Rhode Island Real Estate, The Market, “What Should We Do Now?”

Almost daily I am asked by clients and prospective clients what the future Real Estate Market in Rhode Island will look like, four months from now, one year from now and as far out as three years from now. More importantly they often ask, "What should we do now?". Whether I am asked this question by a Seller or a Buyer the reason for the question is typically the same, the question is brought on by a fear of the current real estate market. Today most Sellers' fear that the price of their home may continue to drop; they are unsure whether they should put their house on the market now or wait for a turnaround. On the other side, Buyers' fear that the price of the home they want to purchase may continue to fall, they are unsure whether they should buy now or wait for a larger drop in the market. History reminds us that all markets are cyclical and that there is a positive side to every market, regardless of which side of the fence we happen to find ourselves on. To the Sellers who are looking to relocate or downsize in the current market the positive side for them is that they become Buyers. Although they might sell their home at a reduced price it is very likely that they can expect to buy at a reduced price in the area that they are moving to. To First Time or other Buyers who are concerned that prices will continue to fall, history reminds us that this will stop. The upside is that prices will once again begin to climb. One thing we can count on is that the market will change once again and when it does Sellers and Buyers alike will ask again, "What should we do now?". Sellers will want to know if the time is right to put their homes on the Market and Buyers will want to know once again whether they should wait to make an offer. Regardless of the market the time to act will always depend largely on each individual's unique situation. Luckily for us all, whether it is this market or the next, Sellers will sell and Buyers will buy, after all that is what makes the market. Some things never change.