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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22462 E Marsh Road Queen Creek, AZ 85142

$695,000

5 Beds

4 Baths

2,923 SqFt

Status Active Under Contract

MLS # 6709373

Property Type Single Family Residence

Price Type --

MOTIVATED Seller! Meticulously designed interior showcases wood-look tile flooring, stylish light fixtures/ceiling fans, & a bright den that can be used for work/play. Open-concept kitchen boasts a plethora of white cabinetry with crown molding, a huge walk-in pantry, glossy granite counters, and a large kitchen island to gather around. Cozy loft is ideal for a reading nook! Venture to the main retreat equipped with plush carpet, an ensuite with two vanities, & a walk-in closet. 2nd primary bedroom has a bathroom for convenience. Discover a tranquil backyard sanctuary adorned with a secluded pool and a fire pit offering an enchanting retreat for relaxation and rejuvenation A covered patio, pergola with a fire pit, artificial turf, and a sparkling pool complete this paradise. Don't let this amazing deal escape!

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2102 N 7th Avenue Phoenix, AZ 85007

$695,000

4 Beds

3 Baths

2,820 SqFt

Status Active Under Contract

MLS # 6740598

Property Type Single Family Residence

Price Type --

INSTANT $80K IN EQUITY WHEN YOU PURCHASE AT LIST!!!! Beautiful Historic Home in the Encanto Historic District. This 1941 Home is on the National Historic Registrar. Open floor plan 4BD+Den 3BA on a large lot. *One bedroom is en suite w/possible kitchenette & has separate entrance! Perfect Casita for AirBnB or generational living! Wood & tile flooring throughout, original crown molding, resort-style backyard w/pergola, fire pit, pool, grass area & enclosed patio perfect for enjoying the outdoors w/friends! 2-car garage off alley for easy access. Walking distance to Encanto Park & Golf Course, Roosevelt Arts District, ASU Downtown campus, Chase Field, light rail & world-class dining & entertainment! Sky Harbor Airport & multiple freeways are all minutes away from your new home. Won't Last

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19285 E Domingo Road Queen Creek, AZ 85142

Open House

$695,000

4 Beds

2 Baths

2,344 SqFt

Status Active

MLS # 6749702

Property Type Single Family Residence

Price Type --

VERY motivated seller. Welcome to your next chapter! This charming 4-bedroom, 2-bath home in Queen Creek offers a perfect blend of comfort and charm. Newly renovated with brand new shaker kitchen cabinets and quartz countertops, fresh flooring in the main living areas, and a completely replaced irrigation system, this home is ready to create new memories. Boasting 2,344 square feet of living space, this property ensures ample room for growth and creativity. Don't miss the dedicated bonus room—ideal for your home office or yoga studio! Step outside to your expansive outdoor space, complete with a gas fire pit and a hot tub, perfect for Arizona's magical evenings. The four car garage space provides room for all your toys, with a pull-through garage adding convenience with a touch of sophistication. Nestled in a friendly neighborhood, the house is a stone's throw from Mansel Carter Oasis Park, where the green expanses invite leisurely afternoons. Enjoy proximity to Schnepf Farms and Queen Creek Olive Mill, bringing the best local produce and cuisine right to your doorstep. With Queen Creek Marketplace and San Tan Mountain Regional Park nearby, every day can be a new adventure. Come see how this home is just the one you've been dreaming about.

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17149 W Middlebury Street Surprise, AZ 85388

$694,995

4 Beds

2.5 Baths

2,019 SqFt

Status Active

MLS # 6782309

Property Type Single Family Residence

Price Type --

This wonderfully designed Toll Brothers home is Move In Ready. Our Carlyle, 4 bed 2.5 bath, 2 car, will not disappoint. The bright foyer sets the perfect mood, offering plenty of natural light and flowing effortlessly into the rest of the home. The large laundry room and powder room are nestled right off the garage entry for convenient access. Overlooking the great room and accompanied by a casual dining area, the gorgeous kitchen is equipped with stunning Whirpool appliances connected to the wraparound counter space and a sprawling central island. Immerse yourself in the stunning primary bedroom suite that features a lavish bathroom and an immaculate walk-in closet. The extended garage provides additional storage and convenient parking for additional vehicles.

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7538 W Honeysuckle Drive Peoria, AZ 85383

New

$694,990

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6783372

Property Type Single Family Residence

Price Type --

Special Financing Available!!!!!!!!!!! This single-level home features a spacious open floorplan shared between the Great Room, kitchen and dining room, while a more formal living room situated off the foyer offers a versatile space that could easily be converted into a study. A generous covered patio makes indoor-outdoor living and entertaining simple. Four bedrooms complete this home.

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25919 N 23rd Avenue Phoenix, AZ 85085

$694,990

3 Beds

3 Baths

2,618 SqFt

Status Active

MLS # 6718323

Property Type Single Family Residence

Price Type --

This Spanish style Pinnacle floorplan with covered front porch and pavers offers a 2-story Floorplan with 2618 square feet, 4 bedrooms, 3 bathrooms and a 2-car garage. This is our only floorplan with a bedroom and full bathroom on the main floor. Open concept great room with kitchen featuring stainless steel appliances including 5 burner gas cooktop, under cabinet microwave/hood combo, wall oven and microwave and dishwasher against charcoal stained shaker style cabinet. Cabinet extras throughout including trash/recycling pullout, champagne bronze cabinet hardware, and more. Quartz countertops and tile backsplash in kitchen. 8' interior doors, 4-1/4'' baseboards throughout. 4-foot gate at rear of side yard. Gas stub for BBQ at side yard. Modified master bath; includes walk-in shower with linen closet and executive height vanities with shaker style cabinets. Shower to include clear glass enclosure and cultured marble surrounds. Electrical upgrades include ceiling fan prewire, separate switch pendant light prewires over kitchen island, upgraded vanity lights and more. 6x36 ceramic tile throughout first floor, and in laundry and secondary bath. Primary bathroom to include 12x24 tile. Upgraded carpet and pad on stairs, in loft and bedrooms. Low voltage and plumbing upgrades throughout. And so much more! Union park offers Tree-lined streets, pedestrian-friendly sidewalks and a 5,500 sf recreation center with resort style pool an kiddie pool, shaded ramadas, parks, gathering areas, pickleball courts and basketball. Close to I-10, 101 and 303. Walking distance to restaurants, movies, entertainment and shopping.

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19014 W Ocotillo Road Waddell, AZ 85355

$694,990

4 Beds

2.5 Baths

2,713 SqFt

Status Active

MLS # 6739962

Property Type Single Family Residence

Price Type --

WAITING FOR YOU TO MOVE-IN!!! It's the beautiful Granada floor plan with 4 bedrooms, 2.5 baths. Very spacious floor plan with a 12x8 sliding glass door off the extended covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance package with a 36'' cooktop, wall oven, microwave. Sonoma Maple Linen-off white cabinets with matte black T-bar hardware, 42'' kitchen uppers, pull out trash drawer with two bins. Upgrade flooring includes EMS-Ravenna Olmo 7x22 plank tile in all areas of the home except bedrooms and closets. 5'' upgraded baseboards and 3 1/4 door casings throughout. Soft water loop, gas stub for future BBQ. Two tone interior paint - ''whiskers''. Garage service door, 8' tall garage door with two openers and so much more.

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25928 N 22nd Lane Phoenix, AZ 85085

$694,990

3 Beds

2.5 Baths

2,567 SqFt

Status Active

MLS # 6758375

Property Type Single Family Residence

Price Type --

Located across from Heirloom Park, this Alta floor plan offers stylish curb appeal with the Spanish Farmhouse elevation, pavers at the walkway and driveway, and front yard turf and desert landscaping package. The interior features 2567 square feet on 2 levels, 3 bedrooms 2.5 bathrooms, and 2 car garage. Open concept floorplan with 9-foot ceilings and 8-foot doors. The kitchen features quartz countertops, silver grey painted shaker style cabinets with matt black hardware, stainless steel gas 5-burner cooktop, under cabinet hood, wall oven and microwave and 5 cycle dishwasher. Primary with on-suite bathroom featuring modified shower with marble surround, matching shaker style cabinets, and walk-in closet. Spacious laundry room located upstairs near bedrooms. Split concept bedroom layout with 2 bedrooms and a full bath on the opposite side of the upstairs loft from the primary suite. 6x36 natural wood look tile and upgraded carpet and pad. Ceiling fan prewires in bedrooms and pendent light prewires with a separate switch over the island in the kitchen. There is also a 4-panel sliding glass door to the side yard and gas BBQ stub. Tree-lined streets, pedestrian-friendly sidewalks, and a 5,500 sf recreation center with resort-style pool and kiddie pool, shaded ramadas, parks, gathering areas, pickleball courts and basketball. Close to I-17, 101, and 303. Walking distance to restaurants, movies, entertainment, and shopping.

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7601 W Smoketree Drive Peoria, AZ 85383

$694,990

4 Beds

3.5 Baths

2,998 SqFt

Status Active

MLS # 6773432

Property Type Single Family Residence

Price Type --

''Discover the perfect blend of style and functionality in this stunning Daisy plan, a spacious 2-story home featuring 4 bedrooms and 3.5 baths. Step inside to find a welcoming den on the main floor, ideal for a home office or quiet retreat. Upstairs, the versatile loft offers extra living space, perfect for gatherings. The heart of the home showcases a modern kitchen with elegant grey cabinets and a striking white sand quartz island, perfect for entertaining or casual dining. Extra touches abound with brushed nickel bathroom fixtures, 8-foot doors, and a beautifully crafted mission staircase rail that adds a touch of sophistication as you walk upstairs. The center sliding door opens to a covered patio, seamlessly extending your living space outdoors. Additional highlights include a spacious 3-car tandem garage and a lovely paver driveway that enhances the home's curb appeal. With its craftsman elevation and thoughtful design, this home is ready to welcome you

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42177 N Cutbow Trail San Tan Valley, AZ 85140

Open House

$694,990

4 Beds

3.5 Baths

2,744 SqFt

Status Active

MLS # 6734842

Property Type Single Family Residence

Price Type --

Ready for a December 2024 MOVE_IN!! ***Be in your new home for the Holidays!!!***Welcome to Edgewood Estates conveniently located in the Queen Creek Corridor. Discover this stunning home featuring a spacious great room and gourmet kitchen with a large island, perfect for entertaining. With 4 bedrooms and 3 baths, including a luxurious primary bath with a resort-like shower and freestanding tub. Additional highlights include a media room, home office, and a 3-car tandem garage. This home combines elegance and functionality, offering a stylish and versatile living space for every need. ^^^Homes have been significantly discounted and have the option of short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply. Additional eligibility and limited time restrictions apply

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2930 Glenview Court Sierra Vista, AZ 85650

$694,900

2 Beds

2 Baths

3,068 SqFt

Status Active

MLS # 6776601

Property Type Single Family Residence

Price Type --

Magnificent 3068SF, Very Private Walston Custom Golf Course Property on 12th Fairway w/amazing Mountain Views on cul-de-sac!!! Lovely entrance to your Open Concept Living w/Full-Length Outdoor Views, 2x6 Construction/10-foot Ceilings, Quartz & Stainless Gourmet Kitchen w/upgraded cabinets/appliances, food warmer, pot filler, porcelain sink, under cabinet lighting...Built-in marble-top China cabinet...Bay window w/window seat/storage overlooks golf course...Eat-In Area, Formal Dining, Gas-Log/Stone FP w/Granite Hearth...Amazing MBR Suite w/Luxury Bath/HUGE Walk-in...Cozy 2nd Bedroom & Ensuite, 3rd BR is Dual Office w/Built-in Desks...HUGE Laundry Room...Custom & Stunning tilework/accents throughout...Oversized/Deep 3-Car Garage...Plus, H&C BONUS Room!!! THIS IS A MUST-SEE PROPERTY!!!

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4910 N 128th Lane Litchfield Park, AZ 85340

$694,900

4 Beds

3 Baths

2,912 SqFt

Status Active Under Contract

MLS # 6755197

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the exclusive gated community of Wigwam South Vintage. This stunning single-level residence offers the perfect blend of elegance and comfort, featuring 4 spacious bedrooms and 3 beautifully appointed full baths. As you step inside, you'll be greeted by a seamless flow of sophisticated living spaces, highlighted by all-new gorgeous granite countertops in both the kitchen and baths. The kitchen is a chef's delight, boasting ample counter space, modern appliances, and a stylish design that makes cooking and entertaining a pleasure. The expansive living areas are designed to impress, with high ceilings and large windows that fill the space with natural light. The bedrooms and closets are spacious as are the living room and office/den area.

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