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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15428 S 24th Street Phoenix, AZ 85048

$590,000

3 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6757496

Property Type Single Family Residence

Price Type --

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1314 E Bluefield Avenue Phoenix, AZ 85022

$590,000

4 Beds

2.5 Baths

2,014 SqFt

Status Active

MLS # 6764348

Property Type Single Family Residence

Price Type --

Move in before the Holidays! Looking for a 4 bedroom home with a pool in North Phoenix? Welcome home to this very private home on a corner lot with mountain views. The inviting curb appeal brings you into the living room where you can entertain year round. Watch the kids play in the family room while cooking up a meal in your remodeled kitchen which has an island for bar seating and stainless steel appliances. Upstairs is a spacious master suite and 3 good sized bedrooms. Outside--YES. Enjoy a drink on the covered patio. Watch your favorite pooch run around in the grass....AND enjoy a dip in the relaxing pool all while getting a view of the mountain that is next door 🙂 All this in North Phoenix in an ideal location on a private street.

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1441 W Canary Way Chandler, AZ 85286

$590,000

3 Beds

2 Baths

1,954 SqFt

Status Active

MLS # 6760689

Property Type Single Family Residence

Price Type --

Welcome to a peaceful retreat situated on a corner lot in Clemente Ranch. This home has almost 2000ft of space including 3 bedrooms plus a den and a bonus area connected to the master suite- perfect for a nursery, workout space or meditation room. Updated bathrooms and kitchen bring a modern feel to the inside of the home. The large covered patio provides a great place for entertaining. Mature trees and plants in the backyard provides a tranquil setting for the Koi pond and water feature. A custom made ramada and bench creates another setting for enjoying shade and peacefulness in the middle of the city. Other major updates include a new roof, HVAC and water heater in recent years.

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18624 W Lawrence Lane Waddell, AZ 85355

$590,000

5 Beds

3 Baths

2,722 SqFt

Status Active Under Contract

MLS # 6709554

Property Type Single Family Residence

Price Type --

Better than new! Start enjoying your own private resort the day you take possession rather than waiting to find landscapers and pool companies, then suffer months through the noise, dust, and dirt of a new build... Just step right out into your own private oasis with pool, waterfall, fire pit, and a spacious, covered travertine patio. Facing north, there's no intense Arizona sunlight directly shining on you during the day, making for very pleasant occasions for coffee in the morning, or dinner with family or friends in the evening. The home is loaded with luxury-level finishes, giving you the sense of ease and sophistication, with 5 generous sized Bedrooms/3 Full Baths. Also $10K Seller Concessions available towards Buyer's Closing Costs, Rate Buy-Down with Full Price Offer.

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20964 E Cherrywood Drive Queen Creek, AZ 85142

$590,000

4 Beds

2.5 Baths

2,105 SqFt

Status Active

MLS # 6765668

Property Type Single Family Residence

Price Type --

BEAUTIFUL home located in the highly desired community of Hastings Farms, this 2105 sq ft4 bed/2.5 bath home features plenty of new updates! Home features a sprawling open floor plan, neutral beautiful paint throughout, gorgeous plank style flooring, GORGEOUS kitchen with island and dining area. On one of the largest lot in Hastings Farms, home has a GORGEOUS Crystal Blue fenced Pool, spacious yard, fire pit and covered patio, this yard is perfect for entertaining!

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10114 W Cashman Drive Peoria, AZ 85383

$590,000

4 Beds

3.5 Baths

2,682 SqFt

Status Active

MLS # 6687084

Property Type Single Family Residence

Price Type --

10114 W Cashman Dr, Peoria, AZ 85383 - REDUCED!! Pride of ownership in The Meadows, do not miss this beautiful home built in 2019 with all of the upgrades, 4 bedrooms all upstairs (1 is guest suite with private bath), Granite countertops, Gourmet stainless steel appliances with gas cooktop, large island and nice size pantry, tile backsplash, extensive wood plank tile flooring, custom window coverings, extended master shower with rain showerhead, oversized garage, water softener, Alarm system, low maintenance backyard, kids playset, nice corner lot, Community pool & hot tub, Pickle Ball Court, clubhouse, volleyball & basketball courts and other features. Easy access to Loop 303, less than 20 minutes to new Taiwan Semiconductor Manufacturing Plant.

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819 N Alison Way Chandler, AZ 85226

$590,000

4 Beds

3 Baths

2,328 SqFt

Status Active Under Contract

MLS # 6731749

Property Type Apartment

Price Type --

Say Hello to relaxation and convenience awaits in this updated turn-key East coast vibe townhome. Moments from shopping and dining and less than a mile from I-10, this contemporary, 3-bedroom, 3-bath home with no pool or yard to maintain, offers hassle-free living. Entertainment options abound in the kitchen & great room, where floor-to-ceiling glass doors opening onto the balcony offer breathtaking sunset views. Adjoining the living area are two guest bedrooms and a hall bath. The third-floor primary suite boasts a spacious private balcony & resort-style bathroom with a luxurious spa-like shower. A ground-floor bonus room with walk-out patio features a ping pong table and patio seating, ideal for game night or entertaining. Fully updated and most furniture available on separate B.O.S

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19233 W Coolidge Street Litchfield Park, AZ 85340

Open House

$590,000

4 Beds

3 Baths

2,649 SqFt

Status Active

MLS # 6715943

Property Type Single Family Residence

Price Type --

**Welcome to Your New Home!** This stunning 4-bedroom, 3-bathroom residence offers the perfect blend of luxury and functionality, featuring a full apartment casita with its own private entrance, ideal for guests, extended family or rental income. Highlights include: - **Spacious Main House:** Open floor plan with a bright and airy living space, modern kitchen, and elegant finishes throughout. - **Private Apartment Casita:** Self-contained unit with a living area, kitchen, bedroom, and bathroom, perfect for extended family or rental potential. - **3-Car Garage:** Ample space for vehicles, storage, and hobbies. - **Completed Backyard:** Beautifully landscaped for relaxation and entertainment. - **Installed Solar Panels:** Enjoy significant savings on your energy bills and contribute to a greener planet. Located close to top-rated schools, shopping, and recreational facilities, this home offers convenience and comfort in one package. Don't miss out on this rare find! Contact us today to schedule a viewing and make this exceptional property yours.

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22456 E Via Del Verde -- Queen Creek, AZ 85142

Open House

$590,000

3 Beds

2 Baths

2,202 SqFt

Status Active

MLS # 6767389

Property Type Single Family Residence

Price Type --

Hidden gem with 2 dens (home office!) plus the 3 BR's, private pool, tons of garage storage, driveway extension, easy maintenance yard, & gourmet kitchen! The resort style pool has a Baja shelf to relax, travertine, & turf next to the oversized covered patio. Inside has beautiful modern tile, KitchenAid SS appliances, large pantry w/ custom door, 42'' staggered cabinets, & granite eat in island. The large primary has an ensuite with 2 sinks + walk-in shower. Guests will love the Jack-&-Jill bathroom with separate door to shower/tub for privacy. The huge laundry room w/ cabinets has plenty of room for 2nd frig or freezer. Epoxy garage w/ H20 Softener & cabinets is a dream! Exterior painted in 2020. You'll love the community w/ parks, trails, pool, splash pad, garden, volleyball, & more!

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16048 W Mercer Lane Surprise, AZ 85379

Open House

$590,000

5 Beds

3 Baths

3,451 SqFt

Status Active

MLS # 6715329

Property Type Single Family Residence

Price Type --

Check out the Great Curb Appeal at this Nice 5 bedroom, 3 bath, 3451 sq. ft., 3 car garage home in Greer Ranch South, Surprise, AZ. New carpeting and interior paint. Low maintenance front yard leads you to the front door. Vaulted ceilings and large rooms greet your entry to this home along with a spacious open eat-in kitchen granite counter tops, stainless steel appliances and ample cabinet space. Looking for a formal dining space? Found! Relax and hide in the Great Room downstairs or the spacious upstairs Media Room. Large Primary Suite with a large walk in closet, private bath with separate shower and tub. The backyard includes a covered patio and a pool to keep you cool. This could be your next ''New To You'' home.

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21263 W Sycamore Drive Buckeye, AZ 85396

$589,999

4 Beds

2 Baths

1,903 SqFt

Status Active

MLS # 6775817

Property Type Single Family Residence

Price Type --

Welcome to this beautifully designed 4 bedroom, 2 bathroom home located in the heart of Buckeye's highly sought after Verrado community. This home features an inviting open floor plan with soaring ceilings and plenty of natural light. The gourmet kitchen is perfect for the modern chef, offering granite countertops, matching appliances, a large island, and plenty of cabinet space. It flows seamlessly into the living and dining areas, making it perfect for entertaining. Step outside to enjoy the beautifully landscaped large low maintenance backyard, complete with a covered patio, perfect for outdoor dining and relaxing. Situated in the vibrant Verrado community, you'll have access to incredible amenities such as parks, community pools and spa, children's playground, walking trails, golf courses, and a bustling Main Street with shops and restaurants that is walking distance from the property! Top-rated schools and easy access to major freeways make this location unbeatable! Don't miss out on the chance to live in this highly desirable neighborhood! Buyers currently living in Maricopa or Pinal County ask about an ADDITIONAL $7,000 home buyer credit available via the Community Promise Program. Rate Relief Rebate Program: Benefit from a 2% seller credit to reduce your mortgage payments by Approximately $591/month in year 1 and $303/month in year 2. This exclusive offer makes homeownership more affordable now, while you await potential rate decreases.

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9410 W Meadowbrook Avenue Phoenix, AZ 85037

$589,999

4 Beds

4 Baths

2,585 SqFt

Status Active

MLS # 6729781

Property Type Single Family Residence

Price Type --

**Don't miss out on this beautiful single-level home with a certified Energy Star rating of 5!** This newer property boasts delightful curb appeal with an easy-care landscape and a tandem 3-car garage, situated in a gated community. **Step inside to find:** - An inviting hallway leading to a perfectly flowing great room with high ceilings, recessed lighting, and sliding glass doors that open to the backyard. - Gorgeous wood-look porcelain flooring and a neutral palette throughout, creating a warm and modern atmosphere. **Chef's Kitchen:** - Handsome wood cabinets with crown molding - Stainless steel appliances - Pantry and Quartz counters - Stylish tile backsplash - Large island with a breakfast bar, perfect for casual dining and entertaining **Main Retreat:** - Sun-filled room with an immaculate ensuite featuring two vanities, his and hers walk-in closets, a private toilet room, and engineered flooring. **Additional Features:** - Second ensuite with a walk-in closet and private living area, ideal for guest privacy. - Each bedroom has its own dedicated bathroom, ensuring comfort and convenience for all. **Outdoor Living:** - Relax in the vast backyard with a covered patio, pavers, and low-maintenance turf, perfect for outdoor gatherings and relaxation. **Prime Location:** - Minutes away from Westgate, Glendale Stadium, and the soon-to-be-built water parks and hotels, making it an ideal property for Airbnb. **This home is the perfect blend of luxury and convenience. Own the home meant for you!** Come view today!

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