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!

It’s Official: No New Hard-Wiring Requirements for Existing Homes#.UPbV6txKI08.facebook

It’s Official: No New Hard-Wiring Requirements for Existing Homes#.UPbV6txKI08.facebook

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This is a quick post for those of you out there floundering in all the big foreclosure and short sale mess.
First, this website will let you know the new RULES regarding everyone involved in Short Sales, the Realtors, Attorneys, etc and what they can and can not do.   You need to be aware that not all providers know what they are doing.  http://business.ftc.gov/documents/bus76-mortgage-assistance-relief-services-rule

Second, if you live in Rhode Island and have not managed to get your mortgage loan modified, and feel you have a legitimate reason for being behind on payments, be sure to use a HUD approved counselor. Here is the page for Rhode Islands' hardest hit. Names, numbers, faqs....all are here. Don't wait until it's too late.
http://www.hhfri.org/HHFRI_Default.aspx?id=10737418257&ekmensel=c580fa7b_10737418238_10737418239_btnlink

HUD HOME new on Market! Only $85,000!!!

HUD Home # 451-068996

Needs work

Great opportunity to own in Warwick, RI!

This home has a lot of potential. A large attic can be expanded to be another bedroom.

This home is FHA insured and qualifies for 203K Rehab loan.

Home is sold as is, and is available to owner occupants up to 2/12/2011

For further details see www.hudhomestore.com

To see a tour of this home, click here

Karen Hurst is the Neighborhood Listing Broker (NLB) for Hud Homes