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Preparing for the Summer Real Estate Market

Saturday, April 26, 2014

 

As you've no doubt heard, Rhode Islands real estate market is sizzling, with buyers feeling pressure as low inventory constrains choices and bidding wars are commonplace. Here's how I predict the market will play out this summer--and how you can prepare as a buyer or seller.

What if you're looking to sell?

Because demand is outpacing supply in some areas an price ranges, asking prices are often increasing.

Most sellers can expect strong demand, and usually don't need to be concerned about whether their home will sell if priced appropriately. There are exceptions like odd homes or stigmatized locations.

I am encouraging sellers to be "flexible" when it comes to holding open houses and to have as many as possible to accommodate summer and weekend vacation schedules. 

An potential important turning point--which may come within the next few months--will be if prices begin leveling off, which could encourage more sellers decide to list their homes and increase supply.

How to prepare as a buyer

Get pre-approved before you look.. Don't loose the home of your dreams because you are not prepared. Cash will almost always win, but a strong letter from a lender will be the next best thing.

Hire a local, knowledgable Realtor to protect you. Looks for an agent that does a volume of business in your location of choice and in your price range.

And if you are a buyer battling it out in a bidding war...

Thanks to the strong sellers' market, more and more buyers may find themselves embroiled in bidding wars. Here are some tips for coming out on top:

  • Make an all cash offer if you can. If you can’t, and you feel comfortable that you’ll be approved for a mortgage, waive any financing contingencies. Always consult a Real Estate Attorney before waiving contingencies.
  • Don't be afraid to show interest. Sellers will often think favorably about someone who's passionate about their home. Playing it too cool may be a turn off for a seller.
  • Stay in touch with the listings broker to find out things like how long it'll take the seller to accept an offer, how many rounds of bidding there will be and whether anyone's offered all cash.
  • Try to accommodate the seller. If they want to close quickly, let them. If they need to stay longer.. try to accommodate...
  • Put a clear deadline on your offer.The seller may be more compelled to take your offer, and at least you'll know the status sooner rather than later.
  • Apply a personal touch. Some sellers are swayed by a personal letter explaining their situation. Tell them how much you love their home and why!

Finally, move through the paperwork as quickly as you can, and don't get hung up on any issues that are trivial in the grand scheme of things. I always advise my clients that the deal is not done until both parties have signed and consideration has been given. (deposit) If you suspect you're in a race against other buyers, make sure your Agent knows that time is of the essence, and come up with ways to improve your offer. These may include increasing your bid, increasing your downpayment (to show you're serious), waiving a mortgage contingency, or accepting the seller's demand for a specific closing date. 

 

Related Slideshow: 10 Great RI Homes that Just Came on the Market—Feb. 12, 2014

Everyone loves to be first in line, and who doesn't like to get a look at the best new homes to hit the market? See 10 amazing properties that have come up for sale in just the last week. From a striking Cumberland Colonial to spacious and sunny homes in Newport and Charlestown, these houses are a boon to any buyer.

Want to browse Rhode Island's most vibrant real estate? Click HERE.

Prev Next

Charlestown

50 Shady Harbor Dr

2 Beds, 2 Baths

$700,000

Meticulously maintained home in sought after Shady Harbor on .87 of an acre! Terrific open floor plan- filled with natural sunlight. Plus a wonderful, expansive deck. Shady Harbor offers Weekapaug Beach privileges…kayak off into Quonnie Pond.

To see more of this property, click HERE.

Prev Next

Narragansett

60 Winterberry Rd

4 Beds, 3 Baths

$317,000

Bright & open 4 bedroom home situated on corner lot. 2007 addition features great room/hardwoods & master suite/bath. Cathedrals, large rooms. Walkout lower with in-law potential including kitchen, family roomm, bed/bath. Deck and patio; walk to association beach!

To see more of this property, click HERE.

Prev Next

Newport

72 Harrison Ave

4 Beds, 4 Baths

$975,000

Top of Harrison Av - close to NY and Ida Lewis YC. Open floor plan great for entertaining. Sliders out to deck & heated salt water pool. Granite kitchen. bamboo floors. Recently upgraded interior. Fenced in 1/2 acre lot. Whole house generator.

To see more of this property, click HERE.

Prev Next

Newport

88 Third St

2 Beds, 2 Baths

$459,000

Bright & Sunny 2-3 bdrm, 2 bath home in heart of Newport's Historic Point Section. Walk to all of Newport's famed waterfront activities. This home is super fresh w/ new paint, upgraded kitchen & many recent upgrades, stunning back yard w/bamboo & koi.

To see more of this property, click HERE.

Prev Next

Foster

75 A Central Pike

3 Beds, 2 Baths

$389,900

BRICK FRONT COLONIAL ON 4.6 ACRES. PRIVATE SETTING. HDWOODS, CENTAL AIR, GRANITE, TOO MANY AMENITIES TO LIST. IN ADDITION TO A 2CAR GARAGE THER IS AN ADDITIONAL OVERSIZED 3 CAR GARAGE WITH LOFT. TIRED OF OIL PRICES, THIS WOOD STOVE CAN HEAT THE HOUSE.

To see more of this property, click HERE.

Prev Next

North Providence

26 Forest View Dr

3 Beds, 3 Baths

$399,900

ELEGANT BRICK FRONT RANCH IN SOUGH AFTER NEIGHBORHOOD/4 CAR GARAGE! REMODELED,METICULOUSLY KEPT, DESIREABLE ACCENTS THROUGHOUT! GRANITE,HDWDS,GAS FP,FRESH PAINT,NEW ROOF! IMPRESSIVE & PRIVATE REAR YARD W/16X32 HEATED GUNITE POOL! SIMPLY BEAUTIFUL!

To see more of this property, click HERE.

Prev Next

Little Compton

29 Widgeon Ln

3 Beds, 4 Baths

$1,950,000

Stunning views and sunsets over Quicksand Pond. Light filled house renovated top to bottom in 2010, w/ open floor plan , 3 bedroom suites, expansive deck and screened porch built of eco-friendly materials. Relaxed easy living for all seasons.

To see more of this property, click HERE.

Prev Next

Barrington

1723 Wampanoag Trl
 
4 Beds, 1 Bath
 
$299,000
 
Charming c1790 authentic colonial situated on over a 1/2 acre of land with beautiful water views. Exquisite 17th century details, wide pine floors throughout, 7 fireplaces, 4BR, studio, workshop and much more. Motivated SELLER'S BRING OFFER.
 
Prev Next

Cumberland

18 Billington Cir

4 Beds, 2 Baths

$629,900

Stunning 4 bed custom built colonial w/lots of light & great floorplan! Brand new kitchen - granite center island, gas cooktop, new appliances; Cathedral FR w/gas fireplace; Gigantic master suite with huge master bath & jacuzzi; impressive landscaping.

To see more of this property, click HERE.

Prev Next

Narragansett

246 Colonel John Gardner Rd

4 Beds, 4 Baths

$2,850,000

PREMIER BONNET WATERFRONT HOME SITUATED HIGH ON THE CLIFFS W/STUNNING VIEWS OF THE BAY BEAVERTAIL LIGHTHOUSE NEWPORT BRIDGE GREAT FLOORPLAN EXQUISITE PERIOD DETAILS NUMEROUS UPDATES FABULOUS MASTERSUITE W/FIREPLACE BALCONY COASTAL LIVING AT ITS BEST.

To see more of this property, click HERE.

 
 

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