Hot Market 2023

Did you Know that the CURRENT Real Estate Market is Hot?

What does HOT really mean?

Homes are in short supply throughout Rhode Island and Massachusetts, resulting in what is known as a “Supply and Demand” shortfall. The number of prospective buyers far outweighs the number of homes currently listed for Sale.

I recently listed a 3 bed 1 bath move-in ready home, and receive 37 offers! Needless to say, this is not the norm. in 2020 we began to see a huge upswing in homes hitting the market.

this was due TO a few reasons:

  1. COVID IMPACTED THE WAY FOLKS UTILIZED THEIR HOMES - WORKING / HOME SCHOOLING AFFECTED THE NEED FOR MORE, AND DIFFERENT, “SPACE”

  2. MORTGAGE RATES DROPPED TO RECORD LOWS. ALLOWING BUYERS A HIGHER PURCHASING POWER. A HOMEOWNER COULD SELL THEIR HOME FOR A PROFIT, AND BUY ANOTHER AT A LOW INTEREST RATE.

  3. INVESTORS (AKA FLIPPERS) HAD THE ABILITY TO PURCHASE MUTLIPLE PROPERTIES, AND “FLIP” THEM QUICKLY.

tHE REAL ESTATE MARKET WAS MOVING QUICKLY IN 2020, AND 2021. THEN WE SAW A SHIFT IN 2022, WHEN MORTGAGE RATES BEGAN TO RISE TO “NORMAL”, AND FEWER HOMEOWNERS WERE READY TO MAKE A MOVE.

FAST FORWARD TO THE SPRING OF 2023, WHERE RENTERS WERE TIRED OF PAYING SOMEONE ELSE’S MORTGAGE; FOLKS WERE BACK TO HAVING WEDDINGS, WANTING TO PURCHASE A HOME; SENIORS WERE LOOKING TO MOVE INTO ASSISTED LIVING FACILITIES; ANDTHE DEMAND FOR HOUSING INCREASED DRAMATICALLY.

EVEN THOUGH THE MORTGAGE RATES CONTINUE TO RISE, IT HAS NOT STOPPED THE HIGH DEMAND. BUYERS ARE READY!

SO WHAT DOES THIS MEAN IF YOU ARE THINKING ABOUT MAKING A MOVE? IT MEANS YOUR PROPERTY VALUE MIGHT BE THE HIGHEST IT’LL BE, AND NOW IS THE TIME TO LIST!

WHEN YOU HAVE THE SUPPLY, THE DEMAND WILL BE THERE…..

LET’S CHAT ABOUT YOUR OPTIONS: CALL ME ANYTIME: 401-378-3000

Roxanne Beretta