If you are finding it difficult to purchase a property in the current real estate market, you are not alone. The Rhode Island real estate market continues to experience low levels of inventory, however continued low interest rates and an improving employment climate have created a flux of buyers who are ready and eager to buy. Simply put, the supply can’t keep up with the demand!
According to an article published by riliving.com, Rhode Island saw a 14% decrease in available homes for sale in June 2016 as compared to the year prior. Massachusetts is experiencing a similar atmosphere, as an article published by the Boston Globe notes that in June of this year there was so little inventory available that nearly half of newly listed properties in the Greater Boston area were off the market with accepted offers in less than two weeks.
In such an environment, buyers often find themselves in “bidding wars,” in which multiple buyers are vying for the same property. This can be a very frustrating situation for a buyer, especially if they jumped to action quickly only to find out that several other buyers have done the same. So how do you persevere and successfully purchase a home in this environment? This blog is dedicated to educating home buyers on how to successfully navigate what can be a very competitive bidding process so that all buyers can realize the dream of homeownership.
