Crazy Rhode Island Real Estate Spring Issue

This month Rhode Island Monthly put out in their March issue some thoughts on the Rhode Island Real Estate Market. It's a great article, and of course, since I am quoted in it, I am leaving a link here for your purusal. If you are considering buying or selling, this artical is an important read!

If you are interested in foreclosures, check out my REO site or my REO blog.

Beach and waterfront communities are still holding their value, so this is a "good" time to sell in these areas.

How to make money buying Real Estate

I guess everyone wants to know the answer to this. The problem is that everyone already knows the answer.

It's very simple, "Buy low, Sell High".

That is all you need to know to make money in Real Estate.

In the past few years, many investors tried to buy homes, but they miscalculated and bought High. Now they are reluctant to Sell low, which, while understandable, is creating a large supply of homes on the market.

Home buyers that planned on living in their home (Owner occupied) who bought in the past few years, also "Bought High". They are not inclined to "Sell Low".

All of this "emotional" buying and selling creates a down market.

This, coupled with the Mortgage Industries' problems this past year, have created a stagnant market.

Rhode Island Real Estate has been in a turmoil in the past few years. After the Credit Crisis of the late 1980's and early 1990's the market started on an incredible upswing. Unless you have been living in a cave, you had to have noticed the High prices of homes. Homes were selling so fast that bidding wars were everywhere.
Of course, you knew, and so should everyone else have known, that this would not last.

Now, the market has been steadily declining. Homes bought in 2005 no longer command the price they once did and have actually dropped. Tax assessments in most cities have continued to rise and some are now assessed at over the Market Value of the home.

The market will not remain stagnant for long. It has to move. Figure it out for yourself. Which way will the Market go?

Rhode Island Real Estate Buyers get Ready Now!

Spring is here and as most people know, a lot of homes are going on the market. Homes "look" better in the spring and its more fun to shop for a home when there's no snow on the ground. If you are looking for a home, I would advise you to get started now. You need to get yourself approved for a mortgage, find out how much you can afford and get looking. If you want to work with a Realtor, start looking for one you feel comfortable with, who will take the time to find out what you want and spend some serious time actually looking for your new home! Don't be discouraged by all the news you may have been hearing in Rhode Island Real Estate, about sub prime mortgages, foreclosures, stagnant markets....This is the time to find some good deals. Yes there are a lot of foreclosures. Yes there are a lot of houses on the market and yes, the 100% loans are going through a tough time. There are still great programs out there for you and a much wider spectrum of homes to choose from..So find a Realtor and start looking! Rhode Island Real Estate is hopping! Make sure you are ready. I have buyers now that are already approved with letters in hand. We are ready to make an offer as soon as we see the "right" home. Don't be left out of the game by not having your letter ready. Know your market and be prepared. This won't last forever!