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Reasons to Buy Real Estate in Rhode Island Today

By
Real Estate Agent with Petit Home Team - Keller Williams 274285

Let us take a look at the local real estate market in whole and discuss some of the reasons why it is a good time to buy.  According to http://www.bankrate.com/ the interest rates today for a 30 year fixed mortgage is 5.62%.  I believe that in the next twelve months the interest rates will eventually creep up again.  The cost of a $200,000 mortgage would increase by $136 a month when the interest rate jumps by one point to 6.62%.  Waiting to purchase because you think the rates will drop again or that home prices will fall can only hurt you.  If the rates do not go down again, then you will have already locked in a low rate and be ready to move forward on buying a home.  There are over 6000 single family homes listed for sale throughout the state, with another 1750 multifamily properties and 1693 condos.  The wide selection of homes to choose from allows buyers in today's market to find something that really suits their needs.

Owning property is a great way to build long term wealth.  If you plan on owning property for the next ten years then you have the ability to do this.  If your plan is to only own for a few years, then this may not be the time for you.  Real Estate takes longer to liquidate your cash, but history shows that it will always increase.  The Federal Reserve reports that the average renter accumulated $4000.00 in wealth between 1995 and 2004 versus the $184,400 average homeowners accumulated.  This is based on the whole package of home ownership which include tax savings and building equity on your home.  When you sell a home, you earn the gains for the whole purchase price, not just the money you put in.

So ignore the negative media out there and do not be reluctant to buy now.  It is a great time of the year with many serious sellers looking to make a deal.  With a wide range of opportunities, let us show you the road to owning a home.  Striving for Excellence!

Posted by
 
 
Robert Petit Jr, CRS, e-PRO
Petit Home Team
Keller Williams Realty
  • 19721 Bethel Church Road
  • Cornelius, North Carolina 28031
 
(cell) 704-728-9625 
(office) 704-892-5518
 
 
Your comPETITive advantage

 

Sean Wheelan
Qivana - Warwick, RI

"So ignore the negative media out there and do not be reluctant to buy now.  It is a great time of the year with many serious sellers looking to make a deal.  With a wide range of opportunities, let us show you the road to owning a home.  Striving for Excellence!"

Rob, I appreciate the positive attitude! The national media can be a parylizing force and usually a "Johhny-come-lately", in that they're late with the facts and late to upddate them. When they go out on a limb and have an expert speak to the masses, the said expert is usually very vanilla and encourages the "herd" menatailty. Right now (as you stated above) you have the ability to get a great rate on your mortgage and choose from an abundant inventory of homes.

Let's build for a great 2008!

Dec 13, 2007 07:04 AM