First-Time Home Buyer FAQs Hello everyone, I am John Gesualdi with Century 21 Premier Agency. As a real estate agent, I specialize in helping first-time homebuyers navigate the current real estate market in Rhode Island. Today, I want to share some insight on frequently asked questions about the market.   One of the biggest challenges facing homebuyers in Rhode Island right now is the low inventory. With so few homes available, competition is fierce, and it can be challenging to find the perfect home. However, there is some good news on the horizon. Interest rates are expected to ..read more

A question that frequently comes my way is, " When do you anticipate prices will come down ?" It's a valid concern, especially considering historical data. Since 1960, prices have only experienced a significant decline once, largely attributable to poor lending practices. Over the past 60 years, we've seen prices decrease noticeably only on that one occasion. Given this historical trajectory, with roughly 16 years having passed since the last substantial price reduction, it's pertinent to question the likelihood of it occurring again in such a short timeframe. In my view, the odds of prices ..read more

Buying a home is one of the biggest investments you will make in your lifetime. It’s an exciting but often overwhelming process, especially for first-time homebuyers. If you’re considering purchasing your first home, you may be wondering whether or not you need a buyer’s agent. The answer is yes! In fact, according to a recent report by the National Association of Realtors, 88% of home purchases in Rhode Island involved a buyer's agent. One reason why you should consider using a buyer’s agent is that a listing agent’s primary responsibility is to negotiate the best deal for the seller. While ..read more

March 2024 Real Estate Market Update The Rhode Island real estate market remains firmly in favor of sellers, driven by a significant shortage of available inventory. This scarcity of homes for sale is the main force behind the ongoing seller's market, where properties are in high demand. If a home fails to attract offers within the initial one or two weekends of showings, it typically indicates either an overvaluation or a unique aspect requiring a specific buyer match. For sellers, this presents an ideal opportunity to list their homes. Conversely, for buyers, the landscape is competitive ..read more

I'm hearing that interest rates are expected to come down, possibly landing in the high 5s or low 6s. The assumption might be that as rates decrease, monthly payments would follow suit. However, it's important to note that purchase prices also play a significant role in determining monthly payments. Are prices projected to decrease? No. So, what influences purchase prices? The answer lies in the dynamics of supply and demand. As interest rates drop, the demand for houses tends to rise. When there's high demand for a particular item, competition intensifies, leading to price increases if the s ..read more

Market Thoughts, 9/26/2023 The trickle of inventory between 20-30 new single family homes hitting the market per day, is actually making the inventory FINALLY creep up past 900.  20 to 30 per day is still on the low side; given this is spread throughout all of the price ranges from $0-1Mil+. *I believe, it is coming from the lack of properties going from active to pending = less buyers out shopping in the market. Is this the interest rates finally catching up to buyers? Or are buyer's still distracted with trying to find their routine with their kids back in school? Your thoughts? Commen ..read more

Housing Market Trendzzz. A 2% rate is a once in a lifetime event. It happened during COVID… Hopefully COVID is a once lifetime event too.  5-8% is the 20 average Based on the housing market trends chart… When’s the best time to plant a tree? 20 Years ago! 20 Years ago interest rates were at about 7-9%... If you wanted to wait for rates to come down, you would have had to wait until 2007-8 and lose out on 100,000s of $$ in equity to get the rate you were waiting for! Nobody has the crystal ball, but due to data… Waiting to purchase real estate can cost you thousands.  ..read more

Important Market Update Sept. 2022 Happy Thursday, I hope everyone is doing the best they can to stay dry… I wanted to reach out to everyone in my database to give you the latest market update in RI. The market is different than it was JUST 30 days ago… With interest rates rising rapidly to about a 7%  *(Highest since about 2002) it is directly affecting buyers' affordability.  A buyer pre approved in the market in June 2022 was pre approved with an average of a 3.9 rate. Ex.     300,000 home 3.9% rate (no taxes / Insurance) your payment was est= 1,586 **Today 300,00 ..read more

In real estate, when  a homeowner wants to sell their home, they typically call a real estate agent to come assist them with their sale. During the process, anytime the seller has a question, they will call the real estate agent that they hired to discuss their real estate needs with their chosen, trusted agent. SO, When a buyer wants to buy a house. They too should pick up the phone and call a real estate agent to help them buy a home. During the process anytime the buyer has a question, they too should call the agent they hired to assist them with their real estate needs. Simply ..read more

Buyer Representation! If you are thinking of buying your next home, it is SO important you work with the SAME agent from start to finish. If you have spoken to 3+ agents regarding your home search, you're doing something wrong.   Things have recently changed… All “Realtors” are NOT working for just the seller…We are NOT all trying to have you pay the highest price for a home. Here’s the thing, property seller’s have ONE real estate agent representing them, and you as a property buyer should have just the same, ONE real estate agent representing you! The real estate agent representing y ..read more