{"id":2082,"date":"2018-02-26T11:00:02","date_gmt":"2018-02-26T11:00:02","guid":{"rendered":"https:\/\/thezakariagroup.com\/latest-nar-data-shows-now-is-a-great-time-to-sell\/"},"modified":"2018-02-26T11:00:02","modified_gmt":"2018-02-26T11:00:02","slug":"latest-nar-data-shows-now-is-a-great-time-to-sell","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/latest-nar-data-shows-now-is-a-great-time-to-sell\/","title":{"rendered":"Latest 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:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/02\/22144610\/20180226-Share-STM.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"Latest 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:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/02\/22144610\/20180226-Share-STM.jpg 750w, http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/02\/22144610\/20180226-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 for that item is high, and the supply of that item is limited. Two major reports released by the\u00a0<em>National Association of Realtors\u00a0<\/em>(NAR)\u00a0revealed information that suggests that now is a great time to sell your house.<span id=\"more-37101\"><\/span><\/p>\n<p>Let\u2019s look at the data covered in the latest\u00a0<a href=\"https:\/\/www.nar.realtor\/reports\/realtors-confidence-index\"><em>REALTORS<sup>\u00ae<\/sup>\u00a0Confidence Index<\/em><\/a> and\u00a0<a href=\"https:\/\/www.nar.realtor\/newsroom\/existing-home-sales-slip-32-percent-in-january\"><em>Existing Home Sales Report.<\/em><\/a><\/p>\n<h4><strong>REALTORS<sup>\u00ae<\/sup>\u00a0CONFIDENCE INDEX<\/strong><\/h4>\n<p>Every month,\u00a0NAR\u00a0surveys\u00a0<em>\u201cover 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.\u201d\u00a0<\/em>This month, the index showed (again) that homebuying demand continued to outpace the supply of homes available in January.<\/p>\n<p>The map below illustrates buyer demand broken down by state (the darker your state, the stronger demand there is).<\/p>\n<p><a href=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/02\/22144947\/20180226-STM-ENG.jpeg\"><img decoding=\"async\" class=\"alignnone wp-image-37103\" src=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/02\/22144947\/20180226-STM-ENG.jpeg\" alt=\"Latest NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market\" width=\"650\" height=\"488\" srcset=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/02\/22144947\/20180226-STM-ENG.jpeg 2000w, http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/02\/22144947\/20180226-STM-ENG-400x300.jpeg 400w, http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/02\/22144947\/20180226-STM-ENG-1024x768.jpeg 1024w\" sizes=\"(max-width: 650px) 100vw, 650px\"><\/a><\/p>\n<p>In addition to revealing high demand, the index also shows that compared to conditions in the same month last year, seller traffic conditions were \u2018weak\u2019 in 22 states, \u2018stable\u2019 in 25 states, and \u2018strong\u2019 in only 4 states (Alaska, Nevada, North Dakota &#038; Utah).<\/p>\n<p><strong>Takeaway:\u00a0<\/strong>Demand for housing continues to be strong but supply is struggling to keep up, and this trend is likely to continue throughout 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 4.1%\u00a0from December <\/strong>to 1.52 million homes available for sale.<\/li>\n<li>Unsold inventory is\u00a0<strong>9.5% lower than a year ago<\/strong>,\u00a0marking the 32nd\u00a0consecutive month with year-over-year declines.<\/li>\n<li>This represents <strong>a\u00a03.4-month supply\u00a0<\/strong>at the current sales pace.<\/li>\n<\/ul>\n<p>According to Lawrence Yun,\u00a0<em>Chief Economist\u00a0<\/em>at\u00a0NAR:<\/p>\n<blockquote>\n<p><em>\u201cAnother month of solid price gains underlines this ongoing trend of strong demand and weak supply. <strong>The underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisis<\/strong> that is weighing on affordability.\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\u00a0<strong>3.4-month supply<\/strong>, and houses are going under contract fast.\u00a0<em>The Existing Home Sales Report<\/em>\u00a0shows that <strong>43% of properties were on the market for less than a month when sold.<\/strong><\/p>\n<p><strong>In January, properties sold nationally were typically on the market for 42 days.\u00a0<\/strong>As Yun notes, this will continue unless more listings come to the market.<\/p>\n<blockquote>\n<p><em>\u201cWhile the good news is that Realtors in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January\u2019s pace. <strong>It\u2019s very clear that too many markets right now<\/strong> are becoming less affordable and <strong>desperately need more new listings<\/strong> to calm the speedy price growth.\u201d <\/em><\/p>\n<\/blockquote>\n<p><strong>Takeaway:\u00a0<\/strong>Inventory of homes for sale is still well below the 6-month supply needed for a normal market and supply will <em>\u2018fail to catch up with demand\u2019\u00a0<\/em>if a\u00a0<em>\u2018sizable\u2019<\/em>\u00a0supply 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 for that item is high, and the supply of that item is limited. Two major reports released by the\u00a0National Association of Realtors\u00a0(NAR)\u00a0revealed information that suggests that now is 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":[100,102,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Latest 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\/latest-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=\"Latest 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 for that item is high, and the supply of that item is limited. 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