Housing Affordability at all time High

    If you haven’t seen many people on the roads this week, it is because everyone is too busy refinancing their mortgages for the third time this year! Actually while I joke a little, the big Real Estate news this week really is the mortgage rates.   The 30 year fixed rate is averaging about 3.67% and the 15 year is under 3%, this is for a zero point fixed rate loan.   Affordability is always a key factor in home buying, and the latest S&P/Case-Shiller composite data show the payment for a median-priced home represents just 12 % of median-family income, the lowest percentage on record since 1971. So while there may be conflicting data around from day to day and the recovery might not be going fast enough for skittish investors, we have seen overall steady growth and   all your really need to know is what is happening to you. If you are ready to buy a house right now, then you will be taking advantage of the most favorable economic conditions in recent history.

If you are ready to get into the market, this weekend Residential Properties LTD will be taking part in the Statewide Open House Event June 10 and 11^th, sponsored by The Rhode Island Association OF Realtors®. We will be opening up 112 properties throughout the state, from a   2 bedroom Condo in Burrillville   listed under $100,000,  to a million dollar plus Cottage in Newport, one of them just might be your dream home! This week’s Real Estate Insight To see the 112 properties we will be opening this weekend, click here for our open house page, select the properties you want to see and even print a map to create your own personal house tour!