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The Rhode Island Real Estate Market is Booming!

(WPRI) — The pandemic has already changed the way many people plan on working for years to come, and it’s impacting the housing market. The value of the home has taken new meaning during the coronavirus pandemic.

“Back in March, we weren’t sure we were going to be able to practice real estate,” said Shannon Buss, president of the Rhode Island Association of Realtors. She says as lifestyles shifted, the need to go into the office declined — and that has resulted in more people looking for a perfect home to stay home in.

“We do have a lot of out-of-state buyers coming who are now able to work from home and would much rather be working from home in a coastal community than downtown in the city,” Buss said.

The Rhode Island Real Estate Association says the median cost of a house in Rhode Island is now above $340,000. That’s great news for those looking to sell their home for a big profit, but not so great for buyers competing with so many others.

“Agents are actually working their schedules to accommodate their new listings meaning okay if I go live on a listing tomorrow, I know I have to be available for the next three days, because they’re showing property every 15 minutes on 8 hour shifts. That’s how demanding this market is,” Buss said.

Her advice to buyers hoping to get their offer accepted over the competition — use a realtor. Second, try to accommodate the needs of the seller. The seller wants a high offer, but they also want someone who can work with them — like being flexible in delaying the closing date.

“We see a lot of them selling subject to the seller finding suitable housing so it gives them less anxiety about finding a new home to purchase or relocate to. With the market the way it is, there is a little bit of hesittaion right now because the fear is well I’d love to sell my house but where am I going to.” Buss added that every time a house is sold, it puts $80,000 back into the community.

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