{"id":2479,"date":"2018-09-11T10:00:27","date_gmt":"2018-09-11T10:00:27","guid":{"rendered":"https:\/\/thezakariagroup.com\/nar-reports-show-its-a-great-time-to-sell\/"},"modified":"2018-09-11T10:00:27","modified_gmt":"2018-09-11T10:00:27","slug":"nar-reports-show-its-a-great-time-to-sell","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/nar-reports-show-its-a-great-time-to-sell\/","title":{"rendered":"NAR Reports Show It\u2019s 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\/09\/07121327\/20180911-Share-STM.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"NAR Reports Show It\u2019s 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\/09\/07121327\/20180911-Share-STM.jpg 750w, http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/09\/07121327\/20180911-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 the demand for that item is high and the supply of that item is limited. The last two major reports issued by the\u00a0<em>National Association of Realtors<\/em>\u00a0(NAR) revealed information that suggests that right now continues to be a great time to sell your house.<span id=\"more-38083\"><\/span><\/p>\n<p>Let\u2019s look at the data covered in the latest\u00a0<em><a href=\"https:\/\/www.nar.realtor\/newsroom\/pending-home-sales-trail-off-07-percent-in-july\">Pending Home Sales Report<\/a>\u00a0<\/em>and<em>\u00a0<a href=\"https:\/\/www.nar.realtor\/newsroom\/existing-home-sales-slip-07-percent-in-july\">Existing Home Sales Report<\/a>.<\/em><\/p>\n<h4><strong>THE PENDING HOME SALES REPORT<\/strong><\/h4>\n<p>The report announced that pending home sales (homes going into contract) are down 2.3% from last year and have continued to fall on an annual basis for seven straight months.<\/p>\n<p>Lawrence Yun,\u00a0NAR\u2019s\u00a0Chief Economist, had this to say:<\/p>\n<blockquote>\n<p><em>\u201cThe reason sales are falling off last year\u2019s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.\u201d<\/em><\/p>\n<\/blockquote>\n<p><strong>Takeaway:<\/strong>\u00a0Demand for housing is strong and will continue to grow in 2019. Without an influx of new listings for sale, pending home sales will continue to decline. Listing now means you will be able to take advantage of the demand currently in the market.<\/p>\n<h4><strong>THE EXISTING HOME SALES REPORT<\/strong><\/h4>\n<p>The most important data point revealed in the report was not sales-based, but was instead the inventory of homes for sale (supply). The report explained:<\/p>\n<ul>\n<li>Total housing inventory\u00a0<strong>decreased 0.7%<\/strong>\u00a0to 5.34 million homes available for sale in July<\/li>\n<li>This represents a\u00a0<strong>4.3-month supply<\/strong>\u00a0at the current sales pace<\/li>\n<li>Sales are now <strong>1.5% below<\/strong> a year ago<\/li>\n<\/ul>\n<p>There were two more interesting comments made by Yun in the report:<\/p>\n<blockquote>\n<p><em>\u201cLed by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million.\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; and more than a 7-month supply means we are in a buyer\u2019s market and should expect depreciation in home values. As Yun notes, we are (and will remain) in a seller\u2019s market and prices will continue to increase unless more listings come to the market.<\/p>\n<blockquote>\n<p><em>\u201cListings continue to go under contract in under a month, which highlights the feedback from Realtors\u00ae that buyers are swiftly snatching up moderately-priced properties. Existing supply is still not at a healthy level, and new home construction is not keeping up to meet demand.\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. Prices will continue to rise if a sizable 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 looking 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 the demand for that item is high and the supply of that item is limited. The last two major reports issued by the\u00a0National Association of Realtors\u00a0(NAR) revealed information that suggests that right now continues to be a great time to sell your house. [&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>NAR Reports Show It\u2019s 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-reports-show-its-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 Reports Show It\u2019s 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 the demand for that item is high and the supply of that item is limited. 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