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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787 W Rock Needle Trail Apache Junction, AZ 85120

$654,990

4 Beds

3 Baths

2,607 SqFt

Status Active

MLS # 6750732

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Livorno floor plan offers a stylish single-story design with four bedrooms, an All Gen suite, and a spacious flex area ideal for an office, TV room, or study. The home includes front yard landscaping and will be ready for occupancy in October. Conveniently located near community parks, grocery stores, and a variety of dining options.

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37510 W Nina Street Maricopa, AZ 85138

$654,990

4 Beds

3.5 Baths

3,240 SqFt

Status Active

MLS # 6762871

Property Type Single Family Residence

Price Type --

Don't miss your chance to own this amazing home! This Sedona plan home features a flexible activity room AND home office! Your expansive gourmet kitchen is designed with stacked cabinetry, buffet-style lowers, gas cook top, and double ovens! The bright great room with multi-slide glass door is ideal for gathering with family and friends. The Primary Suite is expertly designed with a resort like bath with freestanding soaking tub. Take out the toys from your THREE CAR GARAGE! Say hello to luxury, Maricopa and see why K. Hovnanian is the First Name in Lasting Value!! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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5023 E Campo Bello Drive Scottsdale, AZ 85254

Open House

$654,990

3 Beds

2.5 Baths

1,958 SqFt

Status Active

MLS # 6778883

Property Type Townhouse

Price Type --

Discover Arabella, a community located in Arizona's desirable 85254 zip code. Our ''Little Rock'' floor plan offers 3 bedrooms, 2.5 bathrooms, and a spacious loft, along with a 2-car garage and a private yard. Inside, you'll find modern Ash-Brown cabinetry, elegant quartz countertops, wood-like tile flooring, and plush carpeting. This home features pre-plumbing for soft water, smart home technology, and upgraded stair railing. Currently under construction, with an expected completion date in Nov/Dec 2024, Arabella is conveniently situated near Loop 101 and is just a short drive from Scottsdale Quarter, Kierland Commons, and Desert Ridge Marketplace, and Paradise Valley shopping and dining. We are in our final opportunities!!

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4444 E Bethena Street Gilbert, AZ 85295

$654,900

4 Beds

3 Baths

2,420 SqFt

Status Active

MLS # 6751104

Property Type Single Family Residence

Price Type --

Welcome to this charming 2-story home in the popular community of Cooley Station. It features a lush, well-manicured front yard with an inviting front porch with flowers all around. Step into a spacious living room with lots of light. The kitchen is light and bright and includes white cabinetry, recessed lighting, granite counters, stainless appliances, wall ovens and center island with breakfast bar. There are expansive sliding doors and an adjacent dining area that look out onto the sunny courtyard. The travertine patio has been extended and the artificial turf is low maintenance and aesthetically vibrant. The spacious primary bedroom is on the main floor and has a view of the courtyard. The primary ensuite bathroom boasts a large tub, separate shower, dual vanities and walk in closet. Off the living area, and down the hall, there are two bedrooms and a full bathroom on the main floor. There are also two large closets in the hallway for added storage. The laundry room has upper and lower white cabinets and windows and is located off the kitchen across from the generous pantry. Up the stairway, you will find a huge loft area that can be used as an additional living space or as a separate living space for mother-in-law, teen, etc. There is an additional bedroom, closet, and full bathroom upstairs. The 2-car garage and 2 car driveway are in the back of the house and provide space for storage as well as two large vehicles. The location can't be beat with walking distance to the basketball courts, kids playground, bbq area and fields. The community pools, Fry's Marketplace, Crust, and multiple other eateries are a short bike ride away. Come see this fabulous neighborhood!

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615 Andante Drive Sedona, AZ 86336

$654,900

3 Beds

2 Baths

1,622 SqFt

Status Active

MLS # 6773472

Property Type Manufactured Home

Price Type --

Location, location, location! Your Sedona retreat awaits you at this newly renovated, updated home located near soaring Thunder Mountain, Chimney Rock and Coffee Pot. Move-In Ready or Short-term rental possible (buyer to confirm) New roof August 2024 to ensure years of weather-ready living. Vaulted ceilings throughout and dormers in the main living spaces add to the open and airy feel. Easy-to-care-for LVP floors - with custom baseboards throughout. Modern Zebra blinds brighten windows in all rooms across the front of the house; new, woven, honeycomb blinds are found at windows across the back. You will surely enjoy entertaining in the charming, sunlit, well-appointed, eat-in kitchen with newer appliances and lighting. Formal dining is also an option, and views of the red rocks (More) from both rooms. Centered in the living room is a wood burning fireplace with new tile and an electric blower for added winter warmth. Designer bathrooms have been fully upgraded with new tile, showers, sinks, granite countertops, lights and mirrors. The primary bathroom also boasts a stand-alone soaker tub from which mountain views can be enjoyed while soaking away the stress of the day. (Bedrooms currently feature new smart TVs and Arizona-made, Brooklyn Bedding mattresses, CA King in primary, head-and-foot adjustable Queen in second, and bunkbeds with twin and full in third bedroom.) You'll also find large closets, fresh paint and upgraded fans in the bedrooms. The third bedroom could also function nicely as an office/den/library, or nursery. The laundry room is outfitted with a heavy-duty Whirlpool washer and dryer, two lockable storage closets and a built-in desk/folding counter. More storage is found in the backyard shed with a new roof, easily transformed into a Mancave or Sheshed. This one-level home offers 1,621 square feet of comfortable living space. Two huge, front and back decks with new, built-to-code railings - add considerably to outdoor living, and with ample space to practice yoga, entertain or simply relax and enjoy the weather and beautiful views of the Red Rocks! This property is close to a network of forest hiking and biking trails, the Amitabha Stupa and Peace Park - all this away from the hustle and bustle - yet just minutes from shopping, restaurants, theaters and galleries. Location, location, location, indeed!

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28234 N 134th Avenue Peoria, AZ 85383

New

$654,774

4 Beds

3 Baths

2,489 SqFt

Status Active

MLS # 6788571

Property Type Single Family Residence

Price Type --

A soon to be complete single-story Mercury with a Mid-Century Modern exterior elevation style. This 4-bedroom home plus a flex room offers 3 baths and a 2.5 car garage. The kitchen features stainless steel appliances and stylish Mocha colored cabinetry and beautiful white quartz countertops. Throughout the home, find upgraded baseboards and wood-like tile. The home and community are at the base of a mountain and are near Vistancia. Home warranty included.

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617 S Paradise Drive Gilbert, AZ 85233

Open House

$654,490

3 Beds

2.5 Baths

2,156 SqFt

Status Active

MLS # 6742305

Property Type Single Family Residence

Price Type --

Welcome to Paradise! This Home is move in ready & located in The Gated Falls Community (only gated waterfront community in the Islands). This Home backs up to the most gorgeous waterfalls! The interior of this home boasts vaulted ceilings, a formal dining room, and a kitchen with stainless steel appliances. The formal dining room can only be beaten by the incredible view as you gaze through the windows. Amenities include Private Falls Pool, Hot Tub & Gazebo w/ BBQ, sink entertainment area, restrooms, & lake access to fish (catch/release).kayaks, paddle boards. The HOA takes care of front and back yard landscaping and paints the exterior of the home..

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7211 W Kings Avenue Peoria, AZ 85382

$654,000

5 Beds

3 Baths

2,556 SqFt

Status Active

MLS # 6782198

Property Type Single Family Residence

Price Type --

OVER THE TOP LUXURY UPGRADES! Gorgeous, move-in ready 5 bed, 3 bath home with a bright & airy floorpan. 2024 entertainer's dream kitchen with lots of storage, all new stainless steel appliances, new shutters and completely remodeled backyard. Home is ideal for all the upcoming holiday gathering. HUGE Master, upgraded bathroom with walk-in shower, vanities & custom designed walk-in closets. Backyard is a resort! Oversized paved patio areas for lounging, pool and NEW pergola area with built-in TV & BBQ. Large side yard with RV gate for parking toys! You don't want to miss out on this one of a kind hidden gem, close to freeways, shopping, arrowhead mall, hiking and more.

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38218 W Camelback Road Tonopah, AZ 85354

$654,000

5 Beds

4 Baths

3,270 SqFt

Status Active

MLS # 6721936

Property Type Single Family Residence

Price Type --

Gorgeous custom home on 5 acres with magnificent mountain views and tons of privacy! This home features 5 bedrooms and 4 baths...yes you read that right! 19 foot ceilings with wood beams, and 2 stone fireplaces. The kitchen boasts beautiful granite counters, and raised panel cherry cabinets as well as SS appliances. Split floorplan with spacious master bedroom down stairs and 4 bedrooms upstairs. This home is a dream for entertaining your family and friends! 4 car garage. 2 large corrals with shade and 5 stall barn with tack room. There is also a 200 amp service for RV Hook up and water. The property has a private well and backyard fencing and an amazing back porch to enjoy your morning cup of coffee with no city noise, just your dogs running around the property enjoying life!

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19700 N 76th Street Unit 2160 Scottsdale, AZ 85255

$654,000

2 Beds

2 Baths

1,843 SqFt

Status Active

MLS # 6766181

Property Type Townhouse

Price Type --

Come enjoy the fantastic lifestyle of Village at Grayhawk in one of the best kept units in the complex! This is a move in ready property with recent upgrades to all mechanical items and appliances. Gorgeous master bath remodel completed recently as well. You'll love the open floor plan which offers split bedrooms and generously sized office. Quiet, peaceful and private location. Full two car garage. Don't miss this one.

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10585 E Cinnabar Avenue Scottsdale, AZ 85258

Open House

$654,000

3 Beds

2 Baths

1,902 SqFt

Status Active

MLS # 6752033

Property Type Townhouse

Price Type --

Fully Furnished - Turn-key Luxury in Scottsdale Ranch's Heritage IV adult 55 + community. Just bring your suitcase! Discover the ease of Luxury Living in the prestigious Heritage 4 enclave within Scottsdale Ranch. This true 3 bedroom home offers a refined, turn-key experience with everything ready for you. Fully furnished and featuring newer appliances, fresh exterior paint (2023) , new W/D(2024), water heater ( 2020) a beautifully updated paver patio (2022) and A/C unit (2022), you'll enjoy a seamless and easy move in. A vibrant lake community , the lifestyle here includes serene walking paths, private streets, tennis courts and access to two sparkling pools and over 60 + clubs. Forget about yard work and focus on relaxation and play- the HOA cares for the front yard. Live the carefree, Luxurious lifestyle you've been waiting for in Scottsdale Ranch's Heritage 4. Act now -this is a special home

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1723 S Reseda Street Gilbert, AZ 85295

$653,000

4 Beds

2.5 Baths

3,102 SqFt

Status Active

MLS # 6786561

Property Type Single Family Residence

Price Type --

Nestled in the charming community of Lyons Gate, this home offers the perfect blend of convenience and lifestyle. Just moments away from Costco, Walmart, Top Golf, Main Event, San-Tan Mall and Gilbert's top-rated dining, shopping hotspots, entertainment, and easy 202 freeway access, the location is truly unbeatable with great schools. This stunning 4-bedroom residence, complete with a loft and den, is designed for both comfort and functionality. The oversized master suite features a cozy sitting area, providing the perfect retreat after a long day. Secondary bedrooms are equally spacious, complemented by an airy loft ideal for work or play. The chef-inspired kitchen is a culinary dream, ideal for preparing meals and hosting gatherings in backyard with gas outlet for barbecue. Full size cabinets in garage, spacious backyard with artificial turf and wall lights, easy to clean epoxy floor 3 car garage, newer water heater, newer yard gates, Plantation shutters for all windows. Surround speakers in backyard patio and living room. When summer arrives, you can unwind at the community's sparkling pool-no maintenance required, just pure relaxation.

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