Providence, Rhode Island has seen strong home prices in the recent years as well as outstanding appreciation rates while enjoying an improving economy. Appreciation rates within the Providence area continue to track above the national average, and the equity gains, while at the national average, have recovered across most communities from the Great Recession. Real estate price increases are stable and for the most part sustainable. We continue to see a multitude of new buyers as the economy grows along with continued low-interest rates keeping affordable mortgage payments for all types of buyers looking for their next home. [Read more…]
Owning a home has always been synonymous with the American dream. However, many potential homebuyers feel that it is drifting further and further from their grasp.
In Providence, mortgage applications have begun to rise. 80% of millennials are saying that their biggest obstacle to obtaining home ownership is the cost that is involved. Being able to afford a house is the only thing holding them back from achieving their dream. [Read more…]
This week the Mortgage Bankers Association reported that mortgage application volume is on the rise again, fueled by a hungry buyer’s market. Though housing prices are up and available listings are down, potential homebuyers are not deterred by the tough market. Last week alone, the number of applications rose 2.4 percent currently bringing the number to 6 percent higher than last year. This is a great sign for the real estate market because it shows that consumer confidence is high. [Read more…]
Good news from the Governor’s office about the unemployment rates in Rhode Island. Since 2011, there have been 14,700 new jobs added in the state of Rhode Island and this month alone 2,200 more jobs will be added. The job growth marks a welcomed turnaround for the state economy, which was hampered by ongoing pension liabilities, slow economic growth, and public sector malfeasance. Fortunately, thanks to the efforts of state leadership, Rhode Island’s economy is now on the upswing and growing at a sustainable pace. The unemployment rate has fallen below the national average now at 4.5%. [Read more…]
Not too long ago, ambitious young professionals had to move to first tier cities like New York, Washington D.C., and Los Angeles to pursue their career goals. However, with the skyrocketing costs of rent, lower standards of living, and increased professional mobility thanks to technological advances, the attraction of major cities is on the decline. Now more and more young professionals are looking outside of the major cities to pursue their goals. One of the top ten most attractive cities pulling young professionals is Providence, Rhode Island. Between the unique history and burgeoning arts culture, the low cost of living, and abundant career opportunities, young professionals are finding everything they need right here. [Read more…]