This week’s market update features almost 20 new properties to hit the local market! There has been a consistent surge of new properties coming to market each week recently, which is great news for home buyers. Demand is still high relative to inventory, so things are moving quickly and oftentimes for the asking price or higher. However, don’t let that discourage you from looking. Properties are priced well, sellers are generally doing all the right things to prepare properties for sale, and interest rates are still hovering around record low numbers, making home ownership affordable over the long haul.
Consider this: in 2017, the average mortgage interest rate was 3.99%. On a 30-year mortgage of $400,000, this generates a total of $686,250 in payments over the course of the loan.
The current mortgage interest rate today is 2.99%. On the same 30-year fixed rate mortgage of $400,000, this generates a total of $606,240. That’s a savings of around $80,000 during the course of ownership.
Average market appreciation for real estate over a long period of time is around 3% per year. Over the same four year period of time we considered above, housing prices have risen at an average annual rate of 5.53% in the price category that we considered for this example. Essentially, this means that the increase is about 2.53% above average. However, with interest rates being so low, the savings realized over time certainly compensates for the recent rise in prices.
One additional point to consider is that historically when prices start to level out, it has almost always been during a period of time when interest rates are rising. So, if you are a buyer that plans to use a typical mortgage to finance the purchase of your home, then trying to wait this out and see if prices level out or come down over time, may not be the best strategy. That’s probably why we have continued to see buyer demand remain so high, despite the fact that prices have been increasing. In short, interest rates are amazingly low, and if you plan to be in your house for a typical period of time, it still makes a lot of sense to buy now.
In this week’s market update and perhaps in a few market updates going forward, we will only feature properties that are actively listed for sale. At the same time, there are other properties we know are “coming soon” to the market and will be available for sale soon. In fact, we have a specific and detailed list of properties that are not actively listed for sale but are definitely coming to the market within the next 30 days. If you call, email, text or otherwise reach out to myself or a member of the Chart House Realtors team, we will be able to give you all the juicy details you could ever ask for, including the address, asking price, some photos, and the date we expect the house to be available for showings. We can even schedule a time for you to see the property as soon as it hits the market, so you can be among the very first buyers to take a tour!
So, please continue to check out this weekly blog for all the newest properties to hit the local Rhode Island real estate market and also be sure to reach out to us personally so we can give you a little advanced notice on other properties that will be hitting the market soon! We strive to provide you with the most up to date information and details on the market, so you can make the most informed decisions possible.
Without further ado, here is this week’s market update with new active listings across the East Bay and the East Side of Providence. The following properties are new to the market in the last 7 days.
- 7 Fairfield Road: $399,900
- 15 Harrison Avenue: $529,000
- 19 Beaver Road: $529,900
- 27 South Street: $599,900
- 7 Willow Way: $1,245,000
- 243 State Street: $399,900
- 326 Thames Street: $550,000
- 1 Cedar Drive: $749,900
- 84 Woodlawn Avenue: $1,299,000
- 2 Village Road: $429,900
- 21 Aquidneck Avenue: $375,000
- 037 Governor Paine Road: $565,000
- 60 Sloop Drive: $699,000
East Side of Providence
- 107 Cole Avenue: $395,000
- 60 Duncan Avenue: $459,000
- 441 Morris Avenue: $689,900
- 12 Goldsmith Avenue: $729,000
- 33 East George Street: $739,000
- 140 Prospect Street: $3,250,000
If you have any interest in seeing these properties or others, we would love to hear from you. The properties featured today are just a sampling of opportunities currently on the market. Feel free to contact us via phone or email, or click below to schedule a quick 15 minute phone call so we can hear more about your real estate goals.
About Chart House Realtors
Written by Matthew Antonio, Team Leader for Chart House Realtors in Barrington, RI.
Chart House Realtors combines the best aspects of size and scale. We are a small boutique firm with 7 full-time, local members. We operate out of our office in Barrington, RI conducting business throughout RI and MA. We are also affiliated with Keller Williams, which is the largest real estate brand in the world, with more agents, more sales and more reach than any other real estate company. So, our clients get the best of both worlds!
Our small, local size gives us the ability to craft a unique personalized plan for each and every client. At the same time, the size and scale of Keller Williams allows us to reach buyers and sellers on a national and international level. Year-to-date, Chart House is ranked among the top 1% in sales across all agents in Rhode Island and Massachusetts.
If you are considering buying or selling property anywhere in Southern New England, we would love to hear from you.