What are the 3 Hottest Selling Price Ranges in Rhode Island?

What are the 3 Hottest Selling Price Ranges in Rhode Island?

By Rhode Island Realtor Emilio DiSpirito

Year to date, we have sold over 1/2 Billion Dollars in single family real estate here in Rhode Island. With roughly 1700 single family homes sold through March 2016!

With that said, the major question on everyone's mind is.. what price range is selling best? Should I jump into the market now where I have virtually zero competition and sell my home for the highest possible price right now?

Rhode Island Real Estate News - What are the 3 best selling price ranges in RI? 

Coming In at:

1. Single Families priced between $200,000 and $249,999 make up the largest % of the market at 17% of overall transactions!! About 300 transactions through March out of all the transactions in RI. Thus meaning, if your home has a fair market value of $199,900... you may want to inch it up to $200,000 to take advantage of the largest market in Rhode Island. 
2. Homes priced between $300,000 and $399,999! With approx 250 sales in total in the ocean state through march! This higher end price range takes a commanding lead of 14.40% of the entire market share. 
3. Single Family homes priced between $250,000 & $299,900 take the bronze medal at 12.5% of real estate pricing market share in Rhode Island with about 225 sales through March 2016. 

Honorable mentions:

• $180,000 to $199,999 price point with 10.19% and 175 sales through March 2016
• $160,000 to $179,999 with 7.76% of the entire market and 135 units sold. 
• $500,000 to $749,999 with 5.69% of entire market with 100 units sold

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Rhode Island Real Estate Market News February 2016

Rhode Island Real Estate Market News February 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

WATCH THE VIDEO BLOG HERE!! 

• Builders are constructing homes that are designed for 3 generations! Parents, grandparents and the kids. In a recent survey by Burns Consulting of 20,000 home buyers, 44% said they desire a home to have space for their parents and children making a tri-generation home! If you have an in-law in your property, there are a number of families ready and willing to buy your property. When in good condition, your home may sell higher and faster than others to accommodate this growing number of families. 
• Foreign Investment Increases in Luxury Condominiums in NYC, Boston & Los Angeles and other major cities around the country due to New Federal Tax Guidelines for Real Estate Investment Trusts . Prices sour! Where is Rhode Island in all of this?! HELLO!!!!!! Instead of increasing taxes and scaring business away with these overreaching tolls why is the government here NOT MAKING IT EASY FOR INVESTORS TO CONSTRUCT in PROVIDENCE?! Sandwiched between NYC and Boston.. But hey... Tolls make more sense!!! STUPID!!!!!!
• In Rhode Island there are 3,703 active Single Family Homes on the market! The inventory in a normal range is about 7,000 homes on the market. We have 48% less homes on market than should be. 
• Median home on market in RI is a 3 Bed 1400 sq. ft. home with 68 Days on Market and selling at 94% of original list price. 
• Median Home prices in RI have increased 4.4% since November 2015!! (Source MLS Nov 1 to 31 2015 and Feb 1 to 9 2016)

Rhode Island Historic Tax Credits for Real Estate

Rhode Island Historic Tax Credits for Real Estate 

Tax credits to give incentive to developers & to stimulate the Ocean State's economy

By Emilio DiSpirito, Licensed RI Real Estate Agent, Realtor & Radio Show Host of The Round Table Real Estate Simplified on iHeartradio WHJJ & Newsradio 920

Throughout the country, Historic real estate tax credits have helped shape & rebuild cities & towns with a heavy inventory of mill buildings into revitalized living and shopping communities. Sound familiar?

Few lenders will risk forking over a large sum of cash to developers without Federal & State tax credits. Since the 1980's tax credits on a local state to state basis have become huge components to revitalization. At times when these credits are taken away because of immediate statewide budget constraints, activity comes to a halt, leaving many jobless. As we have seen in 2008 when Carcieri shut down the tax credit for new applicants. This is where things like FIRPTA, the Foreign Investment in Real Property Tax Act may assist!

PROVIDENCE, R.I. – Acting Department of Revenue Director David M. Sullivan reminds taxpayers that a number of Rhode Island tax changes that took effect July 1, 2015. 

"The “Rebuild Rhode Island Tax Credit” program is intended to encourage the development of commercial projects. In general, the maximum tax credit will be 20 percent of a project’s cost, although – under certain circumstances – an applicant can be eligible for an additional tax credits of up to 10 percent of the project cost. The maximum credit will be $15 million per project."

So who does this effect? How does this benefit Rhode Islanders and tax payers?

In a  recent story by RI Monthy, they quoted a study by Grow Smart Rhode Island when the Rhode Island Real Estate Historic Tax Credit was in place. "In 2007, it counted 277 completed and active projects (mostly rental units and some commercial and mixed-use) with a $1.53 billion portfolio. Each dollar of the $460 million the state invested in the tax credits generated $5.35 in economic output."

HOLD THE PHONE - Each dollar invested by Rhode Island tax payers on revitalizing historic mills and other real estate into residential, rental and mixed use commercial space has raised $5.35!! To emphasize on this more.. $460 Million Returned approximately 2.5 BILLION in economic output (defined below)!

According to SBA.gov, 95.9% of all businesses, approximately 93,333 (2009), make up 55.2% of the private sector workforce. Now you may be asking... why is this relevant? Well because in my family alone we have a plumber, electrician, general contractor, mover, office furniture installer; my neighbor is a heavy equipment operator, my best friend is a carpenter.. Some of these Rhode Island professionals & many laborers will indeed be back to work!

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"Economic output is the total value of all goods and services produced in an economy. It is a regular tool used in macroeconomic analysis to determine whether an economy is growing or contracting by comparing output during two different points in time." Thank you www.Study.com