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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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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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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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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1813 E Patrick Lane Phoenix, AZ 85024

$660,000

3 Beds

2.5 Baths

2,677 SqFt

Status Active

MLS # 6742740

Property Type Single Family Residence

Price Type --

Beautiful home in highly desirable Eagle Bluff! Formal living and dining areas welcome guests to this magnificent home. Kitchen has been redesigned with large custom island, stainless steel appliances and an abundance of storage all open to large family room great for entertaining! Upstairs features oversized loft, large master suite and spacious additional bedrooms. In addition to large patio, low maintenance yard features custom gazebo with lighting, ceiling fan and built in bbq. Garage features built in cabinets and additional storage shelf. High end iron work featured both inside and out! This great property is minutes from shopping, schools, freeways and restaurants.

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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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4133 E Sidewinder Court Gilbert, AZ 85297

$660,000

4 Beds

2.5 Baths

2,502 SqFt

Status Active

MLS # 6756461

Property Type Single Family Residence

Price Type --

New Paid Solar! New pool, New AC, New flooring, New windows, New patio doors, granite countertops, extended kitchen island, stainless steel appliances, a tiled backsplash, and wine fridge. New non slip floors, and carpet. This 4 bedroom, 2.5t bathroom home in the heart of the coveted community of Power Ranch has been remodeled and upgraded from top to bottom w/ over $130k in upgrades. Has ample kitchen storage, a custom living room fireplace and spacious living areas. The oversized primary bedroom suite is complete with an extended private balcony, his and hers vanities, a huge soaking tub, a tiled walk-in shower and plenty of closet space. Enjoy the extended covered patio, crystal blue pool and spa, low maintenance landscaping, a built-in fire pit and relaxing seating under the pergola Upgrades on Home

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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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12380 W Palo Brea Lane Peoria, AZ 85383

$660,000

4 Beds

2.5 Baths

2,476 SqFt

Status Active

MLS # 6776625

Property Type Single Family Residence

Price Type --

This gorgeous 4-bedroom home with a 4-car garage with owned solar! Meticulously-designed interior showcases wood flooring, thick baseboards, chic light fixtures, fire sprinklers, and a formal living room. Perfect for entertaining, the spacious great room features pre-wired surround sound for an enhanced experience. Open-concept kitchen offers abundant cabinetry topped with crown moulding, built-in appliances, a convenient pantry, granite counters, and a prep island with a breakfast bar. Large & bright primary retreat awaits, complete with plush carpet and an ensuite comprised of dual sinks, soaking tub, and a walk-in closet. Serene backyard promises endless fun under the sun, boasting a covered patio, grassy area, and a refreshing pool. This gem will sell fast! Hurry

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4015 E Longley Drive Flagstaff, AZ 86004

$660,000

3 Beds

2 Baths

1,520 SqFt

Status Active Under Contract

MLS # 6720299

Property Type Single Family Residence

Price Type --

Welcome to this totally remodeled home. Situated in the tranquil Fox Glenn neighborhood on a cul-de-sac. This home offers a perfect blend of comfort and convenience. The well-appointed kitchen is equipped with modern appliances, newer hard surface counters and a large breakfast bar providing an ideal space for cooking enthusiasts. Walk into the living room with its Spanish Arches giving it a feel of modern luxury equipped with a wet bar and a fireplace. A nice size Primary suite with 2 closets. Both bathrooms are remodeled. The large back yard with a newer covered patio perfect for grilling. New driveway and all new exterior paint and siding in 2022. Located by Fox Glenn Park and walking distance to schools. This is a must see! Also a covered Front Porch for Mountain View

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6411 S River Drive Unit 21 Tempe, AZ 85283

$660,000

2 Beds

3 Baths

2,437 SqFt

Status Active

MLS # 6755605

Property Type Townhouse

Price Type --

Wow! Big price adjustment! Motivated Seller, lets get it sold! This is a beautiful and spacious townhome in the best kept secret community in Tempe! The Cottonwoods is a small community of 68 homes in the heart of Tempe, near all of the Valley's venues. The quick access to the freeway opens up the whole Valley to you in minutes, no matter where you may be headed, the airport is 12 minutes away. This home has 2 nice patio areas, 2 master bedrooms, a loft upstairs that is large enough for an office and or murphy bed set up for unexpected guests. So many custom touches are added into this home, you must come see. all furniture that is currently in the home can convey with home.

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7209 W Larkspur Drive Peoria, AZ 85381

$660,000

5 Beds

3 Baths

3,267 SqFt

Status Active

MLS # 6759869

Property Type Single Family Residence

Price Type --

Welcome to this spacious 5-bedroom, 3-bathroom basement home situated in a well-established neighborhood within the highly sought-after Peoria School District. Inside, you'll find a thoughtfully designed floor plan that offers spacious living areas and modern amenities. The main floor features the primary suite along with a guest bedroom and bath, both of which have been recently updated. The finished basement includes a large family room, three additional bedrooms, and another guest bath, ideal for those seeking extra space and flexibility, multi-generational living, or entertaining guests. Step outside to an entertainer's dream backyard. The sparkling pool is perfect for relaxation and enjoyment, while the outdoor kitchen sets the stage for al fresco dining and summer barbecues. The custom playground and inground trampoline are great features for outdoor enjoyment and recreation. The oversized cul-de-sac lot showcases artificial turf in both the front and back yards, enhancing practicality and curb appeal. Additionally, a spacious storage shed in the side yard offers convenient space for tools, toys, or seasonal items. This property is nestled in a desirable community with access to excellent schools and nearby amenities, making it the perfect combination of comfort, functionality, and entertainment. Don't miss the chance to make this your forever home!

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7064 E Osage Avenue Mesa, AZ 85212

$660,000

4 Beds

2.5 Baths

2,698 SqFt

Status Active

MLS # 6780359

Property Type Single Family Residence

Price Type --

Price improvement! Hurry! Awesome move in ready home in great Mesa location, Gilbert Schools. Pull up to this adorable home with front porch. Open the door to an exceptional family home. sellers have done it all here. Plantation shutters, unique wood features, drop zone off garage, 2 pantries. Large loft area would make great office or children's play area, fenced saltwater pool w/slots for volleyball,/basketball. 2 1/2 baths, .2nd floor laundry, tasteful decor. This home is very special! Newer a/c has transferable warranty, 5 years labor, 10 years parts. see upgrades list in documents. Don't miss this one!!!

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