{"id":1901,"date":"2017-07-03T10:00:17","date_gmt":"2017-07-03T10:00:17","guid":{"rendered":"https:\/\/thezakariagroup.com\/nar-data-shows-now-is-a-great-time-to-sell\/"},"modified":"2017-07-03T10:00:17","modified_gmt":"2017-07-03T10:00:17","slug":"nar-data-shows-now-is-a-great-time-to-sell","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/nar-data-shows-now-is-a-great-time-to-sell\/","title":{"rendered":"NAR Data Shows Now Is a Great Time to Sell!"},"content":{"rendered":"<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"648\" height=\"354\" src=\"http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/06\/28133640\/20170703-Share-STM.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" srcset=\"http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/06\/28133640\/20170703-Share-STM.jpg 750w, http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/06\/28133640\/20170703-Share-STM-549x300.jpg 549w\" sizes=\"(max-width: 648px) 100vw, 648px\"><\/p>\n<p>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\u00a0<em>National Association of Realtors\u00a0(NAR)<\/em> revealed information that suggests that now continues to be a great time to sell your house.<span id=\"more-35812\"><\/span><\/p>\n<p>Let\u2019s look at the data covered in the latest <a href=\"https:\/\/www.nar.realtor\/reports\/realtors-confidence-index\"><em>REALTORS<\/em><em>\u00ae<\/em><em> Confidence Index<\/em><\/a>\u00a0and\u00a0<a href=\"https:\/\/www.nar.realtor\/news-releases\/2017\/06\/existing-home-sales-rise-11-percent-in-may-median-sales-price-ascends-to-new-high\"><em>Existing Home Sales Report<\/em><\/a>.<\/p>\n<h4><strong>REALTORS<\/strong><strong>\u00ae<\/strong><strong> CONFIDENCE INDEX<\/strong><\/h4>\n<p>Every month, <em>NAR\u00a0<\/em>surveys\u00a0<em>\u201cover 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.\u201d<\/em> This month, the index showed (again) that home-buying demand continued to outpace supply in May.<\/p>\n<p>The map below illustrates buyer demand broken down by state (the darker your state, the stronger the demand is there).<\/p>\n<p><a href=\"http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/06\/28133653\/20170703-STM-ENG.jpg\"><img decoding=\"async\" class=\"alignnone wp-image-35814\" src=\"http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/06\/28133653\/20170703-STM-ENG.jpg\" alt=\"NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market\" width=\"650\" height=\"488\" srcset=\"http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/06\/28133653\/20170703-STM-ENG.jpg 2000w, http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/06\/28133653\/20170703-STM-ENG-400x300.jpg 400w, http:\/\/d39ah2zlibpm3g.cloudfront.net\/wp-content\/uploads\/2017\/06\/28133653\/20170703-STM-ENG-1024x768.jpg 1024w\" sizes=\"(max-width: 650px) 100vw, 650px\"><\/a><\/p>\n<p>In addition to revealing high demand, the index also mentioned that \u201c<em>compared to conditions in the same month last year, seller traffic conditions were \u2018weak\u2019 in 24 states, \u2018stable\u2019 in 25 states, and \u2018strong\u2019 in D.C and West Virginia.<\/em>\u201d<strong>\u00a0<\/strong><\/p>\n<p><strong>Takeaway:<\/strong>\u00a0Demand for housing continues to be strong throughout 2017, but supply is struggling to keep up, and this trend is likely to continue into 2018.<\/p>\n<h4><strong>THE EXISTING HOME SALES REPORT<\/strong><\/h4>\n<p>The most important data revealed in the report was not sales, but was instead the inventory of homes for sale (supply). The report explained:<\/p>\n<ul>\n<li>Total housing inventory\u00a0<strong>rose 2.1%<\/strong>\u00a0to 1.96 million homes available for sale<\/li>\n<li>That represents a\u00a0<strong>4.2-month supply\u00a0<\/strong>at the current sales pace<\/li>\n<li>Unsold inventory is\u00a0<strong>8.4% lower than a year ago<\/strong>,\u00a0marking the 24th\u00a0consecutive month with year-over-year declines<\/li>\n<\/ul>\n<p>According to Lawrence Yun, <em>Chief Economist <\/em>at<em> NAR:<\/em><\/p>\n<blockquote>\n<p><em>\u201cCurrent demand levels indicate sales should be stronger, but it\u2019s clear <strong>some would-be buyers are having to delay or postpone their home search because low supply<\/strong> is leading to worsening affordability conditions.\u201d <\/em><\/p>\n<\/blockquote>\n<p>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\u2019s 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\u2019s market and should expect depreciation in home values.<\/p>\n<p>As we mentioned before, there is currently a <strong>4.2- month supply<\/strong>, and houses are going under contract fast. <em>The Confidence Index<\/em> shows that 55% of properties were on the market for less than a month when sold.<\/p>\n<p><strong>In May, properties sold nationally were typically on the market for 27 days. <\/strong>As Yun notes, this will continue, unless more listings come to the market.<\/p>\n<blockquote>\n<p><em>\u201cWith 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.\u201d<\/em><\/p>\n<\/blockquote>\n<p><strong>Takeaway:<\/strong>\u00a0Inventory of homes for sale is still well below the 6-month supply needed for a normal market. And the supply will continue to <em>\u2018fail to catch up with demand\u2019<\/em> if a <em>\u2018sizable\u2019 <\/em>supply does not enter the market.<\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>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.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a0National Association of Realtors\u00a0(NAR) revealed information that suggests that now continues to be a great time to sell your house. Let\u2019s look at the data covered in [&hellip;]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[100,102],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NAR Data Shows Now Is a Great Time to Sell! - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/nar-data-shows-now-is-a-great-time-to-sell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAR Data Shows Now Is a Great Time to Sell! - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. 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