WARWICK, RI — We remain in a period of very low inventory in our winter market.
From November heading into December we witnessed a sell-out effect in the Rhode Island Real Estate market where we shrunk back to under 2,000 single family homes available for sale in the entire state!
Considering there are 31 townships recognized in our Multiple Listing Service, that’s only about 64 homes for sale per town across the state including all price points. That is crazy low inventory and listing now has major advantages than waiting until spring. In other words, if you are “waiting for a better time to sell,” then we haven’t done our jobs well enough in terms of educating our clients about the advantages of
selling now.
Although hyper local, real estate is tied to the macro-economy, which is steaming along. This is something we know now. Therefore, when it comes to economic predictions, we encourage you to focus on what you know now. We know the stock market, real estate market, and job markets are climbing.
Real Estate is also tied to interest rates, which remain low, and tied to supply and demand. Listing now has such a huge potential economic upside for home sellers. In the month of December, despite limited listings to choose from and almost no new listings, we were bombarded with showing requests and we sold quite a few of our listings, including homes that had been sitting on the market. Why is that? … It’s because of a lack of inventory. Supply and demand is a powerful rule in economics, that supersedes cold weather, spring gardens, or old wives’ tales about when “the best time to sell a home is.”
The best time to sell is when you’re ready to pack up and move in thirty to sixty days when we bring you a great offer from a qualified buyer. For more information about the value of your home please check out www.RIdreamhome.smarthomeprice.com and we’ll send over a complimentary instant home evaluation.
As hot as single-family home sales were, Multi-family home sales were even hotter. With out of state investors flocking to RI from Boston and even New York, along with zero down payment and grant programs for first time owner-occupied buyers, we saw a surge in the value of multifamily homes this year. In many towns multifamily homes were up as much as 10% year over year in value. Investors buying in a seller’s market are faced with the task of thinking outside the box. One sector that is less crowded than your typical 2-3 family property is commercial mixed-use properties. We are seeing that as one sector where “buy and hold” investors can still “make money on the buy.” Another sector of the market our Team is aligned with is wholesale sellers. Some of our repeat clients and connections are wholesalers who are doing the legwork to pick properties up at auctions and tax sales, and then looking to sell to other investors for a profit or mark-up.
If you are a person looking to earn money investing in real estate, please log onto our website, where you can search for homes for sale and we can discuss the variety of ‘out of the box’ options that may help you with landing a profitable ‘buy and hold’ or ‘buy and flip’ property.
Author: Rob Borkowski
Rob has worked as reporter and editor for several publications, including The Kent County Daily Times and Coventry Courier, before working for Gatehouse in MA then moving home with Patch Media. Now he's publisher and editor of WarwickPost.com. Contact him at [email protected] with tips, press releases, advertising inquiries, and concerns.
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