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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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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21278 W Glen Street Buckeye, AZ 85396

$685,000

3 Beds

2.5 Baths

2,868 SqFt

Status Active

MLS # 6747942

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the serene Main Street District of Verrado! This beautifully crafted 3-bedroom, 2.5-bath residence offers a perfect blend of luxury and comfort, capturing the essence of desert living. This home boasts exceptional curb appeal with its charming front porch, elegant courtyard entry, brick-paved driveway leading to the front door, and a freshly painted exterior (2024). The open-concept design is ideal for entertaining, featuring a separate formal dining area and a versatile flex space that seamlessly flows into the great room and kitchen area. The kitchen boasts stainless steel appliances, including a double oven, quartz countertops, 42' espresso cabinets, a large walk-in pantry, and a butler's pantry. The spacious primary suite is a true retreat with... gorgeous mountain views and a large bath that includes a separate tub and benched shower, dual vanities, a private water closet, and a large walk-in closet. The home also offers an office space/teen room and two additional bedrooms each with walk-in closets, along with upper and lower cabinets in the laundry room for added storage. Enjoy breathtaking sunsets from your own backyard, perfect for indoor/outdoor Arizona living, with extended pavers off the patio, citrus trees, grass, and easy-maintenance gravel throughout the oversized 10,258 sq. ft. lot. Additional features include 10-ft ceilings, 8-ft doors, tile flooring in all the right areas, ceiling fans and 2 wood blinds throughout, new AC unit (2022), and a new water heater (2024). Original Homeowners. The home is prewired for outdoor speakers on the back patio. The 3-car tandem garage comes with a 1-year-old AC unit for your comfort while working on hobbies. Built by Meritage, this house is highly energy-efficient, featuring tinted UV-protected windows, climate-sealed foam insulation, and 2x6 construction. Stroll down to Main Street and enjoy all the small-town charm it has to offer with easy access to grocery shopping, restaurants, golf courses, schools, and a recreation facility. Don't miss this exceptional opportunity to make this luxurious home yours!

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324 W Willow Avenue Phoenix, AZ 85029

$685,000

4 Beds

2 Baths

2,581 SqFt

Status Active

MLS # 6709884

Property Type Single Family Residence

Price Type --

FRESHLY PAINTED, GORGEOUS 4 BEDROOM, 2 BATH, 2,581 SQFT RANCH IN HERITAGE HIGHLANDS SUBDIVISION. LOTS OF SPACE/LARGE MASTER SUITE, 2 SPARE BEDROOMS AND A 4TH BEDROOM WITH BUILT IN BOOKCASES THAT COULD BE USED AS AN OFFICE OR BEDROOM. VAULTED CEILING FAMILY ROOM WITH WOOD BURNING, STONE FIREPLACE. LIVING ROOM AND FORMAL DINING ROOM WITH BAY WINDOWS AND WINDOW SEAT. ENGINEERED HARDWOOD FLOORS. EAT IN KITCHEN WITH REFINISHED CABINETS, QUARTZ COUNTERTOPS AND HUGE WINDOW WITH EXPANSIVE VIEW OF BACKYARD AND POOL. PROFESSIONALLY LANDSCAPED FRONT AND BACK YARDS WITH PLENTY OF COVERED PATIO SPACE IN BACKYARD, GREAT FOR ENTERTAINING! DON'T FORGET THE GORGEOUS SWIMMING POOL WITH NEW TIMER, NEW FILTER AN NEW POOL CLEANER.

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507 E Wesleyan Drive Tempe, AZ 85282

$685,000

4 Beds

2 Baths

2,086 SqFt

Status Active

MLS # 6727308

Property Type Single Family Residence

Price Type --

This beautiful home has been remodeled from top to bottom. Turnkey house that is upgraded to the max. New Electrical, new light fixtures, completed repainted. New front and back landscape with paver driveway extensions and front paver patio. Completely new kitchen with new appliances. New Master bathroom with his and her shower. Features a mud room and large pantry. All new upgraded tile throughout the house. New drywall, new windows, new doors and hardware and a new roof! This home is close to the University and in a great family neighborhood. Come make this your new home!

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2126 W Red Fox Road Phoenix, AZ 85085

$685,000

3 Beds

3 Baths

2,198 SqFt

Status Active

MLS # 6737901

Property Type Single Family Residence

Price Type --

This home checks all the boxes! Single level, elegant finishes, ideal floor plan, and more. This home in Fireside at Norterra is open, bright, and feels like new. With three bedrooms and an office, you have room to spread out. Enjoy cooking in the open concept kitchen complete with a fabulous walk in pantry and butler's pantry area to prepare meals. Special updates: New HVAC in 2024 and new water heater in 2023. The community offers a clubhouse, gym with full facilities, pool, spa, rock climbing wall, basketball court, playground, hiking trails,and more. Take advantage of the resort style living in north Phoenix. Come by and make this your home today.

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20928 W Wycliff Court Buckeye, AZ 85396

$685,000

4 Beds

4.5 Baths

3,258 SqFt

Status Active

MLS # 6743683

Property Type Single Family Residence

Price Type --

Look no further! This fantastic 4 bed, 4.5 bath residence now on the market is for you! Boasting great curb appeal, a low-care landscape, and a 3 car tandem garage! Inside you will find a sizeable living area and formal dining room w/graceful archways and soft carpet in all the right places. Continue into the cozy family room boasting plantation shutters and a custom palette. The luxurious kitchen is equipped w/everything the aspiring chef needs, staggered cabinetry w/crown moulding, a butler's pantry, granite counters, stainless steel appliances, recessed lighting, and an island complete w/a breakfast bar. The primary bedroom is a true retreat, boasting a walk-in closet and a full ensuite w/dual vanities & a garden tub. Don't forget about the cozy loft, ideal for an entertainment center. Finally, the wonderful backyard includes a covered patio, extended paver seating area, artificial turf, and a sparkling blue pool perfect for the warm summer days! What are you waiting for? Act now!

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48031 N 7th Avenue New River, AZ 85087

$685,000

3 Beds

2.5 Baths

2,321 SqFt

Status Active

MLS # 6744689

Property Type Single Family Residence

Price Type --

Sante Fe Style Home with Mountain and Desert Views in New River, Arizona. This thoughtfully designed 3-bedroom plus office residence offers an inviting open floor plan. Nestled on a 1.25-acre lot, this property has views of the surrounding mountains and desert. As you step inside, you'll be greeted by natural light that highlights the living areas. The recently installed new shutters throughout the house allow you to control the amount of sunlight. The kitchen flows effortlessly into the dining room and family room. Outside, the 1.254 acre lot presents endless possibilities, including the potential to create your own horse property. The property is complemented by a 4-car garage.

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2531 W Josselyn Drive Flagstaff, AZ 86001

$685,000

4 Beds

3 Baths

2,332 SqFt

Status Active

MLS # 6749986

Property Type Townhouse

Price Type --

Welcome to your retreat in the pines and escape the heat. This stunning 4-bedroom, 3-bathroom home is pristine with 2332 square feet of contemporary living space in a serene setting. Short term rentals are permitted in the neighborhood. Buyer to verify. The gas fireplace in the spacious living area creates a warm and inviting atmosphere. The heart of the home is the open kitchen with beautiful white cabinets and granite countertops, offering both functionality and style. Many upgrades including soft close cabinets, stainless steel appliances, and a walk in pantry make this an impressive entertaining space. One bedroom and full bathroom on the main level, with 3 more bedrooms and an expansive loft upstairs, offers ample space for the entire family and guests. The primary bedroom is a true sanctuary with a private balcony with breathtaking views of the Peaks. This home is immaculate and perfect for full-time living, seasonal escapes or short-term rentals. Nearby hiking trails, shopping, close proximity to NAU and all that Flagstaff offers.

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3738 N 12th Street Phoenix, AZ 85014

$685,000

3 Beds

3.5 Baths

1,824 SqFt

Status Active

MLS # 6756890

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled adobe home, originally built in 1938. Located in Idylwilde Park. With 1,824 square feet of thoughtfully designed living space, this residence features an open floor plan with stunning wood floors. The gourmet kitchen, with Quartz countertops and a large island, flows effortlessly into the living room, it's perfect for Entertaining. At the center of the home is a peaceful courtyard, bringing the outdoors in with a unique hallway of windows and doors that allows for plenty of natural light. The home boasts 3 en-suite Bedrooms and a Powder room providing plenty of comfort and privacy. Your Primary en-Suite Bedroom features a Spa-Like bathroom, and walk-in Closet. A two-car garage and direct access to a private community park and pool is just out back.

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538 N 74th Street Scottsdale, AZ 85257

$685,000

4 Beds

2 Baths

1,882 SqFt

Status Active

MLS # 6753424

Property Type Single Family Residence

Price Type --

Stunning fully remodeled home located in a highly desirable neighborhood in Scottsdale and NO HOA! This house boasts an open concept design blended with modern luxury. The kitchen features high-end stainless-steel appliances, quartz countertops, custom cabinetry and a spacious island. With all new flooring, fixtures, and finishes throughout, this home is move-in ready. The home's exterior has a custom designed yard. Located just minutes from Scottsdale's shopping, dining, and entertainment.

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10228 E Broadway Road Mesa, AZ 85208

$685,000

4 Beds

2.5 Baths

3,709 SqFt

Status Active

MLS # 6757280

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom 2 bath, semi-custom home in East Mesa. No HOA, great house for a big family multi-family possibilities, mature citrus trees, front yard was just done with synthetic grass. 2 bedroom 1 bath apartment or mother in-law suit,(it's not permitted,) Patio was enclosed to a extra family room with 740 SF. sparkling pool for the hot summers, huge lot with gazebo to entertain family and friends. Newly remodeled, new paint inside and out, new porcelain tile flooring no carpet. The master bedroom closets are beautiful, RV gate and more. Come and take a look, your clients won't be disappointed...PRICED Reduction!L...SHOW AND LEAVE A BUSINESS CARD......SELLER IS VERY MOTIVATED. ***$10k towards fencing for front of the home***

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