Thursday, July 22, 2010

Single Family Home Sales and Prices Increase in June

The number of sales and median price of single family homes increased in June according to statistics released today by the Rhode Island Association of Realtors.

Eight hundred and ninety-seven (897) single family homes were sold last month, far surpassing the 667 sales of the previous month. Sales were up 11 percent from the June 2009 level of 805.

Median price rose five percent from a year ago to $220,000, and just over 10 percent from May's median price of $199,900. With the exception of February of this year which saw a small decline in sales, the number of sales has increased year over year every month for the past 15 months and median price has increased since November 2009.

While statistics show that sales volume historically jumps significantly from May to June, it appears that the tax credit originally set to expire in June was also a factor in larger than normal gains from month to month.

For more information, read the full story here.

With interest rate at their lowest in 35 years, the time to buy is now before prices rise.

As always, if you have any questions about Rhode Island real estate, call me at 401-338-5102.

Wednesday, July 7, 2010

Providence Restaurant Week


Do you often look at an ad or sign for a restaurant you've never been to and say "We need to go there sometime." Well, here's your opportunity to try a new place and maybe find a new favorite

Providence Restaurant Weeks 2010 will be held July 11-24. Choose from more than 90 Restaurants who will be offering:

$12.95 for a three-course lunch
$29.95 for a three-course dinner

Go to the website and click on the restaurant name to view menus and make reservations.

Bon Appetit!

Thursday, July 1, 2010

Congress Approves Tax Credit Extension

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623).

The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.