Rhode Island

People who Rather Rent then Buy Real Estate

02-07-12

Ginny L Gorman Realtor®|North Kingstown Homes for Sale - North Kingstown RI

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Office: (401) 884-4100 x268

Mobile: (401) 529-7849

People who Rather Rent then Buy Real Estate. Not everyone is meant to own a home to live in and Burning cash = Renting a Home that is an acceptable fact. Some home buyers will never be able to get a mortgage, some people will stay living with mom and dad, some have gone through foreclosure and others rather throw their money away in rent!

I field calls, as most real estate agents do, from consumers regarding rental properties constantly. That is not my business, my business is selling Rhode Island real estate and rentals happen rarely for me. As a North Kingstown real estate agent it is more important to focus on my buyers and sellers properties.

Still I find buyers are still thinking they are going to find that 'perfect' home to suit them. No home is perfect just like life is not, adjustments must be made, give and take happens and a consensus or compromise results. This is my take on buying. So why are you waiting buyers? You will never have mortgage rates so low and you are losing ground everyday you make a rental payment instead of a mortgage payment - it is like burning cash!...Really.

One of my clients' tenants moved out today and I was ensuring the home was broom clean and ready for the next tenant. $1500 a month this man figuratively threw in the garbage for 3 years by renting this home when he had the money to buy a home. That is $18,000 a year times 3 years = $54,000 he lost in home equity by not stepping out to by a home. He finally did just buy a condo with his brother...hallelujah I told him.

This nice gentleman told me he was very foolish to wait the extra 2 years to buy and he knows he lost good home deals. But at least he sees that he now has a small 2 bedroom home that is his now. Yes, he said "Ginny, you were the crystal ball I could not see" Really, never thought I would be deemed that one. Finally, he does not need to worry about when the landlord will hike the rent and by how much! Yes, the rent is going up here ...as all residential rents are in my South County RI area.

There are VA, FHA and USDA loans that can suit most good buyers needs...so get to your mortgage broker and then reach out to me for the thoughtful real estate and home guidance you will receive at 401.529.7849. People who Rather Rent then Buy Real Estate.

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Ginny Lacey Gorman is a North Kingstown Realtor who works and knows the North Kingstown RI geographic area of homes for sale, schools, happenings, important tidbits of information and businesses well. Waterfront, water view, ocean front, luxury and coastal RI real estate are her specialty, so call Ginny for your buying and selling home needs. As North Kingstown short sale agents, she and her team helps clients navigate successfully the rough short sale waters throughout RI, contact Ginny if you are having trouble paying your mortgage. When you are in need of an internet savvy RI realtor® who sells homes in this real estate market, call Ginny today at 401.529.7849.

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North Kingstown RI Real Estate Market Report- First of the Year

02-06-12

Ginny L Gorman Realtor®|North Kingstown Homes for Sale - North Kingstown RI

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Office: (401) 884-4100 x268

Mobile: (401) 529-7849

North Kingstown RI Real Estate Market Report- First of the Year.

North Kingstown RI Real Estate Market Report- January 2012

There were 171 North Kingstown homes for sale in January 2012 which was a 6 % increase over the prior month (9 more homes for sale). Home sales decreased by 1 home (12 homes sold) over the prior month or 8%. However, February is showing increased signs of life as buyers are out in full force in the current real estate market. An early spring in the North Kingstown housing market is apparent by the bustling of the buyers, phone calls made to me by clients who want to buy now and it is encouraging.

North Kingstown had 12 homes sold in January. 2 homes sold for over $1 million, 3 homes sold for over $400,000, 1 home sold for between $300,000-$400,000 and 6 homes sold for under $300,000.

There was1 North Kingstown short sale sold in January 2012.

North Kingstown RI has a good supply of homes on the market still and the waterfront North Kingstown homes for sale for over $1 million are selling right now. There are 19 homes on the market that are waterfront homes. Additionally, there are 12 North Kingstown homes for sale over $1 million which is an increase over the past month.

There are 30 pending homes sales at present (11% decrease over December). It is a great time to buy while mortgage rates remain amazingly low…

Interested in the RI real estate market and need guidance, call me at 401.529.7849. My local real estate knowledge will guide you in this real estate market. North Kingstown RI Real Estate Market Report- First of the Year.

2011 Market Reports:

Charlestown Market Report

East Greenwich Market Report

Jamestown Market Report

Narragansett Market Report

North Kingstown Market Report

South Kingstown Market Report

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Weekly Market Update for February 6th

02-05-12

Michael Dutra

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Office: (401) 438-0202 x0162

Mobile: (401) 486-6894
Secondary: (401) 228-0162

Keeping you updated on the market!
For the week of

February 6 , 2012

MARKET RECAP

Some weeks we feel like Sisyphus: We push the boulder up the hill only to have it roll back down again.

This is one of those weeks. Home prices, which were pushed higher through the first nine months of 2011, began rolling back in the fourth quarter of 2011. Unfortunately, it appears they are not finished rolling.

The latest price data from CoreLogic certainly isn't encouraging on that front. CoreLogic's home price index shows that home prices fell 4.7 percent in 2011, thus marking the fifth-consecutive yearly drop. The positive takeaway is that when distressed properties are excluded, home prices only dropped 0.9 percent. The unfortunate takeaway is that CoreLogic sees distressed properties exerting their negative influence through 2012.

S&P/Case-Shiller's home price data was equally frustrating. According to Case-Shiller, home prices were down 3.7 percent year-over-year in November, with 18 of the 20 markets its follows posting loses. We can take some solace in knowing that the aggregate data were skewed by an 11.8 percent drop in Atlanta and a 9.1 percent drop in Las Vegas. Remove Atlanta and Las Vegas, and the data suggest a more price-stable market.

It's easy to get discouraged when you think markets have turned for the better, only to discover they continue to back track. We refused to get discouraged, though, because there is always good news to found.

Consider homebuilders. Their sentiment and activity have improved palpably over the past few months. Residential construction spending, in particular, has been on the mend. In fact, the latest data from the Census Bureau show spending increased a robust 3.8 percent month-over-month in December, which helped lift the year-over-year rate into positive territory at 0.7 percent.

Another bit of good news for housing, and for all businesses for that matter, is that the economy continues to produce jobs. Automated Data Processing estimates that 170,000 new jobs were created in January. Over the past few months, payrolls have been growing at a monthly six-digit clip. More people earning a paycheck means more people spending and investing.

More people earning a paycheck also means more people who can qualify for a mortgage. And mortgages have never been cheaper. Rates fell again this past week after the Federal Reserve announced it will hold interest rates low through 2014. If you consider rates on an after-tax basis, you're looking at effective rates as low as 2.75% on a 30-year, fixed-rate loan. That's less than the rate of inflation.

We would argue that for most people it's more remunerative to finance a home at these low rates and then invest the money elsewhere than it is to use the cash to buy a home outright. Even though home prices have eased in the past couple months, we still think leveraging real estate is a smart move for buyers and investors with a long-term outlook.

Economic Indicator	Release Date and Time	Consensus Estimate	Analysis
Consumer Credit (December)	Tues., Feb. 7, 3:00 pm , et	$10 Billion (Increase)	Important. Consumer willingness to take on more debt points to improved confidence and greater spending.
Mortgage Applications	Wed., Feb. 8, 7:00 am , et	None	Important. Extended HARP will likely produce a surge in refinance activity in coming months.
Wholesale Trade (December)	Thurs., Feb. 9, 8:30 am , et	No Change	Moderately Important. A rising sales-to-inventory ratio points to improving 1 st-quarter economic growth.
International Trade (December)	Fri., Feb. 10, 8:30 am , et	$48.7 Billion (Deficit)	Moderately Important. The deficit has been rising on a stronger dollar.

Time for a New Game Plan

The latest news on falling home prices is frustrating because it appears to be a self-fulling prophesy that is difficult to escape: Falling prices generally spur demand, unless more potential buyers expect that prices will continue to fall, then prices keep falling. Unfortunately, more people believe home prices will continue to fall these days.

Falling mortgage prices, specifically rates, are also a negative, in our opinion. First, the prospect of even lower rates impedes potential borrowers and buyers from acting. If there is a good prospect of getting a better rate tomorrow, why act today? Rising rates, or at least the prospect of rising rates, as we've often argued, would get people moving again.

Ultra-low mortgage rates have also homologated the market, meaning everything fits a specific template because most everything is sold to Fannie Mae and Freddie Mac. Private investors simply can't compete with the government-subsidized loans that dominate the market today. This limits the amount of tailoring that can be done to make each mortgage product best fit the borrower's need.

We understand that mortgage rates are an important variable in home affordability, but affordability isn't as important as clarity on the outlook of the economy. If you are secure in you outlook, half a percentage point won't make much of a difference in your buying or financing decision.

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Crazy Busy - Who is Complaining

02-05-12

Ginny L Gorman Realtor®|North Kingstown Homes for Sale - North Kingstown RI

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Office: (401) 884-4100 x268

Mobile: (401) 529-7849

Crazy Busy - Who is Complaining. This was the day to do my rhode island real estate market reports this afternoon after much running around on 3 offers happening with my clients today! But showings this morning, market analysis pre-list appointment from a client, comparable solds texted to clients and husbands who did not know the wife had made an offer on a house! I have had my plate full...crazy busy is good so who is complaining?!

No full moon, new moon, alignment of the galaxies, but just all good karma happening the day before the Big Game but there is no time to rest. Need to get these offers reviewed & put together this morning so I can actually have an afternoon evening off. Not going to happen...it is raining good RI real estate business in North Kingstown and South County right now.

Sometimes you will be amazed at what you see or do not see in MLS and that is why it makes such sense to drill down and showcase the home through so many on line sites. What home sellers do not know will hurt them in the final sales price. Home sellers be aware of what your Realtor puts on line- good to bad.

Actually viewed a RI home for sale today where the pictures did not do the home justice. Works for my clients because they are excited that it showed far better than the pictures indicated. In fact, the house was fabulous in my opinion. My ouja board shows an offer happening on this home soon.

It must be the spring buzz. I do hope the good business spreads far and wide to all my vendors and businesses too. Perhaps it is a good sign for the New England Patriots too!! Crazy busy - Who is Complaining.

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How to Connect with Your Local Businesses- RI Story

02-03-12

Ginny L Gorman Realtor®|North Kingstown Homes for Sale - North Kingstown RI

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Office: (401) 884-4100 x268

Mobile: (401) 529-7849

Connect with Local Businesses- The Rhode Island Story. Connecting with your peer and local businesses is an important part of any referral business. Do you do it consistently?

Well if you are like most Realtors or businesses you have great intentions but the business of satisfying customers may get in the way. Just remember that the local hardware store, pet store, clothing store, consignment shop and kitchen and bath store all offer us opportunities for expanding our breadth of exposure as well as theirs.

Helping other businesses with SEO (search engine optimization) for the various search engines is as important in North Kingstown real estate as it is for a kitchen and bath store...but they just did not know it! As a North Kingstown real estate agent, I have spent time over the last several months stopping in at Wickford Kitchen and Bath store to bounce off lead generating ideas with them. We worked on their SEO a bit and they have more to do, showed them how to improve their pictures by using Picnik, direct mail target marketing, etc. They invite me in to bounce ideas off of me from time to time.

Now is it not a great way to synergize and help a fellow business owner by sharing what has worked for you? Refer a possible lead right to them. Then the business manager said that she wants to do ALL the kitchens in a particular "high end" neighborhood. I said why not...have you sent out a targeted mailing campaign to them yet (yes, Barbara Todaro's mentoring has paid off)? The business owner and business manager's mouths just dropped a mile. I like that idea one of them said & the other one just grinned- I love it when you come in Ginny you have such great marketing ideas.

But wait, I was not done yet...how about 'hosting' a new kitchen party for one of these high end North Kingstown homes after kitchen completion and have the homeowner invite their friends and you pay for the party? Oh, they were thrilled...they had not thought of that one yet either. Well this is the way to stay in the front of their minds on referrals and I hope to have one coming my way soon from them!

It is satisfying as a North Kingstown Realtor to spread the knowledge especially when it is so well appreciated by the local Wickford RI businesses. It will come back to you twofold. What are you doing to help your local businesses connect? Connect with Local Businesses- The Rhode Island Story.

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