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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17923 N Catalina Court Surprise, AZ 85374

Open House

$680,000

2 Beds

2 Baths

2,035 SqFt

Status Active

MLS # 6761004

Property Type Single Family Residence

Price Type --

Arizona Living at Its Finest! Discover this beautifully refreshed Verbena Model, offering 2 spacious bedrooms, 2 updated baths, and a large den—perfect for a home office or additional living space. Situated on an expansive lot in a quiet cul-de-sac, this home is designed for both relaxation and entertainment. The secluded backyard oasis includes a private swimming pool, an extended patio with a new gas BBQ, and a cozy gas fire pit, perfect for outdoor gatherings under the Arizona sky. Inside, you'll find new carpet in both bedrooms and plantation shutters, adding style and comfort. The primary bedroom offers a peaceful retreat with an updated bathroom for modern living.Enjoy the convenience of easy access from the garage directly into the kitchen, making grocery trips a a breeze. Updated gas furnace, air handler, and hot water tank, ensuring your home is both efficient and low-maintenance. Golf lovers will appreciate the prime location near Granite Falls North's 3rd Hole and Granite Falls South's 7th Hole. Don't miss your chance to own this fantastic Arizona property!

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1821 N Deer Crossing Road Flagstaff, AZ 86004

$679,999

3 Beds

2 Baths

1,396 SqFt

Status Active

MLS # 6771530

Property Type Single Family Residence

Price Type --

This home is located close to a variety of Flagstaff schools. It has just been remodeled featuring new luxury vinyl wood flooring, cabinetry, quartz countertops, stainless appliances, paneled doors, vanities, tile, mirrors, plumbing and light fixtures, ceiling fans, paint, new roof and much more! The backyard is amazing with plenty of room for an RV, or even a pool!

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6628 N 19th Street Phoenix, AZ 85016

$679,999

3 Beds

2 Baths

1,675 SqFt

Status Active

MLS # 6743889

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully remodeled residence is a gem in the highly coveted North Phoenix area. Featuring an open-concept design, this home is bathed in natural light, highlighting the light-toned luxurious LVP wood flooring throughout. The open-concept kitchen is decked out with stainless steel appliances and brand new luxury granite countertops. This home has been upgraded with new plumbing, new electrical, a new septic tank, and completely remodeled bathrooms, ensuring modern convenience and peace of mind. The back yard is ready for your personal touch, whether that be a pool, or a garden! The detached garage could be used for parking, extra storage or even converted into a casita! Conveniently located close to the 51 freeway, the Biltmore shopping center, high-end restaurants and more. this home provides easy access to all that Phoenix has to offer while maintaining a serene, residential atmosphere. Don't miss your chance to own a piece of North Phoenix living at its finest!

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21723 N 67th Drive Glendale, AZ 85308

$679,999

4 Beds

3 Baths

3,070 SqFt

Status Active

MLS # 6736498

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION! Incredible opportunity to own this large 1/4 acre property on a cul-de-sac lot! This pie-shaped lot gives you a feel of 3 backyards in 1. Enjoy your own putting green, play-pool, large grassy yard, playground for the kids & concrete tables - it's an entertainer's dream! Not only does the backyard feel spacious, but the house is a well-designed 3,070 sf floor-plan. Fresh look with all new interior paint. Upon entering, you'll notice the soaring vaulted ceilings, large windows & real wood floors at the formal living & dining rooms. There is no shortage of space in the kitchen with a staggered cabinet design, wall cabinets, pantry & matching built-in desk. In addition, the kitchen features granite counters w/ natural edge, breakfast bar, eat-in kitchen, stainless steel appliances, crown moulding & lots of recessed lighting. The large family room has a gas fireplace, room for any furniture arrangement, & space for a game-room or additional sitting area. All bedrooms are upstairs. The primary bedroom has double doors, wood floors, crown moulding, recessed lights & a walk-out balcony. The attached primary bathroom includes double sinks, separate tub / shower, private toilet room & walk-in closet. There is a loft off the primary bedroom that is perfect for a small office setup, teen space, or sitting area. All bedrooms have solid flooring, recessed lighting, crown moulding & ceiling fans. For those with hobbies, there is a 3-car garage with the single garage bay that is air conditioned with a mini-split A/C system. Sierra Verde is a great community with walking paths, lakes, top-rated schools, close freeway access & in a great Glendale location.

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25549 N 21st Avenue Phoenix, AZ 85085

$679,995

3 Beds

2.5 Baths

2,472 SqFt

Status Active

MLS # 6756349

Property Type Single Family Residence

Price Type --

Welcome to this stunning and meticulously designed home, where modern elegance and comfort meet in perfect harmony! With over 2472 sq. ft. of well-appointed living space, this residence offers a seamless blend of contemporary style and functional living. Situated in the desirable neighborhood of Norterra. The gourmet kitchen is a chef's dream and has endless design options, including top-of-the-line stainless steel appliances, custom cabinetry, and exquisite countertops. Whether you're hosting a dinner party or enjoying a quiet family meal, this kitchen will inspire your culinary creativity. Step outside to the Community Union Park at Norterra. (Heated Pool, Tennis, Pickle ball & Basketball Courts. Banquet Room Ping Pong, Fire Pit and Grand Fireplace seating. See doc tab for upgrades.

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42131 N Golden Trail San Tan Valley, AZ 85140

$679,990

4 Beds

3 Baths

2,513 SqFt

Status Active

MLS # 6768779

Property Type Single Family Residence

Price Type --

Estimated Completion November 2024 -- Welcome to Edgewood Estates, where luxury and practicality come together seamlessly! Enter through the grand foyer into a spacious great room, highlighted by a stunning wall of windows—perfect for entertaining or cozy family moments. The chef's kitchen is a true delight, featuring beautiful cabinetry, a large island for meal prep or casual dining, and premium finishes throughout. The private primary suite offers a tranquil retreat, complete with a spa-like bathroom and a spacious walk-in closet. This home also includes an Extra Suite Plus, designed for multi-generational living or providing guests with comfort and privacy. 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.

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7720 W Honeysuckle Drive Peoria, AZ 85383

New

$679,990

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6780089

Property Type Single Family Residence

Price Type --

Special Financing Available!!!!!!!!!!! This single-level home features Lennar's signature Next Gen® suite, ideal for multigenerational households complete with a living space, kitchenette, bedroom and bathroom. In the main home, the Great Room, kitchen and dining room are situated among a convenient and contemporary open floorplan with sliding glass doors that lead to the covered patio. The owner's suite is situated at the back of the home, with two secondary bedrooms found off the entryway. Photos are renderings of a model home, not the actual home.

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42169 N Golden Trail San Tan Valley, AZ 85140

New

$679,990

4 Beds

3.5 Baths

2,744 SqFt

Status Active

MLS # 6781091

Property Type Single Family Residence

Price Type --

Ready for Quick Move-in before the Holidays!!! Welcome to Edgewood Estates near Queen Creek commuter routes, shopping and dining. Experience Farmhouse Charm with Designer Details in this Stunning Home! The kitchen is a chef's delight, featuring Quill-stained Birch cabinets accented with floating shelves, Carrara Morro quartz countertops, and an expansive island, perfect for gatherings. The airy great room and dining area showcase a vaulted ceiling and a 12' multi-slide door, offering seamless indoor-outdoor living. Retreat to the primary suite, where luxury meets relaxation with a double vanity and a soaking tub, creating a spa-like atmosphere. Additional spaces include a home office, a media room and activity area between the secondary bedrooms. Plan you visit today! ~~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.~~

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23059 E Lords Way Queen Creek, AZ 85142

$679,990

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6766342

Property Type Single Family Residence

Price Type --

Brand new phase!. Our Trillium plan features it's own guest suite with private entrance and is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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25944 N 22nd Lane Phoenix, AZ 85085

$679,990

3 Beds

2.5 Baths

2,598 SqFt

Status Active

MLS # 6776846

Property Type Single Family Residence

Price Type --

Welcome to this beautifully designed Alta plan, offering 2,598 square feet of luxurious living space. With its charming farmhouse exterior elevation and upgraded front yard landscape with artificial turf, you are invited to step into the home through a covered entry with elegant pavers.The heart of this home is the stunning kitchen, featuring stainless steel GE appliances, including an under-cabinet hood, built-in gas cooktop with five burners, and a built-in wall oven and microwave with a sleek trim kit. The kitchen is a chef's dream with charcoal stained shaker cabinetry which is all is accented by stylish champagne bronze cabinet hardware which perfectly complement the 42'' upper cabinets and 3'' crown molding. Enjoy the beauty of Della Terra Hana Sky countertops, adorned with delicate veining, and a contemporary Emser 3x12 matte white backsplash. The large single basin stainless steel sink, paired with a Moen Align gold kitchen faucet, adds both functionality and style. Retreat to the luxurious bathrooms featuring charcoal stained shaker cabinets, white cultured marble countertops with rectangular sinks and Moen Gibson matte black premium 8 widespread faucets. Upgraded Melrose warm brass with white opal etched glass vanity lights illuminate your space. The Dal Tile Vicinity 6x36 Natural wood look tile flows seamlessly throughout the downstairs and into bath 2 and the laundry room upstairs. The primary bathroom showcases exquisite AZ Tile Reside Matte Beige 12x24 tile, providing a spa-like experience. Upstairs, a tasteful paint grade mission stair rail and is complimented by plush Shaw Kennfield carpet in the shade Ecru adding warmth and comfort, all trimmed with upgraded 4 ¼ baseboards. Throughout, the 8' interior doors adorned with Halifax Lever matte black door hardware throughout, adding a touch of sophistication. The side yard is perfect for entertaining, featuring a convenient gas stub for a BBQ, making outdoor gatherings a breeze. This home also includes a soft water loop for added convenience. Located in Union Park at Norterra this home offers not just a living space, but a lifestyle. Don't miss the opportunity to make this your forever home and experience the epitome of modern farmhouse living! 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, pickelball courts and basketball. Close to I-17, 101 and 303. Walking distance to restaurants, movies, entertainment and shopping.

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8722 W Denton Lane Glendale, AZ 85305

$679,990

5 Beds

4 Baths

2,700 SqFt

Status Active

MLS # 6743141

Property Type Single Family Residence

Price Type --

MLS#6743141 The Adelaide in the Stonehaven Expedition is perfect for entertaining. As you enter through the foyer, you'll find an expansive main living area that includes a formal dining room, a bright gathering room, and a gourmet island kitchen filled with natural light. The owner's suite is tucked away at the rear, offering a spa-like bathroom and a large walk-in closet. This exceptional home also includes three additional bedrooms, a casita with its own ensuite bathroom and sitting area, and a welcoming outdoor living space. Structural options include: casita with sitting room, bedroom 4 in lieu of storage space, multi-slide door at gathering room, gourmet kitchen, super shower at owner bath.

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20712 W Pasadena Avenue Buckeye, AZ 85396

$679,990

2 Beds

2 Baths

2,236 SqFt

Status Active

MLS # 6743347

Property Type Single Family Residence

Price Type --

Our very popular Goldfinch floorplan situated on a corner lot with some peak mountain views! This home features 2 bedrooms plus a den and 2 bathrooms. The large open great room is a favorite with its 20' multi-slide glass door and vaulted ceilings! The kitchen offers an island that can seat 6, GE Profile SS appliances include double ovens, 5 burner cooktop, built-in microwave, dishwasher and a French door fridge, quartz counters and a beautiful tile backsplash! The master suite is light and bright, and the master bathroom offers dual vanities, an oversized tiled shower with a bench seat, and the large walk-in closet has plenty of room for your things! Come see all that this home has to offer in beautiful Victory at Verrado! Up to $10K can be applied towards closing cost OR short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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