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I still find it very interesting that you can't buy a house in Warren yet there are dozens to choose from in Jamestown.
Quote:
Originally Posted by sandsonik
Why would that be surprising? Median cost in Jamestown is over half a million higher. It's going to take longer to sell a house that expensive
I didn't say it was surprising; I said it was interesting.
Your explanation, while not inaccurate in a general sense, doesn't paint an accurate picture of the current market. Jamestown has cooled way off. Warren is a hot market. Nearly all of RI is a hot market, but not Jamestown.
I didn't say it was surprising; I said it was interesting.
Your explanation, while not inaccurate in a general sense, doesn't paint an accurate picture of the current market. Jamestown has cooled way off. Warren is a hot market. Nearly all of RI is a hot market, but not Jamestown.
I'll leave it to others to determine your real estate expertise here.
I still find it very interesting that you can't buy a house in Warren yet there are dozens to choose from in Jamestown.
Mobility due to finances are not available to those in Warren so they stay put? (Loans availability, interests rates, moving expenses, etc.)
If the Jamestown residents are more affluent and able to move paying cash and/or the investors/second home owners see a good property appreciation - they may want to cash out?
If the families in Warren are younger with kids vs Jamestown -retirees, empty nesters, second homes- than the schools/kid’s friends are important and impede the mobility?
I still find it very interesting that you can't buy a house in Warren yet there are dozens to choose from in Jamestown.
Quote:
Originally Posted by L00k4ward
Mobility due to finances are not available to those in Warren so they stay put? (Loans availability, interests rates, moving expenses, etc.)
If the Jamestown residents are more affluent and able to move paying cash and/or the investors/second home owners see a good property appreciation - they may want to cash out?
If the families in Warren are younger with kids vs Jamestown -retirees, empty nesters, second homes- than the schools/kid’s friends are important and impede the mobility?
Agree, that above all is the price.
A truly poor analysis, IMO.
Real estate prices in Warren are higher than they've ever been. People aren't selling because they want to live there.
Based on the relative abundance of houses for sale in Jamestown, it seems that a lot of people no longer want to live there.
Real estate prices in Warren are higher than they've ever been. People aren't selling because they want to live there.
Based on the relative abundance of houses for sale in Jamestown, it seems that a lot of people no longer want to live there.
No, the answers you were given were spot on. Warren is a good place to live, but with high prices and high interest rates, middle class buyers, except for the upper reaches, are forced to stay put. Same as every other Rhode Islander.
Owners in Jamestown are not similarly constrained.
I'm sure there are also those that find island living in the winter isn't for them, or that there are families that don't like the idea that their kids can't go to high school in town. But they have more freedom to move.
People aren't selling middle class houses because they're locked into 2 1/2% 30 year fixed rate mortgages. The "trade up" market has vaporized.
The payment per $100,000 on a 2 1/2% mortgage is $395.12.
The payment per $100,000 on a 6% mortgage is $599.55.
It's more than $200/month more per $100k borrowed.
There wasn't any inventory when rates were 2.5% either. Explain that.
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