Real Estate Market

Good Wednesday Morning!

Wow another great day here in our area. Isn’t it wonderful to live in such a gorgeous State! Home Sales are still on the go, for Rhode Island's First Quarter 2005, the average number of sales for single family homes has increased by 2.01% over last year and the average sales price has increased 2.55% over last year as well. 

Mortgage interest rates dropped again over the past week. The average rate on 30-year fixed-rate mortgages fell to 5.53 percent for the week ending Thursday, 09/30/2005, with an average 0.6 point payable up front, down from 5.57 percent last week, according to the mortgage finance firm's survey.

The rate has not been this low since the week ending April 1 2004.

Last year at this time, the rate on the 30-year fixed-rate loan stood at 6.21 percent.

Don’t wait to take action; this won’t last forever. If you want information or would like to arrange for a private showing of any homes listed for sale in our area, please contact me. Have a great week

Did you know?
The typical FSBO (For Sale By Owner) home sold for $163,800, compared to $189,000 for agent-assisted home sales.  That's a difference of $25,200 or over 15% less money then if the FSBO sold on their own.  Take a look at the following methods of how the typical FSBO marketed their home.

FSBO Methods Used to Market Home:
Yard Sign . . . 63%
Friends/neighbors . . . 25%
Newspaper ad . . . 44%
Open House . . . 33%
Internet . . . 24%

Interestingly enough, 90% of all home buyers go to a realtor first of which 77% used an agent to make their purchase.  That's because for most clients, there is no charge for the service, the buyer's agent does all the research, communications, negotiations, etc. 

Most Difficult Tasks for FSBO Sellers:
Getting the right price . . . 24%
Understanding paperwork . . . 22%
Preparing/fixing up home for sale . . . 24%
Attracting potential buyers . . . 10%
Having enough time to devote to all aspects of the sale . . . 5%

Did you know that over 70% of FSBO eventually utilize an agent to sell their home.  Add to the fact that between 1999 and 2003 the number of sellers using an agent increased from 77% to 83%.  Of the roughly 14% of owners who sold on their own in 2003, only 5% of those sales came from buyers who the sellers didn't know at all.  That means that unless you know someone interested in buying your home, your chances of succeeding on your own are very slim.