It’s front page news and “front and center” for buyers and sellers engaged in this high velocity real estate market here in Rhode Island. Homes being listed competitively are closing at prices well over asking. Multiple offers with minimal contingencies ruling the day for buyers eager to hear those ever elusive, highly coveted “Offer Accepted” words.
With 6 closings upcoming I can attest that there is nothing “slow” or moderate about this market. The Providence Journal released an article highlighting just how elevated and intense this market is and it shows no signs of slowing down. The lack of inventory is not likely to change significantly enough to make an impact, for quite some time. Between the cost of materials to build, and the “catch 22” of folks having nowhere to move to, it will be a while before this market moderates. Experts are predicting continued strength for at least the next two years before it moderates. With loans being more strictly regulated AND the advantageous interest rates, buyers are very well fortified as contenders in this seller’s market. They are well qualified and they simply can afford “more home” due to how low their monthly payments are. So while prices are sky high, buying power is also at an all-time high.
It’s a market where agency of utmost competency is key and pure fortitude and drive is needed on behalf of agents and their Realtor. While it may take more offers than before, winning bids to get that home you desire is most certainly doable and this former athlete runs on pure compete!