“I’ve Got 5 to 7 Home Buyers for Every Listing I Have,” Says Mott & Chace’s Rutley of RI Real Estate
Sunday, April 02, 2023
Robert Rutley with Mott & Chace Sotheby’s International Realty joined GoLocal CEO Joshua Fenton on GoLocal LIVE where he discussed the still-hot Rhode Island real estate market — and how buyers still greatly outnumber sellers.
According to Fenton, the latest MLS inventory showed less than 900 total single-family, multi-family, and condo units on the market in Rhode Island.
“That’s a fourth, a fifth, a sixth of what a normal market would look like,” said Fenton.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRutley said the market conditions continue to be in flux.
Rhode Island’s supply of single-family homes for sale remains critically low, with just 864 single-family homes listed for sale as of mid-March. The market is particularly impacted in the starter home sector. Only approximately one-quarter of available listings were for sale under February’s median price.
“We had a great two months, a six to eight-week period where there wasn’t a lot of competition, and a lot of buyers I worked with were the only offer,” said Rutley. “That was fantastic. That’s over with.”
“I heard a story of a house out in Burrillville, which is not really a main draw for a lot of people, that had forty offers on it,” said Rutley. “If you are at all afraid of making quick decisions — this isn’t the market for you.”
Rutley said in his own client database of people looking to buy, that he has “five to seven times the amount” of listings that he has.
“If you find something you like, hold out, put in a strong offer — and if you don’t know what strong offer is, really talk to your agents and try and figure out unique ways to make your offer seen and move to the top of the file,” he added.
“Our median sales price continues to grow in large part due to having more move-up homes than starter homes on the market. Prospective buyers trying to break into the market for the first time are facing an uphill battle with few choices and interest rates higher than we’ve seen in several years. That said, rates are still lower than the 50-year average of more than seven percent and homeowner equity is holding its own,” said Bryant Da Cruz, President of the Rhode Island Association of Realtors in his announcement of the industry data in March.
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