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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12806 W Maya Way Peoria, AZ 85383

$625,000

2 Beds

2.5 Baths

2,454 SqFt

Status Active

MLS # 6707399

Property Type Single Family Residence

Price Type --

Motivated Seller, Recent updates include full roof replacement and new A/C Units in 2020. Welcome home to Trilogy at Vistancia. This Active Adult community has is it all, a wide variety of recreational activities, pristine pools, state of the art fitness centers and championship golf course. Relax and enjoy the spacious Accredo model that boasts 2450 square feet with 2 bed, 2.5 bath and 2 separate office, den, man cave/home theater flex rooms. Includes water softener and reverse osmosis system. 3 car garage with 3rd being a golf cart garage. Low maintenance front and back yard on auto irrigation timers. Fenced in backyard. This immaculate home has it all. Experience paradise in this beautiful home nestled within an amazing community.

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176 N Honeysuckle Lane Gilbert, AZ 85234

$625,000

4 Beds

2 Baths

2,109 SqFt

Status Active

MLS # 6753160

Property Type Single Family Residence

Price Type --

Rare find! Located in beautiful Park Grove Estates. Minutes from downtown Gilbert. This 4 bedroom 2 bath home features a large entry area thats open to formal dining room, open kitchen/family room concept, vaulted ceilings-lots of natural light throughout home. Ready for you to make it your own! Huge corner lot, (over 13,000sqft). Mature trees and an RV gate! Large pool with a built in spa, mature trees... +Newer roof, newer windows and A/C as well as exterior paint+ Lots to see!

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3884 E Dublin Street Gilbert, AZ 85295

$625,000

3 Beds

2.5 Baths

1,837 SqFt

Status Active

MLS # 6767467

Property Type Single Family Residence

Price Type --

EXCELLENT OPPORTUNITY to own a Shea home with north/south exposure and a popular split floor plan, excellent backyard living, and LOCATED close to EVERYTHING: access to Loop 202, The Epicenter at Agritopia, Verde at Cooley Station, popular dining, hangout spots, amenities, grocery stores, schools, and so much more. Immaculate 3 bedroom/2.5 bath WITH a DEN! Recker Pointe offers a community pool, bocce ball courts, basketball court, playgrounds, and walking paths. This home has tons of upgrades, fresh paint, interior gas cooktop, custom interior door to den, built-in backyard bar-b-que, all tile home with no carpet, huge primary walk-in closet, extended length shower, and desert landscaping. Prewired for surround sound. Ten minutes from Mesa-Gateway airport, ASU polytechnic, and EVIT

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6326 E Kelton Lane Scottsdale, AZ 85254

$625,000

2 Beds

2.5 Baths

2,037 SqFt

Status Active

MLS # 6715530

Property Type Single Family Residence

Price Type --

Amazing home with 2 huge primary suites. From the moment you enter this sweet home, you will fall in love with the open floorplan, vaulted ceilings and plenty of light. The family room leads directly to the north facing patio that runs the length of the home. Plenty of space for indoor/outdoor entertaining. This home has a bright kitchen with a morning breakfast nook with bay window overlooking the greenbelt. Updated silestone counters, microwave, dishwaher and lots of cabinets for storage. Formal dining area with a beautiful arched window and shutters. The den has built-in bookshelves, a half bath and perfect for an office or room for guests. The primary suite has a spacious sitting/dressing area with three mirrored closets and plenty of storage. The bath area has a newer shower, skylight, dual sink vanity, a separate cedar linen closet and a private toilet. This incredible suite also has a door that open to the inviting covered patio overlooking the lush green belt. The secondary suite is just as fabulous with a spacious bedroom and bathroom. The garage has built-ins, a work bench and epoxy floor. This home is in excellent condition and has been very well maintained. A perfect community with a solar heated pool and spa, great location with easy access to loop 101 and Hwy 51, and the best dining and shopping Scottsdale has to offer at Kierland, The Scottsdale Quarter, Desert Ridge and the Scottsdale Promenade. What a great opportunity to enjoy a relaxed lifestyle in a great location.

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19640 S 193rd Street Queen Creek, AZ 85142

$625,000

4 Beds

2.5 Baths

2,752 SqFt

Status Active

MLS # 6737823

Property Type Single Family Residence

Price Type --

Beautiful home with 4 bedroom, 2.5 bath, 3 car garage, family room, living room, dining room, large kitchen, and MANY MORE! Almost ¼ acre Premium Lot backing to a Park. Extended length 70 ft driveway, plenty of room for a 5th wheel and truck to load and unload. RV Gate for added low profile storage. Great location close to shopping, restaurants and entertainment. Don't let this home pass you by!

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22743 E Avenida Del Valle -- Queen Creek, AZ 85142

Open House

$625,000

3 Beds

2.5 Baths

2,899 SqFt

Status Active

MLS # 6764641

Property Type Single Family Residence

Price Type --

You know when you walk into the perfect house and get that feeling that THIS IS THE ONE? Be ready to experience that! This home has all the bells and whistles buyers are looking for! AMAZING floor plan! HUGE great room w/ 15 ft sliding ''wall of glass'' & a kitchen to die for! Massive island w/upgraded granite, gas cooking! TONS of storage too! Split primary w/luxury primary bath! Epic laundry room too! Secondary bedrms are generous sized! Yards are low maintenance w/back having turf & tons of privacy! 3 car garage w/epoxy floor, security system, the list just goes on! Close to great shopping, restaurants and entertainment! And did I mention paid solar! Community pool, walk paths & great neighbors too!

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3118 N 15th Avenue Phoenix, AZ 85015

Open House

$625,000

3 Beds

2 Baths

1,392 SqFt

Status Active

MLS # 6771036

Property Type Single Family Residence

Price Type --

The search is over! Fall in love with the appealing open layout featuring a soothing palette, a modern feature wall, recessed lighting, and attractive wood-like flooring. The delightful kitchen comes with quartz counters, grey shaker cabinets with crown moulding, a stylish tile backsplash, stainless steel appliances, a handy pantry, and a center island with a breakfast bar for casual dining. The primary bedroom includes an ensuite with double sinks, a lavish raindrop shower, and a convenient and large walk-in closet. Outdoors, you'll find an open patio, pristine artificial turf, and a shed for additional storage. HVAC System was replaced 20024. Don't miss out on this fantastic opportunity!

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3953 W Salter Drive Glendale, AZ 85308

Open House

New

$625,000

5 Beds

5.5 Baths

3,863 SqFt

Status Active

MLS # 6777770

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous 5-bed, 5.5-bath home with an above ground SWIMMING POOL, convenient BASEMENT, GUEST QUARTERS, NEW AC units and thoughtful design throughout! Inviting ambiance in the spacious great room, where plush carpet, upscale ceiling fans, recessed lighting, and thick baseboards create an elegant and cozy feel. The kitchen is a chef's dream, comes complete with abundant cabinetry topped with crown moulding, granite counters, a breakfast bar, stainless steel appliances, and a center island. Romantic primary retreat boasts outdoor access, double door entry, and an ensuite comprised of two vanities, soaking tub, and a walk-in closet. HUGE family room in the basement is perfect for entertaining, movie nights, or a game room. Serene backyard provides a covered patio, pavers, and a storage shed. This beauty will sell fast!

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2509 E Darrel Road Phoenix, AZ 85042

Open House

$625,000

3 Beds

2.5 Baths

2,835 SqFt

Status Active

MLS # 6765409

Property Type Single Family Residence

Price Type --

Welcome to this stunning 3-bedroom, 2.5-bath, 3-car garage home located in the coveted gated community of Fairways at the Legacy. Nestled right on the golf course, this home offers course views and wonderful views of South Mountain with no rear neighbors! The spacious floor plan includes an inviting living area, sky-high ceilings, an open kitchen, and a large entertainment bonus room perfect for hosting family and friends. The master bedroom is conveniently located downstairs, offering privacy and ease of access, while the backyard features direct views of the mountains and golf course, perfect for enjoying Arizona's spectacular sunsets!

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3040 N Saffron -- Mesa, AZ 85215

Open House

New

$625,000

4 Beds

2.5 Baths

2,365 SqFt

Status Active

MLS # 6776002

Property Type Single Family Residence

Price Type --

This beautiful 4-bedroom, 2.5-bathroom, 2-story home sits on a sprawling 11,239 sqft lot with no HOA! Offering 2,365 sqft of interior living space, the home features a cozy fireplace in the family room, high ceilings, and large dual-pane sunscreen windows for plenty of natural light. Plush carpet and tile flooring run throughout. The upstairs primary bedroom includes a full ensuite bathroom and walk-in closet. The kitchen showcases granite countertops, elegant cabinetry, a walk-in pantry, and a breakfast bar. The backyard is as beautiful as the interior, featuring a covered patio, balcony, and a low-maintenance yard with grass, gravel, and trees. Enjoy the private heated pool and spa! Additional exterior storage, RV parking, and a 2-car garage add to the home's appeal!

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3371 E Elgin Street Gilbert, AZ 85295

Open House

New

$625,000

4 Beds

3.5 Baths

2,278 SqFt

Status Active

MLS # 6773803

Property Type Single Family Residence

Price Type --

Beautifully remodeled home in an incredible Gilbert neighborhood rich with walking paths, parks and near shopping, dining, schools and the 202 freeway. Featuring elegant new plantation shutters and updated flooring and lighting throughout. The stunning kitchen is equipped with quartz countertops, stainless steel appliances, a walk-in pantry and plenty of cabinets for storage. Enjoy the extended driveway with an over height RV gate, and benefit from the 2-year old AC units. The property is designed for entertaining, boasting a seven-speaker sound system, a charming pergola, pavers, gorgeous pool and an outdoor gas kitchen. This layout is ideal, with a sizable upstairs loft and an added bedroom/bathroom on the main floor, great for multi-generational living!The master closet features custom custom cabinetry adding a touch of luxury. Master bathroom features a updated frameless shower door. Relax by the fire-pit and fireplace, both included with the home. Enjoy the privacy of a view fence backing to a wash, and don't miss the 2.5 car garage complete with an exit door and windows for added light. 7 minutes to San Tan Mall, shopping and entertainment.

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23116 N 70th Lane Glendale, AZ 85310

Open House

New

$625,000

4 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6777898

Property Type Single Family Residence

Price Type --

Incredible home in a desirable Patrick Ranch Community. Pride of ownership w/ meticulous front yard, stone elevation, 3 car garage, expanded driveway & 19 ft wide RV gate! HOA allows RV parking, very rare! Open floorplan w/ spacious living room & inviting family room w/ travertine flooring. Soaring vaulted ceiling! Gourmet kitchen w/ granite counters, abundant cabinetry, SS appliances, double ovens, huge island & bay window in dining area. NEW AC, WH & pool pump! Primary retreat w/ double door entry, custom barn door, plantation shutters & updated primary bath! 11,000sq ft lot! Backyard oasis w/ sparkling pool, large grass area, extended covered patio & outdoor grill island. Walking distance to A+ schools & hiking trails. Close to shopping, restaurants, golfing & the 101! Welcome Home!

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