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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

968 S Western Skies Drive Gilbert, AZ 85296

$699,900

5 Beds

3 Baths

3,102 SqFt

Status Active

MLS # 6731733

Property Type Single Family Residence

Price Type --

Sellers open to concessions towards buyer costs with approved offer. New Upgrades including Fresh Paint, Brand New flooring, & more! GOLF COURSE LOT!** Experience luxury living in this large 5 bedroom, 3 bath home overlooking the 10th hole of the Western Skies Golf Course. Pebble tech pool & scenic golf course views. Updated kitchen, features custom cabinets, granite countertops, massive island, stainless steel appliances, & a walk-in pantry. Home comes with an enhanced & transferable, Home Warranty Protection plan, which covers ALL Appliances, Plumbing, HVAC equipment, & much more! Tile flooring, vaulted ceilings, & a formal dining area. The spacious Owners suite has 2 walk-in closets & soaking tub. Home also boasts 4 large bedrooms upstairs. The den downstairs can be a 5th bedroom

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4426 E Phelps Road Phoenix, AZ 85032

$699,900

4 Beds

2 Baths

2,057 SqFt

Status Active

MLS # 6737047

Property Type Single Family Residence

Price Type --

This beautiful north Phoenix home boasts 4 beds, 2 baths, a 2 car garage and RV parking all on a quiet north/south oversized lot. Owner has taken great care and done tons of updates like white custom kitchen cabinets, ss appliances, granite counters, hardwood floors, tile backsplash, LED can lights, two tone paint, 2' wood blinds, custom lights, etc. Bedrooms are good sized and equally updated with granite counters, tile tub and shower surrounds, custom fixtures, and ceiling fans. Back yard has huge grassy play area, large covered patio, awesome gazebo, and corner lot w/RV/Boat/Car access so great for people who have toys they want to store. No HOA either so

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8408 E Lewis Avenue Scottsdale, AZ 85257

$699,900

3 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6738224

Property Type Single Family Residence

Price Type --

Recently upgraded and renovated throughout, mid century South Scottsdale home in desirable neighborhood with pride of ownership boasting large open great room concept to all new chef's kitchen with white cabinets,granite w/waterfall detail,subway tile,Kitchenaid stainless appliances,gas cooktop farmhouse sink. Neutral large tile throughout & carpet in bedrooms + new baseboards.Home is light & bright with new plantation shutters. New modern custom interior closet doors & garage floor epoxy.& cabinets. Dual pane widows and fans.Sparkling diving pool with newer pool motor filter & cleaner.Large grassy play area & charming gazebo plus RV gates. Currently has tenants in place for the next 8 months, they are open to continuing lease or ending the lease early as well for the buyer

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231 W Portland Street Phoenix, AZ 85003

$699,900

2 Beds

4 Baths

1,834 SqFt

Status Active

MLS # 6747734

Property Type Townhouse

Price Type --

UNICORN ALERT! They say the key to excellent real estate is location, location, location...well..welcome home my friend! This townhome is in one of the BEST urban locations of downtown Phx! Next to Portland Park, the Japanese Gardens, Hance Park, Burton Library, the light rail, not to mention dog parks, restaurants, coffee shops, dry cleaners and more, literally steps from your front door! THIS is what people envision when they say they want a ''walkable neighborhood''! Inside is a delight: 2 large bedrooms, both en suite, plus den/office on the ground floor with 1/2 bath. The 2nd floor boasts a fantastic kitchen, formal dining, views of the park, 1/2 bath and a large living room all with balconies. 2 car garage, low and stable HOA, this one is rare, come scoop it up! It is a 10+ Home!

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24409 W Morning Vista Lane Wittmann, AZ 85361

$699,900

4 Beds

2 Baths

2,140 SqFt

Status Active

MLS # 6748086

Property Type Single Family Residence

Price Type --

This Sante Fe Territorial style 4 BD/2 BA home is perfectly situated on 1 acre & offers panoramic mountain views with a N/S exposure. Completed in 2021. Great curb appeal, extended drive, added pavers and a circular pull through. The front porch is welcoming and extended. Open Concept with tons of natural light. Great Room. New LVP flooring. Chef's kitchen with top notch finishes throughout! Custom interior paint. Media wall features custom accent with linear fireplace. The Primary Suite is spacious with separate tub/shower, dual sinks, walk-in closet and private entrance leading to the patio. NO HOA! Bring your Horses & Toys! 3 Car Garage w/ storage, RV gate, Two exterior RV hook ups with 30 AMP, water and drains. Storage Shed with Roll up door. New high school nearby. This is the one

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5322 E Tierra Buena Lane Scottsdale, AZ 85254

$699,900

3 Beds

2 Baths

1,524 SqFt

Status Active

MLS # 6749111

Property Type Single Family Residence

Price Type --

Gorgeous 3-bed, 2-bath home offers a compelling blend of modern conveniences and timeless charm! Displaying a 2-car garage, RV gate, and low-care front yard. Fabulous interior features wood-look flooring, recessed lighting, and upscale ceiling fans. Great room with back patio access. Spotless kitchen with stainless steel appliances, quartz counters, stylish tile backsplash, and a breakfast bar for quick meals and extra prep space. Venture to the main retreat, highlighting private outdoor access, a bi-folding closet, an ensuite with dual sinks, and a designer tile shower. This delightful backyard will brighten up your day, boasting a covered patio, storage shed, pavers, Putting green, and a refreshing pool for year-round enjoyment!

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29809 N 170th Street Scottsdale, AZ 85262

$699,900

2 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6754701

Property Type Single Family Residence

Price Type --

This 2 plus acre horse property is a must see. The moment you walk trough the front door you will be amazed with the beautiful Mountain views, the fully fenced yard with turf for privacy and pets. then you will notice the custom barn boasting 3 16x16 stalls, and two huge turnouts that can be used as one great paddock. The detached two stall garage has a potential Casita/apartment. This is one of the homes that has the agreement completed with Scottsdale and Epcor water. The water bill with horses, 2 dogs, 3 people has been averaging 250 a month, for the summer and is less in the winter. Also no flood insurance needed, because the buildings are not in the floodplain. Info in attached documents Owner occupied - Seller is a licensed Realtor in the State of Arizona. owner/agent.

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2614 W Estes Way Phoenix, AZ 85041

$699,900

4 Beds

3.5 Baths

3,297 SqFt

Status Active

MLS # 6760208

Property Type Single Family Residence

Price Type --

Gated community. 4-bed, 3.5-bath home with a den & loft sits on an oversized lot, 3-car garage, RV gate, + resort style living. Enjoy your private oasis w/ HEATED sparkling pebble tec pool + Spa, built-in BBQ, + new turf + extended covered patio. RV Gate. 2 master bedrooms. The downstairs in-law suite w/ private bathroom + living area. Chef's kitchen with custom walnut cabinets, granite countertops, breakfast bar & new appliances, GAS stove, & fridge. Oversized living room + a massive bonus room, ideal for a family room, home office. With 2 laundry rooms—1 downstairs + 1 in primary suite. Upstairs primary bedroom features a private balcony + luxurious en-suite w/ a walk-in closet, dual vanities, + separate shower & soaking tub. North/South exposure. RV gate.

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2914 W Donatello Drive Phoenix, AZ 85086

$699,900

5 Beds

3.5 Baths

3,541 SqFt

Status Active

MLS # 6760904

Property Type Single Family Residence

Price Type --

This is the most desirable contemporary floorplan that Toll Brothers offered when built in 2005. The soaring atrium with 28' ceilings, the large 8500 sf lot with mountain views with an over the top custom backyard and existing pool permit on the nicest street in the subdivision. You'll immediately see the attention to detail, move right in, the home has been repainted and is ready for immediate occupancy. 2 1/2 of the 3 1/2 bathrooms have been recently remodeled, all new LED lighting throughout every room. 5 bedrooms, 3 1/2 baths, office nook, large two door garage with one tandem spot has beautiful epoxy flooring. Enormous custom kitchen with island has a panoramic view of the backyard. Expansive travertine patio, covered patio and Ramada with retaining walls Australian palms and BBQ Is.

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20445 E Mockingbird Drive Queen Creek, AZ 85142

$699,900

4 Beds

4 Baths

2,881 SqFt

Status Active

MLS # 6767002

Property Type Single Family Residence

Price Type --

DUAL-OWNER'S SUITE OPPORTUNITY! This property boasts 4 bedrooms (2 with ensuite access) and 4 bathrooms. This property is ideal for those in need of a shared living space with two master bedrooms and a home office! Take a look at the beautiful backyard landscaping featuring mature fruit trees, a built-in grill, and firepit in the back! This meticulously maintained property has granite countertops in the kitchen with additional storage and shelving installed throughout the house for all of your needs! You can't beat the convenience of having all of your shopping and restaurant amenities within a short drive located in a booming area of Maricopa County. Nearby access to I-24/202. DON'T MISS OUT ON THIS ONE!

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5916 E Spring Road Scottsdale, AZ 85254

$699,900

3 Beds

2 Baths

1,898 SqFt

Status Active

MLS # 6770519

Property Type Single Family Residence

Price Type --

No HOA!!! Single split-level 3 bedroom 2 bathroom Scottsdale Home. This home has many upgrades including ceiling fans and 2'' faux wood blinds wood laminate floors in all living areas, vaulted ceilings and two-tone neutral paint. Kitchen features granite counter tops,island, Large pantry, upgraded cabinets and large eat at peninsula overlooking living room. The large primary suite includes 2 ceiling fans, private exit to backyard, walk-in closet, double sinks, granite counters and oversized walk-in shower with dual shower heads and glass door. Desert landscaping in front and back yards. Easy Access to the 101 or 51 freeways and close to schools, shopping and restaurants.

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8781 S Coyote Song Lane Hereford, AZ 85615

$699,900

6 Beds

4 Baths

3,237 SqFt

Status Active Under Contract

MLS # 6665617

Property Type Single Family Residence

Price Type --

THIS IS IT! Absolutely incredible property on over 18 acres of beautiful land with stunning views all around. The main house has apx. 2,367 square feet and features a gourmet kitchen, a split bedroom floor plan and 4 bedrooms w/ 3 full baths. Luxury and large primary suite has a beautiful bathroom with dual sinks, garden tub, walk in closet, and separate shower. Formal dining room + a large eating area or additional living space off the great room. Separate den/office in the front of house. Detached 2 bed/1 ba guest house has a nice kitchen and spacious living room. Attached 2 car garage is apx. 521 sq. ft & detached 3 car garage is over 1,100 sq ft! The backyard has a block fence and features covered patio, inground pool and spa. This is a one of a kind, spectacular property!

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