Rhode Island Real Estate market - why do transactions fall trough?
I got home this morning after having breakfast at my favorite local spot in Newport, it was good as always. During breakfast I had the pleasure of running into an old friend of mine, he is still practicing real estate, I felt good for him, after all, 33% of real estate agents in RI did not renew their licenses.
We were talking about our business, he told me that he was doing well, that the market was challenging but nevertheless, houses were selling, he said to me that he wished all his transactions had closed, he would have had a much better year. I myself was involved in about 19 transactions, 4 of which did not close.
The real estate market is very challenging, finding the right house is not the hardest job, but making sure that all pieces fall together it far more important. Working with buyers can be difficult, sometimes, specially in this type of market, they tend to feel that they are in charge and should be able to buy property at a huge discount.
From a buyer's point of view, it is important to understand how to get a deal that allows both parties to move forward, from making an offer that is not absolutely below market value to requesting repairs and seller's concessions that are reasonable. It is also absolutely important to make sure that the buyer's finances are strong, a qualified buyer has more negotiating power than one that is not.
From a sellers point of view, it is very important that they have realistic expectations, most owners have lived in their homes for a long time and have grown attached to them, this makes it difficult for them to see when it might need upgrades, they need to understand that sometimes, like in this market, property looses equity. Homes today are not selling for as much as they did 3 years ago. They also need to be flexible and be willing to negotiate for some repairs and upgrades in order to complete the sale.
Helping clients understand the market and be realistic about it can be a difficult job, negotiating real estate transactions will be the most important job real estate agents will perform, not finding the perfect house. If you are looking to buy or sell real estate, you owe it to yourself, do your research and find yourself a good negotiator, you will glad you did.
Newport Real Estate has agents serving the entire state of Rhode Island, including Newport, Middletown, Portsmouth and surrounding areas. We can help you with all your buying, selling or renting real estate needs.
Please visit our website or call us directly if you need any assistance regarding any of our services.
Jorge Muralles
Real Estate Consultant
401-855-1335
Newport Rhode Island Real Estate - Residential & commercial real estate sales and rentals!!
www.locopro.com
www.newporttimesharesrus.com
www.ripropertyvalues.com
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Real Estate services for today's market: We can help you with all your real estate needs, from buying, selling, or renting to avoiding foreclosure, we do it all. Call us with any questions.
We have bilingual real estate agents: English and Spanish
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About Us:
Newport Real estate is a full service real estate office, we have been around since 1970 and provide a range services from real estate consulting to property and asset management.
We are a very diverse office, our agents now can provide services in English and Spanish.
The real estate market is very challenging and our focus is to help people with objective advice in the purchase, sale or rental of real estate.
We specialize on helping first time buyers accomplish their goals by guiding them through the buying / selling process.
We help investors acquire and manage property.
We also help investors minimize tax liability when they sell their property. This is done through a 1031 exchange.
We have also set up a team of consultants to help people avoid foreclosure. We have many options available.
Keep us in mind for your friends or relatives who need assistance in Spanish.
Call us for information on any of our services.
Areas of Expertise
1.) First time buyers
2.) Real Estate investors
3.) Short Sales
4.) Pre foreclosures
5.) Commercial Real Estate sales & rentals
6.) Residential Real Estate Sales & rentals
7.) Real Estate Rentals
8.) Newport timeshares sales & Rentals
9.) Foreclosure prevention
10.) RI real estate market
11.) Newport RI real estate market
12.) Relocation Services
13.) Corporate services: BPO's, asset management, REO management.
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