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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

March 2024 Real Estate Market Update