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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13616 W San Miguel Avenue Litchfield Park, AZ 85340

$685,000

5 Beds

3 Baths

3,477 SqFt

Status Active

MLS # 6749851

Property Type Single Family Residence

Price Type --

IT IS RARE TO FIND A SPACIOUS HOME WITH 5 BEDROOMS, 3 BATHROOMS, AND 3CAR-GARAGE. FIRST IMPRESSION WITH A GRAND ENTRANCE VOLUMN CEILING, A FORMAL DINING ROOM AND LIVING ROOM UP FRONT, A LARGE HALLWAY LEADING TO THE NICELY UPGRADED KITCHEN WITH GRANITE COUNTERTOP, STAINLESS STEEL APPLIANCES, WALK-IN PANTRY. THE KITCHEN IS OPEN TO A HUGE FAMILY ROOM WITH SLIDING GLASS TO THE BEAUTIFUL PRIVATE POOL FOR YOUR HOT SUMMER DAYS. UPSTAIR HAS A HUGE LOFT AREA WITH ADDITIONAL TWO BEDROOMS AND A BATH. THE OVER SIZE MASTER BEDROOM WITH SEPARATE TUB/SHOWER, A HUGE WALK-IN CLOSET, AND A PRIVATE BACONNY. COME TO CHECK OUT THIS BEAUTIFUL HOME TODAY!

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657 S Buenagua Road Payson, AZ 85541

$685,000

3 Beds

2.5 Baths

1,335 SqFt

Status Active

MLS # 6752167

Property Type Single Family Residence

Price Type --

Enjoy cabin life in the desirable Kohls Ranch community with this furnished cabin with a large loft and fireplace! Separate entrance on the first level opens to a studio cabin apartment with one bedroom and bathroom that can be used as guest quarters and/or extra rental income possibilities. The 2nd level main cabin provides a full bedroom, walk-in closet, 1.5 bathrooms, laundry room and a LOFT with additional beds currently used as a 3rd bedroom. Double lot has fruit trees (cherry, peach, and apple), a child treehouse, deck, shed, and a private ''quad road'' to drive to the deck and main cabin level from main road. Come see this cherished cabin and envision the memories you can make for yourself.

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2199 E Gillcrest Road Gilbert, AZ 85298

$685,000

5 Beds

3.5 Baths

3,512 SqFt

Status Active

MLS # 6764188

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to your dream home! The interior boaWelcome to your dream home! The interior boasts a neutral color paint scheme that enhances the natural light. The primary bedroom is a true retreat, complete with a walk-in closet. The primary bathroom is a spa-like oasis featuring a separate tub and shower, as well as double sinks. The kitchen is a chef's delight, equipped with all stainless steel appliances, a kitchen island, and a walk-in pantry. The fenced-in backyard is perfect for private gatherings, complemented by a covered patio for your outdoor enjoyment. This property is a must-see!

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15682 W Jenan Drive Surprise, AZ 85379

$685,000

6 Beds

3.5 Baths

4,035 SqFt

Status Active

MLS # 6767379

Property Type Single Family Residence

Price Type --

PRIME SURPRISE LOCATION! Greer Ranch Home situated on Large Premium Cul-de-sac lot!! Greenbelt to North & East of property with view fence! Near Neighborhood Park & common area. Home features 5 bedrooms, den, 3.5 bath, huge upstairs loft, great room (living/dining), family room, large kitchen, den (which can be used as an office or bedroom), huge master bedroom and bath room w/ two WI closets, two tone paint, tile & wood laminate, carpet in bedrooms. RV gate, covered patio, 3 car tandem garage. This home is ideally located just minutes away from shopping, schools, churches, dining and entertainment, with easy access to Loop 303 for convenient commuting. Don't miss the opportunity to own this exceptional property!

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5764 E Leonora Street Mesa, AZ 85215

$685,000

2 Beds

2 Baths

1,940 SqFt

Status Active

MLS # 6769037

Property Type Single Family Residence

Price Type --

Very spacious 2 master bedroom 2 baths on the 3rd hole of Apache Wells CC golf course. Great room style. Large kitchen with pullout shelving. Large island with storage on both sides. Breakfast bar, wet bar with small refrigerator. 2 sliders out onto covered patio with a gas grill. Owner owned commercial solar panels - According to SRP the last year high is $130 low $20. Over sized 2 car garage plus golf cart garage. Bring your buyers to see this great home.

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12380 W Palo Brea Lane Peoria, AZ 85383

$685,000

4 Beds

2.5 Baths

2,476 SqFt

Status Active

MLS # 6776625

Property Type Single Family Residence

Price Type --

This gorgeous 4-bedroom home with a 4-car garage with owned solar! Meticulously-designed interior showcases wood flooring, thick baseboards, chic light fixtures, fire sprinklers, and a formal living room. Perfect for entertaining, the spacious great room features pre-wired surround sound for an enhanced experience. Open-concept kitchen offers abundant cabinetry topped with crown moulding, built-in appliances, a convenient pantry, granite counters, and a prep island with a breakfast bar. Large & bright primary retreat awaits, complete with plush carpet and an ensuite comprised of dual sinks, soaking tub, and a walk-in closet. Serene backyard promises endless fun under the sun, boasting a covered patio, grassy area, and a refreshing pool. This gem will sell fast! Hurry

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44809 Saguaro Blossom Lane Morristown, AZ 85342

$685,000

2 Beds

1.5 Baths

1,730 SqFt

Status Active

MLS # 6775655

Property Type Single Family Residence

Price Type --

5 Acres *Adjoins thousands of Acres of State Land. Custom Hay shed/4 Covered 12 x 14 Stalls w/2in pipe*Arena started at 80ft 120ft, but room for 150 x 250 needs arena fill/sand. Outdoor Entertainment Area w/ Fireplace, Enclosed Front & Back Courtyard w welded wire/pet fencing. Firepit, Custom Lighting, Rim Rock Bar & Grill & a relaxing heated/cooled Swim Spa! Custom Ranch Home w Exceptional Privacy and Views. This Great Home exhibits the distinctive culture of Sonoran Desert Living w/ Natural Granite, Wood Accents, Stone & Tile Features Throughout. Vintage Custom Woven Drapes, Beehive Fireplace, & original custom works & upgrades- too numerous to mention. Full Hook-Up RV*Camp space*Addt RV parking*Endless Adventures of Camping, Hiking, Biking, Riding & Mining are yours! Move In Ready

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2312 W Muirfield Drive Anthem, AZ 85086

$685,000

2 Beds

2 Baths

2,064 SqFt

Status Active Under Contract

MLS # 6756691

Property Type Single Family Residence

Price Type --

Live the Anthem Country Club Lifestyle! From golf to pickleball to dinner at the Clubhouse - life is to be enjoyed at Anthem! This 2 bedroom plus den/office, 2 bath home is situated on a coveted golf course lot with stunning mountain views. The backyard is newly designed with relaxing entertaining spaces, pavers & easy-care turf! The great room begs for guests! The kitchen has been beautifully updated with today's taste - including lighting, wine cooler, stainless appliances, oversized sink & faucet. Upscale French doors to the front patio were added for ease of living. Coffee or wine anyone? Primary suite offers a private exit to the back patio, plantation shutters & large walk-in closet. Feel pampered in the updated primary bath - newly tiled, large glassed shower, fresh cabinetry, counters, lighting & hardware. Guest suite & bath have lovely updates as well! The den/office area is open, light & bright. Other recent updates include bedroom carpet, additional attic insulation, newer water heater, newer sliders in living area & primary bedroom, 5 additional window replacements, ceiling fans & more! Perfect primary home or 2nd residence. No neighbors to the west and across from the home - privacy abounds!

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3741 N Paseo Del Sol -- Mesa, AZ 85207

$685,000

4 Beds

2 Baths

1,821 SqFt

Status Active Under Contract

MLS # 6773620

Property Type Single Family Residence

Price Type --

Amazing golf course lot in the highly sought after community of Las Sendas! This Acacia floor plan features 4 bedrooms/2 upgraded baths, open concept kitchen/family room, updated light fixtures, new SS appliances, custom stone media wall with lighted wood shelving. Upon entering the home, you will find newer wood look-like tile, 5'' baseboards, and crown molding. Interior has neutral paint throughout and bedrooms have newer plush carpet. This home is located on a premium golf course lot by 17th tee box with beautiful desert landscaping & plenty of privacy! The backyard features a putting green, kiva fireplace perfect for nightly entertaining, built-in BBQ, and view deck with stunning east facing mountain views. Park all your vehicles or golf cart in the spacious 3-car garage with epoxy flooring and built-in cabinetry. Minutes away from Saguaro Lake, Salt River and Tonto National Forest. Las Sendas features two community pools, spas, splash pad, multiple parks, tennis, pickleball, and bocce ball courts, walking/biking paths & groups/clubs for everyone!

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10118 E Trent Avenue Mesa, AZ 85212

$685,000

4 Beds

3.5 Baths

2,794 SqFt

Status Active

MLS # 6751202

Property Type Single Family Residence

Price Type --

Welcome to this stunning Toll Brothers home nestled in the premier community of Cadence! With its impressive curb appeal and an inviting, bright, and airy floor plan, this residence is designed for both comfort and style. Step inside to discover an open-concept layout that seamlessly connects the elegant kitchen to the living area. The gourmet kitchen boasts pristine white cabinetry, a generous breakfast bar, a large center island, and a walk-in pantry, all complemented by stainless steel appliances. Expansive windows and soaring ceilings flood the space with natural light, creating a warm and welcoming atmosphere. This living area effortlessly transitions to a backyard oasis, complete with a covered patio and a spacious play area featuring lush artificial turf. The main level also includes a versatile flex space that can serve as an office, den, or formal dining area, along with a private full bedroom and bathroom, ideal for guests or extended family. Venture upstairs to find an oversized loft that offers additional living space, along with a generously sized primary bedroom complete with a walk-in closet, dual sinks, and a walk-in shower. Two additional bedrooms share a well-appointed bathroom, and the convenience of a laundry room rounds out this functional second level. This home combines modern living with thoughtful design, making it the perfect retreat for any lifestyle. Don't miss the opportunity to make it yours! Cadence features an 8 acre park with a 12,000 sq ft club house that features a fitness center gym and meets the needs of every family. member! Enjoy the community pool, tennis courts, basketball courts and playground just to name a few ammenties. Conveniently located by shopping restaurants and easy freeway access!

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2427 E Mcdowell Road Phoenix, AZ 85008

$685,000

3 Beds

2 Baths

1,561 SqFt

Status Active

MLS # 6696950

Property Type Single Family Residence

Price Type --

Looking for a Lucrative Investment Opportunity in Phoenix, AZ? Look No Further! This Stunning Property is Located at 2427 E McDowell Rd and is currently being used as a Home/Office that offers C-2 Commercial and R-3 Multiple Family Zoning with Road Frontage on Mcdowell Road. Key Features: Prime Location: Nestled in the heart of Phoenix, enjoy easy access to downtown, shopping centers, restaurants, and major highways. Rear lot of Property is Currently Leased for $600.00 Per Month for Storage. Unfinished Basement is a Bonus for Estimated 761 Sq Ft of Additional Storage. Property Has So Much Potential! 24th St and Mcdowell!

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8533 W Desert Elm Lane Peoria, AZ 85383

$685,000

5 Beds

3.5 Baths

3,118 SqFt

Status Active

MLS # 6696966

Property Type Single Family Residence

Price Type --

Just reduced, priced to sell! Great house w/ an even better lot!!! This beautiful home sits on a very private corner lot so that you can enjoy the open space behind you from your very own resort like backyard. One of the few homes available that has a private casita (243sqft) for extended family or the occasional guest. This home has great flooring throughout, the eat in kitchen has granite counters, double ovens, built in wine rack, and large walk in pantry with additional storage under the stairs. The very spacious primary suite is conviently located on the main level. There is also a large loft that has been partitioned to create a 6th bedroom plus and has a balcony to enjoy the mountain views.. You don't see many 6 beds plus a loft in this price range. This home won't last!

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