News

The Rhode Island Association of REALTORS Forms Committee was busy in 2022 creating seven new forms and updating several others. Make sure you're on top of the latest changes.

According to November home sales data recently released by the Rhode Island Association of Realtors, just 660 single-family homes sold in Rhode Island last month, compared to 1012 a year earlier, a 34.8% drop. Pending contracts - deals in progress but not closed as of the end of November - dropped 40% from 12 months earlier. The decline points to a rapidly slowing market heading into 2023.

Warwick, R.I. – December 15, 2022 -- John Breault, Vice President of State-Wide Multiple Listing Service has been elected to the Board of Directors of Real Estate Standards Organization, taking one of the five open director seats for the board’s Executive Committee in 2023.

The Federal Housing Finance Agency (FHFA) recently announced targeted changes to Fannie Mae and Freddie Mac’s guarantee fee pricing framework by eliminating upfront fees for certain borrowers and affordable mortgage products, while implementing targeted increases to the upfront fees for most cash-out refinance loans.

Rhode Island’s home sale trends stayed steady in October, according to a report released today by the Rhode Island Association of Realtors. At $405,000 the median sales price of single-family homes rose 7.3% last month from October 2021. The ratio of list price to sales price remained stable at 100%.

 Starting on January 1, 2023, rental units and/or rooms that will be rented for 30 nights or less on a third-party hosting platform, including a real estate broker’s web site, Airbnb, VRBO, and others, must be registered with Rhode Island Department of Business Regulation before advertising the listing. 

 Starting on January 1, 2023, rental units and/or rooms that will be rented for 30 nights or less on a third-party hosting platform, including a real estate broker’s web site, Airbnb, VRBO, and others, must be registered with Rhode Island Department of Business Regulation before advertising the listing. 

The Rhode Island Association of Realtors has announced that Bryant C. Da Cruz, of Century 21 Guardian Realty in Wakefield, R.I., has been elected president of the nearly 6500-member professional association. The Association also announced four other new officers who will serve for a one-year term: Sally Hersey of Williams and Stuart Real Estate, President-elect; Christopher Whitten of Premeer Real Estate, Vice President, Thomas Sweeney of Sweeney Real Estate and Appraisal, Treasurer; and Michael Pereira, of June Realty, Secretary.

A year ago, Rhode Island’s housing market began to wane amid news of rising mortgage rates and continued low inventory. One year later, sales are still declining, while the median price of homes continues to rise year-over-year. However, third-quarter home sales data recently released by the Rhode Island Association of Realtors shows sales activity has declined significantly, while appreciation in the median sales price of homes sold has weakened, the median price itself remains above that of the third quarter of last year.

The Rhode Island Association of Realtors has announced that Agueda Del Borgo and Chris Whitten have been inducted into the Omega Tau Rho fraternity of the National Association of Realtors. Membership in the honorary fraternity is represented by the Medallion of Service which is awarded as a token of the high esteem in which inductees are held by their fellow Realtors.