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Mike, Home Buyer in

Is it a good time to buy a summer home in Narragansett, RI? Where will the market go next and why?

Asked by Mike, Wed Jun 20, 2007

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Answers

8
Hi Mike,
Please call us if you'd like to have an in-depth conversation about purchasing a home in Narragansett, RI. We would be happy to answer any and all of your questions!
0 votes Thank Flag Link Mon May 13, 2013
This market will stay flat for AT LEAST another 5 years. Why? We purchased our first home in 1990, at the end of the 80's RI housing boom. For the first 4 years, that first house was worth less than the purchase price. Prices started picking up in the late 90's, and as we all know now, things got crazy by 2001. That housing recovery took over 10 years, and the economy was no where near as pitiful as it is now. Since this current mess started around 2007, do not expect to see anything promising til at least 2017.
0 votes Thank Flag Link Fri Jun 29, 2012
5 years of continued price decline and Realtors of all stripes continue to insist that THE BOTTOM IS HERE, BUY NOW! The answers on this thread say it all. Look at the Realtor's answer from 2007. Until jobs come back meaningfully and the large foreclosure inventory is finally sold off, expect the market to continue on a slightly declining slope.

A Realtor will ALWAYS tell you it's a great time to buy, ALWAYS. Do your own research.
0 votes Thank Flag Link Sun Feb 12, 2012
I realize that this question dates back to 2007. It is now 2010 and it could not be a better time to look for vacation property in Narragansett. The prices are nearly rock bottom and the interest rates are under 5%.

I can't predict exactly where the market is going next. I've seen signs of tiny price increases in certain areas. If I had a client who wanted beach property, I'd tell them to go for it now.
0 votes Thank Flag Link Mon Jul 12, 2010
Yes...prices are down, and so are interest rates; additionally, real estate offers tax advantages that most other investments can't offer (i.e. tax deductible interest, etc.). Real estate remains an attractive long term investment - and who wouldn't want to live in such a beautiful coastal community? Jay Readyhough, President - Bay Realty, Ltd.
Web Reference: http://www.baysold.com
0 votes Thank Flag Link Thu Feb 19, 2009
The economy is doing fine??? RI is officially in a recession. Dont take my word for it, read the reports. Im not saying now is a bad time to buy, I'm just saying watch who is giving you advice...realtors incomes have dropped significantly in the last year and are trying to drum up business. Do your research, and seek unbiased analysis.
0 votes Thank Flag Link Sat May 24, 2008
All markets are based upon supply and demand. We have relatively little land left in our state and our economy is doing fine. The addition of over 800 jobs in Newport at the Newport Naval Base has a strong effect throughout the area. So relatively low supply and decent demand.

The second home buyer has returned to the market in strong numbers this spring. Our activity is up significantly at Open Houses, internet inquiries and sign calls. I haven't seen so many sign calls since 2005. Like politics, all real estate is local. Each market and neighborhood can have positives and negatives based upon the economic situation and your lifestyle. Please contact me for more information.401 846 3800.
Web Reference: http://www.raveis.com
0 votes Thank Flag Link Tue May 20, 2008
Hello Mike,
This is a very good time to buy summer homes almost anywhere in RI. Prices have been pushed down slightly (and they're not likely to drop much further) and, of course, mortgage rates are still low. The market picks up a bit at the end of summer as more people start thinking about coming back next year, so this is a good time to start looking.
0 votes Thank Flag Link Mon Jul 2, 2007
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