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swmill08 t1_jbtq58b wrote

What’s your pre-approval for?

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DrewCrew62 t1_jbtzc8l wrote

It really depends on what you’re looking for. My fiancé and I got a house for 265 in November, but it has work that needs to be done to it. We had to put in a solid month of work painting, hanging drywall (which wasn’t something we had expected to do) and getting floors refinished/replaced before we moved in. There’s definitely stuff out there for a lower price. It just depends on how much work you’re willing to do as well as what you can budget in regards to work after purchase

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clairedelunar OP t1_jbu48vk wrote

Replying to DrewCrew62 (#2,209,587)

That’s awesome - congrats to you and the fiancé on the new house!

We’re definitely not opposed to putting in some work like what you’ve described but also don’t want a major fixer upper either, which unfortunately seems like what’s out there currently. Inventory is just awful right now 😭

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Fine_Ad_4206 t1_jbu6433 wrote

How are Society is currently set up? Yes, they prefer you just rent forever.

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greensalamander t1_jbuajia wrote

... look into buying a two family and rent the second apt. Their rent pays for most of your mortgage. Then save for a few years and buy a single family when the market settles and you're in a better financial place.

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DrewCrew62 t1_jbuaq2r wrote

Replying to clairedelunar (#2,209,760)

Thanks!

We got exceptionally lucky; just right place/right time to get what we did. The roof has to be done sooner than later, but otherwise the bones of the house are in good shape (furnace, water heater, etc). It’s definitely a tough market, but all I can say is hang in there, and something will find it’s way to you

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tradedaily t1_jbuchnm wrote

What are you looking for? Where are you looking? How long have you been looking for? Might be the agent you’re using. (I’m not an agent)

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ProvBroker t1_jbuk083 wrote

If you’re pre approved for the amount you commented elsewhere then you’ll absolutely land something if you’re patient. I don’t know what your offers look like, but if you’re being reasonably competitive then there’s no reason you wouldn’t land a contract after a few offers.

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alohaHappycampers t1_jbumph9 wrote

im holdin out and savin all my pennies for wen they start sellin moon pods, a lil house on the moon

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TheMadQuahogger t1_jbuqfal wrote

192 results on zillow for single fam homes 480k or less and 3+ beds. Not sure what you are looking for.

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Mother-Pen t1_jbuwkna wrote

How do you feel about Elmhurst? I’m in the process of finishing up some projects that never got completed. 4 beds / 1.5 baths, office, fully fenced in front and back yard and I was planning to list around $425.

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401jamin t1_jbuyt7f wrote

Sorry friend I wouldn’t be able to afford another lol.

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dlamar1017 t1_jbuzy4e wrote

Replying to Peach_enby (#2,210,403)

Banks approve for way more than you're willing to pay, my wife and I bought a few years ago for <300k, but were approved for over 550k. If we bought somewhere for 550k we'd literally be house poor for the next decade

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CatH2222 t1_jbv13ll wrote

If I sell you my home, I won't have anywhere to live. It's a vicious cycle.

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Swamp_yankee_ninja t1_jbv1rdy wrote

Patience young millennial, allow the banks to crash again… wait and watch the dominoes fall, save your money and wait for the artificially inflated housing market to burst at the seams. You will know when the time is right.

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fossie125 t1_jbv2ev2 wrote

I'm a Realtor here in RI and it can absolutely be difficult navigating this crazy current market. I've had a lot of success with my clients over the last few years and love to chat and understand the problems you're having better. Feel free to DM me to connect.

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GlotzbachsToast t1_jbv3mfl wrote

A house came up for sale in westerly (where we are looking) the other week and we were legitimately so excited. It was a small bungalow, needed a little updating but would have made a perfect starter home for us. It was also under 400k and seemed too good to be true. It was close enough to where we live now that I walked by to make sure we weren’t being house-catfished.

It was pending sale literally 24 hour later. Didn’t even make it to the open house.

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Reward_Antique t1_jbv49ia wrote

I don't know if it's ok to suggest a realtor here (not me, not a relative- just a straight up good local) but if you'd like to dm me, I'd be very happy to recommend

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10takeWonder t1_jbv5s4z wrote

Replying to littylikeatit (#2,211,119)

idk i looked at some apartments and honestly they were a couple hundred dollars cheaper than a monthly mortgage.... and at least with a house I can sell it and potentially make a profit. personally it seems more responsible to buy to me.

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zackthegiant t1_jbv66zn wrote

Friend of mine listed his 3 bedroom in Warwick near Kent hospital for $350k, that just went up this week.

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DrewCrew62 t1_jbv6aq4 wrote

Replying to LongjumpingIce9899 (#2,210,010)

I mean my 2 bedroom apartment was about to go up to 1865 a month this may. My mortgage is a few hundred more than that. Considering I can refinance a lower interest rate when the time comes, it’ll be a wash considering how much rent keeps rising

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littylikeatit t1_jbv6e9s wrote

Replying to 10takeWonder (#2,211,162)

You’re highlighting all the benefits of homeownership - there’s are downsides as well. You can make a profit, but you can also be underwater just as easily. You also don’t have freedom to move as easily. You are also on the hook for unexpected expenses. I generally agree with you, but too many people think renting is “throwing away money.” I am cautious with elevated prices and unemployment ticking up. I would be patient, I think we will see a buyers market in the next few years

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10takeWonder t1_jbv7bru wrote

Replying to littylikeatit (#2,211,192)

yeah but then there's also downsides to renting, personally in my position it makes more sense to buy. I can also refinance when the market calms down but when does rent go down? again this is all anecdotal, just an opinion from my point of view and i know others personally in the same boat.

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AbStRaCt1179 t1_jbv8vi5 wrote

It's tough out there. We bought a home in Pascaog 8 years ago for 190k, right now we could sell it for 380k. If we bought the same house now, there is no way we could pay the mortgage. It's over 1k more.

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RivalSFx t1_jbvjuzb wrote

Don't buy now. Figure it out until this cycle of psycho changes.

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shortys7777 t1_jbvld93 wrote

475k cash and its yours. 3 bed, 2 bath. Master has its own bath. Fenced in yard. 10 minutes from providence. Every room expect one bath has been updated in the last 5 years.

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Jmac3366 t1_jbvu6t0 wrote

All you need is a Time Machine to go back to late 2019 early 2020 and you’ll be alright

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RIDG86 t1_jbw8kjk wrote

Replying to Mother-Pen (#2,210,809)

I’m OPs partner, and know she is open to Elmhurst. We lost out on a few bids in that area….she does have a Cranston preference at the moment tho, but we are taking every home in on a cae by case basis.

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RIDG86 t1_jbw9a2z wrote

Replying to TheMadQuahogger (#2,210,559)

Location of a home, the amount of work needed on any given property, and trying to max out on a housing budget all make a huge difference. We saw a house that was great, at 425k but needed work done…a quote for the bathroom alone was like 30 to 45k….

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clairedelunar OP t1_jbwcu8z wrote

Replying to tradedaily (#2,210,073)

We’re ideally looking for a 3bd/2ba with an updated kitchen that otherwise isn’t a major fixer upper (I’m cool with painting, refreshing/updating a bathroom, doing a few DIY fixes but I really don’t want to have to renovate a kitchen and/or live in a construction zone).

We are only looking in certain locations which is what makes it difficult: Cranston (Edgewood, Meshanticut, Eden Park, Garden City, western Cranston) and the Elmhurst area of Providence.

We do have an agent who is great! We’ve been looking seriously/making offers for the last 3-4 months. We were so close to getting a home recently (estate sale in Cranston in the Dean Estates area) but the inspection revealed some major issues and we had to back out to avoid buying a complete money pit. We were close to homeownership in December too but just got in at the wrong time- we had a backup offer on a house but the original deal went through (home ended up selling for $10k less than our back up offer)

We’re keeping our hopes up that we will land in the right home at the right time! I just took to Reddit to vent today cause it was one of those days lol

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etrnlhaze t1_jbwcwu0 wrote

Replying to Null_Error7 (#2,212,599)

they are the definition of economic inequality , bunch of over paid economic migrants from other states ruing our local economy with diversity and inclusion what a joke RI has become , we used think the mob running the city was a bad thing hahahah!!

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RIDG86 t1_jbwdydm wrote

Replying to [deleted] (#2,212,621)

Plenty of people are still buying, I’ve been to open houses that are packed, homes in certain desirable locations barely last a week, if that, before they are sold. So wtf are you talking about….

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RIDG86 t1_jbwe6os wrote

Replying to Constant_Aspect9955 (#2,212,615)

Now your catching on ! Yes, the inflated housing prices that have doubled if not tripled in the last three years are in fact too high. Your other comment had folks in my end question your intelligence but I said give my boy a second, he’ll get it!

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smokejaguar t1_jbwerr7 wrote

Replying to dlamar1017 (#2,210,946)

Yep. I bought after the financial crises in 2008, and our lender went on and on about new rules put in place to prevent that sort of crash again. We were still approved for an amount that, if used, would have resulted in us eating nothing but Ramen noodles for the next decade. It's insane.

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fossie125 t1_jbwfb75 wrote

Replying to Constant_Aspect9955 (#2,212,779)

How are they obsolete? Just curious your view. It is a trade like most others. Skills and education to assist a client in one of the most financially important purchases of their lives. Why wouldn't you want a seasoned professional on your side?

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clairedelunar OP t1_jbwfca5 wrote

Replying to etrnlhaze (#2,212,717)

Yeah that’s not us - we’re native Rhode Islanders who plan to live in this state forever.

And also, perhaps this will fall on deaf ears but maybe consider not referring to diversity and inclusion as a joke/something that’s ruining the state.

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RIDG86 t1_jbwfl5j wrote

Replying to [deleted] (#2,212,720)

If you bought your home, you participated in a market place, and if you bought at a decent prices it’s because it was valued based on how much the house was worth relative to supply and demand for similar properties. So sure your home is not a supply, but it is part of the supply. Not sure what your hang up is..

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RIDG86 t1_jbwgbaf wrote

Replying to Constant_Aspect9955 (#2,212,782)

I mean you went from declaring no one was buying, to stating only dummies are buying. We can wait if you want, but i can tell you your take is for sure wrong. Unless we build more housing, the best we can hope for is that prices flatten. But you are entitled to your opinion not to the name calling. You take is trash tho, feel free to try again.

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fossie125 t1_jbwh7ar wrote

Replying to Constant_Aspect9955 (#2,212,810)

You absolutely can do both online with today's technology. I am not arguing that. What I am arguing is the expertise that a professional does day in and day out to help their client that buys or sells a home every 7-10 years on average. I'm just curious why you say Realtors are obsolete?

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Mrsericmatthews t1_jbwkof6 wrote

I'm with you. Prices and interest are both wild right now too.

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Entire_Instruction95 t1_jbwmgaf wrote

Cash is king and patience is definitely key! One of these days, people will learn that RI is not a place to play minuscule internet pranks. If you’re going to be a Punk, ya’ll better stay the heck away from the Narragansett Rez. the swamp is not a fun place to be when the indigenous don’t agree with your greed and entitlement!

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scagatha t1_jbwy180 wrote

Replying to cojwa (#2,212,814)

The suburbs are depressing , I want to be close to where shit is going on, Pawtucket is where it's at. I work in a dive bar in the bucket and they try to convince me it's scary and and bad and I'm like, have you ever gone outside of RI? Have you ever worked or lived in the tenderloin or mission of SF or traveled the less than first world countries? GTFO with that, it's idyllic in comparison. Love poorbucket.

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Previous_Floor t1_jbx2iu7 wrote

Sounds like you're looking for 2018 prices in 2023. Good luck!

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realbadaccountant t1_jbx6cbh wrote

Replying to clairedelunar (#2,212,713)

Good on you guys for being patient. I know it can be hard when you’re gung ho about buying and sometimes if you squint, a house that’s not right for you looks like the right one.

We own but almost bought a house that cost 2.5x our current house with no additional square footage just to be 5 minutes from the ocean. Then it dawned on us: who gives a shit if you’re 5 minutes from the ocean or 25 minutes from the ocean? You still have to drive. Best decision we’ve made since buying our first house.

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PhilLovesBacon t1_jbx9kcu wrote

I'm a single male, 39, I just bought in Warwick at the end of August. $275K for a 3 bedroom, 2 bath, 1,100 SQ ft, about .15 acres. Places are out there, stay diligent and good luck!

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appslap t1_jbxbf50 wrote

We bought land in summer of 2019, sold our house at the end of 2019, locked into a really low rate during pandemic, finished building in 2020 and will never sell. Ideally if I ever move I’ll rent it out and it’ll cover my next mortgage. It’ll likely take a few years for rates to go back down but supply is still an issue.

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BlushesandGushes t1_jbxbmzs wrote

Replying to Null_Error7 (#2,212,603)

You have a fair point. Folks who bought with a 2% mortgage will not have incentive to sell. Historically low interest rates were used to stimulate the economy, then the government prevented evictions which meant that roughly 5% of the housing market that is typically in rotation no longer was; further restricting supply.

At some point foreclosures and evictions will need to return and when that happens you will have several years of pent up inventory hitting the market at likely the same time. It is also possible that this will coincide with the rise of unemployment, which is also at historical lows and at some point will return to a more normal rate.

Despite the fact that there is incentive for some with a 2% mortgage to stay put; life will continue. The elderly will die, people will be promoted and relocated, and empty nesters will downsize. Nothing is permanent, just like the fact that in the 1970s mortgage rates exceeded 10%. BITD the opposite thing was being said and folks were saying that people will never be able to buy a home because of the insanely high interest rates and the impact that had on the mortgage payment.

People complain about the economy right now. There is reason to do so; but just wait until the unemployment rate rate spikes and finding a job is more difficult. The amount of housing supply will increase, but those who will qualify for a mortgage will decrease and a portion of the population will remember the good old days of high employment, despite the increase in prices.

The key take aways, especially for young people, is that nothing is permanent. Save your money now, and pounce when the economic changes occur. Buy when the inventory returns. When the interest rates eventually fall, refinance. Just because this isnwhatnhas happened during your early adulthood doesn't mean that the world won't continue to find equilibrium to a state that you have yet to experience.

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RIFCSUPERFAN t1_jbxgkh9 wrote

Look in east Providence! I'm a 3-5 minute drive to the city and still have a yard. I will be selling my 3bed 1.5 bath but not until the fall likely.

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lizardturtle t1_jbxmtv0 wrote

Replying to clairedelunar (#2,209,732)

Don't discount Warwick. It's still in easy range for Providence (can't comment on morning commute traffic tho, I know evening commute can be hell for sure however), with a lot of good options and different sub-communities

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StreamingMonkey t1_jbxytoz wrote

Replying to cojwa (#2,211,800)

> For the market to crash the demand has to be lower than the supply

This is what people seem to not understand for New England in general. We have a supply issue, despite which way the economy or rates go.

There won’t be a “crash”, so people should simply buy when they see their dream house come available and always be looking.

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BingBong022 t1_jby86i7 wrote

I can sell you one, studio condo starting at $250,000 560 sq feet downtown Providence or a 4 bedroom house in Barrington 4000 sq feet for 1.8 million. I have a few other properties in between that range too

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BingBong022 t1_jbytbgf wrote

Replying to littylikeatit (#2,215,331)

Unemployment rate is 3.6%, lowest since 1969. Long term average is 5.73%. What it ticked up from 3.4 to 3.6? 🤣 O no it's the great depression! Get real, stop talking out your ass. The Fed has said numerous times that the labor market is proving to be more resilient than anticipated. January analysts predicted 187,000 non farm payrolls to increase by it went up by 517,000. February expected was 225,000 came in at 311,000. Just look at the numbers my guy

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Peach_enby t1_jbyyelb wrote

Replying to dlamar1017 (#2,210,946)

..OP could still spending 100k less and fine house within 30 minutes of providence

And no, banks do not always approve you for way more than you’re willing to pay

Very out of touch with people who are actually struggling to get approved for something they can afford

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Distinct-Ad5751 t1_jbz79o9 wrote

Replying to GlotzbachsToast (#2,214,179)

I used Annie Fox, she has a good network and got us the house we wanted and needed. There’s also Kimber Pope-Kettlety, she’s like the queen of So County real estate so I’m not sure if she’s accepting buyers as clients.

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dionidium t1_jbzteii wrote

Replying to Swamp_yankee_ninja (#2,211,024)

Fun fact: home prices in Rhode Island fell about 25% between 2008 and 2013. And that was the result of a historic recession caused by massive failures in the banking and lending industry, coupled with an extreme subprime mortgage crisis.

You’re not gonna get the banks failing this time. There is no subprime mortgage crisis. What we have is a lot of demand and not very much supply, because as much as everybody talks a big game about lowering housing prices, nobody wants a bunch of duplexes or triplexes or townhomes or condos built in their own neighborhood.

So everybody is fighting over the same houses, many of which were literally built 100 years ago, because no matter what anybody tells you, the people in this state value living in a museum more than they care about making housing more affordable.

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dlamar1017 t1_jbzzvkx wrote

Replying to Peach_enby (#2,216,134)

I'm not saying that's always the case but just my experience. My wife and I are both in fairly well paying fields and live in a (relatively) lower cost of living area, but we both had specialized degrees, 5 years of college each, and had to take out student loans to pay for it.

If we didn't come out of school with a mortgage worth of debt already, maybe we could have payed for a house that expensive, but the reality was that we knew our means better than what a lender would have wanted us to believe

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Paid-Not-Payed-Bot t1_jbzzwhb wrote

Replying to dlamar1017 (#2,217,750)

> could have paid for a

FTFY.

Although payed exists (the reason why autocorrection didn't help you), it is only correct in:

  • Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. The deck is yet to be payed.

  • Payed out when letting strings, cables or ropes out, by slacking them. The rope is payed out! You can pull now.

Unfortunately, I was unable to find nautical or rope-related words in your comment.

Beep, boop, I'm a bot

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etrnlhaze t1_jcd4ey4 wrote

Replying to [deleted] (#2,239,062)

Ill tell exactly what it is.... Sometime after 9/11 the political parties began to structure themselves like a MCdonalds.

They now sell us the BS diversity and inclusion candidates from god knows where and they have colonized almost every part of America under this new corpo-poltical cult system.

Now we cant fight them in anyway because we cant vote them out because they will just be replaced with members of the party . Cant go to war with them, most Americans are not even physically fit enough to walk a mile :(

All we can do is watch as our cities are entered into some globalist economy where no matter what , the residents of RI dont have the money to compete , and the government in collusion with these global financial systems , is only happy to accept THE CASH.

In short the USA is no more we are foreigners in our own lands . They should rename us THE CORPORATE ENSLAVEMENT STATES OF THE NORTH AMERICA ( we live in district one ) ..

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RhodeIsland-ModTeam t1_jceilmr wrote

Replying to [deleted] (#2,241,396)

Your Comment / Post was removed because it violates rule 1, This is a subreddit focused on Rhode Island. Please keep posts relevant to Rhode Islanders. Posting or seeking any identifying personal information will result in an immediate ban. No exceptions.

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