posted by Richard the Realtor at
8:49 AM
I began my real estate career in San diego in 1975 establishing an office in Mission Beach. San diego was booming back then but you could still buy bay front or ocean front property for under $100,000. My first real estate deal was a multi property exchange and I ended up with a boat as commission. I used the boat as down payment on a Mission Bay front townhouse and have been a strong believer in the value of real estate ever since. Helping other people acquire homes and land is a very satisfying experience for me. I also spend a lot of time fixing up and renovating houses which gives me a feeling of accomplishment. The real estate business is cyclical with ups and downs. Fortunately, those ups and downs have not been as extreme in the past decade as they were in the 70's and 80's. I moved back to Rhode Island in the early 80's and started a second career in the computer industry and maintained a part time interest in real estate. For the past 6 years all my work has been in real estate activities. I look forward to serving you and helping you with any questions you may have about real estate.
4 Comments:
February 25, 2006
Rising energy prices cause the prices of most everything else to rise. The FED focuses more on raising interest rates to fight inflation instead of promoting measures to lower the cost of energy. The end result will be recession. How will this affect the Rhode Island real estate market? Since the supply of housing in RI is severely constrained by zoning and the demand continues to rise don’t expect a deep drop in prices this time around. Another positive factor is the development of the commuter rail system due online in 2008. This will boost demand for housing as more people migrate from the north. Our market is still lower than Boston.
February 17, 2006
As short term interest rates creep up, the inventory of unsold houses rises. The prices of entry level houses houses reached a level where fewer and fewer first time buyers could qualify. If mortgage rates stay at or near their current levels, we’ll have a soft landing with prices softening a little. If mortgage rates rise above 7% it will be a much harder landing. As short term rates rise more investor money will be diverted to liquid interest bearing investments lowering real estate demand. What can sellers do? Lower your price or take it off the market. More to come.
Rhode Island Real Estate sales transactions at http://www.oceanbaydata.com/
By
Richard the Realtor, at 7:09 AM
March 5, 2006
The number of homes on market and days on market continues to rise. Buyers have plenty of choices and they are choosing the best locations, features and price value. While there are still median buyers out there, there are fewer than one or two years ago. The percentage of homeowners has increased over the past five years. Many of the current first time buyers cannot afford the higher prices or their credit doesn't qualify them. If long term interest rates remain below 7% prices will come down 10% slowly and the market will rebalance itself. With slowing low end sales the middle and upper market will be impacted more. It is the $250000 sale that buys the $400000 house that buys the $600000 house... well you see the food chain right!
By
Richard the Realtor, at 8:25 AM
More condos are being developed in Providence right now than in the history of the city. It seems that most of them are $300,000 and up and targeted to urban professionals and baby boomers nearing retirement. Major developers are betting that the demand will be there over the next few years. This trend will have a major impact on the economic vitality of downtown and the near downtown areas.
By
Richard the Realtor, at 8:33 AM
Great article on the real estate happenings, I really enjoy reading your posts. Just for your information, Donald Trump is in big trouble right now with his real estate empire. I hope everyone can pull through this slump!!
Elmo
Real Estate Professional
By
mark, at 7:37 PM
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