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03 June 2009
State of the Market for Informed Homeowners and Investors East Side Providence
We were recently asked some questions by a reporter for Personal Real Estate Investor Magazine. Since I noticed I had not posted since February (yes, its been that long) perhaps this interview will make up for it! This will be a long post and in the interest Read More...
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15 February 2009
How the $8000 Tax Credit Helps Home Buyers in Rhode Island
This is a follow-up to my last post on the $7500 tax credit for first time home buyers which has now been revised in the new Stimulus Bill just signed by President Obama. The amount of the credit has been increased to $8,000. Here is how it works: First Read More...
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09 February 2009
First Time Home Buyers in RI benefit from Tax Credit
While I was conducting open houses this weekend, I had some interesting discussions with first time home buyers and agents about the $7500 tax credit offered by the government. There was a bit of confusion and speculation about the $15,000 credit proposed Read More...
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04 February 2009
Too Many, Too Few. The story of condo sellers, condo buyers on the East Side of Providence.
There was an article published in the Providence Journal yesterday that reported the results of the 4th quarter condo sales for 2008. For closed transactions, the number of sales were down -17.4% and the median price -21.1% from $355,000 to $280,000. Read More...
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02 February 2009
Wanted - More Houses Priced under $450,000 on the East Side of Providence
What's selling in the Single Family Market on the East Side of Providence? Well, houses in good condition and priced under $450,000 - that is what's selling. The point is that we have far too much inventory in the upper ends of the market and Read More...
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28 January 2009
Year in Review - Single Family Housing on the East Side of Providence
So how did we do last year? The Single Family Housing Market on the East Side of Providence experienced less severe declines than other areas of the State. In fact, for 2008, the Median Price of a Single Family Home was $486,000, up +3.8% over 2007. From Read More...
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11 January 2009
At Bottom for Real Estate Prices in Providence Area?
Could Housing be close to a bottom? While I don’t like to overly dwell on National numbers, there was one statistic posted from a credible source I felt worth sharing. Business Week recently reported an interesting statistic from the Case-Shiller Read More...
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12 December 2008
Rates at 4 year lows, if you can get them.....
It's a good time for buyers who have waited to purchase property. Rates are now at a 4 year low on 30 year mortgages, averaging 5.47%. The rate has not been lower since March of 2004 when the rate averaged 5.40%. What does this mean? For borrrowers Read More...
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19 November 2008
What are you crazy? Sell now in this market?
Thinking of selling now or in the future? Every day that goes by in a declining market, a property loses a bit of its value. So the longer the property is on the market, the more the seller is chasing the market down. A property must be priced right from Read More...
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12 November 2008
Headlines are misleading on the East Side of Providence
The Providence Journal today states that RI housing prices have dropped to a 5-year low. The article goes on to say that Moody's predicts that "house prices will hit bottom in mid-2010....and then begin to rise. Given that measure they say, "prices Read More...
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