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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31953 N 117th Avenue Peoria, AZ 85383

$599,990

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6755502

Property Type Single Family Residence

Price Type --

It's the beautiful Clover in the beautiful community of Mystic. 3 bedrooms + flex space to use as you wish. Multi slide door that leads out to the covered patio. Large walk-in shower at owner's bath with tile. Stainless steel gas appliance package with 36'' cooktop, wall oven, microwave, glass canopy hood. Barnett Maple Latte cabinets with 42'' kitchen uppers, pull out trash drawer. AZT Ripieno quartz countertops in kitchen and both baths. Mohawk REV wood laminate Casita court in all areas except beds/closets. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop. PICTURES ARE FROM THE CLOVER MODEL HOME.

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7617 W Smoketree Drive Peoria, AZ 85383

$599,990

3 Beds

2.5 Baths

1,953 SqFt

Status Active

MLS # 6751349

Property Type Single Family Residence

Price Type --

Brand new community in North Peoria! This stunning single story home offers 1,953 sq ft of functional living space. It features 3 bedrooms, 2.5 bathrooms, den, and a 2 car garage. The open concept kitchen is perfect for entertaining and features an Island, a walk-in pantry and stainless steel appliances. It also offers our Harmony Palette which includes gray painted 42'' cabinets, slate gray quartz kitchen countertops, 4x8 kitchen backsplash, and 6x24 wood looking plank tile in all the common areas. The great room offers a 4-panel center sliding glass door so you can step out into your covered patio to enjoy indoor/outdoor living in your backyard with friends and family. The primary suite has a spacious walk-in closet, double sinks, walk-in shower, and an additional linen closet for extra storage. This home also features a paver driveway, 8 foot interior doors, soft water loop and much more! Great location close to dining, freeways, parks, and entertainment!

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5815 E Rose Garden Lane Phoenix, AZ 85054

$599,990

3 Beds

2.5 Baths

1,743 SqFt

Status Active

MLS # 6725520

Property Type Townhouse

Price Type --

IGNORE DAYS ON MARKET HOMES ARE ALMOST DONE PICTURES COMING SOON! ALL ABOARD!! NEXT STOP, THE HOME OF YOUR DREAMS!! You have just arrived at a beautiful 3 bedroom 2.5 bath home in heart of Desert Ridge. This trending home boasts quartz countertops, white cabinets, and wood-like tile!!! Washer, Dryer and Refrigerator are included! All this home needs is you! In the heart of Desert Ridge you are simply minutes from all kinds of joy. Desert Ridge Market place and High Street are right around the corner. Want to go out a little further? The 101 is only five minutes away waiting for your next adventure.

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5831 E Rose Garden Lane Phoenix, AZ 85054

$599,990

3 Beds

2.5 Baths

1,743 SqFt

Status Active

MLS # 6725515

Property Type Townhouse

Price Type --

IGNORE DAYS ON MARKET HOMES ARE ALMOST DONE PICTURES COMING SOON! Like the beaches in Hawaii, this home will ruin all other homes for you with how gorgeous it is. With no neighbors behind and a North/South facing orientation you will be able to enjoy the beautiful sunrises and sunsets every day. But let's not forget about the interior! 3 bedrooms and 2.5 baths with a spacious loft upstairs makes this house a home!! Quartz countertops, white cabinets and wood-like flooring only add to its allure. This home is estimated to be completed in September so do not hesitate! Actual Home photos coming soon

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14150 W Crabapple Drive Surprise, AZ 85387

$599,990

4 Beds

3 Baths

2,185 SqFt

Status Active Under Contract

MLS # 6742908

Property Type Single Family Residence

Price Type --

This is a GORGEOUS FORMER MODEL home! This home is OVERFLOWING with over $158K in DESIGNER upgrades including: tile/carpet, lights/fixtures + all window coverings! RV garage with AC! GOURMET kitchen w/gas range, quartz countertops, tiled backsplash, island w/sink, designer cabinets + stainless appliance suite! Great room w/sliding door for indoor/outdoor living! Formal dining room! PRIVATE owner's suite w/walk in shower, soaking tub + walk-in closet! STUNNING backyard OASIS w/built-built-in fire pit, pavers and extended covered porch! Great shopping/ restaurants nearby! WELCOME HOME!

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20055 W Campbell Avenue Buckeye, AZ 85396

$599,990

4 Beds

3.5 Baths

2,608 SqFt

Status Active

MLS # 6776604

Property Type Single Family Residence

Price Type --

KITCHEN: Maple Painted White Cabinetry and 3 ½'' shaker crown, Gas GE Profile 36'' stainless steel Cooktop with wall oven, Quartz Countertops, Extended Island, Box-in for 36'' refrigerator. FLOORING: 7X48 Wood look and upgraded carpet & pad. INCLUDED OPTIONS: Spanish exterior, Pre-plumb for soft water loop and Corner sliding door

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9807 W Cedar Drive Sun City, AZ 85351

$599,988

3 Beds

2 Baths

1,979 SqFt

Status Active Under Contract

MLS # 6747649

Property Type Single Family Residence

Price Type --

Professionally designed, professionally remodeled from the studs out, meticulously maintained, and lovingly lived in -on the inside this home is the next best thing to a new-build while on the outside it's a ''sleeper,'' retaining the timeless and unassuming charm of its established, original 55+ Sun City neighborhood. The owners had a vision to redesign this home as a vacation destination for their out-of-state family and friends. It was imagined and built to combine stunning visuals with both a casual and comfortable feel. It's practical for a retired couple of two, and equally as practical when all the kids (with all your grandkids) fly in. From 2016 through 2019, this home received the ultimate Cinderella make-over. Click on ''More'' for a sample of the exhaustive list of updates. New plumbing throughout; completely new electrical including recessed lighting and hard-wired smoke detectors to keep you safe; new drywall with rounded corners, high ceilings, and a beautiful Santa Fe texture that makes the walls look plastered; all one tile from the inside laundry room through the kitchen, closets and bathrooms to all three (or four) bedrooms; new bathrooms with uniquely designed, extra-large, travertine showers and chair-height toilets just to make life a little easier; new show-stopper expanded entertainer's kitchen with three ovens, a butler's pantry/laundry room with removable desk, and a 10 foot beverage center with built-in wine cooler, and a whopping 9-and-a-half foot by 5 foot quartz island and two quartz sinks; new dual-pane, Milgard windows; and a new roof with 38 panels of low $ leased solar on a contract that never goes up. Even the formal dining room has an added closet and removable built-in desk, so it can be used for a 4th bedroom, a den , or to sit the whole family for holiday meals. But wait, we still have the outdoor space: step through an over-sized sliding door from the kitchen, from the great room, or from the primary bedroom onto a vast (59'x14') covered patio large enough for five tables of eight, built-in cabinets, and a cornhole set up. There, your eye is immediately drawn to a stunning, propane heated, Pebble-tech pool with a salt system, an in-floor cleaning system, and a marble-topped, raised, and a huge 14-foot-long hot tub with spillway. This show-piece pool sits in an over-sized yard with 6-foot, stucco privacy wall, and it sits next to a gorgeous, granite-topped, 9 foot outdoor kitchen that includes a fridge and a 36 workstation sink with disposal. Finally, the two car garage also has room for up to two golf carts while an extra slab was poured next to the drive way to provide extra, off-street parking. If you're looking for a way to entice the kids to visit and/or a home professionally designed for entertaining, this home was built for you. You should come see.

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14904 N 56th Drive Glendale, AZ 85306

$599,980

4 Beds

3 Baths

2,288 SqFt

Status Active

MLS # 6699889

Property Type Single Family Residence

Price Type --

4 Bedroom + Loft, 3 Baths, 2 Car Garage. KITCHEN: Benton Birch Natural cabinets, Quartz Denali countertops in kitchen, Gas GE Gourmet appliances, Tile backsplash. FLOORING: 6'' x 24'' Wood-look tile, upgraded carpet and pad., mission stair rail Surround sound in great room and loft. Washer dryer and refrigerator

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4827 Raven Circle Happy Jack, AZ 86024

$599,950

3 Beds

2.5 Baths

2,760 SqFt

Status Active

MLS # 6674098

Property Type Single Family Residence

Price Type --

Beautiful log cabin located in Happy Jack, escape the heat and busyness of your life. This great home sits on an acre with pines, oaks and junipers, great 3/4 wrap covered composite deck. Main floor has beautiful hardwood floors, vaulted ceiling, great brick fireplace, master bedroom/bath, office/den or extra living area, great room and an amazing kitchen and dining area. Great wood plank stairs lead upstairs to 2 bedrooms, bath and a great cozy playroom for the kids. This custom home offers many upgrades on the kitchen cabinets, windows, wood beams and more. You will fall in love sitting inside looking at the great interior or sitting on the covered patio watching the wildlife and listening to the peacefulness of Happy Jack. Bring your buyers, motivated seller.

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6708 E Juniper Avenue Scottsdale, AZ 85254

$599,950

2 Beds

2 Baths

1,428 SqFt

Status Active

MLS # 6720725

Property Type Single Family Residence

Price Type --

Great location! Newly remodeled home in desirable neighborhood , close to Kierland. Gas fireplace, new soaker tub ,walk-in shower, 2 car garage with new epoxy flooring Home is vacant, must see Key box Friday 6/21/2024

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8141 W Harmony Lane Peoria, AZ 85382

$599,950

3 Beds

2 Baths

2,082 SqFt

Status Active Under Contract

MLS # 6733168

Property Type Single Family Residence

Price Type --

Discover this beautifully designed home in the coveted Fletcher Heights neighborhood, complete with a tenant in place through April 2025—making it a prime investment opportunity. The open floor plan, with elegant porcelain plank flooring and a calming color palette, is perfect for entertaining. The chef's kitchen features a custom 48-inch Pro Style Dual Fuel Range, granite countertops, a walk-in pantry, all-new appliances, and an oversized island with seating for six. The master retreat includes a private spa room with a 70-inch soaker tub, a stunning tile shower, and custom dual walk-in closets. French doors lead to a private patio and a newly resurfaced saltwater pool with a rock waterfall. Guests can enjoy two spacious bedrooms, or one can be converted into an executive office. The modern guest bath, stylish laundry room, and bonus living room complete the package. Located in a quiet, well-maintained neighborhood with low HOA fees and close to shopping and dining, this Fletcher Heights home is a must-see!

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7027 N Scottsdale Road Unit 237 Paradise Valley, AZ 85253

$599,950

3 Beds

2 Baths

1,472 SqFt

Status Active

MLS # 6745409

Property Type Apartment

Price Type --

Location.. Location.. Location.! Situated in the Scottsdale Resort Corridor, this RARE 3-bedroom split floor plan, 2 bath, 2nd level, Gated Luxury Condo is all on one floor. Gently lived in as a second home it comes complete with your own secure detached 1 car Garage, Community Pool, Spa & Fitness Center. All high quality, newer furnishings are available on separate bill of sale. You can Move-Right-In as it's available Turn-Key if you desire! Located adjacent to the McCormick Ranch golf course you'll be walking distance to fine and casual dining at the Seville Shopping Center and merely minutes to the Heart of Scottsdale including the new Paradise Valley Ritz Carlton, Scottsdale Fashion Square, Old Town Scottsdale, Kierland, the Scottsdale Quarter, and Salt River Fields at Talking Stick. Other features and highlights include; Spacious 10-foot ceilings Granite kitchen counters Included full size washer and dryer laminate wood and tile flooring throughout HOA Fees cover - water, sewer, trash 2 of the three bedrooms offer Large Walk-in closets Controlled Gated Entry Grill Areas McCormick Ranch Walking and Bike Trail

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