July sales mark 13th straight month of increases in Rhode Island

Single-family homes sales rose 22% in July compared to July 2011, marking the 13^th consecutive month of year over year gains, according to the latest Rhode Island Association of Realtors report released Tuesday.   The Association also reported the median sales price was down 1%, but it is the smallest drop since May of 2011. Sales are up, prices are stabilizing, we are working our way through the foreclosures, and the inventory has dropped 16% since last July, all signs are pointing towards a healthy and steady recovery, so what are you waiting for? If you are able to obtain financing in this climate, it really is a great time to buy. With prices and interest rates as low as they are, you can buy a house today for about half of what the monthly payments would have been at the peak, and interest rates in the mid threes is a great hedge against inflation over the next thirty years. This week’s Real Estate Insight If you have the money and plan on staying in your home for a while, it is a great time to buy. But buying anything you can’t afford is never a good idea. There are many online calculators available to help you figure out how much you really can afford. Do your research and don’t over reach.