All Entries in the "Real Estate" Category
R.I. Single Family Home Sales Up 35 Percent in April
Home Sales Soar in February
WARWICK, RI – Rhode Island’s housing market showed strong year-over-year gains in February with the number of single family homes sold rising 24 percent from February, 2015. The median sales price increased nearly 12 percent to $217,300. The statistics released by the Rhode Island Association of Realtors today told a story of a robust market that shows signs of continuing well into spring.
Pending sales, considered by industry experts to be the most accurate indicator of the market in the coming months, rose 19 percent from 12 months earlier. With last year’s harsh weather hitting New England at the end of January, 2015’s first quarter housing market slowed considerably. This year’s housing indicators portray a more vibrant market with increased sales, higher prices and fewer foreclosure and short sales.
“We’re pleased with what we’re seeing. Home owners are gaining equity but despite the price appreciation, homes are still affordable for buyers. Interest rates haven’t risen since the Federal Reserve announced that they would hike rates in December and it recently announced that it has no current plans to raise the benchmark rate again. That means that the costs associated with financing a home will continue to be among the lowest that buyers have ever seen,” commented Arthur Yatsko, president of the Rhode Island Association of Realtors.
While financing conditions are favorable, Rhode Island’s housing market is starting to experience diminishing inventory. Though the number of single family homes for sale rose two percent from 12 months earlier, the quickening pace of sales is beginning to outstrip supply. Rhode Island is approaching a seller’s market with a 4.7-month supply of homes for sale.
The number of multi-family sales also soared, rising 31 percent from 12 months earlier while the median sales price rose nearly ten percent to $165,000. Pending sales remained relatively stable from February, 2015, rising just one percent. An analysis of Realtor pending and closed sales data indicates the likelihood that the investor-driven multi-family property market has been heavily driven by cash sales in recent months. Twenty-two percent of Rhode Island’s multi-family home sales were distressed sales last month, falling from 30 percent during the same month of the prior year.
Even the fluctuating condominium market experienced a significant upsurge. The number of condo sales in February grew by 57 percent and the median sales price grew by five percent. Sales under contract increased by 10 percent and the number of foreclosure and short sales fell by 50 percent
“People are entering the market in droves. There are a number of new programs for first-time home buyers and even many who went through a distressed sale during the recession are able to get back into home ownership at this point. The fact of the matter is that thousands of Rhode Islanders are realizing that owning a home may actually be less expensive than renting right now,” commented Yatsko.
Click here for interactive map.
About the Rhode Island Association of REALTORS®
The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 4,400 members in approximately 750 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Islands property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.
The Association is one of more than 1,400 local boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
Getting Started in Real Estate? Here are some tips to help get you started on the right foot.
by Robert Scaralia
Many people enter the real estate business because they consider themselves good with people and/or because they like houses. That’s great, but it falls short of what it really takes to be successful.
It all starts with the decision to get your license. Rhode Island law requires a 45-hour real estate pre license course, which will teach you the principles and practices of modern real estate, as well as Rhode Island license law.
Beyond making the major decision to become a real estate professional and passing the state exam, your most important decision is by far the brokerage you decide to join. This one decision can have the single greatest impact on your career. You want to find a firm that offers new agent training and support that will teach you the fundamentals of the business such as how to prepare contracts, how to determine property values, understanding the transaction process as well as how to find customers plus a long list of other things you will need to know.
In addition, you want to select a firm that provides support in the form of someone you can lean into if you need help or have questions, this typically is the managing broker. Many firms today also offer mentorship opportunities where they pair you up with a seasoned agent who will hold your hand through your first couple of transactions.
Another great and growing model within many firms is the team concept. In this arrangement you work directly with a successful veteran for the foreseeable future that provides an additional layer of ongoing support and opportunity. Either way a good brokerage will provide you the real world training you don’t get in a pre-license class.
Even with that, the truth is most fail in the business because they have the wrong perspective about what a real estate business is and just as importantly what it is not.
We call this the fatal assumption. It is born of the belief that if you understand the technical work of a business you understand how to run a business that does that technical work. It’s like saying just because you learn how to bake cakes you now know how to run a business that bakes cakes. They are two totally and completely different things.
To be successful in real estate requires complete knowledge of all the technical aspects of the business as well as the principles of running a business, because you are not so much in the real estate business as much as you are a businessperson who happens to be in real estate. The real estate profession can be personally and financially rewarding if you follow these simple rules. One, commit to ongoing education about everything related to your profession. It should never end for as long as you are in the business. No one would want to go to a doctor, lawyer or accountant who didn’t stay on top of his or her field.
Second, work on yourself. Personal development (self-help) should be a priority because in a business of your own you are the asset that is leading the business.
Third, learn how to run a business. Go outside of the real estate industry and learn from other businesses. If you do you will find that while their technical work may be different from yours, the challenges are fundamentally the same; how to find customers, convert customers to choose your business over anyone else and deliver on the promise of exceptional service.
Robert Scaralia
Education Director
The Real Estate Institute of Rhode Island
Rhode Island’s 2015 Home Sales Activity Highest in More Than a Decade
WARWICK, RI – Rhode Island’s housing market saw the largest volume of single family homes sold last year since 2004, with 9782 sales, and the highest median sales price since 2008. Year-over-year sales activity rose 10 percent and median price increased five percent from 2014, to $225,000. The data, pulled from all Realtor-assisted sales, was recently released by the Rhode Island Association of Realtors and its subsidiary, the State-Wide Multiple Listing Service.
“We’re seeing cautious growth in the market again. It’s not the same type of frenzy that caused Rhode Island to lead the country in double digit appreciation a decade ago. Instead, we’re seeing more moderate, steady gains. Last year was a ‘win-win’ for just about everyone. Sellers benefitted from more activity and increased prices. Buyers on the other hand, were able to tap into continued low interest rates, and unlike most other areas of the country, a decent supply of homes to choose from,” said Arthur Yatsko, president of the Rhode Island Association of Realtors. Sales in many areas across the nation have been stunted by a lack of inventory, a problem which has not significantly affected Rhode Island’s housing market.
The upward trends seen among single family home sales carried over to other sectors of the market as well. There was a six percent increase in activity among condominium sales compared to 2014 and a three percent increase in median price. The multi-family home market experienced the largest gains last year with a 14 percent gain in sales activity and 15 percent appreciation in median price from the previous year.
Read full article and see accompanying statistics on www.riliving.com/pressreleases/archives/2016/january/2016-01-27.asp
About the Rhode Island Association of REALTORS®
The Rhode Island Association of REALTORS®, one of the largest trade organization in Rhode Island with approximately 4,400 members in 750 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Island’s property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.
The Association is one of more than 1,400 local boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America ‘s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
