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    NAR Reports Show It’s A Great Time to Sell!

    NAR Reports Show It’s A Great Time to Sell! | MyKCM

    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 National Association of Realtors (NAR) revealed information that suggests that right now continues to be a great time to sell your house.

    Let’s look at the data covered in the latest Pending Home Sales Report and Existing Home Sales Report.

    THE PENDING HOME SALES REPORT

    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.

    Lawrence Yun, NAR’s Chief Economist, had this to say:

    “The reason sales are falling off last year’s 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.”

    Takeaway: Demand 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.

    THE EXISTING HOME SALES REPORT

    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:

    • Total housing inventory decreased 0.7% to 5.34 million homes available for sale in July
    • This represents a 4.3-month supply at the current sales pace
    • Sales are now 1.5% below a year ago

    There were two more interesting comments made by Yun in the report:

    “Led 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.”

    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; and more than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values. As Yun notes, we are (and will remain) in a seller’s market and prices will continue to increase unless more listings come to the market.

    “Listings continue to go under contract in under a month, which highlights the feedback from Realtors® 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.”

    Takeaway: Inventory 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.

    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 looking for your house.

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    Carin Nguyen

    Carin Nguyen takes the business of real estate very seriously and she has the track record to prove it. She holds the recent prestigious title and ranking of the #1 realtor in AZ for sides as awarded by the Wall Street Journal. Carin is an Arizona native and fully understands the complexities and changing landscape of the Arizona market. She has been in the real estate industry for over 10 year’s full time and comes by her expertise honestly, having honed it during years in the finance and mortgage industries. Education and knowledge is key in getting her buyers and sellers what they what. A rich resume built with a tireless commitment to her clients, undeniable proven past success and an uncompromised vision for the future create the recipe for complete customer satisfaction. Carin understands the potential emotional stress and sometimes life altering experiences felt by clients during the real estate transaction process. Carin is unyielding in insisting on complete professionalism from herself and her team while understanding that real estate is a personal business. She thrives on managing the details and individuality of each transaction and client. Her clients know that having Carin on their side means they have an advocate who cares about them and their needs. Carin is convinced that building relationships will ensure continued satisfaction and be reflected in future success. There is no denying what provides Carin with her constant strength. Her family is “at the heart of my motivation to push myself to achieve my goals and to be forthright in all that I do. My husband, Son, is my biggest source of support, my coach and my best friend. I am truly blessed with a loving husband and four great children who collectively strengthen my resolve to be the best at all my endeavors. I can be a wife and mother and still be a successful Realtor because I tackle everything with all that I have. My motto is ‘Working Hard To Get Homes Sold’ for a reason. I am thrilled that so many families have made me their real estate consultant.” A commitment to professionalism, an empathetic and understanding approach to her clients and an unstoppable and dependable force from her family all ensures success for Carin and most importantly, her clients

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