Rhode Island Real Estate on the RISE!

Yes, its true, according to the Rhode Island Association of Realtors, Home sale prices are up 5% from one year ago and we currently have a 6 month supply of properties on the market (down from the 8 month supply of a year ago). This is good news because a 6 month supply is the neutral zone for buyer and seller. (A Good market for both). Under 6 months becomes a sellers market and over 6 months is considered a buyers market.

Pristine NEW LISTING in Coventry!

FYI -
The Mortgage Forgiveness and Debt relief act has been extended until the end of this year. This means clients who shortsaled, modified their loan by principle reduction, or foreclosure will not recieve a 1099 and be required to show the shortfall as income on their taxes!

Good Housing News for the New Year

Don't wait until it's too late!

Creep,Creep,Creeping... mortgage rates

Average Mortgage Rates TODAY YESTERDAY CHANGE 30 Yr FRM 3.67 3.63 0.04% 15 Yr FRM 2.94 2.91 0.03% FHA 30 Year 3.57 3.53 0.04% Jumbo 30 Year 4.10 4.06 0.04% 5/1 Yr ARM 3.02 3.00 0.02% » View Current Mortgage Rates » Compare Mortgage Rates Updated: 8/7/12 2:34 PM Aug 7, 2012 3:15PM Mortgage Rates Rise In Line With Highest Recent Levels Mortgage Rates resumed last week's pattern of volatility moving to meet their highest levels in roughly a month. At this point, some lenders have entered transitional territory between the prevailing Best-Execution rate of 3.5% and the next notch higher at 3.625%. Most lenders offer rates in 0.125% increments with variations in costs between them. Until today, costs hadn't changed enough to move the average rate to the next rung on the ladder, and even today that process is only just beginning. ...

YOUR REAL ESTATE AGENT SHOULD ROCK AT THIS! Do you know a good mortgage broker, inspector, stager, painter, CPA, etc.? The NAR survey showed that 46 percent of buyers thought they got a better list of service providers from their agent than they could have come up with otherwise, and 20 percent found their agent's mortgage provider referral to be a benefit. Local agents simply know people you don't, and they have worked with them enough to know who gets the job done, well, and who doesn't.