The latest numbers have hit the streets for the housing market in Rhode Island. The Rhode Island Association of Realtors has released sales figures for September 2009. Compared to September 2008 with single family home sales leading the way, the report shows an increase of 27.9% while the days on market for those homes has come down significantly from a high of 109 earlier this year to 87. This is great news for both sellers and buyers alike, spurred predominantly by the governments $8000 first time home buyer tax credit.
Median single family home prices have come down slightly, widely based on the bank owned properties that made up more than 25% of sales for September. Non bank owned single families had a median price of $230,000 for the same period. It's my feeling that the single family sales market is going to continue to stabilize while multi-family and condominium sales are closely going to follow the single family trend. For more information and to see current sales statistics go to the Rhode Island Association of Realtors website.
'Tis is the season to make apple pies and what better way to do so than with fresh picked apples? Feeling very seasonal, Melissa and I headed down to one of our favorite places, Sweet Berry Farm, in Middletown. With the weather cooperating and thoughts of great pictures and even better food in our future we took a very leisurely Sunday drive. Sweet Berry Farm offers seasonal “pick your own” everything but today picking apples that would later be turned into delicious warm apple pie was the driving force in my morning.
Macintosh, Gala, Macoun, Red Delicious, Golden Supreme, Cortland, Honey Crisp... the list goes on. Sweet Berry has no shortage of apples, and we quickly filled our pre-paid apple bag. For four years Melissa and I tried to get to any orchard before the season ended. One year we arrived on a Sunday only to find out that this one particular orchard was picked clean the day before. This wasn’t the case at Sweet Berry Farm; with rows of fragrant fruit surrounding us, we had a field day.
Typically we spend a fair amount of time in the post and beam farmhouse that has been transformed into a gorgeous farmstand... and who wouldn’t, when you see what’s inside. You’ll find scrumptious desserts as well as produce picked fresh from the fields and numerous other tasty offerings. We’ve always encountered friendly smiles and great service. That's why Sweet Berry Farm should be a “Rhode Island Must” on your list. Enjoy!
I started writing a post on short sales, and as I began typing, I realized it might be better coming from the perspective of a Rhode Island lender.
Nancy Rosedale of Shamrock Financialwas kind enough to put together this great guest post. I think you'll find it useful.
For most of us, the concept of a "short sale" is relatively new. However, in the aftermath of the recent Credit Crunch and Mortgage Crisis, short sales are exceptionally common in all markets. By definition, when a lender agrees to accept less than what is owed on a property by the mortgagor, the lender has effectively completed a ‘short sale’.
In Rhode Island and other pockets of the United States, we are beginning to see a hint of recovery in real estate sales! Short sales and the purchase of foreclosed properties are almost certainly a contributing factor, as there are endless opportunities for buyers to purchase bigger, more valuable, desirable homes for less! It is important when considering purchasing a short sale to educate yourself as to the process and to work with an experienced real estate agent and attorney who can help navigate through what can sometimes be murky waters.
Why are banks doing so many short sales? Statistics prove that Lenders would rather choose partial recovery than to foreclose. On average, it has been shown that a foreclosed property costs a lender anywhere between $50-100K. It is often mentioned that lenders are not in the real estate sales industry and truly do not want another property in their portfolio. Each foreclosed/abandoned property needs to be secured and boarded, insured, taxes paid current, landscaping maintained, winterized, and ultimately listed with a realtor for sale. These are all expenses that the lender must incur in addition to taking a loss on the unpaid mortgage. Abandoned properties are also commonly broken into and vandalized, costing the lender additional funds or reducing the value even further.
While these transactions may be time consuming (on average, anywhere from 2-6 months), Short Sales can indeed be a win-win situation for all parties included: buyers, sellers, lenders. Buyers have the ability to purchase real estate often at a deep discount at historically low interest rates. In today’s marketplace, there is a surplus of inventory and plenty of ‘discounts’ to choose from! Short sale properties typically are occupied by the sellers up until the closing date, which is important since it provides some peace of mind that the mechanical/structural systems are fully functioning and the home is habitable. On the other hand, sellers are relieved of a debt that they are unable to pay, for one reason or another, and allowed to move on with their lives. And while the lender is potentially taking a large financial loss, the bad loan is written off their books and the collateral is sold and the loss partially recovered by the new sale. A short sale also relieves the lender from having to maintain, secure, and sell the property down the line, which saves hundreds of thousands of dollars.
It is important to keep in mind that while short sales are quite prevalent in today’s marketplace, there is no guarantee that a mortgage holder or lien holder will approve a proposed short sale. A concise, organized hardship package will undoubtedly go to the top of the pile, however. Short Sale negotiators are inundated across the country with submissions and naturally, will defer requests that are incomplete or inconclusive.
Nancy has some great tips on putting together a short sale quickly and successfully. Contact me if you are interested in receiving these tips by email.
Bob Black | Williams & Stuart Real Estate | bob@bobblackonline.com | 401.942.0200 x28
156 Dunedin Street, Cranston, RI
Extremely well built 3 bed brick ranch/bungalow in Cranston
3BR/1BA Single Family House
offered at $154,900
Year Built
1930
Sq Footage
1,008
Bedrooms
3
Bathrooms
1 full, 0 partial
Floors
Unspecified
Parking
3
Lot Size
7,750 sqft
HOA/Maint
$0 per month
DESCRIPTION
Extremely well built 3 bed brick ranch/bungalow with an unfinished 2nd floor just waiting for expansion. Hardwoods, fresh paint, stainless appliances. All on a well manicured double lot. Home is in excellent condition. Subject to short sale approval.
Giving to charity is a noble endeavor and giving to charity while having fun playing golf is even better. On August 30, 2009 Williams & Stuart Real Estate, the real estate firm to which I belong, will be hosting it's first annual charity golf tournament at Triggs Memorial Golf Course to benefit "A Wish Come True".
A Wish Come True is a local nonprofit organization that grants wishes to medically qualified local children from 3-18 years old who have a life threatening illness. They survive on donations from charitable contributions given by companies like Williams & Stuart Real Estate and dozens of other wonderful businesses across the state of Rhode Island.
I have to say that I'm truly proud of my coworkers for pulling together and making this event happen. I think there's something special to be said for helping others in need. And my Realtor family has continuously answered the call, whether it's a blood drive at 8 am on a Saturday or a walk for the Ronald McDonald House in the rain... we always pull together.
We're coming down the stretch for collecting donations, prizes, gift certificates or whatever anyone will give to our cause. With a goal of $10,000, you might understand how important it is for us to keep working hard to collect everything we can. On top of all of the charity work, we all have businesses! Come join us for a day of fun in the sun and I guarantee you leave feeling good about yourself knowing you helped a kid in need.
What does a buyer really know about the home they're buying? Sure, inspections are done and you learn about any structural or safety issues. But when you're buying a home you're not just buying the structure and land, but you're also buying the neighbors, the trash collectors, the mail carrier and so on.
I know you have a lot to think about when selling your home, but after you go into contract, there is usually period of several weeks before you close. Why not take a moment while your sale is pending to make the transition easier for the people buying it? It's helpful to leave a list behind for the new owners with neighborhood info. It will take you 5 minutes, and will make life so much easier for them.
Here is a list of 10 suggestions:
When is trash/recycling day?
What is the mail carrier's name?
What are the friendly neighbor's names?
Where can they find the best pizza/Chinese/Italian food in the area? It might be nice to leave behind any menus you have hanging around.
Where is the nearest grocery store?
Location of nearest hospital/fire station/police station and phone numbers
If you use a landscaper, what is their name, number and rate? Or, if a neighborhood kid mows lawns, what is his or her name and number?
Local babysitters names and numbers
Are there any existing service contracts for pest control/boiler service, electrical service, etc? If so, provide contact information and paperwork.
Where are the nearest playgrounds, dog parks and walking trails/bike paths?
As a member of the Community Outreach Committee at Williams & Stuart Real Estate, I've been asked to spearhead a blood drive that will benefit the Rhode Island Blood Center. I'm humbled to be associated with such a noble cause and the fact that I get to represent Williams and Stuart and all my amazing colleagues is truly an honor for me. As a monthly pherisis donor myself, I know exactly what it takes to keep the people in need supplied.
If you stop and think for a moment, donating blood is the basis for all other charity work. Without the blood supply and generous donations from everyday people like you, our mothers, fathers, sisters, brothers, sons and daughters would not survive if faced with needing a transfusion. Children of all ages suffering from any number of diseases count on donors to keep them alive every day.
Our lives have all been touched by someone who has needed blood at one time or another so I would encourage everyone to call your local blood center and find out how you can make a difference in a stranger's life.
Never before had I realized how much I needed the office until this past holiday season. As any real estate professional can attest, working from home is just so damn convenient but as was the case with me and so many other “work from home professionals”, I became complacent. Of course I was able to still work just not as well. There’s something to be said for getting up everyday with a destination in mind and a plan in place.
Recent events within my office have led to a shake up of sorts that, when the smoke cleared, left us with a different company, including name and leadership. With the advent of Williams & Stuart Real Estate I felt this was my chance to get back into the game with a fresh outlook on business and a clear goal for 2009. It’s cliché to say that I’d like to grow my business, but who wouldn’t? And the office is just the place to make that happen.
Early on in my career I was fortunate enough to attend company run classes that spoke of the importance of being in the office. At first I said to myself that I’d always be there or at least that’s what I had believed but as time went on I started to work more and more from home. While this wasn’t a terrible idea, I found that eventually I would only get to the office once or twice a week. Not the best thing for any business professional.
Thankfully those days are behind me and I’ve attacked the office concept with fervor of epic proportions. Being around like-minded professionals can only increase my knowledge. I feel that any good office should be a think tank of ideas and growth and that’s what I’ve got at mine. I’m surrounded by successful experienced real estate professionals who are always eager to lend advice or a helping hand to anyone who’s willing to listen and learn. 2009 is my time to shine. Please forgive the rhyme.
Today marks the first day of a new chapter in my real estate career.
As you may know, I've recently been asked to join the newly formed Williams & Stuart Real Estate in Cranston, RI. The company is the brainchild of Sue Rowles and Paul Zarrella who will serve as Brokers. Given Sue and Paul's considerable experience in Rhode Island real estate, it was an easy decision for me. Along with our management team, we'll also have a strong supporting cast of heavy hitters including Bruce Lane who is well known throughout the RI Realtor world.
With our offices staying in the same Cranston location at 870 Oaklawn Ave, it's been an easy transition. In fact I haven't even had to change my desk, at least not yet. We've also recently had Tommy's Pizza open in the building, which should provide for many long "working lunches" I'm sure. If you're not familiar with Tommy's then check it out at www.tommyspizzari.com for more information. They're fantastic and I'm looking forward to lots of hot delicious pizza.
I know that some people would be nervous about the unknown of moving to a new company in the midst of a recession but I couldn't be more confident. Luckily real estate is what you make of it and I'm looking forward to making this a banner year. Being part of Williams & Stuart at a point which is equivalent to the ground floor only makes me more eager than ever before to get out there and do what I've come to love.
I've recently been contacted by a friend who wants to put their house on the market in order to downsize to a Ranch as a matter of convenience. My first thoughts were that it was going to be a challenge to walk into their home and explain all that needs to be changed in order to make it appealing to the masses. Friends and family are always a bit more challenging to work with for some reason. Fortunately, in this situation I think they'll listen because in this market sellers need to pay close attention to the advice of a Real Estate Professional... no matter if they are family, friends or perfect strangers.
Realtors across the country never know what they are walking into when entering a listing appointment. We've all seen the "horror show" that should just be torn down. And on the flip side of that, we've all walked into the "hidden gem" that we're eager to list before anyone knows that it's out there. Of course there are the in-between homes that need updating and upgrading because it's been 30 years since anyone's even thought about it. This is the side of the market that challenges us the most but is also the most rewarding when they sell.
Getting sellers to understand the importance of preparing their homes for sale can often be the biggest challenge faced. We all have a million stories about our attempts to get homes ready for sale and sellers who just don't seem to get it. Whether it's an over-loaded laundry area, a poorly maintained yard or an unkempt childs' room... there is always something that needs to be done. Even in the best cared for homes there will always be something.
For any homeowner who may be considering listing their home, I would give you this advice: take a self-evaluation tour of the property inside and out. Approach your home as if you were the potential buyer walking up for the first time. Remember, you only get one chance to make a first impression. It may sound cliché but it is absolutely the most important aspect of the sale.
Pull up to your home and park on the road in order to gain perspective of its curb appeal. This should be, with out a doubt impeccable. It doesn't have to be brand new, just well kept and clear of any toys, burned or damaged grass or broken concrete, etc. The same goes for the exterior of your home. If your paint is peeling, paint your home. If your siding is falling down, have it repaired. The yard and exterior are often the only thing people look at when they scroll through listings online and if they look bad, you don't stand a chance at getting them to walk through. Of course the same advice will hold true for the interior of the home. Please consult your real estate professional for specific tips and advice.
Given the current climate, making that great first impression is one of the biggest challenges that sellers and Realtors alike will face. Good luck.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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