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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1403 E Elysian Pass Queen Creek, AZ 85140

$725,000

2 Beds

3 Baths

2,431 SqFt

Status Active

MLS # 6771200

Property Type Single Family Residence

Price Type --

This truly spectacular, 2BR + Large Den is a highly upgraded, luxury property in the gorgeous, private Encanterra All Ages Community. With over $400,000 in upgrades, this north/south facing home is move-in ready with too many designer touches and upgrades to list: The Gourmet Kitchen includes stainless steel GE Monogram appliances with two ovens, warming drawer, microwave/convection oven, oversized granite island, upgraded designer cabinets and under-cabinet lights, Two Owner's Suites, one with $80,000 custom closet to die for, with designer upgraded dual basins & faucets and walk in closets. Custom private den designed with a built desk area and elegant wood casing that compliments the beautiful glass French doors and real wood floors. Over-sized smart space/laundry room with stainless steel utility sink. Additional features: Iron & glass entry door, 3rd bath, central vacuum, water softener, RO system, wired for 7.1 surround sound, built-in BBQ and cozy fireplace outside under the large, covered patio. Not to forget, the garage is extended, insulated and climate-controlled with a professionally installed epoxy floor. Schedule your private showing to see this stunning property as you don't want to miss it.

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7301 E Almeria Road Scottsdale, AZ 85257

$725,000

3 Beds

2 Baths

1,497 SqFt

Status Active

MLS # 6771862

Property Type Single Family Residence

Price Type --

This open-concept floor plan offers plenty of space for entertaining, making it perfect for hosting friends and family. Step outside and enjoy a backyard that feels like a Palm Springs resort, offering year-round relaxation. On the days you're not swimming, you can unwind by the fire, work in your garden, or throw the ball for your pup in the large grassy area. You'll love being just a short walk from favorite local spots like Trevors, Sushiholic, and Fellow Osteria. Inside, the primary bedroom feels like a private spa, complete with a spacious walk-in closet and newly redone bathroom. For those work-from-home days, the custom-built office with its own entrance is perfect for focus and privacy. Plus, with a brand-new roof, HVAC, sewer lines, and landscaping, you can move in with peace of mind knowing the essentials are already done. This home has it all... You'll love it... I promise!

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15609 N 47th Street Phoenix, AZ 85032

Open House

$725,000

4 Beds

3 Baths

2,673 SqFt

Status Active

MLS # 6781070

Property Type Single Family Residence

Price Type --

Discover this stunning home nestled in the highly desirable Alcantara Villas community! Inside, enjoy a bright, open layout with a gourmet kitchen featuring sleek white cabinetry, quartz countertops, a large island, and a walk-in pantry. The spacious living areas include a versatile loft, perfect for an office, playroom, or relaxation space. The inviting living room is highlighted by a 20-foot sliding glass door that fills the space with natural light. Step outside to an oversized patio and beautifully landscaped yard, which make for an ideal outdoor retreat. This meticulously maintained home combines luxury, comfort, and a prime location. With easy access to AZ 51 and AZ 101 highways, commuting across the Valley is a breeze. Plus, you're within 10 minutes of top shopping and dining destinations, including Desert Ridge, Kierland Commons, Scottsdale Quarter, and the newly renovated PV Mall. Don't miss the chance to make this incredible home yours!

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935 E Morningstar Lane Tempe, AZ 85283

Open House

$725,000

4 Beds

3 Baths

2,892 SqFt

Status Active

MLS # 6772926

Property Type Single Family Residence

Price Type --

Welcome to the Highly Desired Tempe Lakes! The Recent Updating to Include: High End Kitchen Cabinets w/ Granite Countertops - Travertine Flooring - Wine/Coffee Bar - Stainless Steel Kitchen Appliances - Dual Pane Windows Throughout - Pebble Tec Pool - Rear Patio has Built in BBQ Island w/ Sink - Custom Stair Railing - All Bedrooms are Oversized - Enjoy the Multi-Million $ Clubhouse - South Tempe Good Schools - Lake Access is only a 1/2 Block Away from the 5.5 Miles of Shoreline the Tempe Lakes has to Offer! - A Friendly Place to Live!!

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402 W Beechnut Place Sun Lakes, AZ 85248

Open House

$725,000

3 Beds

3 Baths

2,348 SqFt

Status Active

MLS # 6776343

Property Type Single Family Residence

Price Type --

DESIRABLE Barcelona w/ CASITA Model in the GATED, ADULT COMMUNITY of Ironwood featuring INTEGRA BLOCK CONSTRUCTION, 2019 ROOF, 2021 Water Heater, 3 Bedrooms + DEN & PVC LANDSCAPE DRIP SYSTEM. The EAT-IN Kitchen features an ISLAND, tons of cabinet space, Pantry, Stainless Appliances & GAS COOKTOP. The SPACIOUS Master Suite has a sitting room, double sinks, SEPARATE TUB/SHOWER & MASSIVE WALK-IN CLOSET. Full Guest Bath & 2nd Bedroom in main house. 3rd Bedroom/Bath in SEPARATE GUEST HOUSE. Extra storage in the LAUNDRY ROOM & 2-CAR PLUS GOLF CART GARAGE. The NORTH-FACING, EXTENDED AZ ROOM overlooks the LOW MAINTENANCE BACKYARD w/ AMAZING GOLF COURSE VIEW. All of this PLUS Sun Lakes' amenities like: golf, tennis, pickle ball, pools, fitness center, clubs, social activities & restaurants!

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15115 N 100th Way Scottsdale, AZ 85260

Open House

New

$725,000

3 Beds

2 Baths

1,691 SqFt

Status Active

MLS # 6783420

Property Type Single Family Residence

Price Type --

Step into this stunning 3-bedroom, 2-bathroom gem, perfectly designed for comfortable living and entertaining. The updated kitchen boasts sleek countertops, stainless steel appliances, and ample storage, making meal prep a breeze. Relax in the spacious living area or retreat to the primary suite, complete with an en-suite bath. The private backyard offers a serene escape with lush landscaping, perfect for morning coffee or evening gatherings. Nestled in a peaceful neighborhood, this home combines style and tranquility. Don't miss the opportunity to make it yours!

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2025 W Kinfield Trail Phoenix, AZ 85085

Open House

$725,000

3 Beds

2.5 Baths

2,470 SqFt

Status Active

MLS # 6780979

Property Type Single Family Residence

Price Type --

This beautiful 3-bedroom, 2.5-bathroom, 2-story home is situated in a vibrant community. Inside the modern home, a cozy gas fireplace warms the living room, while tile flooring and plush carpet, dual pane windows, and elegant greige paint create a calming and sophisticated atmosphere. The kitchen features quartz countertops, smoke-colored cabinets, a walk-in pantry, a kitchen island, owned RO, an eat-in area, and a breakfast bar. The primary bedroom, located upstairs, features a split layout and full bathroom for added privacy. Enjoy the convenience of leased solar! The exterior boasts a low-maintenance yard with a built-in BBQ and patio, and artificial grass. The community offers fantastic amenities, including a clubhouse, pool and spa, easy access to public transportation, and more!

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19550 N Grayhawk Drive Unit 2018 Scottsdale, AZ 85255

Open House

$725,000

3 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6782449

Property Type Townhouse

Price Type --

Fantastic views of the McDowell Mountains and Talon golf from this single level Monarch plan in Cachet at Grayhawk. Lightly used as a second home this upgraded unit features split great room plan with 3 beds , 2 baths, and a direct entry 2 car garage. High flat ceilings, wood look tile throughout, raised-panel maple cabinets, granite counters, ss appliances, tile backsplash, & upgraded baths mean the heavy lifting has been done for you. Cachet is in the guard gated Talon Retreat& features its own heated pool/spa, workout facility, tennis courts, & tons of walking trails. Easy access to the 101, DC Ranch Market Street, Kierland/Scottsdale Quarter, & numerous championship golf courses. This unit is in a great interior location with views & is great for a primary or secondary residence.

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7211 W Pershing Avenue Peoria, AZ 85381

Open House

$725,000

6 Beds

3 Baths

3,792 SqFt

Status Active

MLS # 6723856

Property Type Single Family Residence

Price Type --

** 2% CONCESSIONS OFFERED AT CLOSE!! ** Welcome to your new 6 bedroom/3 full bath & 3 car garage home located in Peoria. This beautiful home features 3 multi-levels with tile/wood flooring throughout. The lower level features a home office, cozy living room with a private mother in-law suite with a full detached bathroom. The upper level features a large primary bedroom with an ensuite bathroom with a soaking tub/separate shower. Upstairs also features four other bedrooms, one of which has its own balcony that overlooks the backyard and a full bathroom. The backyard features a renovated pool, large covered patio and large backyard great for entertaining. RV gate and two brand new AC units. Brand new solar panels + added insulation make this home a must see. This home won't last long!

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19009 W Lawrence Road Waddell, AZ 85355

$724,999

3 Beds

2.5 Baths

2,780 SqFt

Status Active

MLS # 6717681

Property Type Single Family Residence

Price Type --

our guests will be impressed as they enter your formal foyer and see the 11' ceilings in the Family Room of this very open floor plan. With 2773 sq ft, this home has the perfect amount of space in all the right places. The Owner's Suite has an impressive Walk-In Shower with custom tile. The Gourmet Kitchen is a Cook's Delight, with walk in pantry, gas cooktop, upgraded cabinets, countertops. Upgraded flooring throughout. Enjoy the versatility of having both a study and retreat. All 3 bedrooms include walk-in closets. Enjoy even more storage with this highly sought after 4 car garage! Too many additional upgrades to name make this home a ''Must See''! 2X6 CONSTRUCTION; EXTENSIVE NEW HOME WARRANTY

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3199 S Beringer Lane Flagstaff, AZ 86005

$724,999

3 Beds

2.5 Baths

2,113 SqFt

Status Active

MLS # 6758392

Property Type Townhouse

Price Type --

Your perfect Flagstaff home is new, modern, and feels wonderfully chic. It is an end unit, lock & leave townhome with an open floorplan, gorgeous natural light, an upgraded kitchen with beautiful white backsplash, a private yard that opens to green space, and plenty of room for family, friends and pets. This is it - your perfect Flagstaff home. At 2113 sf, it's not too big and not too small. Just right! The spacious primary suite with an upgraded executive bath is luxurious and welcoming. The large room on the entry level is fabulous as an second living area or office. Meticulously cared for, in excellent condition and offered fully furnished/turnkey, just move right in! This home is perfect as your home, Flagstaff getaway, and successful STR. You can have it all!

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11888 W Nadine Way Peoria, AZ 85383

$724,999

4 Beds

3 Baths

2,422 SqFt

Status Active

MLS # 6780268

Property Type Single Family Residence

Price Type --

Discover the perfect blend of luxury and functionality in this upgraded 4-bedroom, 3-bath home nestled in a sought-after gated community in beautiful Vistancia. With 2,422 sq. ft. of living space, this home features a pool, pristine hard-surface flooring, a 3-car air-conditioned garage with a car charger, RV gate, and insulated attic. A butler's pantry, water softener, reverse osmosis, putting green, and included major appliances add even more to love. Priced to sell, this home is a rare gem offering tremendous value and modern amenities. Come see it for yourself before it's gone!

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