The number of condos sold in 2021 rose 19 percent from the prior year. Condominium sales gained momentum in 2021Ĭondominium sales saw a significant increase last year, after showing little to no growth in the past three years. Buyers from other states increased the already pent-up demand, which added to their struggles,” said Agueda Del Borgo, 2022 President of the Rhode Island Association of Realtors. That made it tough for buyers, particularly prospective, first-time homeowners who found it hard to compete with a limited pool of choices. Multiple offers and sales prices well over the asking price were commonplace. Among $1 million-plus sales, only 52 percent were bought by Rhode Islanders. Overall, 24 percent of Rhode Island’s total sales involved buyers from other states. Despite the spike in median price, Rhode Island seemed a bargain compared to neighboring Massachusetts, where the monthly median price of single-family homes topped the $500,000 mark since last May.ġ4.4 percent of total Rhode Island sales derived from Massachusetts buyers last year and that number grew to 17.1 percent in the luxury home sector of properties sold for $1 million or more. In the single-family home market, sales fell by 1.3 percent, compared to 2020, but the median sales price of those transactions rose 14.3 percent to $365,000. While sales of single-family homes fell slightly in 2021, sales of condominiums and multifamily homes made up the difference, as buyers pivoted to more available options. The total of last year’s sales, which include single-family and multifamily homes, along with condominiums and land, were up from $6.5 billion in 2020, a 22 percent increase. Last year, Rhode Island Realtors transacted nearly $7.9 billion in residential sales through State-Wide Multiple Listing Service, the listing data exchange owned by the Rhode Island Association of Realtors. – Febru– Rhode Island’s housing market continued to break records in 2021, fueled by high buyer demand which was intensified by buyers from other states. I offer a free, initial consultation to each prospective client.Warwick, R.I. To discuss your options in depth, contact me online, or call 40 or 80 toll free. With my more than 40 years of experience as a practicing Rhode Island attorney, I can help you with your real estate matter. I will arrange to provide an owner’s title insurance policy, which will protect the owner against any defects in title on record, and a mortgagee’s title insurance policy, which will protect the lender. I will conduct the closing, make sure that all mortgages and other liens are paid off and ensure that each party understands the transaction and that the terms of the purchase and sales agreement are fulfilled. My firm will provide advice and consultation on these and other matters that come up in the sales process. Typically, surveys are not performed in residential closings, but sometimes such issues do arise. Title examinations typically do not disclose matters related to encroachments or other survey issues. Provide advice on such matters as whether to conduct a survey.I will have a title examination performed to determine whether there are any mortgages or other liens on the property. Sellers of residential properties are required by law in Rhode Island to provide a buyer with a disclosure statement concerning the condition and known problems with a home. Review or prepare disclosure statement.It should be either prepared by an attorney or at least reviewed before it is signed. Among other things, the purchase-and-sales agreement says when you are going to close, what kind of deed is going to be conveyed, whether the sale is contingent on the buyer obtaining mortgage financing and what the condition of the property must be. This is the most important part of a real estate transaction. Review or prepare purchase-and-sales agreement.Cagen, Attorney at Law, I provide the following real estate services: Help For A Variety Of Real Estate Transactions It’s essential to retain a lawyer, and I strongly advise people to do so at the outset of a real estate transaction. Buying or selling a home is one of the biggest financial actions that people take in their lives.
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