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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18925 S 211th Way Queen Creek, AZ 85142

$730,000

3 Beds

2.5 Baths

2,654 SqFt

Status Active

MLS # 6753009

Property Type Single Family Residence

Price Type --

The one you've been waiting for! Located in Queen Creek's prestigious Gateway Quarter neighborhood, this stunning residence has been meticulously maintained and shows just like a model home. A rare find on the ONLY oversized lot in the community! Stunning curb appeal with an upgraded Hill Country elevation, stacked stone accents, paver driveway, three-car split garage, and an inviting front porch. Step inside to discover a spacious floor plan adorned with high-end finishes and upgrades throughout. The gourmet kitchen is a chef's delight, featuring quartz countertops, tile backsplash, custom cabinets, stainless gas appliances, and a spacious island perfect for entertaining. The inviting living area offers an elegant design, abundance of natural light, and provides a seamless transition to the expansive backyard. Retreat to the luxurious owner's suite complete with a spa-like bathroom featuring dual vanities, a soaking tub, separate shower with rain showerhead, and a roomy walk-in closet. The additional bedrooms and den are split from the primary suite, offering privacy for family and guests. The outdoor space includes an extended covered patio, pavers, artificial turf, dog run, attached storage room, and plenty of room for a pool, garden, or whatever you desire. Other features include 10' ceilings, 8' doors, wood look tile throughout with carpet in the bedrooms, built-in surround sound, gorgeous lighting & ceiling fans, and a huge laundry room with a sink and built-in cabinets. This gorgeous home offers close proximity to top-rated schools, shopping, dining, and entertainment options. Don't miss out, see it today!

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4242 E Montecito Avenue Phoenix, AZ 85018

Open House

$730,000

3 Beds

2 Baths

1,193 SqFt

Status Active

MLS # 6764626

Property Type Single Family Residence

Price Type --

Absolutely lovely Arcadia area jewel that has been renovated and absolutely turn key with upgraded features throughout and is a short distance from area hot spots. From the barn wood floors to the inviting greige interior color palette, this 3 bed 2 bath property boasts thoughtful touches like extra storage cabinets, custom closets organizers, mud room and inside laundry. The kitchen is complete with custom cabinets, stainless steel appliances granite counters and hammered copper sink . Beautiful park like backyard with jacuzzi to relax in and take in the view of Camelback Mtn, Large covered patio, RV gate and storage shed with electricity and built-in work bench!

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1880 W Roderick Lane Wickenburg, AZ 85390

$729,999

2 Beds

2.5 Baths

1,852 SqFt

Status Active

MLS # 6762542

Property Type Single Family Residence

Price Type --

Welcome Home to this amazing property located in the heart of Wickenburg! This 2.4 acre property features all the amenities of city living but still situated far enough away to enjoy the mountain views, dark night skies and a cooler weather along with being located within Wickenburg Country Club with NO HOA! Plenty of room for your horses and close to the arenas for roping, your side by sides for all of the trails and don't forget your clubs, it's just a short ride to golf as well! Bright open kitchen with plenty of storage, great open floor plan including 3 beds 2 baths AND house has solar to help with those high electric bills during the hot summer months. Attached one car garage AND pull through RV garage.

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4232 W Porter Lane Queen Creek, AZ 85144

$729,999

4 Beds

2.5 Baths

2,697 SqFt

Status Active Under Contract

MLS # 6745613

Property Type Single Family Residence

Price Type --

NO HOA! Brand new high end construction. Built to be the most energy efficient homes on the market. Spray foam insulation with solid 2x6 construction keep your energy bills lower. Amazing 4 bedroom 2.5 bathroom with open split floorplan. Upgraded kitchen cabinets and appliances with stunning large waterfall island. Huge pantry with outlets for appliances and a built in beverage center included. Tall ceilings and upgrades throughout this home make it one of our most popular floorplans. Huge 3 panel sliding window opens up to your massive backyard with so much potential on this 1.25 acre lot. This house is fully move in ready with custom front yard landscaping included and wont last long!

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13480 N 103rd Place Scottsdale, AZ 85260

$729,999

4 Beds

3 Baths

2,114 SqFt

Status Active

MLS # 6737752

Property Type Single Family Residence

Price Type --

There's a reason so many people want to move to Scottsdale, Arizona. The community of Mountainview Ranch is located just minutes from the McDowell Mountains, the Scottsdale Airport, Ancala Country Club, Scottsdale Country Club, Kierland & so much more. This four bedroom home features vaulted ceilings & beautiful tile & wood flooring throughout. There's two separate living areas, providing plenty of room for everyone to relax & entertain. The kitchen has a gas stovetop, an island, & storage. Downstairs you'll also find one of the bedrooms & a full bathroom. The spacious owner's suite has a separate shower & soaking tub, double vanities, & a spacious walk in closet. Out back you'll discover a relaxing water feature & beautiful vegetation such as rose bushes & a pomegranate tree. Don't miss out on the opportunity to own an incredible house like this in Scottsdale, Arizona. Welcome home!

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11465 E Utah Avenue Mesa, AZ 85212

$729,990

6 Beds

4.5 Baths

4,173 SqFt

Status Active

MLS # 6781790

Property Type Single Family Residence

Price Type --

Discover this exquisite six-bedroom, 4.5-bath spanish-style home with an office and loft. The grand design features soaring 10-foot ceilings on both levels and striking 8-foot doors with brushed nickel handles. Natural light floods the great room through a 4-panel center slider, illuminating the 8x36'' wood-look tile flooring and crisp 4.25-inch baseboards throughout. Retreat to the primary bath's oversized shower, separate soaking tub, and dual vanities with brushed nickel faucets for a spa-like feel. The chef's kitchen boasts a 36-inch gas cooktop, wall oven, built-in microwave, grey quartz countertops, and white shaker cabinets with a hidden trash pull-out. Polished nickel hardware and a designer tile backsplash complete this refined space. Every detail embodies luxury and comfort, making it a sanctuary for modern living. Embrace the elegance and charm of this one-of-a-kind residence.

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22442 E San Tan Boulevard Queen Creek, AZ 85142

$729,990

4 Beds

3.5 Baths

3,464 SqFt

Status Active

MLS # 6668711

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. Located in an exclusive gated enclave within the vibrant Harvest community, the Enchantment series offers a prime location near swimming pools, a catch-and-release lake, and a park. It provides a quiet retreat close to shopping and entertainment. The well-appointed kitchen, featuring a large island and pantry, is perfect for entertaining or relaxing. Additionally, there's a full guest suite with a living room, ideal for visitors or permanent guests. Don't miss this opportunity.

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22875 E Mayberry Road Queen Creek, AZ 85142

$729,966

3 Beds

3 Baths

2,533 SqFt

Status Active

MLS # 6653107

Property Type Single Family Residence

Price Type --

You'll love this very charming ''Sequoia'' plan. ''Seller to pay 20K towards financing to buy down interest rate''. The home includes a Gourmet Kitchen w/ SS Chimney Hood, Beautiful 42'' cabinets, Granite C-top & Tile backsplash,, Tankless Water Heater, Service Garage Door , Atrium Door to patio, ''16 SEER RATING FOR AC '' ENERGY STAR HOME ! All this in BARNEY FARMS the newest Premiere Master Planned Community in Queen Creek, w/ RESORT like atmosphere, LAKE COMMUNITY w/ an large Amenity Center, fountains , 2 large Community Pools, Aquatic Center, Pickle Ball, Bocce Ball, Sand Volleyball, full court basketball , fishing ''catch and release'' kayaking, canoeing, walking trails thru-out. Barney Farms also has KMB K-6 School in the community. A MUST SEE !!

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16884 W Soft Wind Drive Surprise, AZ 85387

$729,950

5 Beds

3 Baths

3,048 SqFt

Status Active Under Contract

MLS # 6759422

Property Type Single Family Residence

Price Type --

Price Improvement! Many upgrades done by current owner, including the addition of the sparkling pool and spa!! Welcome to your dream pool home in the prestigious Asante community of Surprise, Arizona! This stunning property boasts five bedrooms, three bathrooms, and over 3000 square feet of luxurious living space. Step into your beautifully landscaped backyard oasis, complete with a sparkling pool to enjoy on hot Arizona days. The home also features a three-car garage, granite countertops, and a layout perfect for modern family living. With endless possibilities for entertainment and relaxation, this residence offers a blend of elegance and comfort that is sure to impress. Come and see beautiful home today. Paradise found! Welcome to Asante, a thriving community in Surprise, Arizona, where modern living meets natural beauty. Located just minutes from the Prasada shopping center, you'll enjoy easy access to a diverse array of shops, restaurants, and entertainment options. Plus, with convenient proximity to the US 60 and Hwy 303, exploring the greater Phoenix area is a breeze. Asante features beautifully designed homes surrounded by lush parks and walking trails, making it perfect for families and individuals seeking a vibrant lifestyle. Experience the convenience of city living while enjoying the warmth of a friendly neighborhood. Join us at Asante and discover your ideal home in a community that truly has it all!

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3843 E Old Stone Circle Chandler, AZ 85249

Open House

$729,900

4 Beds

3 Baths

2,766 SqFt

Status Active

MLS # 6724927

Property Type Single Family Residence

Price Type --

VOTED BEST HOME ON TOUR! Captivating Chandler home nestled Old Stone Ranch's charming tree-lined lake community. Updated home features 4 spacious bedrooms, incl one conveniently located on the main floor w adjacent full bath. Versatile loft & den overlook mature trees. Elegant interior offers formal living & dining areas, complemented by spacious kitchen w granite countertops, sleek gray cabinets, stainless steel appliances, gas stove, built-in bar, & inviting island. Main level showcases beautiful wood-look tile flooring, new carpeting added upstairs. Primary suite boasts stylish subway-tile walk-in shower. Expansive backyard is perfect for entertaining w pebble tec pool & oversized patio. Ideally situated near shopping, dining & entertainment, in desirable South Chandler New pool pump 2024, new water heater 2024, new carpet 2024.

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10096 E Bell Road Scottsdale, AZ 85260

New

$729,900

2 Beds

2 Baths

1,837 SqFt

Status Active

MLS # 6781391

Property Type Townhouse

Price Type --

Welcome to your dream townhouse in North Scottsdale! This single-level gem features 2 bedrooms and a separate dedicated office area. The layout is open and welcoming and offers cathedral ceilings, making entertaining a delight. And the split floorplan, provides bedrooms which are perfectly situated for privacy. Enjoy this convenient location, close to Market Street, the Grayhawk Golf Club, Barrett Jackson, The Phoenix Open, Westworld, Kierland, The Scottsdale Quarter and more! What a Great Place to call Home!!

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8638 E El Charro Lane Scottsdale, AZ 85250

$729,900

6 Beds

3 Baths

2,728 SqFt

Status Active

MLS # 6685495

Property Type Single Family Residence

Price Type --

NEW, LOW PRICE under $270/SF in SCOTTSDALE! ~ RARE, AMAZING OPPORTUNITY at an UNBELIEVABLE price ~ 6-BEDROOM, 3-BATHROOM home in FABULOUS Park Scottsdale ~ 2,728 square feet PLUS OVERSIZED 2.5 Car Garage w/EV Charger ~ SO MANY recent upgrades ~ Kitchen has been updated w/white cabinets, stainless steel appliances, in-drawer lighting, & WALK-IN PANTRY w/refrigerator ~ ROOF REPLACEMENT in 2021 ~ Main HVAC unit REPLACED in 2021 & 2nd HVAC unit replaced in 2023 ~ WATER SOFTENER installed in 2021 ~ DUAL PANE Windows ~ Water Heater replaced in 2021 ~ Formal Dining Room & a cozy Living Room featuring a charming FIREPLACE surrounded by built-in bookshelves ~ Large addition w/VAULTED CEILING Living Room + Ensuite Bedroom w/Bathroom (addition added by previous owner) ~ Primary Bedroom upstairs w/direct Bathroom entry & WALK IN CLOSET w/direct Bathroom entry & WALK IN CLOSET ~ 3 Total Bedrooms upstairs ~ 2 Bedrooms downstairs (one of them is REALLY OVERSIZED), Bathroom + Laundry Room ~ PRIME LOCATION close to the 101 freeway ~ Just minutes away from Talking Stick Baseball Fields, Old Town Scottsdale, Chaparral Park, the Scottsdale Greenbelt, as well as numerous shopping & dining options ~ FABULOUS SCHOOLS in the neighborhood - Pueblo Elementary Dual Language Spanish Immersion School, Navajo STEAM Elementary School, Mohave Middle School, Saguaro High School, Great Hearts and Scottsdale Community College ~ Don't miss out on this incredible opportunity to own a spacious home in Scottsdale at an amazing price! This home is being sold AS-IS.

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