For many years, Rhode Island homeowners have seen consistently appreciating property values; placing homeowners in a good position to benefit when selling their homes. With history proving that markets are cyclical, how much longer can this appreciation trend continue? In 2020 the median sale price of a single-family home rose to $319,900, representing 12% of appreciation in just one year. Covid-19 has driven the housing supply to a historically low level, yet demand continues to strengthen as buyers try to secure some of the lowest interest rates ever recorded. Most economic indicators do not suggest prices will flatten in the months ahead and with such strong market conditions. Rhode Island homeowners will likely see at least one more boost in property value appreciation this year.
With so much time spent at home, people across the country were forced to reassess their housing situation including its size, location, and conduciveness to spending quality time at home. There was a large trend towards the suburbs and bigger homes with more rooms, more yard space and a suitable work-from-home environment. The coastal regions and top suburbs in Rhode Island and Southeastern Massachusetts saw an influx of out-of-state buyers, particularly from New York, Connecticut and California, paying top dollar to settle back into their New England roots and work remotely, while other out-of-state buyers invested in second and vacation homes.
Selling a home is a process that should be started well in advance if you want to earn the highest sale price possible. It can be intimating at first, but the sooner you get started – the better prepared you’ll be to get the best value for your home as possible.
Use these winter months to clean out your closets, basement and garage in order to highlight these spaces that are increasingly important to today’s buyers.
Now more than ever, sellers are seeking an expert to guide them through one of the most complex and competitive markets we’ve ever seen. An experienced real estate agent can make selling a home easy – helping to navigate through the process, and highlighting value to prospective buyers.
If you are looking to buy or sell your home, we can help. Give us a call at 401-942-0200!