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Staying optimistic, occupied and engaged during the pandemic
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Hello, I hope you and your family are doing well in these challenging times. With many of us staying home, I wanted to share some ideas to stay entertained while social distancing. You’ll also find tips for selling your home during this crisis and some home projects you can cross off your to-do list. |
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March was a strong month in RI real estate despite COVID-19
Despite COVID-19, sales prices are up 13% year-over-year. Buyers continue to reach out to me to look at properties with a sense of urgency and I continue to meet with sellers looking to sell now, during the pandemic, and those waiting until after.
My hope for you is that you continue to feel well and that you are making it through this incredibly challenging time as well as possible. Please reach out to me if I can be of any help whatsoever. Click on the link for the full RI real estate market report for March.
Be well,
Sarah
Mott & Chace Sotheby’s International Realty
2019 Circle of Sales Excellence Silver Award Recipient
sarah.huard@mottandchace.com
401 255 2578
New Barrington Listing coming to the market on April 13th
Thrilled to be listing a meticulous and incredibly welcoming home in my neighborhood in Barrington, RI. Located at 24 Wildflower Road, this uplifting home features 4 bedrooms with a fifth office/bedroom, two living rooms and an expansive great room with skylights and cathedral ceiling. Situated on a corner lot, this home boasts a polished interior with ample and vibrant first-floor living space. With its finished basement, ideal corner lot with Smith’s Cove views and walk to town and walk to water convenience, this Rumstick gem is one to see! Listed at $619,900 by MCSIR. Click on the following link for a 360 Tour!
A strong foundation can weather the toughest of storms
I hope this finds you as well as can be expected during this uncertain time. My wish for you is that you and your loved ones remain healthy and well. I do believe the silver lining in all of this will be a heightened sense of appreciation for that which we took for granted “pre- Covid19”. I adopted a mindset of “every day is a gift” years ago after fighting through years of medical battles. It truly changed my outlook on life and for that, I am eternally grateful. This too shall pass and in the interim, I am being proactive and cautious as I continue daily real estate work on behalf of my clients. I sent the following email to my clients, who will soon be listing their homes, to highlight the extensive steps I’m taking to ensure smooth, successful and SAFE transactions.
1. All listings will have video; Zillow 3D, my personal video and virtual tours /360 tours via my photographer.
2. I will be doing tours of your home via Facebook Live and Instagram Live, narrated by just me and streamed onto social platforms. I will also create video tours and upload them to YouTube and then send to Facebook and my Instagram feed; so that way people can view them at any time.
3. Showings- I will use FaceTime for buyers who can’t come into the house. Prior to all showings, I will wipe down all doors/handles etc as well as post showing. I will open up cabinets and doors so buyers are not touching anything. Agent, if present, will remain 6 feet away.
4. Offers and all contracts are already done electronically. Lenders, lawyers and municipalities are coordinating to make transactions as safe and virtual as possible.
5. I am keeping up to date on all modifications to prior practices which now are changing due to Covid19 such as the smoke inspections, how deeds are recorded etc. I have been talking with my attorney often about the verbiage needed in the P and S to protect my clients from extensions possibly needed due to the virus.
I am watching the market like a hawk to get a sense of which homes are moving, which aren’t, where the buyers are looking etc.
All of these steps are being done every day to ensure a successful sale during this challenging time. Bottom line is that I have your back and am here for whatever you need or will need and I have an incredible team to turn to if and when we encounter any hurdles.”
Please know that I am here for you now and always, to talk with you or to simply just listen.
Much like the strong foundation of a well-built home, our market is so far weathering all that is being thrown at us remarkably well. Click on the link below for the latest market info for February.
BE Well and stay strong. We will get through this!
MCSIR release of the January Market Report for Single Family homes in RI
It was a very strong month for the market across the board here in RI for January. My activity level can attest to it! The inventory is slowly increasing and the number of buyers looking to buy in RI continues to escalate. I do daily searches in the dozens for clients looking to move to and within RI. Sale prices have increased a whopping 17 % and the number of pending sales increased 66%, indicating how many buyers are looking and willing to pull the trigger and purchase here in RI. Multiple offer scenarios and bidding wars are now commonplace due in large part to the low inventory. Please take a look at the detailed report below and reach out to me if you are interested in buying or selling in RI. I am also licensed in MA and happy to help you there as well.
A brisk month of activity in RI real estate for December 2019
It was a brisk month in RI real estate for the month of December! Here is a recap of the single-family home statistics for December 2019 as presented by Mott & Chace Sotheby’s International Realty for December 2019. The median asking price for new listings increased by 9.2% and the median home price of sold listings increased by 8.1%. The supply decreased from 6 months to 2.1 months when compared to this time last year. In addition, the average DOM ( days on market) decreased by 3.6% in December 2019 when compared to last year. Please click on the link below to read the detailed report and please reach out to me if you are thinking of buying or selling OR have a colleague, friend, neighbor or family member thinking of making a RI real estate move in 2020. I’d love to be of help!
Bullish on Moving…….
It’s a term my beloved dad loves to use to express enthusiasm and one I saw used in Realtor Magazine to reflect the current “mood” of many buyers across the US right now. To say many are “bullish on moving” is a great use of this much-loved expression!
Based on results from a recent NAR homeownership survey, 63% of buyers are feeling that now is a great time to buy. Moreover, 74% of sellers surveyed feel that now is a great time to sell. The universal tone of optimism clearly is resonating in the real estate market as we launch into 2020.
Low mortgage rates and a belief that the economy is improving are key players in the recent igniting of the real estate market. I’m witnessing it here daily with a phone that won’t stop ringing and daily home searches in the dozens being done for clients ready to buy. A recent post I published revealed that the supposed spring market is starting earlier and earlier with each passing year with many in fact beginning their home viewings ( in person, not online!) now, in January!!! This is a trend not only happening in RI but nationwide.
Another trigger for the rise in buyer activity is the length of homeownership. Up until not long ago, the average homeownership was 7 years. It then shifted to 13 years. Well, those homeowners are now ready to bite the bullet. While it’s a great time for first-time homeowners to buy its also a great time to buy for those looking to finally downsize. In fact, older adults, born between 1925 and 1945 .appear the MOST eager to buy at a whopping 73% while baby boomers, born between 1955-1975, are the second most “ready” subset of buyers to make a purchase. While many feel home prices will continue to rise, low mortgage rates, a strong economy, lower unemployment and a rising inventory are creating an active and robust real estate market here in RI and nationwide; especially in the western half of the US. Whether you are looking to downsize, buy your first home and/or sell your home you’ve lived in “forever”, this RI Realtor would be delighted to be of assistance. In fact, she’s “bullish” on advocating for her clients and on RI real estate!
Buyers have a well defined sense of what they want in their next home!
What’s trending amongst buyers in the real estate market? It’s buyers who come in knowing exactly what they want; especially amongst the Millenials. Rooms with a specific purpose are MUST-HAVES especially those of the laundry room, dining room and exercise room “kind”. Thinking of buying a new home? Reach out to me and I will happily send you possibilities that meet all of your “must-have” criteria and then some!!! Click on the following link to see which speciality rooms are the hot commodities for 2020!
Launching into the new year with a solid economy behind us!
2019 was a year of great returns for those who invested in the stock market and those who invested in real estate or purchased or sold properties. With low mortgage rates, it was an ideal year to purchase a home despite the low inventory nationwide. For those selling a home, returns were also consistently high with the majority of sales coming in at a 97% list to sale price return. With mortgage rates projected to stay low for the foreseeable future and the passing of a higher conforming loan limit by the FHFA for 2020, buyers will be presented with a greater array of loan options to satisfy their buying needs thereby increasing buyer demand in 2020. If inventory, particularly in the entry-level price point bracket can increase significantly, the year ahead in real estate will shape up to be another banner year.
For the economy as a whole, it may be tough to beat 2019 stats for it was a year in which the US economy in fact outperformed expectations and broke from recent trends by a significant margin. While the GDP for 2019 was predicted to grow in the first four quarters by 2.0% it actually grew by a compound annual rate of 3.2% in the first three quarters. Similarly, while unemployment was predicted to decrease by .1 % it actually decreased by .4 % to a near 50 year low of 3.7%. Furthermore, employment growth averaged 223,000 jobs per month in 2019! So has the bar been set high after a banner year economically in 2019? Yes, very much so. Will we continue on this path economically as a nation in 2020? Some are skeptical as seen in the article below. In real estate, however, the majority of national market forecasters and this LOCAL RI Realtor feel confident in stating that 2020 looks to be a great year to be involved in real estate in the Ocean State. With several listings of my own set to pop in the early spring all over RI and dozens of buyer searches being done daily for my clients, I can attest that RI real estate will be strong and lucrative in 2020 and I am ready for it!!! Please reach out to me if buying or selling real estate in RI is on your 2020 vision board! I’d love to jump in and guide you along! Happy New Year to all!
It’s time to Tread on in the Ocean State !
Part of what I love about being a Realtor in my home state of Rhode Island is being about to introduce all my clients to the multitude of amazingly beautiful areas we have in this small state. We bost over 400 miles of coastline to visit , countless local restaurants to try , beaches to explore and trails to hike ! Here are some great paths to put on your “must tread list ! Thinking of moving to R.I. or within R.I. ? I’ve lived all over and am happy to show you around ! Maybe we can sneak in a hike while we are house hunting !
