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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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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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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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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6765 W Molly Lane Peoria, AZ 85383

$619,990

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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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

$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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478 N Jackson Street Gilbert, AZ 85233

$619,900

5 Beds

3 Baths

2,732 SqFt

Status Active

MLS # 6774181

Property Type Single Family Residence

Price Type --

Wow !!! What a wonderful chance of buying a great home on the Golf Course with a Gorgeous Swimming Pool. Exterior was Just Painted this year, Great Floor Plan with 4 Bedrooms Up & 1 Down with it's own Bath. Perfect for Guest. Priced to sell. This home will need some updating but the seller has spent over $ 60,000 to repair the house foundation which comes with a Life Time Warranty from Ram Jack of Arizona. Gorgeous Spindle Staircase. North/South Exposure.

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23095 S 230th Street Queen Creek, AZ 85142

$619,900

4 Beds

3 Baths

2,799 SqFt

Status Active

MLS # 6741650

Property Type Single Family Residence

Price Type --

Perfect home to get into just before the holidays!! Such a welcoming home, that feels cozy from the moment you walk up to the front door. The updates are stunning! Upon entering, you will notice the beautiful entryway, 10 foot high ceilings, 8ft interior doors throughout, staggered tile throughout in all main walkway areas, and breathtaking huge kitchen. The GOURMET kitchen features a large island with double the cabinet space on both sides, 42in upper cabinets, QUARTZ counters, TILED backsplash, DUAL ovens, HUGE walk-in pantry, updated NEW chandelier over dining table, & stainless steel appliances. (MORE...) The split floor-plan is the perfect set-up with a GAME/BONUS room on one side as well! Master bedroom features 2 WALK-IN CLOSETS, a huge full bathroom with an elegant stand alone tub, & large shower. Recessed lighting in every room! The large laundry room is to die for and it includes a built-in sink and much cabinet space for storage. The huge garage is a 3 car-tandem with epoxy coated floors, and can fit all your toys and full size pick-up truck. R/O and Soft Water System is owned and included with the sale too! Both the front and back of home have added walkway pavers, including a new gazebo with pavers out back and synthetic grass. Back patio has pre-wired ethernet & coax cables with 2 outlets and TV mount for your backyard entertainment! Did I mention the very private backyard that backs up to your neighborhood greenbelt and only single level homes on sides? Other updates include all new interior carpets installed in 2021, new interior paint, new front and back exterior paint, rain gutters, and fiber optic internet available to box. This home does not dissapoint!!

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4131 E Cathedral Rock Drive Phoenix, AZ 85044

$619,900

4 Beds

2.5 Baths

2,450 SqFt

Status Active Under Contract

MLS # 6750221

Property Type Single Family Residence

Price Type --

Back on market after full-price cash buyer had to walk! Welcome to your dream home! This stunning 4-bed, 2.5-bath home boasts 2,450 square feet of beautifully updated living space. Situated on an oversized corner lot, the property offers both privacy and ample space for outdoor living. Inside, you'll find tasteful updates throughout, including new flooring, light fixtures and faucets (and interior/exterior paint from 2019). Major updates (roof, both AC units, water softener, extra attic insulation) have also been done in the last 5 years providing peace of mind. Enjoy the community's top-notch amenities with access to pools, parks, and tennis courts plus great schools and shopping nearby. This home is the perfect blend of comfort, style, and convenience you will love!

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