August 2024

Mortgage rates are currently hovering at 5.89%-6.51% a decline from the recent high of 8.1% in October, 2023. Buyers already in the market can expect even more buyer competition as people who have been on the fence of entering the market, may now take the plunge. We are still in a seller’s market with a low inventory of homes available yet a larger buyer pool. With interest rates on the decline, homeowners who are locked in to the historically low rates of 2%-4% may now consider listing their home as they have been staying put longer than anticipated to avoid loosing their low interest rates. With this being said, we could start to see more homes hit the market within the upcoming year. Home prices have stayed consistent in the northeast and are predicted to stay strong and slightly increase. Why are they not predicted to come down? Because we are still dealing with a supply and demand issue of high demand and low inventory.

If you are considering a move, it may be wise to do so before rather than later when more buyers enter the market making it that much more competitive. At the end of the day, the best time to buy or sell is when it is right for you and your lifestyle. Chances are, mortgage rates will not return to the historic low level as we witnessed in recent years anytime soon. Home prices are only anticipated to go up, entering the market sooner rather than later could better position you ahead of increased buyer competition.

Have specific questions about the Rhode Island or Massachusetts real estate market? 

sheena.alescio@mottandchace.com

401.474.0851

http://sheenaalescio.com

https://www.mottandchace.com/

https://www.cnn.com/cnn-underscored/money/mortgage-interest-rates-today-08-13-2024

https://www.businessinsider.com/best-mortgage-refinance-rates-today-tuesday-13-2024-8

The top 3 places to buy a home in Rhode Island for 2024:

1. Cumberland, RI: Northern Rhode Island, easy access to Providence and Boston. Great Schools, families, and people.

2. Barrington, RI: A beautiful suburb of Providence. A coastal beautiful town with great schools. A family-friendly town with the East Bay Bike Path running through the town.

3. East Greenwich, RI: Quiet, coastal town with a great school system. A charming downtown center with shops and restaurants.

Click the link below to see other top towns in Rhode Island.

https://www.niche.com/places-to-live/search/best-places-to-buy-a-house/s/rhode-island/

Thinking about a move and have questions from a local expert? Reach out, I would be happy to help!

Sheena Alescio

Mott & Chace Sotheby’s International Realty

(401) 474-0851

sheena.alescio@mottandchace.com

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

If you are a Rhode Island Homeowner and considering selling in the near future, here’s what you need to know to aid in making your decision to move or not. 

As you might already be aware of, there is STILL very low inventory in Rhode Island as os May, 2024. The number of homes for sale have ticked up a bit these past couple of months but that was to be expected as Spring is typically the time of year we see the most traction. We see this trend stretching into the end of the summer season. Homeowners that are listing their home for sale at MARKET VALUE are seeing the most opportunity attracting the most amount of potential buyers, the most offers, and the least days on market. Pricing is probably the most important thing to get right. When the list price is not where it should be, you are either leaving money on the table or pricing too high. When you price too high, you will get less attention and your home will sit on the market. Trusting your real estate agent and their pricing strategy will most likely get you more money for your home. Often times, homeowners believe their home is worth more than it actually is because there is an emotional attachment to the home which is understandable. What you think the home value is on your spread sheet, may not be the same for someone else. I can’t stress enough to closely evaluate comparable properties with your real estate agent on homes that have sold recently in your local area within the same criteria of your home. This will give you key insight into what buyers in the market are willing to pay for homes similar to yours. When you list your home at the sweet spot, you WILL attract the most amount of buyers and receive the most amount of offers, this is our goal and if you want to achieve it, be open to your agent’s recommendations, after all, they are the professionals within this market.  Because we have low inventory, we have A LOT of buyers, these buyers have gained great knowledge on market prices and understand when a home is priced too high. When you list your home it’s all about first impressions so coming in strong with professional photos, and a good pricing strategy, will go far. If your house sits on the market, people loose interest and start to believe something may be wrong with it and this is what we DON’T want to happen.

Some things to do NOW if you are even considering selling in the near future is to choose a great real estate agent. Prospect online, ask your friends or family how they like their agent if they sold recently. This is probably one of the biggest transaction you will do in your life and it involves a lot of money so be sure to put in the effort of finding the right person to represent you! Next, start looking at your home through “buyer’s eyes”, fix any small problems within and around the home. Declutter and start organizing each room. These small things make a BIG difference and will eventually get you more money in your pocket. If you have any questions about home prep or are looking for a local real estate agent in RI or MA. Feel free to contact me anytime!

Sheena Alescio

sheena.alescio@mottandchace.com

(401) 474-0851

http://sheenaalescio.com

Considering a move to Barrington, Rhode Island? Here’s what you need to know.

1. Schools. 3 out of the 6 schools in Barrington has been designated as Blue Ribbon Schools of Excellence by the U.S. Department of Education. The high school is ranked #3 in the state of Rhode Island and it is also recognized as one of the most challenging high schools in the country by the Washington Post. Go Eagles!
2. Water. Barrington has 11.5 miles of coastline. Barrington Beach is  4 acre beachfront that overlooks Narragansett Bay. More than half of the town of Barrington is water!                 
3. City Proximity. Providence, Rhode Island is 7 miles away, about a 10-12 minute drive (Note: Bridge construction on 195 will contribute to longer driving times while being repaired starting 12/2023 which will add time to the commute). Boston, Massachusetts is only 45 miles away, roughly 1 hour, 24 minutes driving time.
4. Golf. Home of the Rhode Island Country Club, this stunning course is consistently ranked as a top classic golf course. The final four holes are located on beautiful Narragansett Bay. The country club has also hosted four USGA championships and is home of the CVS Charity Classic.                                         
5.  Market Conditions. The median value of a home in Barrington is $688,000(as of 1/31/2024). The residential tax rate is 20.30.

Barrington, Rhode Island sure has a lot to offer in a small state. It is a desirable town for families who want to enjoy everything Rhode Island has to offer. It’s close to the city and also by the water, what more could you want!

Sheena Alescio, Realtor RI + MA

sheena.alescio@mottandchace.com

02/09/2024

https://www.barringtonschools.org/

https://ricc.org

http://sheenaalescio.com

Are you thinking about possibly selling your house in the near future?

Like everyone else, you might be getting by in the space you are in, in hopes the market shifts into your favor. We know the market is always changing. Do these things NOW to put yourself in a better position for when it is ready to sell.

Like everyone else, you might be getting by in the space you are in, in hopes the market shifts into your favor. We know the market is always changing. Do these things NOW to put yourself in a better position for when it is ready to sell.

1.Know Your Value. Sure, you can check your Zestimate, but how accurate is it? Zillow cannot go into your home. It doesn’t know the changes you’ve made recently therefore their estimate is not always accurate. Start working with a local real estate professional who has crucial local knowledge in your area. By starting to align yourself with a professional now, you will be able to utilize their resources to set yourself up for a successful sale. It’s never too early to begin a relationship with a local Realtor and tap into the value they bring to the entire home selling experience. Buying and selling property is a big financial undertaking, it’s never too early to start preparing so you can get the maximum profit of your investment. Take advantage of their resources and knowledge. http://sheenaalescio.com

2.Start Getting Your Home Tidy. It’s never too early to start de-cluttering and cleaning rooms. By doing this, the rooms will appear more spacious and allow potential buyers to envision their belongings in the space. Clean your home throughly and pay attention to often overlooked areas such as clutter on tables or countertops.  https://www.apartmenttherapy.com/decluttering-tips-36704986

3. Make Necessary Repairs. Do you have things you’ve been putting off? Now is a great time to look at you through your home (inside and out) through BUYER’S EYE’S. Imagine you are a buyer walking through your home, what sticks out as a possible flaw? A fresh coat of paint can go a long way, and minor fixes can increase the value of your home.

4.Neutralize and Depersonalize. If you are considering painting, neutral color tones appeal to a broader range of buyers. By removing personal items such as photos will allow potential buyers to envision the space as their home. Start taking things off the wall to give a more simpler appearance. Now is a great time to go through your “things” and see if it brings you joy or not. If you want to hold onto things that will be coming to your next home, this would be a great opportunity to start packing it up. If there are things you want to donate or sell, start doing so now.

5.Deep Clean Carpets and Flooring. Has it been a while since your carpets been deep cleaned? Carpet can trap in pet odors and dirt. The smell of a home is often times someones first impression when walking into a home. Perhaps you don’t smell anything being you are accustom to your home and spend lots of your time there. By getting your carpet deep cleaned, it will remove and odors or stains that will help make a great first impression to potential home buyers. Wood flooring is a positive feature in homes, if you notice yours are getting dull or maybe they have developed small scratches. You may want to consider getting the refurnished to showcase this feature.

6.Enhance Curb Appeal. First impressions do matter! Ensure the exterior of your home is well-maintained. Consider freshening up the landscaping and add potted plants or flowers. Take a walk around your house, most likely there is opportunity to do some minor repairs to showcase your home. Photography will more than likely be done when listing your home, make sure your house is attractive and stands out to potential homebuyers.  https://www.homelight.com/blog/curb-appeal-for-selling-your-home/

By investing time and effort in preparing your home for sale, you increase the likelihood of attracting serious buyers and obtaining the maximum profit for your property. Working closely with a knowledgeable real estate agent can also provide valuable guidance throughout the process. https://sheenaalescio.com/buying-and-selling-tips

Sheena Alescio RI + MA Realtor

sheena.alescio@mottandchace.com

https://linktr.ee/sheenaalesciorealestate?utm_source=linktree_admin_share