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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9292 E Dreyfus Place Scottsdale, AZ 85260

$674,900

3 Beds

2 Baths

1,720 SqFt

Status Active

MLS # 6745860

Property Type Single Family Residence

Price Type --

This stunning 3-bedroom single-level home in Scottsdale is a true gem, offering the perfect blend of comfort and convenience. With vaulted ceilings and elegant plantation shutters throughout, the open and airy design creates a welcoming atmosphere. The wood flooring adds a touch of sophistication, while the corner lot position provides added privacy and a lovely view of the community park. The open kitchen seamlessly flows into the family room, making it ideal for both everyday living and entertaining guests. Enjoy a lifestyle of ease with everything you need just moments away: movie theaters, diverse dining options, grocery stores, Scottsdale Shea Hospital, the McDowell Mountain Preserve, and an array of shopping opportunities.

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656 W Johnson Drive Gilbert, AZ 85233

$674,900

4 Beds

2 Baths

2,374 SqFt

Status Active

MLS # 6739611

Property Type Single Family Residence

Price Type --

Discover your dream home in this exceptional property, boasting a spacious three-car garage and a host of upscale features. The beautifully designed primary bathroom offers a tranquil retreat, while the expansive kitchen is a chef's delight, featuring a wine cellar and a high-end Sub-Zero refrigerator/freezer. Set on a generous lot, this residence includes a sparkling pool with a diving board, perfect for entertaining and relaxation. Plus, enjoy the benefits of a solar savings! This home seamlessly combines luxury, comfort, and efficiency, making it a must-see!

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4169 E Sagebrush Street Gilbert, AZ 85296

$674,900

5 Beds

3 Baths

1,951 SqFt

Status Active

MLS # 6759522

Property Type Single Family Residence

Price Type --

No waiting to build! Rare opportunity to own a 5 bedroom new build home with pool and completed backyard in prime Gilbert location. Warner Meadows, adjacent to Morrison Ranch features a community pool, kids play areas, parks, and more for the entire family! Showcasing an open concept floor plan, quartz countertops, stainless steel appliances, a gas range, ample kitchen storage, a spacious living room and more! The oversized primary bedroom suite includes a double vanity, walk-in shower and plenty of closet space. Step into the backyard and enjoy a covered patio, recently built play pool and an artificial grass landscape for easy maintenance. Minutes from multiple parks, shopping, restaurants, entertainment and the 202 freeway, this house won't stay on the market long!

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22611 N 70th Drive Glendale, AZ 85310

$674,900

4 Beds

2 Baths

2,066 SqFt

Status Active

MLS # 6768445

Property Type Single Family Residence

Price Type --

NEW PRICE. Come & See this GORGEOUS, MODEL SHARP, BEAUTIFULLY UPDATED & REMODELED (over $112K, see photo #2), 4 bed 2 bath single level home on larger cul de sac lot w/ RV Gate & 3-car garage in Hillcrest Ranch. Elegant kitchen w/ quartz counters, white cabinets w/ hardware, SS appliances, breakfast-bar island & spacious eat-in kitchen that overlooks back yard. Soaring vaulted ceilings, open, bright, & neutral throughout with NEW windows, NEW Roof (underlayment & tiles), plantation shutters, exterior doors, exterior paint & more. Primary suite w/ exit overlooks back yard, remodeled bathroom, walk-in closet & private toilet room. Enjoy your spacious back yard w/ sparkling pebble tec pool & REAL grass-NEW SOD added. Close to restaurants, shopping, & 101 freeway access. SEE FEATURES DOCUMENT

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935 Ponderosa Trail Prescott, AZ 86303

$674,500

5 Beds

4 Baths

2,510 SqFt

Status Active

MLS # 6777536

Property Type Single Family Residence

Price Type --

Imagine waking up to the serene sounds of nature, with sunlight filtering through the tall pines. The main floor boasts an open-concept design, where the kitchen seamlessly flows into the living and dining areas, making it perfect for family gatherings or cozy evenings by the fireplace. Upstairs, the primary suite is a true retreat, complete with an updated en-suite bathroom and a walk-in closet. The additional bedrooms and bathrooms offer flexibility for a growing family, guest accommodations, or even a home office. The private backyard is a haven for nature enthusiasts, with plenty of room for gardening, play, or simply relaxing under the stars. With its ideal location and charming features, this home truly offers the best of both worlds less than 5 minutes from downtown.

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21320 N 56th Street Unit 1199 Phoenix, AZ 85054

$674,000

2 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6747324

Property Type Apartment

Price Type --

Welcome to your dream condo in the resort-style community of Bella Monte! This rare first-floor gem features 2 bedrooms, plus an office/ or guest room, making it the largest floor plan in Bella Monte. Step inside and experience the open-concept layout and charming stone fireplace. The upgraded kitchen boasts solid wood cabinetry and sleek brand new stainless steel appliances. Step outside to a spacious and private back patio, perfect for outdoor living. A 2-car garage adds convenience and keeps your car cool. Located near Highway 101 and High Street, you're just minutes away from fantastic dining, shopping, and Paradise Valley. Experience the ease of low-maintenance living without compromising on luxury. Bella Monte boasts 3 pools, spas and workout rooms! Photos virtually staged.

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10649 E Hawk Avenue Mesa, AZ 85212

$674,000

4 Beds

3 Baths

2,284 SqFt

Status Active

MLS # 6763179

Property Type Single Family Residence

Price Type --

You'll LOVE this gorgeous 4-bed, 3-bath home in Eastmark! Displaying a manicured landscape & a 2-car garage w/paver driveway. Home exudes elegance with vaulted ceilings, chic light fixtures, plantation shutters, neutral paint, and Berber carpet & wood-look tile flooring. The inviting open layout is paired with a fireplace & multi-sliding doors to the back! The gourmet kitchen boasts granite counters, a pantry, subway tile backsplash, a prep island, white staggered cabinetry, and SS appliances w/cooktop gas & wall ovens. Main bedroom has barn doors that open to the ensuite with dual sinks, separate tub/shower, & a walk-in closet. PLUS! The large den can be an office. Enjoy the entertainer's backyard with a covered patio, artificial turf, firepit, built-in BBQ, & a sparkling pool! Just WOW!

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8413 E Jackrabbit Road Scottsdale, AZ 85250

$674,000

3 Beds

2 Baths

1,722 SqFt

Status Active

MLS # 6765157

Property Type Single Family Residence

Price Type --

This meticulously maintained 3-bedroom, single-story residence is a rare find with no HOA. With a brand-new roof, new A/C, and fresh exterior paint, this home is ready for you to move in and enjoy. Located in a prime location, you'll be just moments away from the beauty of Chaparral Park, the vibrant energy of Old Town Scottsdale, and shopping at Fashion Square. Plus, you're close to spring training facilities and Talking Stick Resort, making it easy to enjoy all that Scottsdale has to offer. Step inside to discover a warm and inviting living space that flows seamlessly. Don't miss your chance to own this exceptional home in a fantastic location!

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9223 W Running Deer Trail Peoria, AZ 85383

$674,000

3 Beds

2.5 Baths

2,650 SqFt

Status Active

MLS # 6713470

Property Type Single Family Residence

Price Type --

Best value in West Wing. Great split floor plan open kitchen great room with gorgeous upgrades. Large master suite with separate tub and shower double sinks and envious walk-in closet.

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8901 S Dateland Drive Tempe, AZ 85284

$674,000

4 Beds

2 Baths

2,066 SqFt

Status Active

MLS # 6751031

Property Type Single Family Residence

Price Type --

WESERV Best Home on Tour winner!!! This beautiful single level 4 bdrm home with heated salt water pool/spa is truly move in ready. The owner replaced the following since purchase 2 yrs ago: new salt water system in the pebble-tec pool/spa, water heater w/recirculation system, soft water and RO system, dishwasher, kitchen countertops, back landscaping & paver areas, interior/exterior paint, tile floors and carpet! From the patio entrance, custom front door, vaulted ceilings, wood burning fireplace in family rm, laundry rm with upper and lower cab's with full countertop. Primary bdrm has door to backyard. Note: behind wood fence is where a built-in BBQ was planned (gas lines, power, water available & cement). You'll have peace of mind living here with many of the big $ items done

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2726 S Rita Lane Tempe, AZ 85282

Open House

$674,000

5 Beds

3 Baths

2,481 SqFt

Status Active

MLS # 6771207

Property Type Single Family Residence

Price Type --

This beautiful home located in the heart of Tempe boasts five bedrooms and three full bathrooms in a split floor plan. As you walk into an open living room there is a formal dining room off to the side. It has a spacious updated kitchen with plenty of cabinets and a premium induction range and double oven among other state of the art appliances. This home has two master bedrooms, one with a large soaking tub. All bathrooms are updated, and all the bedrooms are large with plenty of closet space, plus 2 hall closets and additional cabinet storage along the hallway.There is a sun/Arizona room that has A/C giving you more space and living area. The home has large front and back yards with easy to keep irrigated landscaping. The home is close to ASU and downtown Tempe, and sits in a good neighborhood for walking and with nearby parks. This home is perfect for any lifestyle but would also make an excellent investment property with close proximity to ASU, and Tempe dining and retail. It is also conveniently near Mesa shopping and Asian grocery markets, and with Scottsdale just a short drive away. Welcome to your Next Home!

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23059 E Pummelos Road Queen Creek, AZ 85142

$672,500

4 Beds

3.5 Baths

2,938 SqFt

Status Active

MLS # 6762287

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS! This move-in ready two-story home features a beautifully landscaped backyard with real grass, a charming gazebo, and a covered patio perfect for shaded outdoor dining or relaxation. Inside, the open concept living area showcases a striking 20-foot shiplap fireplace and a gourmet kitchen with a 10-foot island, custom backsplash, 42'' upper cabinets, and a stainless steel range hood. The main floor master suite offers a spa-like bathroom with dual shower heads, double sinks, and a spacious walk-in closet. Upstairs, enjoy a cozy loft, two bedrooms, and a full bath. Energy-efficient upgrades include sunshades, two A/C units, and a tankless water heater. Located within walking distance to Queen Creek Olive Mill and Schnepf Farms for nearby dining and entertainment options. Retreat to the romantic main suite, highlighting plantation shutters, a pristine ensuite, and a walk-in closet. The home's elegance extends outdoors to the serene backyard with a covered patio, a gazebo, and a grassy lawn, excellent for outdoor relaxation. This value will not disappoint!

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