Rhode Island Market Summer 2024

The Rhode Island housing market has seen a slight change in Spring 2024 and as we enter Summer. What is that change?

Many homeowners and home buyers have been complacent in their current homes the last few years for a couple or reasons. One being, locked in with a low interest rate. Homeowners have been holding on to their historically low interest rate while home value has increased significantly and rates have raised. This has lead to many homeowners living in their current home for longer than anticipated. As we approach summer, many of those homeowners and home buyers are entering the housing market despite the rising home prices and interest rates. Why? Because it comes to a point where quality of life and the need to move whether it be for work, family, or space. Those who have stayed put to see how the market pans out are ready to take the leap and enter the market. Homeowners have gained significant value increases and are using that equity to balance out the higher interest rates and rising home prices. There is no doubt that entering the market now requires more effort and essential resources. It is a competitive market in Rhode Island and Massachusetts. For buyers, there is significant buyer competition because of the low inventory of homes. Buyers who are looking to take out a mortgage should consider shopping at multiple banks and finding the mortgage product that best suits their situation. Years ago, it wasn’t as important to talk with different banks, but now in this market, each bank offers different mortgage opportunities that you can qualify for, and if its a good fit for you, it could save you money on your monthly payment or downpayment and that’s important to consider with the state of the market. Seeking out the right real estate professional to represent you will also be of value. Their experience, local market knowledge, and resources can help make all the difference.

It is not a “bad” time to buy or sell, we are in a market where it takes a bit more focus and strategy. When there is a will, there is a way. The headlines in the news can be overwhelming and sometimes not accurately articulating what is happening within your local market which is a major factor in real estate. If you are considering a move, have questions about the local Rhode Island real estate market, reach out to a professional and get the knowledge to help you.

Sheena Alescio

Mott & Chace Sotheby’s International Realty

sheena.alescio@mottandchace.com

(401) 474-0851