Latest Rhode Island Real Estate News, Listings, and Tips

You’ll find our blog to be a wealth of information, covering everything from Rhode Island market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 25, 2020

Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC]

Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC] | MyKCM

 

Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC]

Some Highlights

  • As a seller today, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true.

  • To sell your home quickly and for the best possible price, you should eliminate buyer concerns by pricing your home competitively right from the start.

  • Let’s connect today to make sure you have the guidance you need to price your home right this fall.

READ 6 MISTAKES TO AVOID WHEN LISTING YOUR HOME FOR SALE IN RHODE ISLAND 

Wondering What Your Home is Worth?

Find Your Home Value

Why You Need Professional Guidance in a Bidding War

Sept. 23, 2020

The Cost of a Home in Rhode Island Is Far More Important than the Price

The Cost of a Home Is Far More Important than the Price | MyKCM

 

The Cost of a Home in Rhode Island Is Far More Important than the Price

 

Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported:

“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.”

View More
Sept. 16, 2020

The Surging Real Estate Market Continues to Climb

        The Surging Real Estate Market Continues to Climb | MyKCM

 

       

The Surging Real Estate Market Continues to Climb

           

Earlier this year, realtor.com announced the release of the Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry by tracking each of the following:

View More
Sept. 15, 2020

Is Now a Good Time to Move?

        Is Now a Good Time to Move? | MyKCM

 

       

Is Now a Good Time to Move?

           

How long have you lived in your current home? If it’s been a while, you may be thinking about moving. According to the latest Profile of Home Buyers and Sellers by the National Association of Realtors (NAR), in 2019, homeowners were living in their homes for an average of 10 years. That’s a long time to time to be in one place, considering the average length of time homeowners used to stay put hovered closer to 6 years.

View More
Sept. 14, 2020

Two New Surveys Indicate Urban to Suburban Lean

        Two New Surveys Indicate Urban to Suburban Lean | MyKCM

 

       

Two New Surveys Indicate Urban to Suburban Lean

           

There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.

In a recent Realtor Magazine article, they discussed the issue and addressed comments made by Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

View More
Posted in Market Updates
Sept. 8, 2020

Have You Ever Seen a Housing Market Like This?

        Have You Ever Seen a Housing Market Like This? | MyKCM

 

       

Have You Ever Seen a Housing Market Like This?

           

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.

Housing Market Recovery

The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted.

The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling – fast.

According to the Housing Market Recovery Index by realtor.com, the market has surpassed pre-pandemic levels, and has regained the strength we remember from February of this year (See graph below):Have You Ever Seen a Housing Market Like This? | MyKCM

Record-Breaking Mortgage Rates

Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.

When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.

Continued Home Price Appreciation

One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.

This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move. As Bill Banfield, EVP of Capital Markets at Quicken Loans, notes:

“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.” 

Increasing Affordability

Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.

According to Mortgage News Daily:

“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.

Bottom Line

With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Let’s connect today if you’re ready to take advantage of this year’s record-breaking opportunities.

 

       

   



Sept. 7, 2020

Thank You, Essential Workers

        Thank You, Essential Workers | MyKCM

 

       

Thank You, Essential Workers

 

We take for granted that when we stop for gas, run to the pharmacy, flip on the lights and turn on the water faucet that these things will just work. These things are reliable only because of the people that work the jobs needed to keep things running. We make great things happen because of the day to day people that make our society run. Now more than ever, our essential workers deserve some recognition and respect.

You that get up and go to work every day, THANK YOU!

           

To all essential workers on this Labor Day, thank you.

       

   



Just Getting Started with the Home Buying Process?

Read our Guide to Buying a Home in Rhode Island

Guide to Buying a House in Rhode Island       

    Our Guide to Buying a House in Rhode Island is a great resource for our first time buyers to learn what to expect throughout the home buying process. It goes over the basics from financing and mortgage options, to finding a home and tips for a successful home search, the offer process, and through the contract process to closing. It is a great place to start your journey to home ownership. Tap the link above to read our full Guide to Buying a House or tap the button below to reach out to us with anything we can help you with.

 

We LOVE helping our clients find and buy homes they love.

 

>>>Contact Us<<<

Posted in Market Updates
Sept. 4, 2020

The 2020 Homebuyer Wish List [INFOGRAPHIC]

        The 2020 Homebuyer Wish List [INFOGRAPHIC] | MyKCM

 

The 2020 Homebuyer Wish List

       

           

Some Highlights

  • The word “home” is taking on a whole new meaning this year, and buyers are starting to look for new features as they re-think their needs and what’s truly possible.

  • From more outdoor space to virtual classrooms for their children, buyers have a growing list of what they’d like to see in their homes.

  • Let’s connect today if your needs have changed and your wish list is expanding too.



Just Getting Started with the Home Buying Process?

Read our Guide to Buying a Home in Rhode Island

Guide to Buying a House in Rhode Island       

    Our Guide to Buying a House in Rhode Island is a great resource for our first time buyers to learn what to expect throughout the home buying process. It goes over the basics from financing and mortgage options, to finding a home and tips for a successful home search, the offer process, and through the contract process to closing. It is a great place to start your journey to home ownership. Tap the link above to read our full Guide to Buying a House or tap the button below to reach out to us with anything we can help you with.

 

We LOVE helping our clients find and buy homes they love.

 

>>>Contact Us<<<

Sept. 3, 2020

Homebuyer Demand Is Far Above Last Year’s Pace

        Homebuyer Demand Is Far Above Last Year’s Pace | MyKCM

 

Homebuyer Demand Is Far Above Last Year’s Pace

                  

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.

According to the Pending Home Sales Report from the National Association of Realtors (NAR):

View More
Aug. 31, 2020

Three Ways to Win in a Bidding War When Buying a Home in Rhode Island

        Three Ways to Win in a Bidding War | MyKCM

 

Three Ways to Win in a Bidding War When Buying a Home in Rhode Island

With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you’re planning to buy a home this season.

Javier Vivas, Director of Economic Research at realtor.com, explains:

“COVID-19 has accelerated earlier trends, bringing even more buyers than the market can handle. In many markets, fierce competition, bidding wars, and multiple offer scenarios may be the common theme in the weeks to come.”

View More