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You have to start wondering how these properties are making appraisals in your town, unless like or location we are seeing several all cash offers..
Appraisals are easy to come by. As soon as something closes it becomes the "most recent sale". And, with so many non contingency sales, they can close quickly after listing.
Appraisals are easy to come by. As soon as something closes it becomes the "most recent sale". And, with so many non contingency sales, they can close quickly after listing.
If you're mortgage - less, it's possible to sell in JTN, then move over to Narragansett or South Kingstown, duplicate your JTN house there AND put $300,000 cash in your pocket for your trouble. Families with children are doing it. Real estate markets on different planets.
Quote:
Originally Posted by independent man
An average house selling today for $600,000 in Jamestown can be duplicated in Narragansett or SK for $300,000. But, I'm sure from the woods of Maine, you know better. So, I'll defer.
Quote:
Originally Posted by independent man
While Jamestown prices may have always been insane, up until the last few years they have always trailed Barrington, East Greenwich & even the East Side, at times. No more.
Apparently, Jamestown hasn't held up as well as these places (it did not make the the top 10). Narragansett, Barrington and Providence (even amidst its surge in street crime) all did.
Last edited by massnative71; 04-20-2022 at 10:54 PM..
Apparently, Jamestown hasn't held up as well as these places (it did not make the the top 10). Narragansett, Barrington and Providence... all did.
Apparently, Jamestown's market had nowhere to go. Real Estate 101. Happy to see Providence, Coventry & Glocester doing so well (for sellers at least). Affordability is the issue.
Apparently, Jamestown's market had nowhere to go. Real Estate 101. Happy to see Providence, Coventry & Glocester doing so well (for sellers at least). Affordability is the issue.
obviously, they are affordable to some one, do they have to be affordable to all? Here in Glocester we receive weekly mailings from realtors looking for homes. Sell now with mortgage rates now at 5%. Homes will become unaffordable! I don't remember people not buying homes in Rhode Island when mortgage rates were 13.5% and housing tripled in value back in 1986 and 1987.
first, taxes always go up. That being said when housing values go up, per thousand taxation rate comes down. We saw a decrease last year in rate, but taxes still went up $200 for the year as home valuation went up. It could be worse for a small town like Glocester as homesites are limited because of lack of water and sewers. Also, much of Glocester is either ledge or wetlands. I am sure you know appraisal and sale price numbers are never the same. Should we have a town/city local tax of 10% on sales and get rid of the property tax? Is that sustainable?
Do you mean a general sales tax on all purchases or a tax on a house when sold?
It would have to be a general sales tax to generate enough revenue. It would be better to fund public schools with an income tax. Sales taxes are really regressive.
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