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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4816 E Amelia Avenue Phoenix, AZ 85018

$718,000

3 Beds

1 Bath

1,647 SqFt

Status Active

MLS # 6762940

Property Type Single Family Residence

Price Type --

Discover an incredible opportunity to craft your dream home on this prime lot in the heart of Arcadia ~ Perfectly situated close to restaurants, shops, the canal path, and more ~ this location offers unparalleled convenience and charm ~ Buyers have the option to either renovate the existing home or use the land as a blank canvas to create something entirely new! This property has the potential for an auxiliary dwelling unit (ADU).

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10935 E Tahoe Avenue Mesa, AZ 85212

Open House

$717,735

5 Beds

4 Baths

3,314 SqFt

Status Active

MLS # 6622556

Property Type Single Family Residence

Price Type --

MLS#6622556 Ready Now! The Revere at La Mira Expedition Collection greets you with the beautiful courtyard and an inspiring spiral staircase and large foyer. The spacious formal dining connects to the butler's pantry and into the large kitchen. The gourmet kitchen with island and adjoining breakfast room overlooks the gathering room. There is also a guest bedroom with full bath down! Upstairs, you will find a game room, three secondary bedrooms, two full baths, a laundry room and the private owner's suite. Owner's bath features dual vanities, a spacious walk-in closet, and a separate tub/shower. Structural options include: added bed 5 in place of study, multi-slide door, 220 Volt outlet on dedicated circuit in the garage, shower in lieu of tub at secondary bath, softer water loop and paver driveway and walkway.

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3416 W Cocklebur Drive San Tan Valley, AZ 85144

Open House

$717,697

3 Beds

2.5 Baths

2,575 SqFt

Status Active

MLS # 6768925

Property Type Single Family Residence

Price Type --

Modern deluxe comfort. The Lillington's inviting covered entry and spacious foyer hallway flow into the expansive great room and casual dining area, revealing the desirable large covered patio beyond. The well-designed gourmet kitchen is enhanced by a large center island with breakfast bar, plenty of counter and cabinet space, and gigantic walk-in pantry. The stunning primary bedroom suite is highlighted by dual walk-in closets and deluxe primary bath with dual-sink vanity, large soaking tub, luxe shower, and private water closet. Sizable secondary bedrooms feature walk-in closets and shared bath with separate dual-sink vanity area. Additional highlights include a versatile office off the foyer, convenient powder room and drop zone, centrally located laundry, and additional storage.

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9389 E Corrine Drive Scottsdale, AZ 85260

Open House

$717,500

3 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6746133

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this meticulously remodeled 3-bedroom, 2-bathroom home nestled in Scottsdale's most sought-after neighborhood on a massive cul-de-sac lot. Every inch of this residence exudes elegance and modern sophistication. The kitchen is a true showpiece, featuring pristine white shaker cabinetry and sleek quartz countertops that create a perfect setting for culinary creativity and entertaining guests. The spa-like bathrooms are designed with indulgence in mind, offering expansive walk-in showers and exquisite attention to every detail. The allure of this home extends outdoors, where you'll find a spacious front courtyard adorned with lush greenery and mature landscaping—ideal for peaceful mornings or evening relaxation. Step into your private backyard oasis, complete with a serene spa where you can unwind and rejuvenate in utter tranquility. This home seamlessly blends style, comfort, and functionality, making it an ideal choice whether you're searching for your forever home or a wise investment. I'm excited to introduce you to this Scottsdale gem that truly has it all. Don't miss your chance to make it yours!

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2485 Dillon Boulevard Chino Valley, AZ 86323

$715,378

3 Beds

2.5 Baths

2,144 SqFt

Status Active

MLS # 6776725

Property Type Single Family Residence

Price Type --

Nestled in a serene neighborhood, the stunning Orchard plan has it all. This single-story, three-bedroom, two-and-a-half bathroom home is the ideal size for any family that loves to travel the diverse geography of Arizona. This home boasts with plenty of sunshine and open space, offering both relaxation and perfect for entertaining. The grand RV garage that this property offers is perfect for storing your RV while you wait for your next outdoor adventure! Heritage Pointe offers 7 distinct floorplans, modern amenities, open-concept layouts with designer finishes. You won't want to miss out; plan a visit with us today.

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11815 S 207th Avenue Buckeye, AZ 85326

$715,000

4 Beds

2.5 Baths

2,440 SqFt

Status Active

MLS # 6770649

Property Type Single Family Residence

Price Type --

Ranch-style property nestled in the heart of Buckeye, AZ, offers a spacious one-acre lot perfect for hosting gatherings with family and friends.

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740 W Patrick Place San Tan Valley, AZ 85143

$715,000

4 Beds

2 Baths

2,331 SqFt

Status Active

MLS # 6769517

Property Type Single Family Residence

Price Type --

Incredible New Construction home on a massive 1 acre lot with a brand new Asphalt road. This new build with NO HOA includes a MASSIVE open Kitchen & living room with high-end Cabinets, White Quartz Countertops, 36'' Cooktop, Built-in Stainless Steel Microwave and double ovens, & upgraded flooring & bathroom tile. The upgrades continue with a stunning Master Bathroom with a built in Soaking Tub, Modern Shower, Beautiful Double Vanities, an oversized four car garage, & last but not least a massive back patio to watch the sunset on the San Tan Mountains. Buyer can select finishes, add landscaping, & add fencing. Estimated Completion date is April of 2025.

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530 Woolsey Drive Prescott, AZ 86303

$715,000

3 Beds

2 Baths

2,077 SqFt

Status Active

MLS # 6739359

Property Type Single Family Residence

Price Type --

Beautifully updated home surrounded by soaring pine trees that is walking distance to the Courthouse Square. Custom touches throughout infuse the home with warmth. Gourmet kitchen features granite counters, an oversized island, and new stainless-steel appliances. Great room has fireplace with antique barnwood mantle. Large living room has inset bookshelves, entertainment center, and new sliding glass doors out onto the patio. Master bedroom has walk in closet and updated bathroom with large walk-in shower. Two additional bedrooms, one on the main floor with walk-in closet and one downstairs that offers privacy and easy access to the garage. Single car garage has large storage closet and walk-through to the workshop. Rear deck offers gorgeous views of surrounding mountains.

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1324 W Dove Tree Avenue Queen Creek, AZ 85140

$715,000

4 Beds

2.5 Baths

2,880 SqFt

Status Active

MLS # 6759624

Property Type Single Family Residence

Price Type --

Welcome home! This 4 bed 2.5 bath has an open floor plan featuring two living spaces giving you amazing functionality with tall ceilings creating a grand but cozy atmosphere. Gourmet kitchen with pro series stainless GE Monogram appliances, granite counter tops offer plenty of space to entertain. This home is meticulously maintained and still shows like a new build. Perfect size primary bedroom and bathroom with a walk-in shower and massive closet. Huge investment in upgrades including extended patios, 22,000 watt Generac generator, all garage spaces are air conditioned with mini split units and a tankless water heater. Highly sought-after Ironwood Crossing amenities that bring fun to all. Parks, community pool and the Queen Creek Aquatic center nearby.

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10356 E Tiburon Avenue Mesa, AZ 85212

$715,000

2 Beds

2.5 Baths

2,314 SqFt

Status Active

MLS # 6758389

Property Type Single Family Residence

Price Type --

Nicely appointed Cinema plan in Encore at Estmark. This great room plan has 2 bdrms/2.5 bths/2 dens and sits on a oversized corner lot. It boasts raised panel antiqued kitchen cabinets, granite counters, dbl ovens, gas cook top, lg island with seating & W-I pantry. The lg laundry rm offers upper cabinets, a utility sink & a 2nd lg pantry. Lg primary bdrm is split & had LV flooring, raised vanity with dbl sinks, W-I closet, W-I shower & soaking tub. Lg 2nd bdrm w/W-I closet & 2 dens for additional living space. Exit the great room to the lg covered patio with paver overlay leading to the heated/chilled pool with water feature. Lots of room to entertain with Ramada & BBQ island. Community offers pickle ball, tennis, bocci ball, a club house with workout facility & much much more!

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1414 E Locust Drive Chandler, AZ 85286

$715,000

4 Beds

2.5 Baths

2,700 SqFt

Status Active

MLS # 6761232

Property Type Single Family Residence

Price Type --

Beautifully remodeled Chandler home with no detail overlooked! The kitchen and bathrooms have been beautifully updated, along with all-new lighting throughout. The pool has been renovated with new tile, stonework, and lighting, creating a backyard oasis perfect for relaxation. Features include new 2020 A/C units, a Nest temperature control system, and a new hot water heater). Elegant plantation shutters complete the look. This home is truly move-in ready with modern upgrades in every corner!

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41806 N Shadow Creek Way Anthem, AZ 85086

$715,000

3 Beds

3 Baths

2,432 SqFt

Status Active

MLS # 6759521

Property Type Single Family Residence

Price Type --

Mountain and City Lights VIEWS along with Dramatic Sunset VIEWS! This house has SOLAR panels which helps eliminate electric bills!!! CASITA with full bath and it's own HVAC unit. 2.5 car garage so you can have a spot for 2 cars and your golf cart! Courtyard with gate. Wood blinds. Custom closets. Upgraded appliance package. Gas indoor fireplace and exterior gas firepit. Washer and dryer convey. Maple cabinets. Upgraded lighting. built in BBQ in backyard. Security system. Thermal break/low E windows, water softener, and reverse osmosis. Motorized sun shades. Hot tub conveys. Beautifully upgraded backyard and courtyard. HVAC is newly updated. Rain gutters. Will feel like you're going home when you walk inside. Another turnkey opportunity in Anthem Country Club for the most discerning Buyer! This home will blow your socks off! Country Club Lifestyle with Resort Style Amenities...Anthem Country Club is managed by Club Corp which offers many great benefits to members that reciprocate around the world! Two 18 hole golf courses, Persimmons and Ironwood, designed by Greg Nash. 2 Pro shops, 2 sets of men's and women's lounges / locker rooms, 2 member restaurants, 2 gyms, 2 pools, 2 spas, several tennis courts, Gorgeous Ball Room for ongoing Member events and private events venues available as well, 2 Impressive guard gated entrances, all surrounded by breathtaking mountain and golf course views...you will love being a member of the Anthem Golf & Country Club!

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