Saturday, August 18, 2007
Rhode Island Real Estate
What happened to Real Estate in Rhode Island? We all know about the Mortgage loans that dissappeared. The foreclosure rate has escalated and people are moving out of their homes. Where are they going? I happen to know that a lot of peope are moving to apartments. The reason I know this is because I sell REO homes. These are homes that have already been foreclosed and are now owned by the Banks that held the mortgage. Some of these homes are good buys for the first time homebuyer who wants to build a little sweat equity. Yes, some REO's are a waste of time and only good to a builder due to the lack of plumbing, heating and windows. However, if you are patient and keep looking, you can find some real gems. Also, when a builder buys one of these houses, he/she goes through the entire house and beleive me, these homes are like brand new! I have one on the market now that is a shadow of its' former self. So while a lot is going on in this market, and a lot of rumors, people are still moving around for various reasons. The Real Estate Market will always be around. We all need a place to live.