RHODY HOME

Welcome 2022!!

I hope you all enjoy a happy healthy year of successes

Posted 2/23/22

As we’ve started settling into 2022, we seem to be continuing with the same lack of inventory as 2021 in residential real estate.

At the time I’m writing this article there are …

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RHODY HOME

Welcome 2022!!

I hope you all enjoy a happy healthy year of successes

METRO
Posted

As we’ve started settling into 2022, we seem to be continuing with the same lack of inventory as 2021 in residential real estate.

At the time I’m writing this article there are less single family homes on the market than when we ended 2021. 

With currently 578 listed for sale in R.I., just 418 are priced between $250,000 to $1,000,000. In comparison, January 2021 had 2086 single family homes active for sale.  Typically, we have lower inventory in the winter months. However, this is extremely low for the number of buyers looking to purchase a home.

Although interest rates have ticked up a bit, they continue to be low, allowing affordable monthly payments.

How long will this last?  Will the rates go up? Will the housing market crash? Should I wait for spring?

These are all questions we hear on a daily basis.

Without a crystal ball it is impossible to predict, but it seems inevitable there will be changes along the way.

Market experts indicate interest rates have and will rise from the historic lows of well under 3% we’ve seen at the end of 2020 through 2021.

If you are thinking about either buying or selling a home in this market you need to have your “ducks in a row” prior to starting.

Buyers please get pre approved before going house hunting, if you are financing the property.  It is the only way to determine how to shop appropriately within your affordable price range, and if not prepared properly you may miss out on that perfect home to another buyer who can make an offer with a lender’s pre-approval that states qualification and loan terms..

Contact a reliable mortgage professional for the most updated advice and accurate analysis of your financial situation and purchasing power.

Sellers waiting for Spring to list your home for sale may want to consider listing now. There is little to no competition, so the chances you will sell quickly are good. Buyers will likely come out in the cold and inclement weather to view your property and make offers.

Sellers looking to buy another property and required to sell your current home prior to closing will be more successful reaching your goals if your current home is already listed for sale, preferably under contract, to be competitive to buyers with no contingency. 

A seller will analyze all incoming offers and determine which one will get to the closing table quickly and smoothly. 

Working with a professional realtor will help you understand the benefits to preparing for the process of buying or selling and planning the best strategy to achieving your specific goals.

 

Donna DeLauro
ReMax Real Estate Center
Dedicated to providing quality service my clients deserve
Also proud founder of Mature Matters —
Senior Real Estate Specialists
401-486-6044
donnadelauro@hotmail.com
www.donnadelaurorealestate.com

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