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!

Feb. 25, 2020

Entry-Level Homeowners in Rhode Island Are in the Driver’s Seat

       

        Entry-Level Homeowners in Rhode Island Are in the Driver’s Seat | MyKCM

      

One thing helping homeowners in Rhode Island right now is price appreciation, especially in the entry-level market. In the latest

Home Price Insights report, CoreLogic reveals how home prices increased by 4% year-over-year and projects prices will rise 5.2% by December 2020.

Why is this good news for the homeowners?

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Feb. 24, 2020

Opportunity in the Rhode Island Luxury Market This Year

        Opportunity in the Luxury Market This Year | MyKCM

 

       

           

Homes priced in the top 25% of a price range in Rhode Island are considered “premium homes.” At the start of last year, many of the more expensive homes listed for sale hadn’t seen as much interest, since much of the demand for housing over the past few years has come from first-time buyers looking for starter homes. It looks like buyer activity, however, is starting to show a shift in this segment.

According to the January Luxury Report from the Institute for Luxury Home Marketing (ILHM):

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Feb. 20, 2020

The #1 Misconception in the Homebuying Process in Rhode Island

       

        The #1 Misconception in the Homebuying Process | MyKCM

 

       

           

After over a year of moderating home prices, it appears home value appreciation is about to reaccelerate. Skylar Olsen, Director of Economic Research at Zillow, explained in a recent article:

 “A year ago, a combination of a government shutdown, stock market slump and mortgage rate spike caused a long-anticipated inventory rise. That supposed boom turned out to be a short-lived mirage as buyers came back into the market and more than erased the inventory gains. As a natural reaction, the recent slowdown in home values looks like it's set to reverse back.”

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Feb. 18, 2020

How Trusted Professionals Make Homebuying in Rhode Island Easier to Understand

       

        How Trusted Professionals Make Homebuying Easier to Understand | MyKCM

 

       

           

In the spring, many excited buyers get ready to enter the Rhode Island housing market. Others continue dreaming about the homes they’d like to buy. The truth is, many potential buyers continue to dream longer than they need to, simply because they’re confused about the homebuying process. Thankfully, working with a trusted real estate professional can help ease those concerns and make the process to homeownership much easier to understand.

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Feb. 17, 2020

The Overlooked Financial Advantages of Homeownership in Rhode Island

        The Overlooked Financial Advantages of Homeownership | MyKCM

 

       

           

There are many clear financial benefits to owning a home in Rhode Island: increasing equity, building net worth, growing appreciation, and more. If you’re a renter, it’s never too early to make a plan for how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater stability, savings, and predictability when making Rhode Island your home.

1. You Won’t Always Have a Monthly Housing Payment

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Feb. 13, 2020

How the Housing Market Benefits with Uncertainty in the World

   

        How the Housing Market Benefits with Uncertainty in the World | MyKCM

 

       

           

It’s hard to listen to today’s news without hearing about the uncertainty surrounding global markets, the spread of the coronavirus, and tensions in the Middle East, just to name a few. These concerns have caused some to question their investment plans going forward. As an example, in Vanguard’s Global Outlook for 2020, the fund explains,

“Slowing global growth and elevated uncertainty create a fragile backdrop for markets in 2020 and beyond.”

Is there a silver lining to this cloud of doubt?

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Feb. 12, 2020

The #1 Reason to List Your House in Rhode Island Right Now

       

        The #1 Reason to List Your House Right Now | MyKCM

 

       

           

The success of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy. With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:

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Feb. 11, 2020

Homeownership Rate on the Rise to a 6-Year High

        Homeownership Rate on the Rise to a 6-Year High | MyKCM

 

           

Regardless of the lack of inventory on the market, the U.S. homeownership rate has climbed to a 6-year high. The United States Census Bureau reported that it increased to 65.1% in the fourth quarter of 2019, representing the highest level in the past six years. See the graph below:Homeownership Rate on the Rise to a 6-Year High | MyKCMThis increase does not come as a surprise. According to realtor.com,

“The largest cohort of the millennial generation turns 30-years-old in 2020 and they are hitting the housing market in full force. At the end of the fourth quarter of 2019, millennials made up the largest generational segment of homebuyers, growing their share of home purchase mortgages to 48 percent.”

With so many Millennials entering a homebuying phase of life and getting into the market, the Millennial Report also explains,

“Homeownership is an even bigger goal for younger generations. Of those with savings, 41 percent of Gen Z and 40 percent of younger millennials are saving to buy a home.”

Today’s low interest rates are providing a break to new homeowners too, regardless of generation, making homeownership more desirable and achievable at the same time. Freddie Mac explains,

“The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”

The increase in homeownership rate was also represented by race and ethnicity of the householders. HousingWire explains,

“The homeownership rate for black Americans in 2019’s fourth quarter rose to 44%, a seven-year high, increasing from the record low it reached in 2019’s second quarter. The rate for Hispanic Americans was 48.1%, a two-year high, the Census data showed…The rate for white Americans was 73.7%, an eight-year high.”

See the graph below:Homeownership Rate on the Rise to a 6-Year High | MyKCM

Bottom Line

If you’re considering buying a home this year, let’s get together to set a plan that will help you get one step closer to achieving your dream.

       

   



Feb. 10, 2020

How Pricing Your Home Right Makes a Big Difference When Selling in Rhode Island

       

        How Pricing Your Home Right Makes a Big Difference | MyKCM

 

       

           

Even though there’s a big buyer demand for homes in today’s low inventory market, it doesn’t mean you should price your home as high as the sky when you’re ready to sell in Rhode Island. Here’s why making sure you price it right is key to driving the best price for the sale.

If you’ve ever watched the show “The Price Is Right,” you know the only way to win the game is to be the one to correctly guess the price of the item up for bid without going over. That means your guess must be just slightly under the retail price.

When it comes to pricing your home for sale in Rhode Island, setting it at or slightly below market value will increase the visibility of your listing

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Feb. 6, 2020

Great News for Renters Who Want to Buy a Home

        Great News for Renters Who Want to Buy a Home | MyKCM

 

       

           

Rents in the United States have been skyrocketing since 2012. This has caused many renters to face a tremendous burden when juggling their housing expenses and the desire to save for a down payment at the same time. The recent stabilization of rental prices provides a great opportunity for renters to save more of their current income to put toward the purchase of a home.

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