Green River Avenue Raised Ranch Symbolizes Hot Market

Warwick, RI — This week’s featured home at 136 Green River Ave., listed at $219,900, is an illustration of our current market — a cute, well priced home, under contract within a week of listing.

Seller and buyer have signed a sales agreement and taken a deposit.  The property was listed by our team at Keller Williams, and within days had received a great offer. It’s a 2-bedroom, 1 bath, raised ranch in near immaculate condition, with a great bonus room currently used as a bar.

This property is on an over-sized lot with a two tiered deck leading down to a swimming pool and manicured lawn. The final terms of the offer accepted remain confidential until closing, but the sale, if finalized is a win-win for buyer and seller.

In this market, sellers have regained just enough equity to sell and transfer that equity into a down payment on their “second home” or final destination. One of the challenges in a hot market like this is that with the shortage of inventory we are facing, often would-be sellers are not seeing enough out there to move to once they sell.  So some potential sellers are sitting on the sidelines even though they could finally achieve the price and terms they would want or need to move.

One byproduct or reasonable prediction that could be drawn is that new construction starts will pick up.  If you want to move but can’t find what you’re looking for currently on the market then a financially sound home buyer can always pick a lot and have a custom home built or buy into an existing new construction subdivision.  This author’s estimate is that this will be the most robust year in a long time for new construction.

If you’re looking to build, then consult with a local Realtor you know, like, and trust about the upsides, pitfalls, obstacles and ideal strategies to get what you want out of a new home. Make sure your Realtor is connected and understands new construction because it is a “different animal” than a resale purchase.

Good luck to the home buyers out there and to the “would be sellers”, get off the sidelines, we’ll find you something great after we sell for a great price in this sellers market!