News

Incentives available for landlords willing to help support households who have been experiencing homelessness.

Would you like to have input into issues that affect you and your profession?  Become a leader at the national level.  Apply to serve on the 2022-2023 National Association of REALTORS® Board of Directors by August 4^th. 

Warwick, R.I. – June 16, 2022 –Single-family home sales fell year-over-year by 8% in May while the median price of those sales rose 14.8%, to $419,000. Inventory continued to increase for the third consecutive month to a 1.5-month supply. While still well below the six-month supply indicative of a balanced market, May’s inventory of single-family homes for sale was the highest it has been since October of last year. The supply of homes available for sale takes into consideration the number of listings on the market in a given month and the rate of sales.

State-Wide MLS is set to release an upgraded Team module to Matrix effective July 20, 2022. Individuals working as part of a team will have access to several new benefits including enhanced displays, searching, and market-share reports.

Warwick, R.I. – May 19, 2022 – The median sale price of single-family homes sold in Rhode Island in April was $420,000, a 20.3% gain from 12 months earlier and the first time the median sales price has risen to $400,000 or above. The increased prices, along with rising interest rates, has slowed sales for the third consecutive month. Sales data from the Rhode Island Association of Realtors pointed to a 12.5% decline in sales compared to April 2021. Homes put under contract in April but not closed by month’s end, were also down by 20.2%, an indication that continued restraint in sales activity in the months ahead is likely.

It is easy to understand why some customers get confused when entering an “outside MLS” sale into Matrix. Is the transaction considered a “broker assisted sale” or a “reported for comp only sale” as contemplated by the MLS Rules and Regulations? Both are designed to allow for sales credit and added comparable properties. However, the appropriateness of when to use each is quite different. 

When consumers work with a team, they may assume that all team members represent them, even though that may not be true. To help consumers better understand their relationship with individual team members, the Department of Business Regulation has approved the following regulation:

Are you working with a buyer or seller of a home with solar panels? Here are five key questions to consider upfront.

Warwick, R.I. – April 28, 2022 – The $375,000 median price of single-family homes sold in Rhode Island from January through March represented a 13.7% increase from the same time last year. In a statement released today, the Rhode Island Association of Realtors also noted another sharp drop in year-over-year inventory in the first quarter.

Are you aware that appraisers are now required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®) Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals requiring interior and exterior inspections with effective dates of April 1, 2022, or later on loans sold to Fannie Mae.