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But there are other ways of looking at it, especially if you plan on selling and moving within a set timeframe. You don't want to overpay for something, "just because that's what people pay" if there is a potential market correction on the horizon.
All true regarding predictive investment strategies. But, value remains what someone is willing to pay at the time they pay it.
There are different types of value, including "Investment Value" and "Fair Market Value", and different purchase conditions which affect sales price of a property. Things can get murky very quickly. I am not a real estate agent nor an appraiser, but I think the bit you've stated (in bold) is not right. Was it an arms-length transaction? Was it a distressed sale? These are a few of the things a competent appraiser must take into account when determining Fair Market Value.
And note that if there is a purchase and sales agreement on a property where financing is in the mix, the appraisal of the fair market value (FMV) has to be at or above the agreed-upon purchase price. No sale happens at all if the price is less than the FMV. But the fair market value of the property doesn't magically drop to the purchase price at closing if it was initially greater than the purchase price. But down the road when an appraiser is trying to use that property as a comp, I'll bet it makes their work difficult!
From the (surprisingly good) wikipedia page on Real Estate Appraisal (emphasis mine):
The weeds can get thick. Appraisal requirements, etc. Value is described for Arms Length Transactions only. Not getting into the multitude of other legal & illegal types which may or may not distort value.
I would like to reply to the OP. I cannot speak to the wealth of information regarding statistics or the many other topics regarding your move. I can, however, offer my opinion about moving to and living in Rhode Island. We are a family of five and moved from the Atlanta area last summer. I worried about acceptance and the ability to make friends with native residents. I was offered advice and guidance from many of the same posters who have responded to you.
It is true that Rhode Island is expensive. Housing, utilities, food, and almost all of our monthly expenses are significantly higher. We are unable to afford many additional recreational activities and saving money is a challenge. Despite this, we are very happy here and have not regretted our decision for a single minute.
Before our move, we spent a week driving all over the state, back and forth, from town to town, looking at homes, speaking to residents, and searching for the place to put our roots. We have settled in South County. Our home is on the West Bay, I work on the East Bay, and volunteer in Providence. Besides the taxes, I love our town, but in all honesty, we would’ve been happy in any of these areas. Rhode Island is a wonderful place for a family. We have been warmly welcomed in our community, and the acceptance that I hoped for has been genuine. My sons are happy. We feel safe. Our quality of life feels rich and full.
Coming from the south, Rhode Island is a breath of fresh air. I do not wish to offend anyone, and I know many people (including those from my home country) who love the South, but there was an unspoken mentality or culture, or... something that I cannot well articulate, but it did not sit well with me. I didn’t belong there. I struggled to adapt. I am very fond of the people here. Even aggressive drivers who use passionate hand gestures to correct others (ok! Lights on in the snow, got it!) offer a practical honesty that is easier and better understood than the exterior layer of sweet politeness that I found in our former home state.
Before our move, I was advised that Rhode Islanders will respond in kind to your behavior. This is very true. Residents here seem to pay close attention to their state and local communities. There is plenty of grumbling about the financial faults that can make life harder. But I see a love and sense of pride from the people who live here. Although I will never be a true Rho’Di-laner, I feel this way too.
One more thing I would like to add, the lack of diversity worried me. Don’t let it worry you. Perhaps it’s not as vast as many other areas, but there are all different kinds of people here. It may seem limited on the surface, but not only is it here, races and religions are not nearly as segregated as they are in largely diverse cities. People are accepted here. Judgement feels removed (unless you’re an idiot, which will be promptly pointed out). The questions in your original post were similar to mine. We already knew about the costs and negative aspects of Rhode Island. We were looking for a new home. We found it. We love it. And in response to your inquiry, I strongly encourage your move.
Good luck and best wishes to you and your family!
^^^^^
Thanks for the great epilogue! Glad RI suits your family. I've heard the same "breath of fresh air" contrast between Rhode Island and that of the southern states many, many times.
I would like to reply to the OP. I cannot speak to the wealth of information regarding statistics or the many other topics regarding your move. I can, however, offer my opinion about moving to and living in Rhode Island. We are a family of five and moved from the Atlanta area last summer. I worried about acceptance and the ability to make friends with native residents. I was offered advice and guidance from many of the same posters who have responded to you.
It is true that Rhode Island is expensive. Housing, utilities, food, and almost all of our monthly expenses are significantly higher. We are unable to afford many additional recreational activities and saving money is a challenge. Despite this, we are very happy here and have not regretted our decision for a single minute.
Before our move, we spent a week driving all over the state, back and forth, from town to town, looking at homes, speaking to residents, and searching for the place to put our roots. We have settled in South County. Our home is on the West Bay, I work on the East Bay, and volunteer in Providence. Besides the taxes, I love our town, but in all honesty, we would’ve been happy in any of these areas. Rhode Island is a wonderful place for a family. We have been warmly welcomed in our community, and the acceptance that I hoped for has been genuine. My sons are happy. We feel safe. Our quality of life feels rich and full.
Coming from the south, Rhode Island is a breath of fresh air. I do not wish to offend anyone, and I know many people (including those from my home country) who love the South, but there was an unspoken mentality or culture, or... something that I cannot well articulate, but it did not sit well with me. I didn’t belong there. I struggled to adapt. I am very fond of the people here. Even aggressive drivers who use passionate hand gestures to correct others (ok! Lights on in the snow, got it!) offer a practical honesty that is easier and better understood than the exterior layer of sweet politeness that I found in our former home state.
Before our move, I was advised that Rhode Islanders will respond in kind to your behavior. This is very true. Residents here seem to pay close attention to their state and local communities. There is plenty of grumbling about the financial faults that can make life harder. But I see a love and sense of pride from the people who live here. Although I will never be a true Rho’Di-laner, I feel this way too.
One more thing I would like to add, the lack of diversity worried me. Don’t let it worry you. Perhaps it’s not as vast as many other areas, but there are all different kinds of people here. It may seem limited on the surface, but not only is it here, races and religions are not nearly as segregated as they are in largely diverse cities. People are accepted here. Judgement feels removed (unless you’re an idiot, which will be promptly pointed out). The questions in your original post were similar to mine. We already knew about the costs and negative aspects of Rhode Island. We were looking for a new home. We found it. We love it. And in response to your inquiry, I strongly encourage your move.
Good luck and best wishes to you and your family!
"Financial faults that can make life harder." Translation: "we're completely smothered in taxes". "We are unable to afford many additional recreational activities and saving money is a challenge." If this is the life that you're hoping for OP, then by all means come join them in Rhode Island. You'll find the state very accepting.........of your paycheck!
I would like to reply to the OP. I cannot speak to the wealth of information regarding statistics or the many other topics regarding your move. I can, however, offer my opinion about moving to and living in Rhode Island. We are a family of five and moved from the Atlanta area last summer. I worried about acceptance and the ability to make friends with native residents. I was offered advice and guidance from many of the same posters who have responded to you.
It is true that Rhode Island is expensive. Housing, utilities, food, and almost all of our monthly expenses are significantly higher. We are unable to afford many additional recreational activities and saving money is a challenge. Despite this, we are very happy here and have not regretted our decision for a single minute.
Before our move, we spent a week driving all over the state, back and forth, from town to town, looking at homes, speaking to residents, and searching for the place to put our roots. We have settled in South County. Our home is on the West Bay, I work on the East Bay, and volunteer in Providence. Besides the taxes,I love our town, but in all honesty, we would’ve been happy in any of these areas. Rhode Island is a wonderful place for a family. We have been warmly welcomed in our community, and the acceptance that I hoped for has been genuine. My sons are happy. We feel safe. Our quality of life feels rich and full.
Coming from the south, Rhode Island is a breath of fresh air. I do not wish to offend anyone, and I know many people (including those from my home country) who love the South, but there was an unspoken mentality or culture, or... something that I cannot well articulate, but it did not sit well with me. I didn’t belong there. I struggled to adapt. I am very fond of the people here. Even aggressive drivers who use passionate hand gestures to correct others (ok! Lights on in the snow, got it!) offer a practical honesty that is easier and better understood than the exterior layer of sweet politeness that I found in our former home state.
Before our move, I was advised that Rhode Islanders will respond in kind to your behavior. This is very true. Residents here seem to pay close attention to their state and local communities. There is plenty of grumbling about the financial faults that can make life harder. But I see a love and sense of pride from the people who live here. Although I will never be a true Rho’Di-laner, I feel this way too.
One more thing I would like to add, the lack of diversity worried me. Don’t let it worry you. Perhaps it’s not as vast as many other areas, but there are all different kinds of people here. It may seem limited on the surface, but not only is it here, races and religions are not nearly as segregated as they are in largely diverse cities. People are accepted here. Judgement feels removed (unless you’re an idiot, which will be promptly pointed out). The questions in your original post were similar to mine. We already knew about the costs and negative aspects of Rhode Island. We were looking for a new home. We found it. We love it. And in response to your inquiry, I strongly encourage your move.
Good luck and best wishes to you and your family!
I would like to reply to the OP. I cannot speak to the wealth of information regarding statistics or the many other topics regarding your move. I can, however, offer my opinion about moving to and living in Rhode Island. We are a family of five and moved from the Atlanta area last summer. I worried about acceptance and the ability to make friends with native residents. I was offered advice and guidance from many of the same posters who have responded to you.
It is true that Rhode Island is expensive. Housing, utilities, food, and almost all of our monthly expenses are significantly higher. We are unable to afford many additional recreational activities and saving money is a challenge. Despite this, we are very happy here and have not regretted our decision for a single minute.
Before our move, we spent a week driving all over the state, back and forth, from town to town, looking at homes, speaking to residents, and searching for the place to put our roots. We have settled in South County. Our home is on the West Bay, I work on the East Bay, and volunteer in Providence. Besides the taxes, I love our town, but in all honesty, we would’ve been happy in any of these areas. Rhode Island is a wonderful place for a family. We have been warmly welcomed in our community, and the acceptance that I hoped for has been genuine. My sons are happy. We feel safe. Our quality of life feels rich and full.
Coming from the south, Rhode Island is a breath of fresh air. I do not wish to offend anyone, and I know many people (including those from my home country) who love the South, but there was an unspoken mentality or culture, or... something that I cannot well articulate, but it did not sit well with me. I didn’t belong there. I struggled to adapt. I am very fond of the people here. Even aggressive drivers who use passionate hand gestures to correct others (ok! Lights on in the snow, got it!) offer a practical honesty that is easier and better understood than the exterior layer of sweet politeness that I found in our former home state.
Before our move, I was advised that Rhode Islanders will respond in kind to your behavior. This is very true. Residents here seem to pay close attention to their state and local communities. There is plenty of grumbling about the financial faults that can make life harder. But I see a love and sense of pride from the people who live here. Although I will never be a true Rho’Di-laner, I feel this way too.
One more thing I would like to add, the lack of diversity worried me. Don’t let it worry you. Perhaps it’s not as vast as many other areas, but there are all different kinds of people here. It may seem limited on the surface, but not only is it here, races and religions are not nearly as segregated as they are in largely diverse cities. People are accepted here. Judgement feels removed (unless you’re an idiot, which will be promptly pointed out). The questions in your original post were similar to mine. We already knew about the costs and negative aspects of Rhode Island. We were looking for a new home. We found it. We love it. And in response to your inquiry, I strongly encourage your move.
Good luck and best wishes to you and your family!
Again, well said. It is so hard to find paradise, we know it does not exist but you adjust and weigh the pros and cons then you adapt and embrace or move on. What started out as a small coastal town here (Amelia Island) has transpired into a full blown high end retirement mecca. We would like to move back to be closer to family and friends (support group) as we are getting older. I have nothing but great memories of growing up in RI and returning each summer we realize we can't just expect to pick up where we left off as things have changed. We feel though like Berlin-jcg our quality of life would be better back in RI. It's not for everyone but it is home for many.
I would like to reply to the OP. I cannot speak to the wealth of information regarding statistics or the many other topics regarding your move. I can, however, offer my opinion about moving to and living in Rhode Island. We are a family of five and moved from the Atlanta area last summer. I worried about acceptance and the ability to make friends with native residents. I was offered advice and guidance from many of the same posters who have responded to you.
It is true that Rhode Island is expensive. Housing, utilities, food, and almost all of our monthly expenses are significantly higher. We are unable to afford many additional recreational activities and saving money is a challenge. Despite this, we are very happy here and have not regretted our decision for a single minute.
Before our move, we spent a week driving all over the state, back and forth, from town to town, looking at homes, speaking to residents, and searching for the place to put our roots. We have settled in South County. Our home is on the West Bay, I work on the East Bay, and volunteer in Providence. Besides the taxes, I love our town, but in all honesty, we would’ve been happy in any of these areas. Rhode Island is a wonderful place for a family. We have been warmly welcomed in our community, and the acceptance that I hoped for has been genuine. My sons are happy. We feel safe. Our quality of life feels rich and full.
Coming from the south, Rhode Island is a breath of fresh air. I do not wish to offend anyone, and I know many people (including those from my home country) who love the South, but there was an unspoken mentality or culture, or... something that I cannot well articulate, but it did not sit well with me. I didn’t belong there. I struggled to adapt. I am very fond of the people here. Even aggressive drivers who use passionate hand gestures to correct others (ok! Lights on in the snow, got it!) offer a practical honesty that is easier and better understood than the exterior layer of sweet politeness that I found in our former home state.
Before our move, I was advised that Rhode Islanders will respond in kind to your behavior. This is very true. Residents here seem to pay close attention to their state and local communities. There is plenty of grumbling about the financial faults that can make life harder. But I see a love and sense of pride from the people who live here. Although I will never be a true Rho’Di-laner, I feel this way too.
One more thing I would like to add, the lack of diversity worried me. Don’t let it worry you. Perhaps it’s not as vast as many other areas, but there are all different kinds of people here. It may seem limited on the surface, but not only is it here, races and religions are not nearly as segregated as they are in largely diverse cities. People are accepted here. Judgement feels removed (unless you’re an idiot, which will be promptly pointed out). The questions in your original post were similar to mine. We already knew about the costs and negative aspects of Rhode Island. We were looking for a new home. We found it. We love it. And in response to your inquiry, I strongly encourage your move.
Good luck and best wishes to you and your family!
One more thing I would like to add, the lack of diversity worried me. Don’t let it worry you. Perhaps it’s not as vast as many other areas, but there are all different kinds of people here. It may seem limited on the surface, but not only is it here, races and religions are not nearly as segregated as they are in largely diverse cities. People are accepted here. Judgement feels removed (unless you’re an idiot, which will be promptly pointed out).
I am unaware of your demographic statistics; however, if you were non-white and/or non-Catholic, then it is likely you and your family would not be as welcomed as you purport to be.
I am unaware of your demographic statistics; however, if you were non-white and/or non-Catholic, then it is likely you and your family would not be as welcomed as you purport to be.
Non white- you'll be welcomed as much as anywhere else so your mileage may vary. But non Catholic? don't be ridiculous.
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From a new resident...
