SOLD! Southern RI Housing Stats

While housing markets across the country have seen double digit increases in housing sales, RI has seen only a 1% increase. RI, unlike other states was not hit as hard by the housing bubble of 2008. In southern RI the second home market and demand of homes cushioned the housing market somewhat.

From June to August 6 homes in Richmond, Charlestown and Hopkinton were sold in the price range of $100,000 to $200,000. This is the typical “bottom of the market” or first time home buyers range for these towns. This number excludes short sales.

What is interesting about these numbers is the number of days these homes were on the market. The longest was 62, the shortest was 1. Not only are homes in this price range selling, they are selling very quickly. The average was 23 days on the market.

For sellers this means pricing a home in this range may lead to an expedited sale. Good news for those who may want to move before the start of the school year, or who want to move quickly. For sellers who are priced slightly above this price range, a price reduction may help sell their home.

Buyers in this price range will have to keep up to date on this market. With homes selling quickly buyers need to be ready to view them, have their mortgage commitment letters ready and be ready to make an offer quickly.

Are you or is someone you know looking at homes in this price range? If so they need an agent who understands this market and will help them meet deadlines and get ready to put in an offer that may get accepted in this competitive market.

"It's Hot" Summer Activities

Local weather forecasts call for 3 consecutive days in the 90's. Inevitably, the proclamations "I'm hot" or "I'm bored" will be uttered by children and adults. Here is a list of some fun and cool places to take the family or friends that will put an end to those hot day statements.

Fresh Water swimming at Burlingame. The park has an active duty lifeguard from 9:00 am to 6:00 pm. There are picnic tables available and a beach. According to the State of RI Parks and Recreation, Burlingame manager parking is free at this area, but there is a $2.00 fee to use a picnic table. It is located off Sanctuary Road in Charlestown, RI.

Burlingame Swimming Area

Map Courtesy Google Maps

 

Local libraries have air conditioning and it is a great way to get a jump start on summer reading. Most have internet access and summer  programs for children. Every town in Southern RI has a library. For library links see below.

Strawberry picking at local farms. Local farms like Schartner Farm offer pick-your-own strawberries, but the season is almost over so hurry! Schartner Farms is located at One Arnold Place in Exeter, RI 02822, directly off route 2.

These activities should help anyone who has to answer, "I'm bored" or "I'm hot." There are so many summer activities in southern RI so take advantage of living here most of these activities are free or relatively inexpensive. 

Here are some great web sites for more information.
riparks.com
schartnerfarms.com
langworthylibrary.org
clarklib.org
crossmills.org

Southern Rhode Island Real Estate Buzz

Can you feel it? It is a low and underlying buzz. If you work in real estate full-time the buzz is almost deafening. Real estate is making an exciting comeback.

Buyers are getting loan approval and getting into a market that is offering a variety of housing choices. Desirable properties are getting multiple offers and some are selling for higher than the listed price. For more information on those properties see my blog post entitled, “Richmond Market Analysis Report.”

Overall the market has seen an increase in home prices with a month-to-month slight uptick. It has seen the most sales activity in 3 years. According to the National Association of REALTORS, home sales are at the highest they have been in 3 years.

For the consumer this means now is an advantageous time to get into the market. Lower home prices are great for buyers. Home prices are still below what they were at the height of the housing market, but homes that are priced properly are selling relatively quickly and may even have multiple offers.

If you would like more information about the southern Rhode Island real estate market contact me at Rebecca@browngrouprealty.com

Southern Rhode Island Tax Rates

While holding an open house in the town of Charlestown, RI I was talking to a couple who asked a frequently asked question, “What are the taxes on this house?” I told them and they were amazed at the difference. The couple lived in a home in West Greenwich, RI a town whose tax rate is more than double that of neighboring Charlestown

That led me to compile a list of town tax rates and have them readily available. Taxes are fluid, can and do change.

These numbers provided reflect those of towns from the year 2012. It is important to note that they are a dollar amount per thousand and that land and “improvements” are calculated separately then added together.

When purchasing a home it is important to note that taxes will be included in mortgage calculations. Principal, interest, taxes and insurance are part of the complex mortgage formula. When getting pre-qualified for a mortgage ask the lender about taxes and how much they might impact purchasing power.

Town/$ per Thousand of Assessment (Lowest to Highest)

Charlestown - $7.48
Exeter - $13.49
Richmond - $14.99
Hopkinton - $15.69
West Greenwich - $18.74

Why Rural Rhode Island Living?

Since this is an early post I wanted to introduce people to myself and where I live. I am a lifelong resident of Richmond, RI. I grew up on the Wood River and currently live upriver from my parents.

At the age of 23, I was the program director for a therapeutic riding center in Ashaway, RI. As a business leader in the community I saw first hand the support, kindness and collaboration there was amongst the residents of southern RI. It made me appreciate living here and want to shine a light on this community to others.

On weekends I walk, hike, bike and ride the trails that crisscross the woods in this part of the state. I still love the feeling of finding a new trail or back road, and I am still discovering them. That is one of the best parts of being a real estate agent, I have a reason to travel down roads that most people drive past.

As a resident I fully understand why people live here and why they want to move here. For some it is the dream of a new home set back in the woods, others want a historic home with a barn to try their hand at farming, horse owners want land to graze their horses on with nearby trails that are great for riding, and some want to live where they grew up.

Whatever your motives rural southern RI can meet your needs and I can guide you through the home-buying process.

This blog is intended to show residents, non-residents and future residents all this area has to offer. It will cover local events, people, residential information, weather, programs and of course local housing trends and the properties and homes that are on the market or have been on the market.