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Are you ready for summer adventures in RI?
It’s been a long time coming. We’ve waited long and hard for just a glimpse of the “yellow” light to live a little, to socialize, to explore, to get outside of our homes and into nature, into this beautiful spot we call Rhode Island. For the past 16 months many of us have felt like the day would never come. Would we ever be able to go to the beach again or to a bar or to a concert? When would be be able to experience the feeling of getting into your car at the end of the day sunburned and salty, spreading sand beneath all the seats in the car during the ride home? When would we be able to hop on bikes, hit the East Bay bike path and grab a medium watermelon from Del’s with a pretzel stick propped in the cup? We questioned if it would return. We worried that it may not. We are skeptical now that it is “here.” Heck I still WON’T believe I am going to my 17th DMB show until I am at the Dave Matthews concert with a Bud Light in my hand. Only then will I truly believe it.
Be that as it may, we DO have the “go ahead” to get back on the ice….to live like we love living and gosh darn-it we need to do it with pure passion and reverence. Now more than ever we realize that the multitude of “gifts” we have right here in Little Rhody are truly remarkable and precious. Born and raised here, I’ve been blessed to be surrounded by the natural beauty forever yet its impact on me is still felt daily. Whether it’s the rise and fall of the tide here in the Barrington harbor or the quaint , neighborly vibe of Water Street in Warren, I am cognizant every day of just how replete with beauty this tiny, “37 by 48 miles in size” little Ocean State is.
With our food scene being on par in the “amazing quotient” with that of our coastline and our charming vibe, I implore you to take on the challenge of engaging in as many dining adventures as you can. The wait has been longer than that of getting your number called at the DMV and by golly YOU deserve to dive all in to that which sweet Rhode Island offers.
So take always inspiring Providence Journal food writer Gail Ciampa’s lead and get after it Rhody Style!!!
It’s a bit like the Wild West in the RI Real Estate Market!
This real estate market is indeed like the “Wild West” as referenced by this timely article in today’s Journal. It’s a market requiring both buyers and sellers to grab ahold of the reins tightly for it’s a market of high velocity and one in which the risk of getting “spooked” is real. It’s a market that requires clever, creative , protective yet appealing and strong offers on behalf of buyers ; especially when buyers are sellers.
With homes receiving multiple offers by day three the question of where will the seller will go is a real one as is the anxiety associated therein. It can be done however and is being done via rent-backs and the “subject to sellers finding suitable housing” addendum. It can be done with relative ease in a market where the transaction time period has been accelerated , inspections are waived / minimal and appraisals are being ordered efficiently. I listed a house recently and on the day we went under contract my sellers submitted an offer on a home they fell in love with the day prior, while I was on day two of 30 showings on their home. We went under contract and immediately made an offer on the other home. Offer accepted. Knowing we had strong buyers on our end with limited contingencies our offer, with strong terms AND a Hubbard was accepted. Can it be done ? Yes! The result of which is elated sellers who are also buyers ! It’s a beautiful thing!
Click the link below to learn of some of the measures sellers and buyers are taking to maximize the “attractiveness” of their offers in this crazy market!
Market Value vs. Market Price. Do you know the difference?
In real estate, many agents suggest that it all comes down to price. It is true that a property sells just because of price? What about the value component? As a Realtor I will determine a market price without viewing the property based on comparables and market data. Then I determine a market value once viewing and assessing all the benefits, the condition of the property and external market data. The two terms definitely influence each other.
Market price is what a willing, ready and able buyer will pay for a property AND what a seller will accept for it. The transaction that takes place determines the market price, which will then influence the market value of future sales.
Price is determined by local supply and demand , the property’s condition and what other similar properties have sold for without adding in the value component.
The major difference between the two is that market value, in the eyes of the seller, may be much more than what a buyer will pay for the property or its true market price. Value can create demand which can influence price. But without the demand function, value alone cannot influence price. As we are seeing in our current market, as supply decreases and demand increases, the price will rise and value will influence price. Interesting to note that in a balanced market, market value and market price and be equal.
5 design moves that Christina Haack from HGTV’s “Flip or Flop” has ditched in favor of some hot new style moves…..
I love all of that which she has ditched!!!
Christina Haack of “Flip of Flop” reveals 5 older trends (which may or may not be witnessed at the Huard household) that could stand to be left behind and replaced with some more appealing finishes! With so many homeowners choosing to improve their current living situation via a move or a renovation, these tips are timely and useful. They are also rather moderate in nature which heightens the “do-ability” factor. It’s one thing to admire a trend that is attractive and appealing and it’s another to know that it’s obtainable! Click below to read the article featuring 5 trends that perhaps you want to put in the rear view mirror much like the past 16 months! Stay well and reach out to me for any real estate advice or assistance! I love what I do and I’m here to do it for YOU!
https://www.realtor.com/advice/home-improvement/check-out-christina-haacks-changing-style/
The RI real estate market “temp” is on par with the elevated temps we are enjoying there in the Ocean State. SPF 70 required!
It’s front page news and “front and center” for buyers and sellers engaged in this high velocity real estate market here in Rhode Island. Homes being listed competitively are closing at prices well over asking. Multiple offers with minimal contingencies ruling the day for buyers eager to hear those ever elusive, highly coveted “Offer Accepted” words.
With 6 closings upcoming I can attest that there is nothing “slow” or moderate about this market. The Providence Journal released an article highlighting just how elevated and intense this market is and it shows no signs of slowing down. The lack of inventory is not likely to change significantly enough to make an impact, for quite some time. Between the cost of materials to build, and the “catch 22” of folks having nowhere to move to, it will be a while before this market moderates. Experts are predicting continued strength for at least the next two years before it moderates. With loans being more strictly regulated AND the advantageous interest rates, buyers are very well fortified as contenders in this seller’s market. They are well qualified and they simply can afford “more home” due to how low their monthly payments are. So while prices are sky high, buying power is also at an all-time high.
It’s a market where agency of utmost competency is key and pure fortitude and drive is needed on behalf of agents and their Realtor. While it may take more offers than before, winning bids to get that home you desire is most certainly doable and this former athlete runs on pure compete!
Meet Matthew King of Taco Box Trailer in Warren, RI. Huge small business love felt by this Realtor and resident
Sponsoring the Parkbench
https://parkbench.com/blog/taco-box-trailer-food-drink-barrington-matthew-king
Oh me oh my, it’s Warren, RI!
Have you been to adorable and endearing Warren, RI lately? It’s that little haven right between Barrington and Bristol….Do you know the one? The one where you can bike to Del’s on the East Bay Bike Path, grab some hot weiners at Rod’s Grille by the old Jamiels or head down to Water Street for some of the best eats around? Yes it’s that little spot of which I speak!
What used to be a cut through en route to Bristol is now a destination of growing magnitude! Have you heard of all those amazing new food trucks and pop-up shops and farm- to- table eateries popping up over the East Bay and PVD? Well many of them got their start right HERE in Warren at the culinary/ entrepreneur think tank/kickstarter known as Hope & Main. The notion of every great product starts from one great idea is proof positive with Hope & Main where many of RI’s most innovative and popular food destinations have their origins.
Warren truly is a tiny town that has it all; wonderful restaurants, waterfront homes, art galleries and boutiques, an adorable beach, a clam shack/ seafood company rockstar known as Blount Seafood, all with a quirky vibe destined to remain uniquely Warren’s. So take a stroll over to Warren via the ” bridges” or bike on in via the East Bay Bike Path and stroll down Water St and prepare to be amazed. While you’re there? Take a trip to the Huard Household’s Warren fave known as the Taco Box Trailer. It’s located right behind the Del’s…How’s that for “Native Rhody” directions?
How to LEGALLY avoid Capital Gains Tax!!!!
Great article by BiggerPockets ( one of my faves to follow ) on how to legally avoid capital gains tax. Looking to have up $250 k as a single filer or $500 k as a married couple, exempt from the capital gains tax burden? Read below for specific ownership conditions that need to be met.
Experts Say Home Prices Will Continue to Appreciate
It’s clear that consumers are concerned about how quickly home values are rising. Many people fear the speed of appreciation may lead to a crash in prices later this year. In fact, Google reports that the search for “When is the housing market going to crash?” has actually spiked 2450% over the past month.
In addition, Jim Dalrymple II of Inman News notes:
“One of the most noteworthy things that came up in Inman’s conversations with agents was that every single one said they’ve had conversations with clients about whether or not the market is heading into a bubble.”
To alleviate some of these concerns, let’s look at what several financial analysts are saying about the current residential real estate market. Within the last thirty days, four of the major financial services giants came to the same conclusion: the housing market is strong, and price appreciation will continue. Here are their statements on the issue:
Goldman Sachs’ Research Note on Housing:
“Strong demand for housing looks sustainable. Even before the pandemic, demographic tailwinds and historically-low mortgage rates had pushed demand to high levels. … consumer surveys indicate that household buying intentions are now the highest in 20 years. … As a result, the model projects double-digit price gains both this year and next.”
Joe Seydl, Senior Markets Economist, J.P.Morgan:
“Homebuyers—interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six-to-nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence.”
Morgan Stanley, Thoughts on the Market Podcast:
“Unlike 15 years ago, the euphoria in today’s home prices comes down to the simple logic of supply and demand. And we at Morgan Stanley conclude that this time the sector is on a sustainably, sturdy foundation . . . . This robust demand and highly challenged supply, along with tight mortgage lending standards, may continue to bode well for home prices. Higher interest rates and post pandemic moves could likely slow the pace of appreciation, but the upward trajectory remains very much on course.”
Merrill Lynch’s Capital Market Outlook:
“There are reasons to believe that this is likely to be an unusually long and strong housing expansion. Demand is very strong because the biggest demographic cohort in history is moving through the household-formation and peak home-buying stages of its life cycle. Coronavirus-related preference changes have also sharply boosted home buying demand. At the same time, supply is unusually tight, with available homes for sale at record-low levels. Double-digit price gains are rationing the supply.”
Bottom Line
If you’re concerned about making the decision to buy or sell right now, let’s connect to discuss what’s happening in our local Rhode Island market. I am here to help!
Four ways to maximize the sale of your house!
4 Tips to Maximize the Sale of Your House
Homeowners ready to make a move are definitely in a great position to sell today. Housing inventory is incredibly low, driving up buyer competition. This gives homeowners leverage to sell for the best possible terms, and it’s fueling a steady rise in home prices.
In such a hot market, houses are selling quickly. According to the National Association of Realtors (NAR), homes are typically on the market for just 18 short days. In Rhode Island many listings like my own recent ones are going under contract on day 3. Despite the speed and opportunity for sellers, there are still steps you can take to prep your house to shine so you get the greatest possible return.
1. Make Buyers Feel at Home
One of the ways to make this happen is to take time to declutter. Pack away any personal items like pictures, awards, and sentimental belongings. The more neutral and tidy the space, the easier it is for a buyer to picture themselves living there. According to the 2021 Profile of Home Staging by NAR:
“82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.”
Not only will your house potentially attract the attention of more buyers and likely sell quickly, but the same report also notes:
“Eighteen percent of sellers’ agents said home staging increased the dollar value of a residence between 6% and 10%.”
As Jessica Lautz, Vice President of Demographics and Behavior Insights for NAR, says:
“Staging a home helps consumers see the full potential of a given space or property…It features the home in its best light and helps would-be buyers envision its various possibilities.”
2. Keep It Clean
On top of making an effort to declutter, it’s important to keep your house neat and clean. Before a buyer stops by, be sure to pick up toys, make the beds, and wash the dishes. This is one more way to reduce the number of things that can distract a buyer from the appeal of the home.
Ensure your home smells fresh and clean as well. Buyers will remember the smell of your house, and according to the same report from NAR, the kitchen is one of the most important rooms of the house to focus on if you want to attract more buyers.
3. Give Buyers Access
Buyers are less likely to make an offer on your house if they aren’t able to easily schedule a time to check it out. If your home is available anytime, that opens up more opportunities for multiple buyers to go from curious to eager. It also allows buyers on tight schedules to still get in to see your house.
While health continues to be a great concern throughout the country, it’s important to work with your agent to find the best safety measures and digital practices for your listing. This will drive visibility and create access options that also keep everyone in the process safe. A strong and rich online presence is vital. Having a virtual tour is a great tool online shoppers can tap into.
4. Price It Right
Even in a sellers’ market, it’s crucial to set your house at the right price to maximize selling potential. Pricing your house too high is actually a detriment to the sale. The goal is to drive high attention from competing buyers and let bidding wars push the final sales price up.
Work with your trusted real estate professional to determine the best list price for your house. Having an expert on your side in this process is truly essential.
Bottom Line
If you want to sell on your terms, in the least amount of time, and for the best price, today’s market sets the stage to make that happen. A huge component of what I bring to the table as an agent is my emphasis on helping and assisting. A huge effort is imparted to make sure you feel guided and assisted every step of the way. Instructing you on what needs to be done to get your home ready to list and HOW to do it is a huge part of what my clients’ refer to as the “Huard Hustle!” Need help getting started? Reach on out. Helping my clients is my “Why!”
