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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28713 N 201st Avenue Wittmann, AZ 85361

$680,000

3 Beds

2 Baths

1,761 SqFt

Status Active

MLS # 6688569

Property Type Single Family Residence

Price Type --

Seller to include full panel fencing if closed before ed of the year! Welcome to your dream equestrian oasis! This newly constructed home on 1-acre horse property offers the perfect blend of luxury and functionality. Located just 15 minutes from Surprise and 25 minutes from Wickenburg. Step inside to discover modern vinyl plank flooring, a gourmet kitchen equipped with top-of-the-line appliances, and spacious living areas ideal for entertaining. Outside, your equine companions will love the two horse pens complete with shades for comfort. With all the bells and whistles included, this brand-new build truly has it all. Don't miss out on the opportunity to make this stunning property your own!

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1715 E Cheery Lynn Road Phoenix, AZ 85016

$680,000

4 Beds

4 Baths

2,485 SqFt

Status Active

MLS # 6687701

Property Type Single Family Residence

Price Type --

This home qualifies for the Community Lending Program, including lender credit and interest rates below regular conventional rates. Completely rebuilt and reimagined in 2018, the main house features just over 2000 sf, 4 bedrooms, 3 baths, open concept living with large rooms and 9' ceilings. Well appointed kitchen with SS appliances, gas range w/ double oven, gourmet range hood and plenty of cabinetry and counter space. Spacious primary suite awaits with a private patio. The backyard is complete with a 500+ sf paver patio between the main house and the guest house. Dine al fresco or relax in your hot/cold spa. The 427 sf guest house serves as a fully functioning residence separate from the main house with kitchenette, bedroom and bathroom. Priced below 2024 appraisal.

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4151 E Campbell Avenue Gilbert, AZ 85234

$680,000

5 Beds

3 Baths

3,705 SqFt

Status Active

MLS # 6726991

Property Type Single Family Residence

Price Type --

Amazing residence in Rancho Collene is on the market! This 5-bedroom beauty showcases an excellent curb appeal, a 3-car garage, an RV gate, and RV parking. The interior boasts a split level with separate living areas that promote privacy, yet its half walls allow an open feel. The living room is bright & airy thanks to its abundance of windows & vaulted ceiling. The dining provides a space for holiday feasts. The fabulous kitchen features a plethora of wood cabinetry, granite backsplash & countertops, SS appliances, and an island w/breakfast bar. The sunken family room is massive & has a recessed featured wall. Upstairs, you'll find a large bonus room. The huge owner's suite has a walk-in closet and a full ensuite with dual sinks, a make-up vanity, a step-in shower, and a soaking tub. The convenient bedroom downstairs is ideal for guests or in-laws. The expansive backyard offers a covered patio and tons of room for entertaining. Don't miss this fantastic opportunity!

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22701 E Avenida Del Valle -- Queen Creek, AZ 85142

$680,000

5 Beds

3 Baths

2,799 SqFt

Status Active

MLS # 6732380

Property Type Single Family Residence

Price Type --

Contemporary 5 bed, 3 bath house with 2,800 sqft in Queen Creek's sought-after Meridian community. Built in 2018, with updated styling throughout. Enjoy a gourmet kitchen, spacious master suite, and a low-maintenance yard. The residence also boasts a 3-car garage. Experience Arizona living at its finest with access to the 5,000 sqft community pool and quick access to Queen Creek Marketplace, top-rated schools and scenic parks. This house is also pre-wired for 16 security cameras.

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2608 N 80th Place Scottsdale, AZ 85257

$680,000

3 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6740585

Property Type Single Family Residence

Price Type --

*SCOTTSDALE HOME WITH THREE BEDROOMS, TWO BATHROOMS, 2 CAR GARAGE SPARKLING POOL! *Floorplan also includes spacious Living Room, Family Room, Laundry Room and Bonus Room! NEW luxury plank flooring, all NEW Interior & Exterior Paint including NEW baseboards *UPGRADED Electrical panel with 125 amp subpanel and GFCI protection outlets added *NEW hot water heater *UPDATED KITCHEN includes newer cabinets, counters, lighting and fixtures *BATHROOMS are updated and are in great shape *ROOF & AIR CONDITIONING replaced in recent years * *THREE SLIDING glass doors to covered patio and pool (from family room, and two bedrooms) *DUAL PANE WINDOWS *Large dedicated laundry/utility room and BONUS ROOM with vented heating and cooling *Very nice curb appeal with grass lawn, cypress trees & mature citrus * *BACKYARD IS GREAT FOR ENTERTAINING and features covered patio, sparkling pool and mature lawn and flowering bushes and plants *Close to OLD TOWN SCOTTSDALE, Fashion Square Mall, Waterfront, Botanical Gardens, Restaurants and Sports Venues, Golf, Biking, Hiking and MUCH MORE!

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763 W Estrella Drive Gilbert, AZ 85233

$680,000

4 Beds

2 Baths

2,430 SqFt

Status Active Under Contract

MLS # 6730683

Property Type Single Family Residence

Price Type --

Check out this GILBERT home, now featuring a NEW ROOF, NEW interior PAINT, NEW CARPET, and desirable North/South Exposure! This spacious 4-bedroom, 2-bath, 2,430 sq. ft. home is ideally located just minutes from the vibrant scenes of Downtown Gilbert and Chandler. In addition to a newer water heater, this home comes equipped with an automatic retractable awning and a dual-speed pool pump, providing both comfort and energy efficiency for outdoor enjoyment. Inside, the split primary suite offers ultimate privacy, complete with a nice ensuite bath and a large walk-in closet. The home is prewired with surround sound throughout, making it perfect for entertainment. Whether relaxing in the front room or enjoying the cozy fireplace in the living room, the open layout flows seamlessly into the kitchen, featuring solid granite countertops, stainless steel appliances, and ample cabinet spaceideal for hosting gatherings and making lasting memories. Step outside to your private backyard oasis, which backs onto a greenbelt, offering enhanced privacy with no rear neighbors the yard is completed with a water featured Pebble-Tec pool. Ignore days on market as we were preparing the home. Come tour today and make this exceptional property your new home!

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3115 E Verbena Drive Phoenix, AZ 85048

$680,000

5 Beds

3 Baths

3,149 SqFt

Status Active Under Contract

MLS # 6732018

Property Type Single Family Residence

Price Type --

NEW HVAC, pool & spa, large primary rm with deck overlooking the pool, gorgeous downstairs wood tile, open concept split floor plan, high ceilings, skylights, granite countertops, plantation shutters throughout, stainless steel appliances, upgraded baths, 2 bdrms, bonus rm & full bthrm downstairs, all tucked in a fabulous neighborhood, ending in a mountainside cul-de-sac. Mountain Park Ranch - WHERE THE MOUNTAIN MEETS YOU! Welcome to your new home - 5 B bdrm + office, 3 full bath home is thoughtfully updated & has it all. Live in Ahwatukee, Mt Park Ranch, a community-oriented place in close proximity to community pools, hiking and biking trails, shops, paragliding, Troon golf courses, restaurants & some of the best schools in Phoenix. A MUST SE

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11631 N 112th Street Scottsdale, AZ 85259

$680,000

3 Beds

2 Baths

1,566 SqFt

Status Active Under Contract

MLS # 6739721

Property Type Single Family Residence

Price Type --

Don't miss this gorgeous and TOTALLY remodeled home situated on an oversized cul-de-sac lot! Soaring ceilings and an open floor plan are just the beginning. A true chef's kitchen features high-end Bosch appliances including an induction cooktop & warming drawer! The large kitchen offers luxurious quartz countertops, 42'' cabinetry, a breakfast bar plus an island! This stylish home has it all... including two stacked-stone fireplaces and a brand NEW energy-efficient Air Conditioner! The resort-quality primary suite boasts a romantic fireplace plus an opulent 16' tall custom marble shower. Totally-remodeled and ready to delight the pickiest of buyers. Situated at the back of a cul-de-sac on one of the largest lots around! Prime N/S exposure. Great location!

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2357 E Ridgewood Lane Gilbert, AZ 85298

$680,000

4 Beds

3 Baths

2,551 SqFt

Status Active Under Contract

MLS # 6769191

Property Type Single Family Residence

Price Type --

Welcome to Belrose Community, where this beautiful two-story home awaits you! Providing 4 beds, 3 baths, 2-car garage, & a low-care landscape. The home exudes elegance with neutral paint, recessed lighting, and tasteful flooring - soft carpet & wood-look tile. If entertaining is on your mind, the perfectly flowing open layout will surely impress you! The modern kitchen boasts SS appliances, a walk-in pantry, quartz counters, subway tile backsplash, white shaker cabinetry, and a large island w/breakfast bar. One bedroom & one bathroom downstairs. Discover the versatile loft upstairs, ideal for a play or TV area! The owner's suite has a spotless bathroom with dual sinks & a walk-in closet. Check out the backyard with artificial turf & a covered patio, where you can relax while enjoying BBQ!

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10206 W Salter Drive Peoria, AZ 85382

$680,000

4 Beds

3.5 Baths

2,655 SqFt

Status Active

MLS # 6770043

Property Type Single Family Residence

Price Type --

Welcome to North Peoria's newest community Camino A Lago South. This 4 bedroom, 3.5 bath + Den +loft is ready to welcome a new family, just in time for the holidays. With over $60,000 in additional interior and exterior upgrades, this Oriole floor plan features: Primary suite downstairs great for multigenerational use, beautifully positioned open concept living area with 19FT ceilings. Who is ready to cook in this entertainers dream kitchen? Lets head outside where the current owners have spent over $45,000 in front and backyard landscaping so you don't have to lift a finger. Upgrades to include 12x14 Gazebo with lights and Sun Shades, pet friendly turf, privacy hedges, custom exterior lighting and paver extensions. Lets talk location~ Minutes from the 101 and 303 freeway, less than 4 miles to Arrowhead mall, P83 district for a plethora of restaurant options. Costco, Trader Joes, AJ Fine foods, Fine dining steakhouse Bourbon and Bones, Arrowhead Grill for great date night. Entertainment I got you covered Lake Pleasant for your boating and fishing desires is less than 15 minutes north. Westgate Entertainment District is less than 15 min drive south. Go have some fun at Top Golf, Tiger woods mini golf, Dave and Busters, Tanger outlet mall, Feeling lucky... head over to Desert Diamond Casino. Your options are endless. Welcome to North Peoria, AZ.

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10013 E Trent Avenue Mesa, AZ 85212

$680,000

5 Beds

3 Baths

2,550 SqFt

Status Active

MLS # 6735673

Property Type Single Family Residence

Price Type --

Welcome home to Trent Ave in the highly sought-after Cadence at Gateway community! Boasting all the upgrades of an almost brand new home, this open floor plan concept invites any and all who might enjoy its beauty. Featuring a light and bright kitchen, marble countertops throughout with state of the art stainless steel appliances, a low maintenance backyard, 5 bedrooms, a loft, additional game/living room and sliding glass door, there is plenty of room for all to come and enjoy. Some additions to the home include a gazebo in the backyard to provide some additional space for grilling and relaxing. But wait, there's more! Don't forget that you are not only buying the home, you are also buying the community lifestyle! This resort style community has a it all! Featuring a community pool, tennis court, basketball court, bike path, playground, community center, gym, and a dog park, not to mention close to the freeways, shopping, Legacy Sports Complex, and Mesa airport! Don't miss out on this dream come true of a home!

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16042 W Shaw Butte Drive Surprise, AZ 85379

Open House

New

$680,000

4 Beds

3.5 Baths

2,827 SqFt

Status Active

MLS # 6777953

Property Type Single Family Residence

Price Type --

Discover modern farmhouse charm in this 2019 Greer Ranch home. This single-level, ranch-style residence showcases refined upgrades, from quartz countertops and tall cabinetry to custom plantation shutters and wood-look tile. The spacious layout includes 4 bedrooms, 3.5 baths, and a versatile bonus room with barn doors, ideal for a home office. Thoughtfully designed, the en suite bedroom offers privacy for guests or extended family. Enjoy an Arizona room, lush turf landscaping, and a welcoming front porch. Situated next to a playground, you'll enjoy extra space and serenity. Three-car garage included.

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