December 2021 – Ginny Gorman’s Two (Cents) Sense
Real Estate Newsletter
Wrapping up last year I am going to spend more time on updating you on the RI real estate market which is strong. What a real estate market during 2021 is one way to describe it as well as weird and wild! How soon will this all pass? I am constantly asked this difficult question! So I do my best as the outside forces impact the buying and selling habits of so many. It remains to be seen but home inventory is projected to recover somewhat by the Spring of 2022 (right now there are a couple dozen houses in each community available for sale). However, the competitiveness of home buying is expected to remain strong in the new year.
SOLD by Ginny Gorman, RI coastal real estate agent $1,400,000
Again in 2022, like 2021, Millennial and first time home buyers will outpace the home inventory. They want homes and will continue to compete with downsizers for the same homes. It is best to be prepared since new home developments cost more than many sellers are willing to pay and the real estate prognosticators do not expect a pull back in home pricing. Economists foresee less of an appreciation in home prices in 2022 compared to this year (in RI there has been a 20%+ rise in home prices 2021 over 2020). Yet, the Providence metro area has been forecasted to be a much ‘hotter buying’ area than other areas by Forbes and National Association of Realtors . We continue to get the buying ‘seepage’ from Boston, NY and CT people especially. What has been beneficial to homeowners is that owning real estate is a good hedge against inflation. Mortgage rates are expected to rise a couple times in 2022 too.
If you are considering selling in 2022 let’s talk about how to prepare for that next step forward. Sellers will not take contingencies on the sale of your home if not sold/or in agreement yet (if you need the house sale money to buy your next home). Many sellers I spoke with did not realize this issue. It again is because there is always someone else waiting to buy the house/condo you want that has cash or has a pre-approved mortgage in hand. Sorry, that is the uncomfortable fact of today’s real estate.
So get your line of credit/equity loan and/or mortgage letter ready to be able to go forward with any house or condo buy.
Helpful Tips for Clients:
Air conditioner Condensers. Do not side wrap them with covers, the experts say, since it causes increased rusting and metal deterioration. Do put plywood on top of the outside unit though.
National Grid Rebates. Items bought in 2021 can still be applied for if Energy Certified: Dryers, dehumidifiers,air cleaners & air conditioners.
Smoke Detectors. Please make sure you change your batteries/replace them or buy new ‘smokes’ if yours are 10 years old or older. Be safe.
Have safe, caring, healthy year and thank you for another great year in my business.
The next time you hear the words…relocate, retire, upsize, buy, downsize, vacation…waterfront home, snowbird, investment property or whatever…I would like you to suggest me to a seller or buyer or give me a call…drop me a line…and let me offer the same great service and real estate guidance that you have experienced to others. Your referrals are the mainstay of my business and I am always appreciative of them. Call me if I can be of help. Remember RI real estate is in my DNA!
Ginny Gorman, RI coastal real estate agent 401.529.7849 RiByTheBay@gmail.com
RI Real Estate Services www.RIHouseHunt.com
