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07 July 2010
First time homebuyers drive the market for Single Family homes on the East Side of Providence
More on our first half of the year 2010 results for single family homes on the East Side of Providence. As this chart shows, the market was driven by the first time homebuyer segment, accounting for 43% of unit volume. A full 77% of the unit volume was Read More...
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07 July 2010
Median days on Market - First half 2010 - try 23 days
So how did the first time homebuyer tax credit impact average days on market? In our view, it doubled the momentum of sales. Days on market for single family homes on the East Side of Providence decreased from nearly 2 months to 3 weeks on average. That's Read More...
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06 July 2010
How did we do on the East Side of Providence - first half 2010?
The first half of 2010 saw a 64% increase in unit volume over the same time last year. No doubt that the first time homebuyer tax credit provided the stimulus for this increase in sales. What we don't know is if volume that would have occurred in Read More...
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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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20 January 2009
Should I list My House for Sale During the Winter?
The Case for Listing Your House in the winter I am writing this as I am headed home from Los Angeles, where I spent a week in some of the most beautiful January weather they have seen there in a long time. As I took walks in some of the neighborhoods, Read More...
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11 January 2009
Should I get my house inspected prior to listing it for sale on the market?
Recently we suggested that a seller who is putting their house on the market in the next few months do a pre-listing inspection. Granted, the house is in great shape, so it came as a surprise that we would recommend this. The current owners wondered whether 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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23 November 2008
Luxury Market for Single Family Homes on the East Side Providence - Excess inventory?
Looking through the Multiple Listing service today and doing a search on the East Side of Providence I was surprised to see so many single family properties in the million dollar and above category. Is the East Side just growing the luxury market? Just Read More...
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23 November 2008
Holiday Stroll - Downtown Providence
Mark you calandars for December 6th for the Providence Preservation Society's annual Holiday Stroll ! This year's event will be held entirely in Downtown Providence. The event will inclued horse-drawn carriage rides, a special tree lighting by Read More...
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