Rent vs Buy in College Hill>Question Details

Liz, Renter in Providence, RI

Is it a good time to buy a condo/house on the East Side?

Asked by Liz, Providence, RI Tue Apr 30, 2013

I've been renting an apartment for the past 3 years in College Hill. I want to move out and find something larger and quieter. Most apartments I see for rent in this area are trashy but apartments/condos for sale are beautiful. I'm considering buying but I am a little afraid of the investment especially because I don't know if I will stay here long term. Is it a good time to buy in terms of mortgage rates and home prices in the East Side area of Providence? The rent of the places I am looking at are around $1,300.

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7
Liz, it's a great time to buy. Rates are still pretty good and the prices are still low. If you need any help please hit my contact button and send me an email. We have some units on the east side that you might be interested in.
0 votes Thank Flag Link Wed May 1, 2013
Hi Liz,

I'd be happy to talk with you about your options and the pros and cons of buying right now on the East Side. I'm based here (office on Elmgrove Ave.) and familiar with the rental and condo options and issues in our area.

Lise Holst
Coleman Realtors
135 Elmgrove Ave.
Providence, RI 02906
cell: 401 330-8813
office: 401 454-2694
0 votes Thank Flag Link Wed May 1, 2013
Hi Liz. The appropriate timing to buy is quite variable. We are still enjoying a buyers market right now, but I would like to talk with you about your circumstances rather than give you a one sized fits all response.
I am a licensed real estate agent here in RI and would love to talk with you and offer some guidance. If you'd like, feel free to contact me on my cell at 401-829-3633 or email me at laura@velocitysolutions.com

Kindest Regards

Laura Lass
0 votes Thank Flag Link Tue Apr 30, 2013
Hi Liz, Now is a great time to buy. Interest rates are still very low - it's almost like free money. The market is finally starting to change in a very positive way, since inventory is moving a lot faster and there is less to chose from. That being said, you would be buying at the beginning of the upswing, so if you do decide to leave the state in a few years, your property will more than likely appreciate during that time. The first thing you should do is sit down with a mortgage professional to get pre-approved so you know exactly what price range you should start looking in. I am a full time Realtor and can recommend a mortgage broker to you and help you make one of those beautiful condos your own. Please contact me at 225-0316.
Elaine Blomenberg
Albert Realtors
0 votes Thank Flag Link Tue Apr 30, 2013
Hi Liz there really is no bad time to purchase, it all depends on motivation. That being said mortgage rates are still low depending on credit score, I could recommend a loan officer to speak to you if you'd like. Being afraid is a normal part of buying a home, after all it is a huge undertaking. The market is changing in most areas with low inventory its becoming more competitive for buyers which will slowly raise sale price. It's important to find a full time Realtor who you feel completely comfortable with. Let me know if you would like to discuss your plans further. Have a good night
0 votes Thank Flag Link Tue Apr 30, 2013
Hey Liz, I specialize in College Hill and East Side, among other areas here, as I went to Brown and have lived here for many years since. Talk to me, and I'd be happy to help you out! Joshg@alumni.brown.edu or 401 527 1994.
0 votes Thank Flag Link Tue Apr 30, 2013
It would be a good idea to talk with a local market expert. Maybe talk directly with a Realtor in your area. They should be able to assist with market information and link you with a lender.
0 votes Thank Flag Link Tue Apr 30, 2013
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