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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16170 W Port Royale Lane Surprise, AZ 85379

$549,850

6 Beds

3.5 Baths

3,251 SqFt

Status Active

MLS # 6783810

Property Type Single Family Residence

Price Type --

Welcome to this beautiful home in Legacy Park boasting 6 bedrooms, 3.5 bathrooms, a loft, and a large backyard with a pool! You will love this well-thought-out layout with a formal dining room, family room, and a spacious kitchen! The primary suite is downstairs with an ensuite featuring a dual sink vanity, a soaking tub, a separate shower, and a walk-in closet. The remaining bedrooms are upstairs along with the loft and 2 bathrooms. Outside you will find a large backyard with a fenced pool, covered patio, and a separate charming courtyard with a private covered patio and access from the kitchen. Additional features include a 2-year-old water heater, and a new pool pump, filtration and cleaner in 2024! Do not miss out on this beautiful home!

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13827 W Junipero Drive Sun City West, AZ 85375

$549,800

2 Beds

2 Baths

1,612 SqFt

Status Active

MLS # 6709115

Property Type Single Family Residence

Price Type --

Come see this private paradise home in the highly sought out Corte Bella Gated Community. Heated pool with water features, built in BBQ, extended covered patio with heaters and NEWLY installed misting system, NEW travertine pavers, privacy screen and fire pit make this backyard an entertainers dream. Very popular Arcada floor plan boasts 2 spacious bedrooms, a separate office, 2 gorgeous custom bathrooms, California closet in owners' suite. Kitchen has maple cabinets, recessed lighting, granite countertops. Garage includes plenty of storage cabinets and epoxy flooring. This home also features a BRAND NEW heating and cooling system, solar panels with LOW monthly payments, NEW variable speed pool pump and NEW pool filtration system. Owner open to Seller Carry Financing Options!

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14988 W Bloomfield Road Surprise, AZ 85379

$549,800

5 Beds

2.5 Baths

2,839 SqFt

Status Active

MLS # 6764025

Property Type Single Family Residence

Price Type --

ALL PAID OUT SOLAR savings!*This BEAUTIFUL HOME that with DIVING POOL and SOOTHING WATER FEATURE is available in the DESIRABLE RANCHO GABRIELA community*Seller has LOVED THIS AREA and LOVED HER NEIGHBORS*Front flex room is great for formal sitting or piano or office*DOWNSTAIRS BEDROOM, four bedrooms UP, and a LARGE LOFT means there is ROOM FOR ALL*FAMILY ROOM has a COZY FIREPLACE*KITCHEN has abundant COUNTER and cabinet SPACE, GAS STOVE, ISLAND, built in desk, and PANTRY*Your OWNER SUITE is split and has a TWO SINK and separate SOAKING TUB and SHOWER at the BATH*RELAX in your BACKYARD POOL*This GREAT LOCATION is within minutes of SHOPPING, FREEWAYS, RESTAURANTS, and ENTERTAINMENT, but still tucked away on a quiet street*COME BY and SEE why YOU WILL WANT TO CALL THIS PLACE YOUR ''HOME''

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27096 W Burnett Road Buckeye, AZ 85396

$549,700

2 Beds

2.5 Baths

2,527 SqFt

Status Active

MLS # 6768735

Property Type Single Family Residence

Price Type --

OUTSTANDING PARADA MODEL! The paved entrance leads to a charming courtyard. Enter the large foyer to the spacious open concept floor plan. The oversized great room w/formal dining area and wet bar is an entertainer's delight!! Chefs' kitchen features upgraded cherry cabinets organized walk in pantry, SS appliances, cafe dining, pendant lights, built in office space, and breakfast nook. The owner suite is complete w/garden tub/shower & large walk-in custom closet. Den can be used as an office or for hobbies. Private guests en-suite has walk in closet. Enjoy outdoor living on your fully extended covered patio w/sunshades, tons of custom features including, built in barbecue w/pergola, pony wall w/ bench seating, & fire pit, overlooking the beautiful landscape of your private Backyard!

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26840 W Sierra Pinta Drive Buckeye, AZ 85396

$549,700

2 Beds

2 Baths

1,858 SqFt

Status Active Under Contract

MLS # 6777554

Property Type Single Family Residence

Price Type --

SO MANY REASONS TO MAKE THIS FURNISHED HOME YOURS! LOCATED ON A PREMIUM GOLF COURSE /LAKEFRONT LOT WITH MOUNTAIN VIEWS, OWNED SOLAR & 2.5 EXT GARAGE! Upon entering this amazing home, you will notice the open concept floor plan w/plantation shutters, designer lighting, & sweeping views! The chef's kitchen boasts upscale appliances and a large granite island with uninterrupted views of the outdoor courtyard, dining area, & family room w/media wall and lots of natural light. Flex room can be used for office, den, hobbies, or guests. Unwind in the owner's suite w/no threshold, tile surround shower, dual sinks and huge walk-in closet, Guest suite w/adjacent bath is perfect for visitors. Enjoy relaxing outdoors, taking in the sweeping views of the golf course, lake & White Tank Mountains.

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17862 W Hedgehog Place Surprise, AZ 85387

$549,500

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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62 W Melody Drive Gilbert, AZ 85233

$549,500

4 Beds

2.5 Baths

2,020 SqFt

Status Active

MLS # 6724921

Property Type Single Family Residence

Price Type --

Perfect LOCATION. Within 2 miles you'll find Sam's, Fry's, Trader Joe's, Sprouts, Walmart, restaurants, and access to Hwy 60. 3' of insulation in attic gives an average electric bill of $165/mo. Nearly everything in this home is new/newer--$40,000 kitchen with soft-close doors/drawers, pull-out shelves, slab granite, baths updated, high-quality tile/carpet, $10,000 banister to 2nd floor, new lighting, faucets, water heater, exterior paint 2019, roof restacked 2015 w/ 30-yr underlayment, AC 2013, cul-de-sac, professionally installed turf in back yard, ultra-quiet garage door opener, garage ceiling rack storage system, newer sunscreens, extended patio. No homes directly behind. HOA super low at only $95/qtr. Great, very quiet neighborhood with friendly neighbors.

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910 W Angus Road San Tan Valley, AZ 85143

$549,500

4 Beds

3 Baths

2,699 SqFt

Status Active

MLS # 6741661

Property Type Single Family Residence

Price Type --

***Seller buydown offered to 4.875%*** This home offers the perfect blend of luxury, comfort, and convenience. Prepare to be amazed by this luxurious and functional home! The spacious den/office is perfect for creating your own retreat or work-from-home space. The chef's kitchen features Bosch stainless steel appliances and a large island that overlooks the Great Room, ideal for entertaining. Enjoy formal gatherings in the elegant dining room. With 4 oversized bedrooms and 3 baths, including a master suite with a platform shower, dual sinks, and a walk-in closet, comfort is guaranteed. A second master/guest suite adds extra luxury. The 12 ft sliding glass doors with custom blinds seamlessly connect indoor and outdoor living. Step into the bac ***Seller buydown offered to 4.875%*** This home offers the perfect blend of luxury, comfort, and convenience. Don't miss out on this incredible opportunity!

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306 N Nevada Way Gilbert, AZ 85233

$549,500

3 Beds

2 Baths

1,868 SqFt

Status Active

MLS # 6760244

Property Type Single Family Residence

Price Type --

What a Great Location! One house away from the Community Park and Backing to McQueen Park and Activity Center. This Single Level Home includes 3 Bedroom Plus a Den/Office and 2 Full Bathrooms. The Vaulted Ceilings and Architectural Arches and Niches really Open Up the Floorplan and make the House Feel Much Bigger. The Kitchen Opens up to the Living Room, has Lots of Counter Space and a Breakfast Bar. The Primary Suite is Split from the other Two Bedrooms and Includes a Vaulted Ceiling, Two Sinks, Walk-in Shower, Roman Tub and Large Walk-in Closet. Upgraded Anderson Sliding Patio Doors. The Backyard Includes a Covered Patio, Open Patio Area and Synthetic Grass. The Garage has Epoxy Floors and Built-in Cabinets.

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5132 S Dorsey Lane Tempe, AZ 85282

$549,300

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6770341

Property Type Single Family Residence

Price Type --

STUNNING REMODELED HOME with refined elegance! No expense spared, over 130k in upgrades. Newer roof, New 2024 Trane AC, New dual pane windows throughout, New high end porcelain tile flooring through with herring bone pattern, NO CARPET anywhere! Tile even extends to back patio. New 96in dual pane arcadia and new dual pane French door. New 42inch white shaker, dove tail, soft close cabinets extended entire length of kitchen, with custom work center. Beautiful quartz countertops throughout, marble herring bone backsplash accented by brushed gold Schluter & hardware throughout. Brush gold light fixtures and smart ceiling fans-remote and Alexa controlled. New Rinnai tankless hot water heater. Bathrooms completely remodeled custom tile, vanities & lighting. New paint interior and exterior. See All new stainless steel appliances and also stubbed for gas stove. New Samsung AI sensing, Smart tech, wifi controlled washer/dryer. Originally 4bed, would be easy to convert back. Lush grass throughout entire front yard. Pool sized backyard that is your blank canvas ready for your vision. No standard lot here, over 7000 sq ft, with NO HOA and corner lot with block fencing. New custom welded gates with composite fencing panels that look like wood, but you will never have to re-sand. Additional insulation added in attic and combination of new windows makes for a quiet, peaceful, energy efficient home. Two car carport would be easy to convert to garage. The location is within the magic rectangle; between the 101, 60 East, 202E, and The I-10 freeways. Highly sought out area of Tempe; near ASU, Intel, Outlet mall, and desirable shopping and dining. Also sought after school districts. Kiwanis park is nearby, with 125 acres with playgrounds, a 12 acre lake (for kayaking and boat rentals), batting ranges, sport fields, and an indoor recreation center. Too many upgrades to list! Come see this beautiful home before it's gone!

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2126 E Voltaire Avenue Phoenix, AZ 85022

New

$549,000

3 Beds

2.5 Baths

1,751 SqFt

Status Active

MLS # 6786069

Property Type Townhouse

Price Type --

The Agave - A rare combination of Space, Style, Quality, and Value where Design Matters. Be inspired by the warm tones and natural textures of the desert where the Sagebrush and Adobe interior color schemes boldly echo the beauty of The Agave. Modern, Flat-Panel Kitchen Cabinetry in Matte color-ways, Solid-surface, Spa-Inspired Flat-Panel vanity cabinets in natural-wood tone finishes in Bathrooms. Standard LVT flooring installed in the entire home, Quartz Countertops and Tile shower surrounds. Standard Accent painted interior doors and jambs for a bold, effortless design touch. Ceiling fans included as well as EV prewire. The Wren showcases a generous backyard and second floor deck to bring the outside in.

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2129 E Voltaire Avenue Phoenix, AZ 85032

Open House

$549,000

3 Beds

2.5 Baths

1,590 SqFt

Status Active

MLS # 6772478

Property Type Townhouse

Price Type --

The Agave - A rare combination of Space, Style, Quality, and Value where Design Matters. Be inspired by the warm tones and natural textures of the desert where the Sagebrush and Adobe interior color schemes boldly echo the beauty of The Agave. Modern, Flat-Panel Kitchen Cabinetry in Matte color-ways, Solid-surface, Spa-Inspired Flat-Panel vanity cabinets in natural-wood tone finishes in Bathrooms. Standard LVT flooring installed in the entire home, Quartz Countertops and Tile shower surrounds. Standard Accent painted interior doors and jambs for a bold, effortless design touch. Ceiling fans included as well as EV prewire. This premium Quail Plan showcases an enclosed front patio, oversized 2 car garage, bonus loft space, and second floor deck .

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