Existing-Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions

Great news for housing market in RI!

Housing Prices and Sales Increase in First Quarter

Warwick, RI, April 22, 2010 … According to statistics released today by the Rhode Island Association of Realtors, the state’s housing market showed strong signs of rebounding in the first quarter.  Sales of single family homes were up 8.5 percent from first quarter of 2009 and median price rose 7.2 percent, from $180,000 last year to $193,000 this year.  The number of distressed sales decreased to 36 percent of all sales, down from 48 percent the year prior. The price of single family properties not selling through short sale or foreclosure was $225,000.
“We’re pleased with what we’ve been seeing. Consumer confidence is growing and the tax credit has helped as well, especially in March when sales increased almost 20 percent. It’s still critically important for sellers to be realistic in pricing in order to keep this sales momentum going and achieve a balanced market,” commented Karl Martone, President of the Rhode Island Association of Realtors. 
At the end of March, Rhode Island had a ten-month supply of homes for sale.  Historically, a six-month supply has indicated an equal balance between supply and demand.  Sales statistics show a higher inventory of single family homes for sale in the first quarter compared to a year ago, most likely from sellers eager to attract buyers taking advantage of the tax credit.
Full story here

Ahhh Spring!

There is something so wonderful about the blossoming of cherry trees this time of year.  Whether they signify the welcoming of pleasant sunny weather to come, or simply remind us that winter is indeed over (even though it still looks like it's snowing),  they certainly bring joy to our senses.  This is also a reminder that if your house is currently on the market, or if you are thinking about putting it on soon, to take advantage of this time to work on your landscaping to assure your curb appeal it at it's very best.  It is also wise to take pictures while these are in bloom (even if your house is not on the market yet) particularly if you have these trees on, or near, your property.   Don't forget that 99% of buyers are searching for their house on-line,  and there is nothing better than having yours 'pop' out with these gorgeous trees in full bloom!  If your house was on the market this winter have your agent re-take the exterior photos to give your listing a fresh new look.  It's important not to let your house feel seasonally "dated" as though it's been sitting around for a while.  So, enjoy the spring and the busy spring buying & selling season!

DID YOU KNOW (Wiki): The National Cherry Blossom Festival is a spring celebration in Washington, D.C. commemorating the March 27, 1912, gift of Japanese cherry trees from Mayor Yukio Ozaki of Tokyo to the city of Washington. Mayor Ozaki donated the trees in an effort to enhance the growing friendship between the United States and Japan and also celebrate the continued close relationship between the two nations.  There are over 100 varieties of Cherry Trees in Japan.

What will my settlement costs be?

One very common question buyers ask me after signing a Purchase and Sales Agreement on a house is "What are my settlement costs going to be?".  The Federal Reserve Board offers a Consumer's Guide to Mortgage Settlement Costs which will help you prior to the buying process.  This is a great resource with helpful tips for leveraging these costs (which do add up).  This also includes helpful links and a Settlement Costs Worksheet, which allows you to compare costs by shopping among several lenders and brokers.

Staging Success!!

Chris Eramo and Paul Santos with Paul Christopher Design taught another successful RISD continuing ed class on staging techniques and practices this weekend.  The class was held at 97 Transit Street on the East Side of Providence and with 5 hardworking students Paul and Chris transformed this beautiful Victorian house,  currently on the market for $639,000.  The class uses items already found in the house, de-cluttering & re-arranging rooms by swapping furniture, window treatments, rugs & wall hangings - anything found that might make an impression.  I held an open house the following day and the house received glowing reviews from people passing through!  What a difference staging makes...  to see pictures of the house go to www.97transit.com

Tax Credit Extension expiring April 30th!

Remember, the extended home buyer tax credit ends April 30th, so keep that in mind if this applies to you or anyone you know who qualifies.

click here for information 

Why staging your house to sell is so important. Tips and tricks from the pros.

http://homebuying.about.com/od/sellingahouse/ht/homeprep.htm