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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6516 W Tonto Drive Glendale, AZ 85308

$559,800

4 Beds

2 Baths

1,865 SqFt

Status Active

MLS # 6724766

Property Type Single Family Residence

Price Type --

Less than 5 mins from the new Phx Children's Hospital! Freshly painted interior/exterior, & newly carpeted large 4bd/2ba home featuring vaulted ceilings, ample amount of 20'' maple cabinets for storage with tons of natural light to fill this move in ready home! Island seating & eat-in kitchen area perfect for the open concept for families. Enjoy cozy evenings by the gas fireplace in the family room with natural plank wood flooring complimenting the cabinets. Step outside to an extended covered patio overlooking a beautifully mature, tranquil landscaped backyard. Located close to the Loop 101 for convenience, shopping and restaurants. Washer/dryer are included! 2.5 car extended garage includes cabinets on both sides for plenty of organization. Walking distance to Dos Lagos Park. See Now! 2nd bathroom seller is offering a remodeling credit to convert the shower/tub if new buyer would like.

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5145 N 87th Drive Glendale, AZ 85305

$559,684

4 Beds

3 Baths

2,140 SqFt

Status Active

MLS # 6766130

Property Type Single Family Residence

Price Type --

MLS#6766130 December Completion! The elegant single-story Sterling plan in Stonehaven Encore features 4 bedrooms, 3 baths, and 2,140 square feet of living space. The open-concept design connects the gathering room, casual dining area, and kitchen with a center island, creating the perfect space for entertaining. Unwind in the private owner's suite with a spa-like bath, dual vanity, and walk-in closet. Three additional bedrooms, two bathrooms, and a convenient laundry room complete this beautiful home. Structural options include: 8' doors, extended patio, bed 4 in lieu of the tandem garage.

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17862 W Hedgehog Place Surprise, AZ 85387

$559,500

4 Beds

2.5 Baths

2,379 SqFt

Status Active

MLS # 6696233

Property Type Single Family Residence

Price Type --

*PRICED TO SELL!* Welcome home! Desired to own this beautiful residence in Desert Oasis! Den can easily be CONVERTED TO A BEDROOM! This value offers a 2-car garage, stone accents, and a low-care desert landscape. You'll love the thoughtfully designed interior boasting an open den ideal for an office or study and the perfectly flowing great room complemented by wide sliding glass doors leading to the back patio. Open-concept kitchen displays plenty of cabinetry with crown moulding, built-in appliances, quartz counters, and a center island with a breakfast bar. Discover the impeccable primary retreat showcasing plush carpet in all the right places, an ensuite with dual sinks, and a walk-in closet. With its covered patio, the large backyard is the perfect spot for unwinding after an exhausting day. This one-of-a-kind gem!

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28201 N Granite Avenue San Tan Valley, AZ 85143

$559,500

5 Beds

3 Baths

4,157 SqFt

Status Active

MLS # 6770166

Property Type Single Family Residence

Price Type --

This immaculate, highly updated 5BR, 3BA POOL home feels like a model and is move-in ready! This house is full of custom updates, including a kitchen with granite countertops, subway tile backsplash, updated cabinets, all newer appliances, and a huge pantry. All APPLIANCES INCLUDED! Downstairs features all tile flooring, while upstairs boasts beautiful wood plank floors. The fully renovated master bath is stunning! All bedrooms are spacious with walk-in closets, including a large downstairs bedroom and full bath. The backyard is an oasis with a sparkling pool, pavers, firepit, covered seating areas, and shade structures (included!). No neighbors behind or on one side for added privacy. The community offers a heated pool, spa, gym, and a nearby park! SO MANY DETAILS - YOU HAVE TO SEE IT!

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33002 N Pebble Creek Drive San Tan Valley, AZ 85143

$559,500

4 Beds

3 Baths

3,293 SqFt

Status Active Under Contract

MLS # 6742840

Property Type Single Family Residence

Price Type --

Awesome two-story property ready to go! Fall in love with the manicured landscaping, 3-car tandem garage, and sweet curb appeal. The immaculate interior has pre-wired surround sound, ample living spaces with endless entertainment possibilities, sizable bedrooms, and an updated A/C unit for convenience. The open-concept kitchen features new stainless steel oven refrigerator and dishwasher, an island with a breakfast bar, granite counters, plenty of cabinets, and a walk-in pantry. In the oversized main retreat, you'll find a walk-in closet and a private bathroom for added comfort. Discover a serene backyard boasting a grassy area, covered patio, and sparkling blue pool. Electrical hookup also available for detached hot tub. Don't let this opportunity slip away!

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4069 W Nora Drive San Tan Valley, AZ 85144

$559,465

4 Beds

3.5 Baths

2,762 SqFt

Status Active

MLS # 6723176

Property Type Single Family Residence

Price Type --

Beautiful new build with no one behind you and views to the San Tan mountains. Gourmet kitchen layout, stainless steel appliances, 8' Interior doors.

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26191 S 228th Street Queen Creek, AZ 85142

$559,222

3 Beds

2.5 Baths

1,956 SqFt

Status Active

MLS # 6743326

Property Type Single Family Residence

Price Type --

This home offers 1954 sq ft, 3 bedrooms, 2.5 baths, enclosed study, and 2 car garage. Professionally designed with gourmet kitchen includ GE appliances and refrigerator, upgraded plank tile flooring, and finishes through out. Our homes include 10 ft ceilings, 2x6 construction, and amazing warranty service. Make new friends in the highly desirable community of Harvest, offering 2 pools, catch and release fishing, parks, splash pads, and walking trails.

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6075 E Knolls Way Cave Creek, AZ 85331

$559,000

2 Beds

2.5 Baths

1,516 SqFt

Status Active Under Contract

MLS # 6735884

Property Type Townhouse

Price Type --

Excellent value in the heart of Cave Creek! Beautifully maintained and updated, this 2 bedroom, 2.5 bath townhome has an open floor plan with lots of natural light and no steps! The spacious kitchen features granite counters, stainless appliances and a gas range. Southwest architecture with high ceilings adds to the charm. There is abundant storage with high end, cedar lined garage built-ins. Finished garage floor and soft water installed. There is a south facing patio, perfect for winter sun. The Knolls features a lovely community pool and spa and is conveniently located near shopping, dining and fun entertainment venues. Enjoy nearby hiking, riding and nature preserves with miles of trails. Discover the beauty of Cave Creek.

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12406 W Cougar Drive Sun City West, AZ 85375

$559,000

3 Beds

2 Baths

2,864 SqFt

Status Active

MLS # 6701498

Property Type Single Family Residence

Price Type --

Discover the allure of this charming single-story sanctuary! Captivating front yard featuring a 2 car garage, enclosed patio, & manicures desert landscape with irrigation and accent lighting. Inside, the comfortable living/dining showcases bay windows. The spacious family room enjoys wood-look tile flooring, high ceilings, & arcadia door to the backyard, perfect for merging indoor & outdoor activities. End your gatherings in the centrally located formal dining room w/modern light fixtures. You'll love the meticulously designed kitchen that includes recessed lights, shaker cabinets, mosaic backsplash, granite counters, & skylights. Additional den, next to the family room, ideal for a game or crafting room. The bonus room can be used as a guest bedroom or office. The main bedroom boasts tile floors, bay windows, a sitting area, walk-in closet, & lavish ensuite. Be dazzled by the large outstanding backyard and enjoy the relaxing covered patio, extended seating areas, delightful landscaping, paver pathways, stone features, iron fencing & wonderful views of the 18th hole of Stardust Golf Course. This gem won't last for long!

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116 N 3rd Street Tombstone, AZ 85638

$559,000

3 Beds

3 Baths

1,404 SqFt

Status Active

MLS # 6746565

Property Type Single Family Residence

Price Type --

INVESTORS WELCOME!! THIS HOME HAS 3 - 1 BEDROOM UNITS FULLY FURNISHED FOR SHORT OR LONG TERM RENTAL OR PERSONAL LIVING PURPOSES. VERY COMFORTABLE RANCH STYLE HOME IN ''THE TOWN TOO TOUGH TO DIE''! QUIET STREET, WALK 3 BLOCKS TO ALL THE FUN IN ALLEN STREET! COVERED RV PARKING IS AN ADDITIONAL BONUS OR INCOME PRODUCING BENEFIT! OFF STREET PARKING AVAILABLE FOR GUESTS. WATCH THE BIRDS & ANIMAL PARADE JUST A STONE'S THROW FROM THE GORGEOUS GAZEBO WITH ''FIRE PIT/GRILL'' IN THE BACK YARD. LOWER LIVING SPACE COMES WITH ACCESS TO A MINE AND POSSIBLE GHOST.

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8728 E Pampa Avenue Mesa, AZ 85212

$559,000

4 Beds

2 Baths

2,105 SqFt

Status Active

MLS # 6749366

Property Type Single Family Residence

Price Type --

Welcome to your stunning home in East Mesa, perfectly situated in a prime location on a corner lot with convenient access to freeways, top-notch restaurants, excellent Gilbert schools, and a variety of shopping options. This home has a just be given a fresh coat of interior paint and new carpet. The Primary Bathroom has been completely remodeled from top to bottom and is absolutely gorgeous with walk in shower! This home has a great floor plan with large open kitchen, stainless steel appliances, and massive living/dining room. There is also a surveillance system with a monitor that conveys.

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43154 N Outer Banks Drive Anthem, AZ 85086

$559,000

4 Beds

2 Baths

2,153 SqFt

Status Active

MLS # 6753584

Property Type Single Family Residence

Price Type --

Discover this stunning Tuscan-style home, featuring 3 bedrooms plus a den and breathtaking mountain views. Designed with elegance and comfort in mind, this residence offers a formal living room and dining room, perfect for entertaining, while the spacious great-room provides a welcoming space for everyday family living. The home showcases luxurious travertine flooring throughout, complemented by granite countertops and a travertine and marble backsplash in the kitchen, creating a seamless blend of style and sophistication. You'll love the location of this home as it is close to dining, shopping and entertainment not to mention the community pools, parks and clubhouse that are waiting just for you.

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