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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2440 E Fairmount Avenue Phoenix, AZ 85016

$599,000

3 Beds

2 Baths

2,054 SqFt

Status Active

MLS # 6768328

Property Type Single Family Residence

Price Type --

Welcome to this unique home with tons of charm and character in the highly desirable area of Earl Heights. This urban oasis provides a perfect opportunity to enjoy lush vegetation, Koi Pond, custom rockwork and NO HOA. The large 450 sq. ft. studio space can be utilized for a workshop, office or easily converted into an income-generating guest house. Inside awaits an open concept kitchen, living and dining area. The original cement floor adds interest. The kitchen contains modern amenities that will make cooking and entertaining a joy. The large primary bedroom and en suite include a separate large, jetted tub, shower and large walk-in closet. French doors lead out to the serene backyard. Darling screened in front patio adds additional living space to the home. There is plenty of parking and storage. Come and view this gem of a property. It will not last long.

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$599,000

3 Beds

2.5 Baths

1,738 SqFt

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Price Type --

*** All furnishings now CONVEY with sale*** Introducing this Perfectly Located Stunning FULLY FURNISHED South Tempe Home - Fully Renovated in 2023 with high quality on-trend finishes that truly make this house feel like a HOME. Step into luxury with porcelain plank tile, executive height bathroom vanities, eye-catching lighting with dimmers throughout, modern smooth interior wall/ceiling texture, Fantasy Zebra marble countertops, and a reconfigured floor plan for maximum functionality. In addition to the beautiful updates of the cosmetic features, there was no lack of attention of the foundational items of the home which include new HVAC ductwork, interior plumbing & electrical, water main replacement, added water softener/whole home water filtration system, tankless water heater, exterior paint & lastly a newer roof and AC unit.

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2301 E Binner Drive Chandler, AZ 85225

$599,000

4 Beds

2 Baths

2,049 SqFt

Status Active

MLS # 6774320

Property Type Single Family Residence

Price Type --

Absolutely gorgeous 4 bedroom home with a 3-car garage in Dobson Place! Highly upgraded carpet in the living room, and LVP floors everywhere else! 4th bedroom has a closet and double French doors--makes the perfect home office! Lovely island kitchen with oversized cabinets, pendant lighting, stainless appliances! EXTENDED 3-car garage with 220! Private, grassy backyard. Terrific neighborhood with large grass park nearby--great schools (BASIS is right down the street), shopping close by, near the 202! Hurry to this one!

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10696 S 297th Avenue Palo Verde, AZ 85343

$599,000

4 Beds

3.5 Baths

2,317 SqFt

Status Active

MLS # 6771316

Property Type Single Family Residence

Price Type --

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4507 W Charlie Drive San Tan Valley, AZ 85144

$599,000

4 Beds

3 Baths

2,446 SqFt

Status Active

MLS # 6771964

Property Type Single Family Residence

Price Type --

A new construction home WITH a pool?? You have to see this one! Nestled at the base of San Tan Mountain Preserve - wait until you see the view in the backyard! But first - from the moment you walk through the front door, this home looks, and smells like a model home! This popular Sienna floor plan has been highly upgraded. Upgraded flooring package. Updated lighting and fixtures throughout. Upgraded to additional bedroom and full bathroom downstairs & additional den (currently used as office) downstairs. You'll love the open living space from kitchen to dining to living room. Head upstairs to the secondary living area - the loft - and two more secondary bedrooms and of course the primary suite with large shower and even larger closet! There is too much to list - come see this home today!

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26052 N Bravo Lane Rio Verde, AZ 85263

$599,000

3 Beds

2 Baths

1,586 SqFt

Status Active

MLS # 6772260

Property Type Single Family Residence

Price Type --

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4628 E Monte Vista Road Phoenix, AZ 85008

$599,000

4 Beds

2 Baths

1,569 SqFt

Status Active

MLS # 6775224

Property Type Single Family Residence

Price Type --

Wow! COMPLETELY REMODELED 1 year ago. NEW EVERYTHING! Bright, Open Floorplan ARCADIA! New Kitchen w/ quartz counters! backsplash! New cabinets! w/ handles! New S/S appliances! Big island w/ bfast bar! Pendant lighting! Recessed lighting everywhere! New Vinyl/Dual Pane windows everywhere! New doors! New handles/hinges! New fans! New bathrooms! Quartz! Vanities! Shower/tub surrounds! New roof! New plank flooring everywhere! New baseboards everywhere! new Interior/Exterior Paint. HUGE BACKYARD! New landscaping in front and back yard! Big cov'd patio w/ firepit! Big Laundry w/ Workshop/Storage area! Do NOT Disturb OCCUPANTS! (appt only) Seconds away from Pierce Park w/ Lighted courts & fields for basketball, PICKLEBALL! / tennis, softball, volleyball, plus a playground, restrooms and POOL!

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7901 W Missouri Avenue Glendale, AZ 85303

New

$599,000

4 Beds

2.5 Baths

2,961 SqFt

Status Active

MLS # 6771300

Property Type Single Family Residence

Price Type --

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6345 E Red Oak Circle Hereford, AZ 85615

$599,000

3 Beds

2 Baths

2,384 SqFt

Status Active Under Contract

MLS # 6730192

Property Type Single Family Residence

Price Type --

Discover this stunning 2,384 sqft custom home on nearly 3 acres in the prestigious King's Ranch community. Meticulously maintained and only two years old, this home spares no detail. An oversized front porch welcomes you to an open floor plan that showcases a chef's kitchen featuring custom maple cabinetry, quartz countertops, a dual fuel slide-in gas range, a spacious single bowl composite sink, tile backsplash, RO system, and under-cabinet lighting. Custom light fixtures and window coverings enhance the home, complemented by wood-look tile and upgraded carpet throughout. The master suite offers a luxurious retreat with a large custom walk-in shower, ample countertop space, and two linen closets. The exquisite landscaping in both the front and back complete this exceptional property.

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15804 E Mustang Drive Fountain Hills, AZ 85268

$599,000

2 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6775303

Property Type Single Family Residence

Price Type --

Experience all that Fountain Hills has to offer in this exceptional DESERT OASIS. The recently updated single story two bedroom/two bathroom home is an ideal primary or secondary retreat with NO HOA fees and MOUNTAIN VIEWS! Step inside and you will find a harmonious blend of style and functionality. Bathed in natural light, the open-concept layout is perfect for both entertaining and everyday living. Cozy up to the fireplace in the main living area or step outside through the slider to the covered patio. The open concept great room flows effortlessly into the thoughtfully designed kitchen and dining space with an additional slider to your backyard refuge. The primary suite is a serene sanctuary and features two sliders leading to two private patios (one to the south and one to the north!) for those mornings when you just want to curl up with a cup of coffee and a good book. You will appreciate the spacious walk-in closet and an ensuite bathroom featuring a dual vanity and a step-in shower. The guest bedroom also offers ideal patio access and ample storage. Plus a full second bathroom for your guests. The large lot features citrus trees and multiple raised planters for anyone with a green thumb. Yet, the conscientious desert landscaping design ensures minimal effort for those who just want to enjoy the outdoors. Oh! And did I mention the MOUNTAIN VIEWS?! Enjoy the convenience of this beautifully updated home in a prime location, just minutes from Fountain Park, shops, restaurants, world class golf, hiking and adventure!

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6233 E Catalina Drive Scottsdale, AZ 85251

$599,000

3 Beds

2 Baths

2,014 SqFt

Status Active Under Contract

MLS # 6763497

Property Type Townhouse

Price Type --

Golden Keys, designed in 1964 by architect Ralph Haver, is an iconic resort style adult community located in the heart of Scottsdale. This light & airy home with an oversized front arched window has been upgraded & meticulously maintained. It boasts magnificent views of Camelback Mountain,Travertine16in tile, granite counters, SS appliances, plantation shutters, baths with higher cabinets & extended closets! Pipes were lined in 2020. Large primary bedroom & bath. Step through the French doors of the family room to the fruit tree lined expansive covered back patio to enjoy your morning coffee or host the perfect party! Steps away from Old Town, Fashion Square & Award-winning restaurants. Airport is 10 min away. Great neighborhood with wonderful activities!

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1307 W Elm Street Phoenix, AZ 85013

$599,000

3 Beds

2 Baths

1,973 SqFt

Status Active Under Contract

MLS # 6764629

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Uptown Phoenix! This updated 3 bed, 2 bath house features a new roof, AC, pool pump, and water heater, all within the last three years. As you enter, you are greeted to an inviting open floor plan, opening to a bright and spacious living area that seamlessly connects to the dining room and modern kitchen, complete with stainless steel appliances and sleek countertops. Step outside to a sparkling pool, newly refinished with beautiful pebbletec. This house has it all!

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