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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2001 W Thumb Butte Road Prescott, AZ 86305

$795,000

3 Beds

2 Baths

1,725 SqFt

Status Active

MLS # 6755561

Property Type Single Family Residence

Price Type --

Behold the one-of-a-kind masterpiece, affectionately known as Foxbriar. Here, artistry and craftsmanship come together in an assemblage of stone, wood, and carefully curated artifacts. The property boasts an open air, detached vinery that can deliver the ultimate outdoor dining experience. Alternatively, let your entrepreneurial spirit shine and transform this versatile space into a shop or studio. With storage galore above the garage, you'll have the space you need to keep your treasures organized. Picturesque Thumb Butte sits prominently in your view - a popular area to hike, bike and explore Prescott National Forest. All this, just minutes from shopping, restaurants, hospital and schools.

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7700 E Gainey Ranch Road Unit 206 Scottsdale, AZ 85258

$795,000

2 Beds

2 Baths

1,104 SqFt

Status Active

MLS # 6772829

Property Type Townhouse

Price Type --

IMMACULATE FURNISHED UNIT WITH OVER $150k REMODEL. EVERYTHING IS NEARLY BRAND NEW, INCLUDING ALL FURNISHINGS AND BEDROOM SETS. THE MODERNIZED FLOOR PLAN MAKES THE HOME FEEL VERY OPEN & LIGHT. THE SPACIOUS KITCHEN FEATURES ALL NEWER ELEGANT WHITE SHAKER CABINETS, NEWER WHIRLPOOL STAINLESS STEEL APPLIANCES & NEWER GORGEOUS GRANITE THROUGHOUT. THE EXTRA LARGE FAMILY ROOM IS THE PERFECT PLACE TO JUST RELAX IN FRONT OF THE FIREPLACE OR WATCH AN EVENT ON THE LARGE TV WHILE AT THE DINING TABLE OR THE LUXURY COUCH. NEWER CUSTOM BLINDS, NEWER ELEGANT WOOD LIKE PLANK TILE, NEWER LARGE BASEBOARDS, NEWER CEILING FANS, SINKS & ELEGANT PAINT THROUGHOUT. THE MASTER SUITE FEATURES NEW DUAL SINKS, GORGEOUS DESIGNER SHOWER, EXTRA LARGE WALK IN CLOSET. THE 2ND BEDROOM FEATURES(SEE MORE TAB) A CUSTOM MURPHY BED WITH A BUILT IN DESK WITH AN ELEGANT GRANITE TOP, TV, DOOR TO GUEST BATHROOM AND PRIVATE EXIT TO THE PATIO. THE PATIO FEATURES BEAUTIFUL VIEWS OF PALM TREES, NEW STAINLESS STEEL BARBEQUE, PATIO TABLE, CHAIRS AND UMBRELLA. CLOSE WALKING DISTANCE TO THE REMODELED ESTATE CLUB FEATURING TENNIS COURTS, PICKLEBALL COURTS, SWIMMING POOL AND STATE OF THE ART FITNESS EQUIPMENT. EXCELLENT LOCATION NEAR HYATT HOTEL, THE SHOPS GAINEY VILLAGE AND NUMEROUS RESTAURANTS. GUARD GATED COMMUNITY. THIS LUXURY, FURNISHED RENTAL IS TURNKEY. YOU WILL NOT FIND A CLEANER RENTAL AS EVERYTHING IS NEARLY BRAND NEW!!!!

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17165 W Piperton Street Unit 181 Surprise, AZ 85388

$795,000

3 Beds

3.5 Baths

2,489 SqFt

Status Active

MLS # 6757373

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the exclusive gated community of Sterling Grove, home to the prestigious Jack Nicklaus Signature Golf Course. Experience luxury living with resort-style amenities that make every day feel like a vacation. The Matthews model offers an open and spacious layout filled with elegance, featuring a seamless flow from the family room through sliding glass doors to a covered patio. The professionally landscaped front and backyard boast lush turf and a vibrant array of flowers, providing a picturesque setting. Inside, enjoy the beauty of upgraded wood plank tile flooring throughout, with plush carpeting in the bedrooms. The expansive kitchen is a chef's delight, complete with an oversized island perfect for dining, a gas cooktop, and a stylish hood.

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1764 E Alegria Road San Tan Valley, AZ 85140

$795,000

3 Beds

3 Baths

2,589 SqFt

Status Active

MLS # 6763094

Property Type Single Family Residence

Price Type --

This is a stunning Create model in the lovely Encanterra Country Club community. Upon entering the home, you will notice a very open feel from the entry all the way to the back yard. This popular Create model home is open for your guests with a large bedroom, gorgeous en-suite, and walk-in closet. The great room has had some gorgeous upgrades from the bar area to the brick wall and fire place. Built to entertain! The spacious back yard has a second fireplace to keep you warm and cozy on those cool AZ desert nights. Not to be left out, this home comes with solar as an added bonus. This home is not to be missed.

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18364 N Diamond Drive Surprise, AZ 85374

$795,000

2 Beds

2 Baths

2,474 SqFt

Status Active

MLS # 6762607

Property Type Single Family Residence

Price Type --

AS YOU ENTER THIS BEAUTIFUL WINDROSE ll. THE SENSATIONAL VIEWS OF THE 5TH GREEN OF GRANITE FALLS NORTH, THE MOUNTAINS & THE WATER ARE WOW! THIS HOME HAS IT ALL! FAUX STONE FRONT, NEUTRAL 18'' TILE & CARPET IN ALL THE RIGHT PLACES,,CENTRAL VAC , PLANTATION SHUTTERS T/O' ALL NEW WINDOWS, SURROUND SOUND, KITCHEN BOASTS GRANITE & SS APPLIANCES NEW IN 2018., NEW HVAC, NEW PVC IRRIGATION, LOVELY EXTENDED PATIO WITH AWNING & DROP SHADE. BUILT IN BBQ, GAS FIRE PIT, NEW ROOF, THE LIST GOES ON & ON THIS IS THE HOME OF YOUR DREAMS! THE 3 CAR GARAGE IS A HUGE PLUS. ALL FURNISHINGS ARE AVAILABLE AT NO COST TO BUYER!

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21650 W Date Creek Road Wickenburg, AZ 85390

$795,000

3 Beds

2 Baths

2,456 SqFt

Status Active

MLS # 6769212

Property Type Single Family Residence

Price Type --

Santa Fe style Custom Home in Wickenburg's Vista Royale. There is plenty of room in this 2455 sq ft home on almost 2.5 acres! The home features a 3bdrm 2bath split floorplan with a Formal Dining Room. The spacious kitchen opens up to the Breakfast Nook and Great Room with a propane Beehive Fireplace. Enjoy the Arizona weather from the large covered extended patio and sparkling pool.... a great place to entertain! This is a North/South property, so plenty of afternoon shade. In addition to the two-car attached garage, there is also a covered carport, and a storage shed...plenty of room for all your toys! The entire property is fenced with a gated entrance and a circle drive. There is plenty of additional useable space on the 2.5 acres.

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8894 E Sheena Drive Scottsdale, AZ 85260

$795,000

3 Beds

2 Baths

1,651 SqFt

Status Active

MLS # 6764867

Property Type Single Family Residence

Price Type --

Convenient Location, This 3 Bedroom/2 Bath home has a diving pool and 4 CAR GARAGE (3RD BAY IS TANDUM). NEW GE Stove, Refrigerator, Microwave. Sink, Disposal NEW ROOF, Newer Hot Water Heater, NEW Exterior Paint, Interior has many UPGRADES such as Ceiling Fans, Interior Hardware, Lights. Move in ready. CAN BE PURCHASED FURNISHED including Kitchen Items - Ask your agent for details. MOVE-IN READY....CARS, TOYS, OR STORAGE! OWNER/AGENT

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3130 E Battala Court Gilbert, AZ 85297

$795,000

5 Beds

4 Baths

3,672 SqFt

Status Active

MLS # 6781672

Property Type Single Family Residence

Price Type --

Step inside this STUNNING STRATLAND ESTATES home and experience the lifestyle it offers. This home has it all - 5 spacious bedrooms, A LOFT, and A DEN, giving everyone their own corner of comfort. Picture yourself in the incredible primary suite, complete with its own private sitting area. Need space? This is as good as it gets! The gourmet kitchen is a chef's dream appointed with stainless steel appliances, a built-in fridge and granite counterops, with a breakfast bar for casual mornings, and a formal dining area that opens to a private courtyard, perfect for intimate gatherings. And just wait until you see the entertainer's backyard! A built-in BBQ, sparkling pool, and perfectly manicured landscaping make it the ultimate spot for hosting or unwinding. Plus, bring all your toys, because the 4-car tandem garage has room for it all. Located in THE HEART of GILBERT, built in 2007 and ready for its next owner, opportunities like this are rare. Don't miss it! See SPDS - both HVAC's replaced in 2023, complete interior painted 10/24 and recently painted exterior.

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15320 W Baden Street Goodyear, AZ 85338

$795,000

3 Beds

3 Baths

2,963 SqFt

Status Active

MLS # 6769040

Property Type Single Family Residence

Price Type --

Welcome to 15320 W Baden St, a beautifully designed Fulton home with features perfect for relaxation, entertainment, and family living! The backyard boasts a stunning Pebble Tec pool with a basketball hoop, surrounded by elegant travertine decking and professionally designed landscaping. All bedrooms are conveniently located on the main level, while the spacious second-story loft, with over 800+ sq/ft, offers endless possibilities for entertaining or creating additional rooms. The 3-car tandem garage is insulated and includes a mini-split system for climate control, making it ideal for storage or hobbies. With a beautiful paver driveway and prime location, this home has it all!

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839 E Roeser Road Phoenix, AZ 85040

$795,000

7 Beds

4 Baths

2,451 SqFt

Status Active

MLS # 6770675

Property Type Single Family Residence

Price Type --

Welcome to a home that brims charm & character at every turn! Discover a 5 Bed 3 Bath 2451sqft Main House With an extra 2 Bed 1 Bath 806sqft Casita complete w/a great room, kitchen, two bedrooms, & a bathroom. Great for the family or additional income. Zoned R3 with half an acre of land there is plenty of potential to build & add more income! Main House boasts a formal family room that's perfect for relaxing evenings! Spotless kitchen offers plenty of espresso cabinetry w/crown moulding, stainless steel appliances, a center island w/a breakfast bar, quartz counters & backsplash, & recessed lighting. Rest & rejuvenation await in the serene primary retreat, showcasing a private ensuite w/a shower & tub combo & a walk-in closet. Don't miss the amazing opprotunity with endless possibilities!

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10012 E Nacoma Court Sun Lakes, AZ 85248

$795,000

2 Beds

2.5 Baths

2,846 SqFt

Status Active

MLS # 6775324

Property Type Single Family Residence

Price Type --

Highly desirable Marbella floor plan on the golf course in the gated Oakwood community is ready to welcome you home! Features include 2 spacious bedrooms, 2.5 baths, dedicated den, and bonus room can serve multiple purposes-whether a craft room, exercise room or media room. Enjoy an open concept kitchen with island, breakfast bar & dining nook. Large laundry room with utility sink leads to 3-car garage offering built-in cabinets & Kinetico water system. Discover outdoor living with a beautiful backyard and covered patio while enjoying the amazing AZ sunsets. With plenty of storage & flexible living spaces, this well-maintained home is ready to accommodate your lifestyle. Don't miss the opportunity to make this versatile property your own! Home improvements list (new HVAC & Roof) in docs.

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8344 E Bonnie Rose Avenue Scottsdale, AZ 85250

$795,000

3 Beds

2 Baths

1,539 SqFt

Status Active

MLS # 6777967

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Scottsdale! This beautifully designed residence features an inviting open floor plan with ample natural light, perfect for entertaining and everyday living. Enjoy a generous living room that flows seamlessly into the dining area and gourmet kitchen, complete with modern appliances and ample counter space. Step outside to a private backyard oasis with heated pool, lush landscaping, and plenty of space for outdoor dining and relaxation. Situated in a highly sought-after Scottsdale neighborhood, you'll have easy access to top-rated schools, shopping, dining, and recreational activities. Recently renovated, including roof, HVAC and pool equipment, this home boasts quality finishes, efficient systems, and smart home technology. Come see it today!

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