May 1st 22' Market Update
Jason Pacheco • May 2, 2022
May Market Update
Compared to last month's update of:
583 single families, 122 Multi families, 179 Condos.
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As of today (5/2) there are: 671 single family homes, 181 Multi Family homes, 189 Condos…
From March to April there was a 15.5 % increase in single families for sale.
From April to May there was again about another 15% increase in homes for sale in Rhode Island.
Therefore, over the past 2 months the inventory has increased about 30%.
The increase is probably coming from the interest rates that are rising, and causing some buyers to lose affordability in the market combined with the sellers that are rushing to get their homes on the market for spring, and the sound of “interest rates rising”.
However, it is still a sellers market. Sellers have the leverage currently still.
Take away, if you’re a buyer coming into the market, be patient and willing to accept the fact the seller’s will have the majority of the say.
If you’re a seller coming into the market, don't be too greedy, don’t over list from the start because you will pay for it.
If you're a homeowner in Cumberland , Cranston , North Providence , or West Warwick thinking about selling, now is a smart time to start planning. Whether you're looking to upgrade, downsize, or move out of state, the Rhode Island real estate market offers strong opportunities in 2025 — if you know how to take advantage of them. As a local real estate expert, I help homeowners like you sell quickly, profitably, and with less stress . Here’s what you should know if you’re thinking about putting your house on the market soon: Why Homeowners Are Selling Right Now Strong Buyer Demand: Despite some fluctuations in mortgage rates, buyer demand in towns like Cumberland and Cranston remains strong. Well-priced homes in North Providence and West Warwick are seeing multiple offers, sometimes within days. Limited Inventory = Less Competition: Many homeowners are holding off on selling, which means there are fewer homes available — making your property stand out even more . If you're thinking about selling, you're not just listing a home — you're listing an opportunity. Relocation, Retirement, and Upsizing: Life changes are one of the biggest reasons homeowners in Rhode Island are choosing to sell this year. Whether you’re chasing a new job, retiring, or simply need more space, it’s smart to work with an agent who understands the nuances of these local markets. What Makes Selling in Cumberland, Cranston, North Providence, and West Warwick Unique? Each town has its own strengths, and knowing how to market your home properly matters: Cumberland: Buyers are drawn to Cumberland for its suburban feel, highly rated schools, and proximity to both Providence and Massachusetts. Homes with updated kitchens, finished basements, and large yards are especially attractive. Cranston: Cranston offers a mix of quiet neighborhoods and vibrant shopping districts. If your home is near Garden City or in desirable areas like Western Cranston, it's in very high demand . North Providence: First-time buyers love North Providence for its affordability and convenience. Updated properties, especially ranches and capes, are moving fast when they’re priced right. West Warwick: West Warwick is one of the most affordable towns in the state and a hotspot for buyers looking for value. If you’ve made updates like a new roof, kitchen remodel, or finished basement, buyers are ready to pay for it. How I Help Sellers Stand Out Selling your home isn’t just about throwing a “For Sale” sign in the yard. Here’s how I make sure my clients stand out in today’s market: Custom Pricing Strategy: Based on hyper-local data for Cumberland, Cranston, North Providence, and West Warwick, I price your home strategically to attract serious offers — not just window shoppers. Professional Marketing: Every home gets professional photography, virtual tours, targeted social media ads, and exposure to a network of ready buyers. Negotiation Expertise: When the offers come in, you want someone who can maximize your profit while protecting your bottom line. That’s where years of negotiation experience make a difference. Stress-Free Coordination: I handle all the showings, paperwork, deadlines, and communications, so you can focus on your move — not the stress of selling. Thinking About Selling? Let’s Talk If you're even considering selling your home in Cumberland, Cranston, North Providence, or West Warwick , let's have a quick conversation. There’s no pressure — just straightforward advice based on real market trends. A smart plan today can mean a bigger profit tomorrow. 📞 Call/text me anytime at [YOUR PHONE NUMBER] 📧 Email me at [YOUR EMAIL] Or click here [Insert Contact Link] to schedule a free, no-obligation home evaluation. SEO Notes for you: ✅ I worked in natural phrases like: sell your home in Cumberland, selling your house in Cranston, homes in North Providence, and West Warwick real estate market to help your ranking. ✅ This blog encourages direct action (call, text, evaluation form). ✅ It uses local targeting, low competition keywords, and buyer behavior notes for authenticity and search traffic. Would you like me to also create a shorter Instagram caption or a Facebook post promoting this blog to drive even more clicks? 📈
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First-Time Home Buyer FAQs
A question that frequently comes my way is, " When do you anticipate prices will come down ?" It's a valid concern, especially considering historical data. Since 1960, prices have only experienced a significant decline once, largely attributable to poor lending practices. Over the past 60 years, we've seen prices decrease noticeably only on that one occasion. Given this historical trajectory, with roughly 16 years having passed since the last substantial price reduction, it's pertinent to question the likelihood of it occurring again in such a short timeframe. In my view, the odds of prices dropping significantly within the next 2-3 years seem slim (b arring any unforeseen economic events). Factors such as the persistently low inventory and the relentless demand for housing paint a picture of a market resistant to price decreases. To put it simply, housing has become a necessity akin to toilet paper. Just as a shortage of toilet paper on store shelves leads to competitive purchasing behavior and even higher prices, the real estate market faces a similar scenario. With a surplus of buyers and a scarcity of available properties, competition naturally drives prices up. Furthermore, any decrease in interest rates is likely to exacerbate the situation, drawing even more prospective buyers into the market without a corresponding increase in housing supply. This influx of buyers only intensifies the competition for limited inventory, potentially leading to further price escalation. In essence, the dynamics of supply and demand, coupled with the influence of interest rates, create a scenario where significant price reductions in the housing market appear unlikely in the foreseeable future . Jason Pacheco, Jason.Pachecohomes@gmail.com
Buying a home is one of the biggest investments you will make in your lifetime. It’s an exciting but often overwhelming process, especially for first-time homebuyers. If you’re considering purchasing your first home, you may be wondering whether or not you need a buyer’s agent. The answer is yes! In fact, according to a recent report by the National Association of Realtors, 88% of home purchases in Rhode Island involved a buyer's agent. One reason why you should consider using a buyer’s agent is that a listing agent’s primary responsibility is to negotiate the best deal for the seller. While they must treat all parties fairly, their ultimate goal is to get the highest price and best terms for their client. This means that as a buyer, you may not get the best deal if you place your offer through the listing agent. On the other hand, a buyer’s agent is solely focused on representing the buyer’s interests. Their job is to negotiate in the buyer’s best interest and properly draw up real estate contracts. They use their expertise and market knowledge to help you navigate the complex home buying process and find the best property for your needs and budget. A buyer's agent will also help you understand the real value of the home you are interested in, whether you are overpaying or getting a good deal. Another benefit of using a buyer’s agent is that they can help you save time and money. With access to the Multiple Listing Service (MLS), a buyer's agent can filter through properties that don't meet your criteria, saving you time and effort. They can also help you negotiate a better deal, ensuring you get the best possible price and terms. Additionally, a buyer's agent can help you navigate the mortgage process, making sure you find the right lender and get the best financing options available. When it comes to buying a home, it's important to have an experienced professional on your side. A buyer’s agent can provide valuable support and guidance throughout the entire process, from searching for the right property to closing the deal. They can help you make informed decisions and avoid common pitfalls, ensuring a stress-free and successful home buying experience. In conclusion, if you’re a first-time homebuyer, don’t go it alone. Consider hiring a buyer’s agent to help you navigate the complex home buying process and find the best possible property for your needs and budget. With 88% of home purchases in Rhode Island involving a buyer's agent, it's clear that many homebuyers recognize the value of having a professional on their side. Remember, a buyer’s agent is solely focused on representing your interests and negotiating in your best interest, so you can get the best deal possible. Wri tten By: John Gesualdi // John.Gesualdi@cbrealty.com