James Duffer, Realtor

05/07/2024

Is it getting too expensive for regular families to buy homes?🤔

It used to be that anyone could buy a house US if they wanted to, but now it seems like only people with a lot of money can.

In some places around the world, only rich people own houses and everyone else rents. We're not quite there yet… but it's starting to feel that way.

But, here’s the good news! There are still ways for regular people to find good deals and save money.

I've made a free guide with 10 must-use tips to help you get a better deal on a house. Do you want to see it?

Click the link in the comments⤵️

04/28/2023

A recent statement made by Sam Khater, Freddie Mac’s Chief Economist on April 20th read:
“For the first time in over a month, mortgage rates moved up due to shifting market expectations,”. “Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for many potential homebuyers. Unless rates drop into the mid five percent range, demand will only modestly recover.”
Home prices do appear to have stabilized in our local markets on the ground. Overall sales are down however, as buyers grapple with continued affordability and lack of overall housing inventory.
Do you think that we will see hand over fist sale price increases like we did last year? Let us know your thoughts in the comments below! ⬇️⬇️

03/27/2023

Over the past year, home prices have been a widely debated topic. 🏠🏠
Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened.
Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond. I’m James Duffer with Rise Real Estate Consultants and this is your March 2023 RI Real Estate Market Update.
Selma Hepp, Chief Economist at CoreLogic, says:
“The continued shortage of for-sale homes, especially in areas like here in Southern New England is likely to keep any price declines modest, which are projected to top out at 3% high to low.”
Currently, the national average 30-year fixed mortgage rate is 6.91%, decreasing three hundredths of a point from last month's report. Today's average 30-year refinance rate is 6.93%, down 1/10th of a point since last month.
On to the numbers:
The median sale price of a Single Family home has decreased slightly, a little more than $7,000 since last month’s report to $384k, selling in an average of 40 days on market
The median sale price of a condo is down $12k dollars to $308k spending 30 days on the market
It’s another hot streak for multis! They are up again this month, $10k since last months report, selling at average of $450k with 30 days on the market
Do you think that we will see hand over fist sale price increases like we did last year? Let me know your thoughts in the comments below.

03/21/2023

02/27/2023

Good news for home sellers!! 🏠🏠

A recent report by the RI Association of Realtors shows significant buyer demand
for residential housing here in Rhode Island.

The story of the housing market in southern New England continues with minimal housing inventory available - 1.3 months to be exact.

And what does this all mean?

Sellers can take advantage of the scarcity and still be rewarded with multiple offers
over list price.

As for buyers, they seem to have come to terms with the higher interest rates, and mortgage lenders have rolled out new loan programs to help assist with that sting.

So let's talk about rates.

Currently, the national average 30 year fixed mortgage rate is 6.9%, increasing just under a quarter of a percent from last month's report.

Today's average 30 year refinance rate is 7.03%, up just over half a percent since last month.

And on to the numbers.

The median sales price for a single family home has increased slightly, a little less than $1,500
since last month's report of $391,000 selling in an average of 41 days on market.

The median sales price of a condo is down just under $16,000 to $320,000, spending 35 days on market.

Multis are up again this month. Up $10,000 since last month's report, selling at an average of $440,000 with 31 days on market.

Will you be taking advantage of the continued low housing inventory?

Let me know in the comments below!

02/07/2023

12/15/2022

Give the gift of homeownership this year 🏡🎄🎅

Still trying to think of that perfect Holiday gift for someone special in your life?! Here it is! If you know someone thinking of purchasing a home in 2023 let us know! RISE Real Estate Consultants is giving home buyers that work with one of our agents a $500 closing cost credit!

Sign up here www.riserec.com/gift/

08/22/2022

August 2022 RI Real Estate Market Update

08/16/2022

Mark your calendars for Nov 5! Our second annual Masquerade Ball to benefit local at risk veterans will be at Skyline Providence during the Veterans Day Waterfire!

07/20/2022

Check out this beautiful new listing in Warwick! Featuring an in-ground pool! Book your private tour through the link below

Open House Saturday (7/23) 10am-11:30am

Welcome To 41 Vanstone Avenue, Warwick Offered at: $369,000 Request A Private Tour  Oversized-Bungalow Style Home 3 Bedrooms 2 Bathrooms 1,544 sq. ft.  Inground Pool Welcome to 41 Vanstone Avenue in Warwick. This oversized bungalow is situated on a quiet and private corner lot near the water i...

07/02/2022

Make sure to know where the fireworks displays are this year! 🎆🧨🎇

06/23/2022

Sellers... your potential returns keep growing, but when is the right time to tell the banker "DEAL!" and cash out? James has the answer, and so much more, in this month's Real Estate Market Update.