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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631 S Lanus Drive Gilbert, AZ 85296

$660,000

4 Beds

2 Baths

2,310 SqFt

Status Active Under Contract

MLS # 6775963

Property Type Single Family Residence

Price Type --

Gorgeous one-story home sitting on a pie-shaped lot of a private cul-de-sac! Upon entering, you'll be greeted by a formal living/dining room, vaulted ceilings, carpet/tile floors, and a large den with double doors. Continue into the family room, boasting a dining area, clerestory windows, and sliding glass doors that merge the indoor/outdoor areas. The kitchen has a subway backsplash, white cabinets, stainless steel appliances, track lighting, quartz counters, and a breakfast bar. In the main bedroom, discover a luxurious bathroom with dual vessel sinks, a glass enclosure raindrop shower, a freestanding tub, and a walk-in closet. The oversized backyard features a covered patio with extended Ramada and pavers, grass, beautiful trees, and convenient storage. This jewel won't last!

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1405 W Pelican Court Chandler, AZ 85286

$660,000

4 Beds

3.5 Baths

2,892 SqFt

Status Active

MLS # 6754000

Property Type Single Family Residence

Price Type --

You are lucky to find this rare gem - A tranquil green area in the back with view fence, a walk deck, and a peaceful quiet cul-de-sac in the front. On top of that, you can WALK to the highly rated school. WOW! From the moment you step inside, BRAND NEW LVT tile welcomes you and flows seamlessly through the main areas. The gourmet kitchen is perfect for entertaining, featuring NEW white island contrasting with granite countertops, upgraded cabinets, and stainless steel appliances. The main master suite is conveniently located downstairs with a luxurious bathroom, a spacious walk-in closet, and a view of the beautiful desertscape backyard, complete with a covered patio adjacent to a large, well-maintained greenbelt. Upstairs, the dramatic staircase with footlights leads to a large loft and three additional bedrooms, including a second master suite with its own bathroom and a balcony overlooking the back. The home boasts ample storage with a huge under-stair closet and three pantries. Conveniently located near shopping, parks, and a highly ranked elementary school, this home truly shows pride of ownership. With its modern open floor plan, super vaulted ceilings, and premium views of the mountains and greenbelt, this home is a must-see. The low-maintenance yard offers a front sitting area with a cul-de-sac view and a resort-style backyard. Move-in readywelcome home!

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2770 Chandelle Lane Overgaard, AZ 85933

$660,000

3 Beds

2 Baths

2,106 SqFt

Status Active

MLS # 6586230

Property Type Single Family Residence

Price Type --

New Construction all electric 3 BR/2 BA cabin nestled on 0.79 acres in the Mogollon Estates in the Rim Community of Overgaard. The cabin will feature a great room design, a large kitchen with an island and granite countertops, ceiling fans, central heat and air conditioning, a laundry/mud room, a generous master bedroom with an en-suite master bathroom, and generous size guest bedrooms. The exterior will boast covered decks, smart siding and a two-car garage, This lot very nicely treed and in a coveted area of Overgaard with easy access to the Forest. We have listened to our clients and upon their recommendation we are extending the cabinets in the kitchen to the end of the wall. See a depiction on photo #9.

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341 S Tucson Boulevard Tucson, AZ 85716

$660,000

5 Beds

2 Baths

2,252 SqFt

Status Active

MLS # 6650576

Property Type Single Family Residence

Price Type --

In desirable subdivision near the University of Arizona, restaurants, shopping centers, golf course and the Reid Park Zoo, you will fall in love with this stunning mid-century modern full remodel with Split Floor Plan. Approaching the home, you'll notice the Amazing Curb Appeal, Low-maintenance desert landscaping. Perfect for entertaining with an open floor plan which includes: Luxurious Stainless Steel Appliances Kitchen & Large Quartz Island; Antique Glass Mosaic Backsplash with Undermount sink; dining area; Two Seating areas; and two access to the Backyard. Backyard access is also available through the Oversized Master Bedroom with a Large master Bathroom (separate tub/shower), Dual sinks & a Roomy Walk-In Closet.

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11239 N 11th Place Phoenix, AZ 85020

$660,000

3 Beds

2 Baths

2,175 SqFt

Status Active

MLS # 6674322

Property Type Single Family Residence

Price Type --

Welcome to your future oasis nestled in the heart of tranquility, perfectly situated on a quiet semi cul-de-sac with breathtaking mountain views. Prepare to be captivated by the allure of this meticulously designed residence, where every corner exudes warmth and comfort. Immerse yourself in the natural beauty surrounding this residence. Wake up to the majestic sight of mountains greeting you every morning, offering a serene backdrop to your daily life. Enjoy the well cared for home that includes a new roof and newer HVAC system. Convenience meets charm with this centrally located gem. Enjoy easy access to nearby amenities, schools, shopping centers, and recreational facilities, ensuring that everything you need is just a stone's throw away. Spread across two inviting stories, this home boasts ample space for comfortable living. With three bedrooms and two bathrooms, there's plenty of room for gatherings, entertaining guests, or simply enjoying quiet moments of solitude. The majority of the furniture is available for a full price offer.

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16308 E Links Drive Fountain Hills, AZ 85268

$660,000

2 Beds

2 Baths

1,878 SqFt

Status Active

MLS # 6680908

Property Type Townhouse

Price Type --

Furnished! Well Cared For Single Level Condo at Balera at Firerock Featuring 2 Bedrooms + Den/Office with Full Size Business Desk That Converts To Queen Sized Murphy Bed, 2 Bathrooms, Gourmet Kitchen with Granite Counters, Island, Newer Appliances and Separate Dining Area. Kitchen Open To Cozy Living Room with Gas Fireplace, Faux Wood Plank & Tile Flooring & Vaulted Ceilings. Spacious Primary Bedroom with Vaulted Ceilings - Main Bath Featuring Soaking Tub, Walk-In Shower, Dual Sinks & Walk-In Closet. Split Floor Plan Guest Bedroom With Access To Guest Bathroom with Walk-In Shower. Upgrades: AC (2020) - Water Heater (2017) - Water Softener (2020) - Washer/Dryer (2021) - Kitchen Appliances (2022) - Patio Drop Shade (2022). Enjoy The Community Pool, Fitness Center & Spa With Amazing Mountain Views Overlooking Firerock Country Club.

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14121 W St Moritz Lane Surprise, AZ 85379

$660,000

5 Beds

3.5 Baths

3,675 SqFt

Status Active

MLS # 6700187

Property Type Single Family Residence

Price Type --

This gorgeous home was completely remodeled! 5-bedroom, 3.5-bath home boasts a 3-car garage, RV gate, and elegant stone accents.The living/dining room showcases high ceilings, recessed lighting, a soothing palette, and stylish wood-look flooring. The great room is a warm space for intimate moments with loved ones. Cook delicious meals in the kitchen, equipped with quartz counters, chic shaker cabinetry, trendy pendant lighting, a tile backsplash, SS appliances, a pantry, and an island with a breakfast bar. The den is perfect for an office. You'll also find a quaint loft that adds versatility. The large main bedroom offers plush carpeting, an ensuite with dual sinks, and a large walk-in shower. The vast backyard displays a covered patio & vast space to create your dream oasis. See it today

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2524 Old Rim Road Forest Lakes, AZ 85931

$660,000

3 Beds

2 Baths

1,939 SqFt

Status Active

MLS # 6727059

Property Type Single Family Residence

Price Type --

Charming Cabin in Forest Lakes - A Mountain Paradise! Welcome to your dream cabin nestled in the heart of Forest Lakes! This enchanting 3-bedroom, 2-bathroom retreat boasts a large great room with dramatic vaulted ceilings, seamlessly adjoined by a formal dining space featuring a cozy pellet stove. The spacious kitchen is complemented by a large interior laundry room with pantry shelves, providing ample storage and convenience. The cabin's sturdy metal roof and large detached toy garage with a roll-up door and side service door are perfect for housing your side-by-side or boat. Relax and unwind on the expansive covered front patio, surrounded by apple trees laden with fruit, and towering mature blue spruce and Ponderosa pine trees, creating your own private enclave. see more... Equipped with a backup generator and featuring numerous seller-made improvements((see a complete list of seller's improvements below) including foam insulation, new doors to the back patio, and a new 200-amp electric service panel, this cabin is ready for all seasons. Enjoy the proximity to the Sitgreaves National Forest, just a few steps down the trail from your backyard! Forest Lakes, an island in the middle of the forest, is home to the world's largest stand of Ponderosa Pine trees. Residents enjoy a 4-season climate with the best summertime weather, just a scenic 2-hour drive from the Phoenix Valley. Escape the heat and discover the serene beauty of this coveted cabin getaway location. Experience the perfect blend of nature, tranquility, and modern amenities in this exceptional Forest Lakes cabin. Don't miss this rare opportunity to own a piece of mountain paradise! List of Seller's improvements: 2 water heaters replaced 2 years ago New footer around non-concrete foundation with new insulation and sealing done underneath floor All new flooring & carpets New stairs & handrails Foam insulation, drywall and can lighting upstairs New front entry & 2nd bathroom doors Replaced all single pane windows with dual pane Generator purchased 7 years ago (automatic switch) Sealed and foamed connection point between original cabin and add-on Installed linen closet in front bathroom Installed can lighting in dining room/living room area Installed ridge beam & supports Framed out for skylight in 3rd bedroom Replaced window with sliding arcadia door & spray foam leading to backyard Installed pellet stove Grated & pea gravel on driveway 14x20 ATV garage/shed Removed 25 over-crowded trees Removed French doors in Owner's suite & replaced with window & spray foamed wall Ecobee Wi-Fi enabled thermostat & front door monitor

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22761 E Poco Calle Street Queen Creek, AZ 85142

$660,000

3 Beds

2 Baths

1,868 SqFt

Status Active

MLS # 6726064

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning, turn-key ready residence is nestled in the heart of the sought-after Meridian neighborhood in Queen Creek known for its serene atmosphere and picturesque surroundings. Meridian offers a perfect blend of suburban tranquility and modern amenities such as a community pool, a splash pad, as well as beautifully landscaped parks and walking trails! Step inside to discover an open-concept floor plan adorned with high-end finishes. The gourmet kitchen features stainless steel appliances, a beautiful stone wall backsplash, quartz countertops, custom cabinetry, updated light fixtures and a spacious island perfect for entertaining. The living area is bright and inviting with multi-slide pocket door allowing you to bring the inside out with a seamless transition to your incredible backyard featuring a custom heated pool with negative edge spa, marble decking, and basalt water feature wall! Retreat to the luxurious master suite, complete with a spa-like en-suite bathroom featuring a tiled glass-enclosed shower, a dual vanity sink and a large walk in closet. Additional bedrooms are generously sized, offering ample space for family and guests. Additional highlights include a home office and a two-car garage with extra built in storage space. Conveniently located near top-rated schools, shopping, and dining, this home truly has it all.Don't miss the opportunity to make this exceptional property your own!

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2890 E Fandango Drive Gilbert, AZ 85298

$660,000

4 Beds

3 Baths

2,573 SqFt

Status Active

MLS # 6729334

Property Type Single Family Residence

Price Type --

Charming 4 bed, 3 bath, with a Den Home with a Low-Maintenance Backyard and Modern Upgrades. Welcome to this delightful residence that combines comfort, style, and convenience. Nestled in the prestigious neighborhood of Seville, this home offers the perfect blend of functionality and aesthetics. Step inside to discover an open-concept layout flooded with natural light. The living room seamlessly flows into the dining area and kitchen, creating an inviting space for entertaining. Retreat to your private sanctuary. Recently updated master bath boasts a spa-like feel with a walk-in shower, dual sinks, soaking tub and a huge walk in closet big enough for everyone's clothes. Spend more time enjoying your backyard and less time on yard work with drought-tolerant landscaping, a cozy patio, and space for outdoor gatherings. Close to parks, shopping centers, and major highways, this property offers easy access to everything you need. This home will not last long!

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36601 N Mule Train Road Carefree, AZ 85377

$660,000

2 Beds

3 Baths

1,970 SqFt

Status Active

MLS # 6747936

Property Type Townhouse

Price Type --

Very nice downstairs condo in a beautiful well kept gated community. It features 2 large bedrooms, 3 full baths and a den/office. Newer tile, SS appliances and A/C in the larger part of the condo. 2 covered patios to enjoy your morning coffee. This is a great place to live! Social events at the clubhouse all the time from Fall to Spring! Beautiful pool area with a hot tub and waterfall. Come check it out!

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7908 W Rose Garden Lane Peoria, AZ 85382

$660,000

4 Beds

2 Baths

2,334 SqFt

Status Active

MLS # 6772892

Property Type Single Family Residence

Price Type --

Nestled in the desirable Fletcher Heights Great corner lot with 4 bedrooms and a large den with beautiful french doors. The back yard is your private oasis retreat perfect for relaxing or entertaining! The kitchen has stainless appliance package, gorgeous quartz counters, a huge island, and painted cabinets with hardware! Split floorplan with Large primary bedroom with double doors opens to the primary bathroom that has a separate tub and shower and upgraded counters, door going to the backyard Wood looking tile flooring in the bedrooms accents the upgraded baseboards. New roof in 2020! A few miles Arrowhead shopping and dining.

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