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Old 05-29-2008, 10:58 AM
Location: Beautiful Rhode Island
9,359 posts, read 14,997,096 times
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Not sure if this should in the real estate forum, but I mean it to be RI specific.
Anyone have their house on the market now or within the past couple months? Just wondering how long it's taking to sell in the different communities? I know stats are down for prices but just wondering how things are being experienced by individuals trying to sell....

East Providence anyone? Cranston, Warwick, etc??
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Old 05-29-2008, 01:09 PM
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Hi Hollytree- we sold our house in Cranston in April. We listed it at the end of Jaunary, had an offer late February and closed on 4/15. It was only 9 weeks from listing to closing. We have since moved to NC. If you are interested in a great agent, DM me and I'll give you the info.
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Old 05-30-2008, 09:10 AM
Location: Beautiful Rhode Island
9,359 posts, read 14,997,096 times
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Thanks LJD, anyone else have any stories???
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Old 06-09-2008, 07:53 AM
Location: SC
9,101 posts, read 16,499,067 times
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Originally Posted by Hollytree View Post
Thanks LJD, anyone else have any stories???
I sold my house in Newport using one of thosee MLS packages where you essentially do not have a listing agent but you still get the same MLS exposure and exposure on the internet as if you did.

I listed it in May of 2007 and got an offer in September that I ended up accepting although it was a low ball offer that even after counter-offers was still lower than it should hav been. But I wanted to get OUT of Rhode Island so I accepted it and am glad I did.

In my case I got better exposure than I had the year before when I sold another property using an agent who certainly did nothing more than the minimum. I ended up doing the title work, the negotiating (He wanted me to accept a lower offer than the buyer ended up being willing to pay if you can IMAGINE that.) I took the pictures for the web, built a website, edited the pictures or RILiving.com and realtor.com etc since he was computer illiterate. I had a virtual tour done which the agent the year before didn't even do. For the amount of work he did and the deal the buyer got, the listing agent made an OBSCENE amount of money. So I decided to save that money the second time and do everything myself --since I did most of it myself anyway when I had an agent.

Here's how bad the real estate agents can be in Rhode Island. I started trying to sell one of my properties using an agent in the summer of 2005. This property had been completely redone with new hardwood floors, crown moldings, updated baths with a new kitchen with ceramic tile floors and lots of Silestone counters (even more expensive than granite) etc. etc. The so called "expert" "professional" realtors who were "top-producers" had my house priced too high so that all I got was a steady stream of tire kickers from summer of 2005 to the summer of 2006 causing me to miss the end of the sellers market. During this time I went through 2 different agencies. I finally underpriced it and it sold in 2006 through a third agent who made way too mjuch money for the work he did (but it could have been priced correctly in 2005 and sold for more money).

So watch out. It is possible to sell in a buyers market but buyers need to feel like they are getting a DEAL. This means get your house in spiffy show place condition and price your house the lowest of all other comparables and then expect a lowball offer and try to negotiate it up but ultimately you may have to take lower than what you'd get in a better market.

I'm glad I got out when I did. I bought a new construction home in Newport in the late 80's and watched the property value plummet and it 12 years before it came back up and was worth what I paid for it. I held on to it for another 6 years and it finally began to appreciate to about 2.5 times what I paid for it.

I never want to be married to a house again like I was to that one in Rhode Island. I also came across a great calculator that indicates it will be a while, for the most part, until it makes sense to buy again. So I'd get out now and rent for a while unless you can wait until 2012 or so when we might see the market finally turn around.

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Old 06-18-2008, 08:47 PM
Location: NW RI
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We just placed out house on the market 3 weeks ago. There are 6 houses for sale on our cul-de-sac, including a foreclosure. We have had a few calls, but we don't HAVE to move, we just want to, so we're not planning on selling for less than our target amount. If we can't get it we won't sell.

This house is GORGEOUS right now! All the years of projects we never quite finished are now finished and the house looks fabulous! Why is it you can get your house into showcase condition for other people but not for yourself! Oh well. At least we'll enjoy it for the summer! Of course, it may be much longer!

The market is scary now, but if you sell, you are still buying at at lower price, so it can even out. I think there have been some unscrupulous agents out there actually telling people to undervalue the houses so they can make some quick cash.

We had one realtor come here (and we live in a lakeside community, private beach, waterviews) who told us that we would have to price our house UNDER the tax assessment to sell! I have a feeling she does this to unload houses to keep a cashflow for herself since I had also heard from someone that she's been selling houses pretty quickly. That may be fine in some situations if you must move, but not for people in our situation. The realtor we ended up going with actually did research on sold homes, homes on the market and came up with a much more fair price. We'll see what happens.

I'm so tempted to buy that foreclosure! It's so cute, but is in serious dis-repair.
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