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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149 N Charlotte Street Queen Valley, AZ 85118

Open House

$574,999

3 Beds

2.5 Baths

2,600 SqFt

Status Active

MLS # 6742416

Property Type Single Family Residence

Price Type --

Wow, PRICED UNDER APPRAISAL VALUE! ~Owners need to move! ~SPECTACULAR CUSTOM HOME offers STUNNING 360 SUPERSTITION MOUNTAIN VIEWS from your balcony & front porch! ESCAPE HARSH WINTERS in your One-Of-A-Kind PICTURESQUE VACATION HOME or FOREVER HOME! Nostalgic MAYBERRY-ESQUE Town, a rural sanctuary quiet reprieve! ~THE GOOD LIFE U DESERVE AWAITS! ~GOLF ~2 Restaurant/Cantinas ~TOWN SQUARE SOCIAL EVENTS! ~LAKESIDE Picnics ~WARM GLOW of HARDWOOD SOARING CATHEDRAL CEILINGS w/STAINED GLASS accents create UNIQUE AMBIANCE of a SKI CHALET in the DESERT! ~$220k in REMODEL/UPGRADES ~2 sep OWNER'S ENSUITE BEDROOMS ~Replumbed Home ~REBUILT BATHROOMS ~NEW FLOORS ~NEW APPLIANCES ~INTERIOR PAINT is Eco-friendly, all-natural, Real Milk Paint w/no off-gassing *GOLF+POOL/SPA MEMBERSHIPS avail at nominal fee. ...Owners cleaned all ducts with a special custom cleaning company, Arcadia Cleaners. The whole house, including the air quality, is set up perfectly for anyone with environmental allergies or for children who need a clean environment for their growing development. ***Optional***JOIN VOLUNTARY Homeowners Recreation Center Assn at ONLY $20 annually to participate in RECREATION CENTER SOCIAL EVENTS! This voluntary participation ONLY affords social events & DOES NOT extend any control by any HOA over your property; it's purely for entertainment purposes.

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4809 W Stargazer Place Laveen, AZ 85339

$574,995

3 Beds

3 Baths

2,390 SqFt

Status Active

MLS # 6696690

Property Type Single Family Residence

Price Type --

Boasting an open layout ready-made for entertaining, the Pinecrest plan centers around an expansive great room, a dining nook and an impressive gourmet kitchen boasting a convenient island and a walk-in pantry, quartz counters, Shaker cabinets. The elegant primary suite is adjacent, showcasing an immense walk-in closet and a private bath with separate drop-in tub and large shower. Two additional bedrooms, a study, a laundry and a covered patio round out the plan.

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10508 S 48th Glen Laveen, AZ 85339

$574,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6720353

Property Type Single Family Residence

Price Type --

Boasting an open layout ready-made for entertaining, the Pinecrest plan centers around an expansive great room with multi slide doors that open to a covered patio, a dining nook and an impressive gourmet kitchen boasting a convenient island, white shaker cabinets, quartz counters, black matte fixtures throughout, and a walk-in pantry. The elegant primary suite is adjacent, showcasing an immense walk-in closet and a private bath with deluxe walk-in shower. This home has 10' ceilings, luxury vinyl plank flooring, tiled baths, and carpeted bedrooms. Two additional bedrooms, a study, and convenient laundry room round out the plan.

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20248 W Hollyhock Street Buckeye, AZ 85396

$574,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6717303

Property Type Single Family Residence

Price Type --

8760 sqft lot- Gourmet kitchen, quartz countertops, full tile backsplash, white cabinets, pendant lights at island, stainless steel appliances w/pyramid hood & gas cooktop - Corner-meet door at great room - Full tile shower at primary bath & oversized closet - Pre-plumb locations at laundry room, soft water loop, gas to patio - 9 x 35 tile floors throughout except for carpet in bedrooms - Matte black fixtures throughout - Ceiling fan pre-wires at bedrooms, patio and great room - 10-foot ceilings - Two-tone paint - Garage service door.

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17580 W Running Deer Trail Surprise, AZ 85387

$574,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6699992

Property Type Single Family Residence

Price Type --

Explore this impressive Darius home, ready for an August move-in. Included features: an inviting covered entry; a spacious great room; a quiet study; an open dining area; a gourmet kitchen offering a double oven, quartz countertops, 42'' cabinets, a center island and a pantry; a lavish primary suite showcasing a generous walk-in closet and a private bath with double sinks and cultured marble countertops; a convenient laundry; a large living room; a covered patio and a 3-car garage. This home also offers additional windows, ceiling fan prewiring and stone tile flooring in select rooms as well as airy 10' ceilings throughout.

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17668 W Blue Sky Drive Surprise, AZ 85387

$574,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6742948

Property Type Single Family Residence

Price Type --

Explore this impressive Darius home, ready for quick move-in. Included features: an inviting covered entry; a spacious great room; a quiet study; an open dining area; a gourmet kitchen offering a double oven, quartz countertops, 42'' cabinets, a center island and a pantry; a lavish primary suite showcasing a generous walk-in closet and a private bath with double sinks and cultured marble countertops; a convenient laundry; a large living room; a covered patio and a 3-car garage. This home also offers additional windows, ceiling fan prewiring and stone tile flooring in select rooms as well as airy 10' ceilings throughout.

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23964 N 171st Lane Surprise, AZ 85387

$574,995

4 Beds

2.5 Baths

2,630 SqFt

Status Active

MLS # 6720282

Property Type Single Family Residence

Price Type --

Ease and elegant design blend beautifully in the ranch-style Pomona plan. An inviting great room is at the heart of the open layout, adjacent to a dining nook and a kitchen showcasing a pantry and a center island. Aspiring top chef? This home has gourmet kitchen features! The impressive owner's suite offers a walk-in closet and a private bath with a deluxe, large walk-in shower. Three additional bedrooms, a central study and a laundry round out the floor plan, which includes a covered patio, a 2-car garage and a 1-car side-turn garage. This home features 10 ft ceilings, paver driveway, Wood look tile flooring, Quartz countertops, Super shower with an additional rainfall shower head & many more upgrades.

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16408 W Creedance Boulevard Surprise, AZ 85387

$574,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6647548

Property Type Single Family Residence

Price Type --

This gorgeous ranch-style Cassandra plan showcases an open layout with a great room, a breakfast nook and a large kitchen with multi-slide doors for fabulous natural light. Home includes a Master bedroom with generous closet, Deluxe bath with shower and tub. 2 more bedrooms, and a spacious den complete this home. Boasting Quartz kitchen countertops, 42'' cabinets and 6x35 Tile throughout, carpet only in bedrooms. A MUST SEE!

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24030 N 171st Drive Surprise, AZ 85387

$574,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6685257

Property Type Single Family Residence

Price Type --

Are you ready for your new home at Asante? Come tour this beautiful Pinecrest plan. Boasting an open layout ready-made for entertaining. This plan centers around an airy great room, a dining nook and an impressive gourmet kitchen with a convenient island. The elegant owner's suite is adjacent, showcasing dual walk-in closets and a private bath featuring walk in shower and drop in tub . Two additional bedrooms, a study , great room featuring amazing corner multi slide doors off great room and covered patio . Bring your backyard oasis vision that will make this home the one always dreaming of. Includes a 2-car garage and separate side turn garage.

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668 E Aurora Drive San Tan Valley, AZ 85140

$574,990

4 Beds

3 Baths

2,144 SqFt

Status Active

MLS # 6768733

Property Type Single Family Residence

Price Type --

Move-in Nov. 2024!!! - Welcome to Edgewood, a charming community by K. Hovnanian Homes, conveniently located just south of AZ-24—perfect for both commuters and weekend adventurers. This beautiful Pasadena plan offers a spacious split floor design with 4 bedrooms, 3 bathrooms, and an additional office or flex room for extra versatility. The great room, with its vaulted ceilings and large sliding doors that open to the backyard, is ideal for entertaining. The home's interior is thoughtfully designed with our Loft-inspired ''Looks'' collection, featuring sleek grey cabinets, quartz countertops, elegant tile, and nickel hardware throughout. Don't miss the opportunity to own this newly completed home! Up to 6% of Loan Amount can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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610 E Aurora Drive San Tan Valley, AZ 85140

$574,990

4 Beds

3 Baths

2,144 SqFt

Status Active

MLS # 6774531

Property Type Single Family Residence

Price Type --

Almost complete! CORNER LOT! This Pasadena split plan home includes 4 bedrooms, den and 3 baths. Designed with our beautifully curated Classic inspired interior selections. The open great room features a stunning vaulted ceiling and a multi-panel slider that opening to the large patio and backyard perfect for indoor/outdoor living. The kitchen features grey cabinets with satin nickel hardware, sparkling quartz counters and beautiful pendant lighting over the island. The den is ideal for working from home or a quiet retreat. The primary suite includes a generous walk-in closet and a resort like bath with free-standing soaking tub and large shower. This home is not to miss, plan your visit today!!! ^^Up to 6% of Loan amount can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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20245 W Catalina Drive Buckeye, AZ 85396

$574,990

4 Beds

3 Baths

2,510 SqFt

Status Active

MLS # 6686329

Property Type Single Family Residence

Price Type --

STOP THE CAR... It's the beautiful Jade floor plan in the Arroyo Seco community. 4 bedrooms, 3 baths and a 2 car garage plus a large storage area. Pavers at the drive, walk and entry, Stainless steel gas appliance package with 30'' cooktop, wall oven and canopy hood. Tahoe maple slate - (gray) cabinets throughout. AZT Della Terra Quartz Linen countertops in kitchen and restrooms. Upgrade flooring includes EMS Riverside Firenza 20x20 tile in all areas of the home except bedrooms and closets. 5'' baseboards with 3 1/4'' door casings throughout. Dual sinks at bath 3. Interior two tone paint in ''Whiskers''. 8' tall garage door with two remotes, Garage service door for easy access into the back yard and so much more.

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