Friday, July 28, 2017

Hot Rhode Island Real Estate Market?

Block Island by Karen Hurst

 There are market reports everywhere and I as well as everyone else am getting blurry eyed reading them. Everyone, from the National Association of Realtors to millions of Real Estate Companies across America has an opinion.

What you need to keep in mind is that Real Estate is local and that it changes from month to month.

I just read a market report about Warwick, Rhode Island. It clearly stated that in June 2017, homes were selling at above rates of June 2016.  Okay, that sounds good, but if you get past the headlines, you will see that it goes on to say that home sales in warwick RI have dropped from May 2017, while still being higher than last years June total, they are lower than this Mays total!

As a Realtor in Rhode Island that works full time (and more), I can see the subtle changes going on in the market. It also helps that I like to spend endless hours poring over data!   So I am going to make a hesitant prediction! Hesitant, because so many variables drive this market, but I am confident in my own research as well.

I see July and August also on a lower end from May sales.  I am speaking of Rhode Island, not any where else.   In September and October, there will be a slight upswing and then the market will level out until next Spring.   What happens next spring is way too early to predict!  

So, if you want to buy, then in the next couple of months it will be a close proximity to a buyers market.  Certainly not like what we have seen over the past five years or so, but a definite change from a sellers market that is now in progress.

Everyone knows as its been blasted all over...Now is the time to sell!  Multiple offers on your home!!  Yes this does happen. However, everyone thinking about selling during this last Real Estate crisis, are now listing their homes.  Sooner or later demand and supply will level. Days on market is the best indicator of prices starting to level off.

Happy Selling and Happy Hunting!

No comments: