walk to the club house and enjoy all the amenities.

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3229 E Mountain View Road Phoenix, AZ 85028

Open House

$799,000

3 Beds

2 Baths

1,986 SqFt

Status Active

MLS # 6745011

Property Type Single Family Residence

Price Type --

Seize the rare opportunity to own a home in the highly sought-after Sierra Bonita neighborhood, situated in the scenic foothills of the Phoenix Mountain Preserve. This stunning residence features an open & spacious floor plan, ideal for both relaxing & entertaining. The interior has been professionally renovated to enhance both space & efficiency. A wall separating the front room from the living room was removed, creating a more open layout. HVAC soffits were rerouted & removed, adding a foot of space to the hallway & all bedroom entryways while improving system efficiency. The HVAC system was also fully refreshed with new ductwork & foam insulation. Additional updates include engineered hardwood flooring, recessed lighting, a foam roof & much more! The kitchen offers beautiful granite countertops, stainless steel appliances, a stone backsplash, all enhanced by natural light from dual skylights & large windows that overlook the picturesque backyard. Step outside into your private retreat, where the backyard promises to impress. Enjoy a gorgeous pool with an upgraded system, featuring a Pentair pump, vacuum, & filter. The outdoor space also boasts a new built-in grill, perfect for entertaining, as well as a putting green with a sand trap, a pre-wired surround sound system, & an elevated patio with a pergola-covered seating area. Gather around the large gas fire pit for cozy evenings under the stars. Nature & outdoor enthusiasts will appreciate being just minutes away from a variety of multi-use trails, perfect for exploring the stunning landscape of the Phoenix Mountain Preserve. Conveniently located with easy access to the 51 freeway, ensuring quick commutes. Best of all, this home comes with the added benefit of NO HOA!

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725 E Claremont Street Phoenix, AZ 85014

Open House

$799,000

4 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6764286

Property Type Single Family Residence

Price Type --

Central Phoenix Gem - open floor plan, 4 bed, 3 bath, office & garage home that was completely remodeled in 2020. Upgrades include: roof, HVAC, 200 amp electrical panel, sewer line, windows, flooring, lighting, & more. The kitchen features: quartz counters with island, gas range, hood, ss appliances, pantry & soft close cabinets. Additionally, the owner's suite features: dual sinks, glass enclosed shower, free standing tub & walk-in closet. Step outside & enjoy an easy maintenance yard with a large patio & plenty of room to add a pool. Location - Central Phx - offers some of the valley's best amenities with restaurants, shops, trails & golf all nearby as well as being located in the Madison Sch Dist. No HOA Backyard ready for your dream pool design! *See rendering photo for inspiration*

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36601 N Mule Train Road Carefree, AZ 85377

Open House

$799,000

2 Beds

2 Baths

2,050 SqFt

Status Active

MLS # 6766174

Property Type Townhouse

Price Type --

MOTIVATED SELLER!!! This elegant upper-level condo in gated Village at Carefree offers unparalleled views of Desert Forest Golf Course, Black Mountain, & Continental Mountain ranges. Impeccably redesigned, the home showcases upscale craftsmanship with new flooring, smart fixtures, & upgraded plumbing & electrical. The open floor plan features a chef's kitchen with quartz countertops & new stainless-steel appliances. Two spacious bedrooms, including a primary suite with enlarged closets, and bathrooms with tiled walk-in showers provide comfort & style. The home also boasts two balconies, energy-efficient features, a large laundry room & a one-car garage. Resort-like amenities & proximity to downtown Town of Carefree, shopping & restaurants complete this gorgeous offering. See MORE & VIDEO Condo exterior will be re-painted in fall 2024 via HOA. All furniture is available for a turn-key move in via Bill of Sale.

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13827 W Forest Pleasant Place Peoria, AZ 85383

Open House

$799,000

5 Beds

4.5 Baths

3,554 SqFt

Status Active

MLS # 6775032

Property Type Single Family Residence

Price Type --

Built in 2024, this like-new home is ready for immediate move-in. Being offered by current owner and not the builder. This presents a unique opportunity to skip the wait and enjoy modern living right away. Welcome to this bright, airy, and beautifully designed two-story Pulte 2024 built home located in the quaint neighborhood of the Foothills at Northpointe. With 5 bedrooms, 4.5 bathrooms, and a 3-car garage, this new-build offers a spacious and modern layout perfect for family living and entertaining. The home features stunning custom finishes, including a custom floor-to-ceiling fireplace and entertainment center, and sleek, high end lighting fixtures throughout. The work station, enclosed with French doors, provides a quiet and functional area for productivity. (Cont'd) Step outside into the fully completed backyard, thoughtfully designed with a pergola, BBQ landing pad, and a convenient garbage can walkway. Inside, you'll enjoy the convenience of modern electronic blinds throughout the home controlled via remote or iPhone, as well as custom pleated curtains that add a touch of elegance to every room. The new laundry machines and state-of-the-art steam closet make daily chores a breeze. For electric vehicle owners, the in-garage Tesla charger is a must-have. This home offers the perfect blend of comfort, style, and convenience, ready for you to move in and make it your own!

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9240 E Broken Arrow Drive Scottsdale, AZ 85262

Open House

$799,000

4 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6738795

Property Type Single Family Residence

Price Type --

Elevate your lifestyle! Welcome to this stunning 4-bedroom, 2-bathroom residence nestled in Legend Trail community, a renowned master-planned neighborhood in North Scottsdale. This single-level gem is ideally located on a quiet cul-de-sac and boasts a range of modern features and incredible views. What makes this house unique? Stunning sunset views and mountain views. New roof and HVAC system, plus an electric car charger in the 2-car garage which also includes custom built-in cabinets. Open-concept kitchen and family room, formal living and dining areas, plank tile flooring, and plantation shutters throughout. Low maintenance front and back landscaping ensures you spend more time enjoying your home. You will also enjoy all the amenities of Legend Trail's community center which includes 2 pools, fitness center, tennis and pickle ball courts and clubhouse - all included in the HOA fee. Come experience the best of Scottsdale with cooler temperatures and nearby golf courses and hiking trails. Don't miss your chance to own a piece of this vibrant community!

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