WHAT EXACTLY IS HAPPENING IN THE RHODE ISLAND REAL ESTATE MARKET IN LAYMAN'S TERMS MARCH 2016

WHAT EXACTLY IS HAPPENING IN THE RHODE ISLAND REAL ESTATE MARKET in LAYMAN'S TERMS MARCH 2016

By Emilio DiSpirito, Realtor/Team Leader of The DiSpirito Team with HomeSmart Professionals RI License S35582 Cell Phone 401-359-2338 email emilio@mydreamhomenow.com 501 Centerville Rd Warwick RI 02886

The Rhode Island market has never been this busy in a February. Why?

• Favorable weather
• Fixed 15 & 30 year Mortgage rates descended again
• Overall Affordability vs. Renting
• Programs like the Renewed Homes $20,000 Grant, 100% financing and banks easing on lending guidelines
• Boomerang Buyers are coming back to the market after loosing homes to shortsale or foreclosure years back

TO SEARCH ALL ACTIVE LISTINGS ON THE RHODE ISLAND MLS VISIT WWW.MYDREAMHOMENOW.COM

Single & Multi Family Home Prices Have Seen Highest Value Gains Since Recession. Why?

• Single Family Home Prices have increased in many areas 10% in 2016 over 2015
• Single Family Home Sales are up 2% over last year
• Multi-Family Home Prices are up over 10% across the state
• Multi-Family Home Sales are up 16% over 2015
• Only 2975 Single Family Homes Active on the market
• A balanced market would have 7,000+ active homes
• We are 57.5% Low on Housing Inventory! 
• Low Supply & High Buyer Demand Has & Will Increase Prices!
• Click Here to See Heat Map of Inventory in RI
• Distressed Single Family Homes on Market are -34%
• Distressed Multi Family Homes on Market are -22%
• With less distressed homes on market, home prices are able to continue to increase

GET YOUR FREE HOME SELLERS KIT AND FAIR MARKET VALUE ON YOUR HOME BY TEXTING "LIST TO SELL" TO 401-359-2338! 

Where Do Realtors Anticipate the Real Estate Market to Go?

• Many agents agree that the number of homes will increase if not double by summertime, making it a more competitive market.
• Through 2016 we should see prices rise, however Spring will be the best time to sell a property with low inventory. Consumers may net more. 
• Market could level off and price increases to slow down in 2017
• Mortgage rates will rise and the affordability factor may end up changing
• Right now perfect buying and selling conditions - A total "win win"
• As rates increase less strict lending guidelines will be in place, allowing a larger pool of qualified buyers to enter the market. 
• Boomerang Buyers will reenter the market. These are buyers who were once foreclosed on or went through the short sale process. They are back to work and or credit cleaned up and are going to be an estimated 2.3 Million Strong from now until 2021. 

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For Immediate Assistance With Your Real Estate Anywhere in the United States, Contact Emilio DiSpirito 401-359-2338 to connect you with a local top Realtor.