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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11518 E Utah Avenue Mesa, AZ 85212

$619,990

4 Beds

3.5 Baths

2,800 SqFt

Status Active

MLS # 6702345

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4 bedroom, 3.5 bathroom home with 2 dens located in the East Valley's newest community, Destination at Gateway! Step into the spacious home with 10-foot ceilings, adorned with elegant 8-foot interior doors and 4 1/4 inch baseboards. The home boasts 6 x 36'' wood look tile throughout, exuding a sense of luxury and warmth. Prepare exquisite meals in the gourmet kitchen, featuring a 36-inch gas cooktop and under-cabinet hood, complemented by beautiful 42-inch charcoal shaker cabinets with cabinet hardware. The kitchen dazzles with quartz countertops, a stylish kitchen backsplash, an Undermount sink, and a sleek stainless steel faucet. The bedrooms offer a peaceful retreat, while the bathrooms showcase upgraded lights and elegant brushed nickel faucets.

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20105 W Pinchot Drive Buckeye, AZ 85396

$619,990

3 Beds

3 Baths

2,835 SqFt

Status Active

MLS # 6715566

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!! This single-level home is host to two secondary bedrooms situated off the foyer with a convenient game room in between them, ideal for younger family members. At the back of the home, a generous open floorplan is shared between the Great Room, kitchen and dining room, offering access to a covered patio. The owner's suite and a fourth bedroom can be found in a private wing off the living and dining space. Photos are the actual home along with staged renderings.

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5325 W Rainwater Drive Laveen, AZ 85339

$619,990

5 Beds

4 Baths

2,838 SqFt

Status Active

MLS # 6717315

Property Type Single Family Residence

Price Type --

MLS#6717315 Ready Now! The Pinnacle at Tierra Montana Encore showcases a two-story design featuring a generously sized primary suite on the main floor. This suite includes a spacious shower with a tub, a dual-sink vanity, and a walk-in closet suitable for all seasons. The large gathering room seamlessly connects to the gourmet kitchen and dining area. Completing the first floor, you'll find a laundry room and a guest bedroom with a full bath conveniently located towards the front of the home, perfect for overnight visitors. Upstairs, there are three additional bedrooms, two full baths, and a spacious loft, ideal for your family. Structural options include: bedroom 5 with bath 4 in lieu of den, 10 x 8' sliding glass door, soft water loop, and gas line for future outdoor kitchen.

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791 W Rock Needle Trail Apache Junction, AZ 85120

$619,990

3 Beds

2.5 Baths

2,473 SqFt

Status Active

MLS # 6730540

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. This exquisite Parklane model, priced for a quick sale and set for August completion, offers 3 bedrooms, 2.5 baths, and a versatile den. The chef's kitchen with a 36'' gas cooktop, wall oven, and pearl white quartz countertops is perfect for entertaining. Additional features include a 2' garage extension, 3-car tandem garage, and a luxury shower with dual shower heads in the owner's bath.

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16430 W Desert Mirage Drive Surprise, AZ 85388

$619,990

4 Beds

3 Baths

2,623 SqFt

Status Active

MLS # 6754292

Property Type Single Family Residence

Price Type --

It's the stunning Topaz - 4 bedrooms with walk in closets + study and 3 full baths. Plenty of counter space and large walk in pantry. Pavers at drive, walk and entry. Large extended covered patio. Beautiful kitchen includes gas appliance package with stainless steel 30'' cooktop, wall oven and hood. Sonoma maple ''Linen-off white) cabinets with 42'' kitchen uppers with pull out trash drawer. AZT Tawny quartz countertops at kitchen. Black single bowl under mount sink. Upgrade flooring includes Beaumont Olmo 7x24 plank tile with 5'' baseboards and 3 1/4'' door casings throughout. Two tone interior ''Great Gray'' paint throughout. 8' tall garage doors and so much more. Estimated completion December.

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26851 N 67th Drive Peoria, AZ 85383

Open House

$619,990

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6711432

Property Type Single Family Residence

Price Type --

READY NOW-turn key! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes Burlap Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. Photos and virtual tour of similar spec home, options may vary**

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9849 E Radioactive Drive Mesa, AZ 85212

$619,990

4 Beds

3 Baths

2,137 SqFt

Status Active

MLS # 6766186

Property Type Single Family Residence

Price Type --

FUNCTIONAL 4 BED + 3 FULLBATH. GREAT GILBERT SCHOOL DISTRICT. FAST GROWING EASTMARK, GREAT APPRECIATION OF PROPERTY VALUE! FULLY LANDSCAPED FRONT & BACKYARD, COVERED PATIO, PAVERS, BUILT-IN BBQ GALORE, DRYBAR, & FIRE PIT. PAVER DRIVEWAY TO ENTRY TOO! MANY UPGRADES INCLUDE: WOOD-LIKE TILE FLOORING, SHUTTERS, ELEGANT TRIPPLE-PANEL SLIDING GLASS DOOR, 8 FOOT INTERIOR DOORS, NEW LAMINATE WOOD FLOOR IN MASTERBED, LARGE SHOWER IN MASTERBATH, UPGRADED PLUMBING & LIGHTING FIXTURES & CEILING FANS THROUGHOUT, UPGRADED BASEBOARDS, APPLE KIT COMPATIBLE SMART HOME, WATER SOFTENER SYSTEM, EPOXY GARAGE FLOOR. KITCHEN FEATURES: 42'' CABINETS WITH HARDWARE, GRANITE COUNTERTOPS WITH UNDERMOUNT SINK, R/O SYSTEM, & SLATE APPLIANCES. FRIDGE/WASHER/DRYER TOO! A NEWER BUILT WITH N/S EXPOSURE = ENERGY SAVERS!

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19611 W Marshall Avenue Litchfield Park, AZ 85340

Open House

$619,990

4 Beds

3.5 Baths

2,640 SqFt

Status Active

MLS # 6769605

Property Type Single Family Residence

Price Type --

Looking for a new home that is move in ready? You've found it! This beautiful 4 bed, 3.5 bath residence in Canyon Views boasts over 165K in upgrades, it has great curb appeal, paid off Solar, Gourmet Kitchen, 2nd ensuite, Surround Sound, Pool, Large Lot, EV Charging station & Double Gates. Discover a spacious open floor plan w/elegant wood-look tile flooring and neutral palette throughout. The gourmet kitchen is comprised of upgraded cabinetry w/quartz counters, a pantry, tile backsplash, stainless steel appliances, pendant lighting, and an island complete w/a breakfast bar. You'll love the primary bedroom, showcasing soft carpet, a walk-in closet, and a pristine ensuite w/dual sinks. You'll also find a large den ideal for an office or reading nook! Lastly, the spacious backyard includes a covered patio with built in BBQ Grill, exterior double fridge, artificial turf and a refreshing pool with water feature.

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309 S Charleston Court Casa Grande, AZ 85194

$619,900

4 Beds

2.5 Baths

2,374 SqFt

Status Active Under Contract

MLS # 6762631

Property Type Single Family Residence

Price Type --

Introducing your dream home, custom-built modern farmhouse nestled on a generous 1.25-acre lot with irrigation rights. This house offers not just a home but a lifestyle. With 4 spacious bedrooms, including a luxurious primary bedroom and 2.5 well-appointed bathrooms, comfort is at your fingertips. Step inside and savor the charm of wood-like tile flooring throughout this open-plan sanctuary. Cooking enthusiasts will fall in love with the chic custom cabinets and sleek quartz countertops in the kitchen. Energy efficient features dual-pane windows and spray foam insulation. Let's not forget the practical perks: a sizable 3-car garage ensures that your vehicles and toys are safely tucked away. Nestled in a serene neighborhood in Casa Grande, This home is waiting for you.

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6765 W Molly Lane Peoria, AZ 85383

Open House

$619,900

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6773969

Property Type Single Family Residence

Price Type --

North/South Exposure with scenic views! Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, Desert Backyard Landscaping and Smart Home Technology. Home is now complete and ready to call home, photos of actual home!

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13333 W Chapala Court Sun City West, AZ 85375

$619,900

3 Beds

2 Baths

2,143 SqFt

Status Active

MLS # 6764055

Property Type Single Family Residence

Price Type --

Popular Encanto Model with foyer and large great room. Beautiful granite and stainless steel kitchen. 3'' wood shutters throughout. Extended den with closet and door. Oversized fully landscaped and irrigated lot. Corte Bella offers a relaxed, luxury feel including newly renovated restaurant, complete athletic facility including day spa and huge community pool. Come live the Corte Bella lifestyle!

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2310 W Kachina Trail Phoenix, AZ 85041

New

$619,900

3 Beds

2.5 Baths

2,406 SqFt

Status Active

MLS # 6769338

Property Type Single Family Residence

Price Type --

Beautiful Home in the popular Southern Highland gated community with spectacular mountain views. This home is move in ready with all appliances including fridge , washer & dryer and 1 newer AC unit. Featuring 3 Large Bedrooms, 2.5 Bathrooms, an Office or Den and a 3 car split garage. Spacious rear yard with artificial turf, newer pool built in 2018 with custom tile and stone finishes, additional cool decking, spa, fabulous water feature with remote app control. This home has large diagonal set tile in all the living areas, walkways and kitchen with very nice Hunter Douglas window shades throughout. Gourmet Kitchen is nicely done with Upgraded Cabinets, Lots of Granite Countertops, a Walk-in Pantry, Gas Stove, Stainless Steel Appliances, Water filter system + RO drinking water and a Large Island. The Kitchen is open to the Family Room so that you can be part of the entertainment. The Master Bedroom is large and split from the other bedrooms. In addition, there are dual Walk-in Closets, an On-Suite with Dual Sinks, a Separate Shower and Tub, and lots of Counter Space. All the other bedrooms are good sized with large closets. Venture outdoors steps away from South Mountain Park and Preserve and enjoy the great Arizona weather. This home does not have any neighbors across the back providing an open private space to enjoy.

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