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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3 Beds

2 Baths

1,432 SqFt

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$499,900

4 Beds

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Property Type Single Family Residence

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This is a well maintained home with updates in all the right places. Enjoy the wonderful living spaces & beautiful surroundings. 4 bedrooms with 2.5 bathrooms. Freshly painted exterior, interior, cabinets. Fresh carpet in bedrooms, & an upgraded primary bathroom. Spacious corner lot, with a cul- de-sac at the end of the street. Bay window in primary bedroom & the dining room. Slide out kitchen shelfs. The exterior has a paver patio, gas stub at patio, sunscreens & gutters too! Be sure to check out all the amenities that Vistancia has to offer. From Pickleball & tennis to a community waterpark there's something for everyone! Minutes away from the grocery store & all of the new development coming nearby! Ask us how to buy down your rate or cover closing costs! Vistancia amenities include: 8,000-square-foot indoor basketball gymnasium featuring pickleball courts and an adjoining entertainment lounge and game room Three swimming pools, a resort-style pool with waterslides, and a heated lap pool Outdoor event lawn for small-concert venues, community events, outdoor exercise classes, and lawn games Four lighted tennis courts Multipurpose space for meetings, gatherings, and events Movement studio with Fitness On Demand classes Teen game room Card and Craft room Catering kitchen

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15252 N 100th Street Scottsdale, AZ 85260

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557 N Macdonald -- Mesa, AZ 85201

$499,900

3 Beds

3 Baths

2,258 SqFt

Status Active

MLS # 6689670

Property Type Single Family Residence

Price Type --

Discover the perfect blend of historical charm and boundless potential at 557 N Macdonald, nestled within the vibrant heart of Mesa, AZ. This gracious residence, boasting an interior of 2258 sqft, invites you into a world where every corner holds a story waiting to be reimagined. The focal point of this enchanting home is its expansive .21-acre lot, a verdant retreat fully irrigated to nurture an array of flowering plants and fruit-bearing trees. Imagine savoring the fresh harvest from your own Navel Orange, Peach, Plum, Grapefruit, and Pecan trees, right in your backyard. This outdoor space in the picturesque Evergreen Historic District, offers not just a tranquil oasis but also an exceptional canvas for those with a vision to cultivate their dream landscape. Stepping inside, the house reveals a layout thoughtfully designed for comfort and functionality. It features three cozy bedrooms complemented by three well-appointed bathrooms, ensuring ample space for family and guests alike. The charm of the main house is further enhanced by two bonus roomsflexible spaces ideal for a home office, creative studio, or additional living areas to suit your lifestyle. The heart of the home is a welcoming living room, seamlessly connected to a formal dining area, where gatherings large and small are sure to create lasting memories. The adjoining eat-in kitchen, bathed in natural light, offers a warm, inviting setting for morning coffees or casual meals. A dedicated laundry room adds to the practical considerations that make daily life here a breeze. Situated close to downtown Mesa, residents will find themselves a stone's throw from the vibrant light rail-connected community. Embrace the convenience of Pioneer Park, ASU Mix Center, Mesa Arts Center, and a wealth of dining, bars, coffee shops, and shopping opportunities, all within easy reach. For the hobbyist or arts enthusiast, the inclusion of a large detached workshop/shed alongside a storage shed and a two-car carport presents endless possibilitiesto create, to store, or to dream. With its rich blend of history, potential, and prime location, 557 N Macdonald stands as more than just a houseit's the gateway to your new lifestyle in Mesa. Whether inspired by its renovation potential, the allure of its outdoor space, or the charm of its surroundings, this home awaits someone ready to bring their vision to life. Welcome to your next chapter. Blue Sky Pest Control termite treatment warranty available, expires September. Feb 2014, Durafoam Roofing made repairs & applied United Diathon elastomeric coating, 5 year warranty, expired. October 2000, 25 yr laminated shingle roof done. March 2012, Kitchen update, counters: Silestone w/blanco granite under-mount sink & Saxony Pull-Out Faucet Model 473. Window replacements done by Window World 2018. Honeywell Thermostat, FocusPro TH6000 Series.

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13838 N 96th Street Scottsdale, AZ 85260

$499,900

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5323 N Pioneer Drive Eloy, AZ 85131

$499,900

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2.5 Baths

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Property Type Single Family Residence

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14035 N Burning Tree Place Phoenix, AZ 85022

$499,900

3 Beds

2 Baths

1,765 SqFt

Status Active

MLS # 6698881

Property Type Single Family Residence

Price Type --

Beautiful home in the highly sought after Moon Valley Community!! Home has lots of beautiful updates while still maintaining the unique character within. You will love spending time in the front courtyard with the serene water fountain and relaxing porch swing as well as the backyard oasis with a built in grill and bar while watching the game on the outdoor TV. Don't miss out on this great opportunity to own a beautiful home in Moon Valley.

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28712 N 132nd Lane Peoria, AZ 85383

$499,900

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6699110

Property Type Single Family Residence

Price Type --

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$499,900

3 Beds

2 Baths

1,704 SqFt

Status Active

MLS # 6700453

Property Type Single Family Residence

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806 N Almond Circle Mesa, AZ 85213

$499,900

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6704053

Property Type Single Family Residence

Price Type --

Tastefully Updated Cul-De-Sac Lot AND Corner Lot Home Located in Non HOA Community! 3 Bedroom, 2 Bathroom, Sparkling Diving Pool, Quartz Countertops, Open Air Garage, Close to Schools and Shopping.

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16222 N 1st Drive Phoenix, AZ 85023

$499,900

3 Beds

2 Baths

1,523 SqFt

Status Active

MLS # 6699675

Property Type Single Family Residence

Price Type --

Welcome to your oasis nestled in the heart of Phoenix! This charming residence boasts a gardener's dream backyard, where lush greenery and vibrant blooms paint a picturesque landscape. The outdoor space features meticulously maintained gardens, offering ample space for both relaxation and cultivation. Whether you're an avid gardener seeking a tranquil retreat or simply enjoy alfresco dining amidst a verdant backdrop, this backyard sanctuary is sure to delight. Drip system upgraded front & back in 2024. Step inside to discover a thoughtfully designed interior, blending modern comforts with timeless elegance. The spacious living areas offer versatility and style, while the gourmet kitchen invites culinary creativity with its premium appliances, granite counter & ample storage... Retreat to the luxurious master suite, where peace & comfort await. Unwind in the spa-like ensuite bath, complete with spacious walk-in tiled shower, dual sinks and walk-in closet. NEW A/C, Upgraded Insulation & Water Heater in 2022. Well-maintained & sparkling clean...ready for move-in!

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6855 W Darrel Road Laveen, AZ 85339

$499,900

4 Beds

2.5 Baths

2,598 SqFt

Status Active

MLS # 6700576

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This spacious 4-bed, 2.5-bath residence boasts a comfortable loft and a fresh, vibrant interior and exterior paint. Step into the newly renovated kitchen featuring sleek quartz countertops. Upstairs, enjoy the plush comfort of new carpets in all bedrooms and the versatile loft space. The main areas dazzle with luxury vinyl plank flooring, offering durability and style. Outside, the inviting pool has been resurfaced with Pebble Tec, perfect for relaxation and entertaining. Plus, the community offers a host of amenities, including a park with a splash pad, basketball courts, sand volleyball, and more. Don't miss out on this perfect blend of comfort and luxury!

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