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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1749 W Monterosa Street Phoenix, AZ 85015

$584,999

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6775461

Property Type Single Family Residence

Price Type --

Discover this spacious corner lot property! One of the largest in the neighborhood, offering plenty of room to roam. The inviting living room features a large window that floods the space with natural light, creating a warm and welcoming atmosphere. Enjoy the benefits and savings of Solar as well! Step outside to the expansive backyard, perfect for entertaining, complete with a refreshing pool for those hot Arizona days. This home also includes an RV gate for easy access and storage, making it perfect for adventure seekers. Conveniently located near freeway access, you'll enjoy easy commutes and nearby amenities. Don't miss your chance to own and put your personal touches on this delightful property!

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7500 E Deer Valley Road Unit 68 Scottsdale, AZ 85255

$584,999

3 Beds

2 Baths

1,358 SqFt

Status Active

MLS # 6714999

Property Type Single Family Residence

Price Type --

Move-in ready! You'll absolutely love owning this beautiful single-level residence in Arizona Silverado! Freshly painted interior will impress you, showcasing a large living room bathed in natural light, ideal for entertaining or relaxation. The kitchen displays fluorescent lighting, plenty of honey oak cabinets, built-in appliances, and a bright dining area with sliding glass doors to the back patio. Make the flexible den with double doors a media room or extra bedroom for your guests. Take a look at the spacious primary retreat, which provides a walk-in closet and private bathroom. The secondary bedroom has a mirrored door closet. A washer and dryer are included! The backyard has a covered patio where you can sit and relax after a hard day's work. This rare find won't disappoint!

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602 E Amarillo Circle Payson, AZ 85541

$584,999

4 Beds

3 Baths

2,452 SqFt

Status Active

MLS # 6765626

Property Type Single Family Residence

Price Type --

This charming 4-bedroom, 3-bathroom home is located in a serene and peaceful community, perfect for anyone seeking a quiet retreat. The house boasts a brand-new roof, ensuring years of worry-free living. The spacious interior includes a potential rental unit downstairs, ideal for additional income or guest accommodations. The fenced-in yard offers privacy and ample space for outdoor activities, gardening, or pets. With its thoughtful layout and tranquil surroundings, this home provides both comfort and opportunity in a highly desirable neighborhood.

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17637 W Blue Sky Drive Surprise, AZ 85387

$584,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6740210

Property Type Single Family Residence

Price Type --

Explore this dynamic Deacon home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a versatile flex room; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; a spacious great room; an elegant dining room with center-meet doors leading onto a relaxing covered patio; an impressive primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a tandem garage and an RV garage. This home also offers additional windows and ceiling fan prewiring in select rooms.

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20079 W San Juan Avenue Litchfield Park, AZ 85340

$584,990

4 Beds

3 Baths

2,680 SqFt

Status Active

MLS # 6775730

Property Type Single Family Residence

Price Type --

It's the stunning Topaz with 4 bedrooms + study, 3 baths and 3 car garage. 8' gate. Multi slide door that leads out to the extended covered patio. Stainless steel gas appliance package with 36'' cooktop, wall oven, micro, and canopy hood. Sonoma slate (Gray) cabinets with pull out trash drawer and 3 drawers in kitchen ILO of doors. Himalaya white countertops in kitchen with a undermount single bowl sink. Upgrade flooring includes EMS Baccarat 12x24 tile in all areas of the home except bedrooms and closets. Soft water loop, dual sinks at bath 2. 8' tall garage door with two controls, and garage service door. Estimating completion is Dec/Jan.

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29427 N 31st Lane Phoenix, AZ 85083

$584,990

5 Beds

3 Baths

1,953 SqFt

Status Active

MLS # 6771758

Property Type Single Family Residence

Price Type --

Ask about special financing with preferred lender! This single-story home features ample space for growing families. Four bedrooms are lined up in a neat row, including the owner's suite, while an additional bedroom near the entry offers an ideal space for overnight guests. An open floorplan hosts the kitchen, dining room and Great Room with a spacious covered patio attached. Photos are renderings of a model home, not the actual home.

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3115 W Via Dona Road Phoenix, AZ 85083

$584,990

4 Beds

2 Baths

1,797 SqFt

Status Active

MLS # 6772512

Property Type Single Family Residence

Price Type --

Ask about special financing with preferred lender! This single-level home showcases a spacious open floorplan shared between the Great Room, kitchen and dining room, with access to the covered patio for outdoor lounging and entertaining. The owner's suite enjoys a private location at the back of the home, complemented by an en-suite bathroom and walk-in closet. Three additional secondary bedrooms are comfortable and private retreats for household members and overnight guests. Photos are renderings of a model home, not the actual home.

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4353 N 203rd Avenue Buckeye, AZ 85396

$584,990

2 Beds

2 Baths

1,670 SqFt

Status Active

MLS # 6736276

Property Type Single Family Residence

Price Type --

This home is our Gorgeous Bernstein plan! Designed with our Loft 'Looks' selections providing a curated interior offering stunning finishes. Your spacious kitchen features an oversized island, quartz counters, 42 '' upper cabinets and GE profile stainless steel appliances. The open great room with coffered ceilings is perfect for entertaining. A bonus room is ideal for relaxing, working from home or as an additional bedroom. The primary suite includes resort like bath with no-step shower and walk-in closet. Plan you visit today! ^^Up to $20K can be applied towards closing cost OR short / long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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4529 S Venus -- Mesa, AZ 85212

$584,990

4 Beds

3 Baths

2,668 SqFt

Status Active

MLS # 6750214

Property Type Single Family Residence

Price Type --

''Welcome home to this stunning Verbena, this 4-bedroom, 3-bathroom home spans 2,668 sq ft, offering spacious and well-designed living areas. Each of the four bedrooms is generously sized, providing comfort and privacy. A versatile loft adds extra living space, perfect for a home office, playroom, or entertainment area. Inside, you'll find luxurious finishes, including wood-like tile flooring throughout, adding warmth and elegance to the home. The kitchen is a chef's dream, featuring granite countertops, sleek white shaker cabinets, and top-of-the-line appliances. The upgraded Chatmans exterior enhances the home's curb appeal, making it stand out in the neighborhood. This home is truly move-in ready, with a washer, dryer, fridge, and blinds all included. A key bonus is the serene privacy with no neighbors behind the property, creating a peaceful and private backyard retreat. This home combines style, space, and convenience, making it the perfect place to call home.

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22876 E Lords Way Queen Creek, AZ 85142

$584,990

4 Beds

3 Baths

2,234 SqFt

Status Active

MLS # 6751105

Property Type Single Family Residence

Price Type --

''Madera offers a tranquil living environment with convenient access to the 24 Freeway, nearby shopping, and the newly developed Queen Creek Frontier Park. Residents are treated to an array of community amenities, including a heated pool and spa, pickleball and bocce ball courts, playgrounds, BBQ areas, and welcoming ramadas. This delightful quick move-in home presents 4 bedrooms, a guest retreat, and 3 full bathrooms. The Sunflower floorplan is tailored for those who relish entertaining, showcasing a capacious kitchen with a large island, pantry, and an open dining and Greatroom area. Upon entry, you'll encounter the enduring elegance of the Coastal Palette, graced with 6 x 36 tile floors, providing both style and resilience. Enjoy the plush comfort of carpeting in the bedrooms. Madera offers a tranquil living environment with convenient access to the 24 Freeway, nearby shopping, and the newly developed Queen Creek Frontier Park. Residents are treated to an array of community amenities, including a heated pool and spa, pickleball and bocce ball courts, playgrounds, BBQ areas, and welcoming ramadas. This delightful quick move-in home presents 4 bedrooms, a guest retreat, and 3 full bathrooms. The Sunflower floorplan is tailored for those who relish entertaining, showcasing a capacious kitchen with a large island, pantry, and an open dining and Greatroom area. Upon entry, you'll encounter the enduring elegance of the Coastal Palette, graced with 6 x 36 tile floors, providing both style and resilience. Enjoy the plush comfort of carpeting in the bedrooms. The kitchen is a culinary haven, featuring white shaker cabinets, quartz countertops, a tiled backsplash, and stainless-steel appliances. Additionaly, this home comes with the white WASHER/DRYER/REFRIGERATOR/BLINDS! Notably, this home boasts 8' doors throughout, adding an element of grandeur. Don't let the opportunity slip away to make this exceptional home yours.

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18694 N 266th Avenue Buckeye, AZ 85396

$584,990

3 Beds

2.5 Baths

2,474 SqFt

Status Active

MLS # 6737822

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. Ready for immediate move-in, this elegant home features 3 bedrooms and 2.5 baths, including a Jack & Jill bath. Enjoy the AV built-in, a den with double French doors, 8' interior doors, and 10' flat ceilings. The owner's bath offers a framed low-threshold walk-in shower with a seat. Additional highlights include a rear extension, 2+ car garage, gas stub & outlet package, a 36'' stainless gas cooktop, wall oven/microwave, chef luxury cabinet layout, and upgraded flooring, cabinets, countertops, and surrounds.

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260 S 165th Avenue Goodyear, AZ 85338

$584,990

3 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6739798

Property Type Single Family Residence

Price Type --

It's the Amethyst floor plan with 3 bedrooms + flex space to use as you wish, 3 baths. 12'x'8' off the extended covered patio great for entertaining. Sonoma Maple Linen - off white cabinets with T-bar pull hardware in matte black. Kitchen has stainless steel gas appliance package with 30'' cooktop, wall oven, canopy hood, 42'' uppers with pull out trash drawer with two bins. AZT quartz Tawny quartz countertops in kitchen and and at enhanced kitchen island and owner's bath. Upgrade flooring includes Beaumont Olmo 7x24 plank tile in all areas of the home except for bedrooms and closets. Dual sinks at bath 2, soft water loop, 8' garage door with 2 openers and so much more. Estimated completion October/November.

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