Do you know how to prepare your clients and customers for the new lead laws? Many laws that impose new penalties are already in effect. The others will go into effect in 2024. The Rhode Island Association of REALTORS® has created a timeline to help you and your clients comply.
Warwick. R.I. – September 19, 2023 -- The median price of single-family homes in Rhode Island hit $450,000 in August, an 11.1% year-over-year gain according to recently released statistics from the Rhode Island Association of Realtors. While monthly median sales prices have not fallen year-over-year since January 2017, last month’s gain is the first time Rhode Island homeowners have seen a double-digit increase since June of last year.
Warwick, R.I. – August 22, 2023 – July home sales data reported by the Rhode Island Association of Realtors recently showed a small increase in the supply of single-family homes for sale in Rhode Island and a 7.3% year-over-year gain in the median price, to $440,000. A decrease in single-family home sales of 27.8% contributed to the increase in supply.
A listing broker offers compensation to cooperating brokers that is different from the amount that you want. Perhaps a listing broker offers no compensation at all because the property, such as a commercial listing or a rental listing, is not required to be listed in State-Wide Multiple Listing Service, or the listing broker and you are not part of the same MLS.
How can you legally and ethically be paid the amount that you believe that you’ve earned?
Owner-occupied two- and three-unit dwellings are currently not required to obtain lead certificates. However, that exemption will be eliminated, starting in January 2024. All pre-1978 rental properties, including owner-occupied two and three-unit dwellings, will need to comply with lead inspection and mitigation requirements.
The Rhode Island Department of Health offers financial assistance for qualified landlords and tenants. Providence and Woonsocket offer additional programs.
The RI REALTORS® membership database – a third-party vendor known as Rapattoni - has experienced an extended period of downtime. As reported on August 17th, Rapittoni has successfully restored databases for MLS, AMS, and all other products. Since then, they have moved on to configuring the application software and ancillary services required to get all of their systems up and running. This work is in progress and internal testing continues in order to ensure all systems are operational.
Transfers of brokerage requests are now online and free! Real estate brokers and salespersons looking to transfer to another brokerage can now do so online at the Rhode Island Department of Business Regulation’s eLicensing website. Please note, the person making the transfer must log into their own account with password and pin and do the transfer. The broker or administrative assistant cannot do it for them unless they have the codes to access the individual’s account.
Warwick, R.I. – August 10, 2023 -- A review of Rhode Island’s second quarter home sales reveals a continued increase in the median sales price of residential homes. At the same time, sales activity continued to drop compared to the prior year. The Rhode Island Association of Realtors released the sales data today, along with statistics that show buyers from other states remain a significant factor in Rhode Island’s housing market, particularly for homes priced at one million dollars or more.
Warwick, R.I. – July 20, 2023 – Today the Rhode Island Association of Realtors released June sales data which portrayed a local housing market that has seen little change. The median sales price of single-family homes continues to rise, hitting $442,700, a three percent year-over-year gain and a historic monthly high. Rhode Island’s annual price appreciation runs counter to the national trend which has seen year-over-year declines in recent months.