Where is the Home Inventory in North Kingstown
Homes for Sale
There was an excellent article from Housing Wire identifying the struggles Millenials are having buying a home now and some of the reasons they can not.
In North Kingstown, we are experiencing a housing shortage under $500,000 of right priced inventory...and just lacking it. Why is that? A number of reasons as I reach out to potential sellers that mirrors this dilemma that Millenials are experiencing.
1) Homeowners are just staying in their homes longer so home inventory is not turning over. Homeowners are 'happy' where they are and don't want to move.
2) They refinanced in the last couple of years and have the lowest rate you could ever get on a mortgage. Why should I take on a larger payment?
3) The competition with home investors is huge! The buyers can not compete with the investors flush with cash right now. Investors can afford to fix the septic, roof or siding without getting a 203k loan on top of their mortgage amount. Buyers competing with investors is tough in my area right now.
4) Millenials have a lot of student debt and it is growing. They just can not qualify for a mortgage payment too.
In North Kingstown and other 'hot' southern RI communities I have not seen home inventory this compressed. There are bidding wars within a couple of days in the right priced home. Do we see a change coming in 2017 or are homeowners truly awaiting spring? I have my own theory written down to open in September by my broker. He calls me the 'seer' in the brokerage...no extraordinary powers though.
Let us work with homeowners to open the housing market now because real estate does keep our economy working smoother, healthier & better.
Home Buying in North Kingstown and beyond
Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard. When you are in need of a knowledgeable North Kingstown RI real estate specialist for your buying, selling or relocating needs and a savvy marketer who sells RI houses in this real estate market, call Ginny Gorman at 401.529.7849 or email her at RiByTheBay@gmail.com today.
This blog © and its contents is original to Ginny Lacey Gorman
Ginny L. Gorman, a purveyor of Fine RI Waterfront Real Estate
Specializing in waterfront, ocean front, vacation, coastal and luxury homes for sale in North Kingstown, South Kingstown, Narragansett, Jamestown, Charlestown, East Greenwich, Exeter, West Greenwich RI and beyond ... I sell dreams! Because there is no place like home...the RI Real Estate Agent in the Sparkly Red Shoes.
Looking for a knowledgeable Rhode Island Real Estate Agent? Let me GOOGLE one for you!
cell: 401.529.7849 Ginny Lacey Gorman, Realtor