Along with a major shift towards online real estate services, low rates and even lower inventory, perhaps the biggest trend we saw in real estate throughout 2020 was the massive migration from metropolitan areas to smaller cities like Providence and second-home markets such as Aquidneck Island and other coastal communities throughout the Ocean State. 

The Covid-19 pandemic shifted many professions from in-person daily operations to the digital realm. With the ability to work and attend school/university remotely, time spent at home and personal space for productivity has never been more valued. Competition will not cease to exist in 2021.

Without the need to be at the corporate office on a daily basis, getting out of densely populated areas and moving to areas that offer more space, outdoor amenities and the ability to move away from the costly burden of city living has been a prerogative for many city-dwelling professionals. 

Unfortunately for many active buyers, there is extremely limited inventory for sale.  According to the National Association of Realtors, inventory in December of 2020 was down nearly 15-20% compared to previous years.  We can confidently anticipate similar expectations for 2021.  Interest rates will likely remain low and with the uncertainty of the pandemic still looming, there’s a strong possibility that inventory will as well.  

Like any market, real estate prices are determined by a supply and demand relationship.  The current climate gives sellers the clear cut advantage in the market, leaving a deep pool of qualified buyers being forced to compete for the limited houses currently available.  When inventory is low and demand is high, prices rise.  

What do these higher prices mean for buyers?  Buying a home in a seller’s market means you absolutely need to find out how much you can really afford.  Commit to stay within a budget no matter how much external pressure you feel and work with a qualified lender to help assess your own personal situation.  

Having a trusted and experienced local agent who knows how to navigate this sector is extremely beneficial and in my opinion, they key to navigating a competitive market.  In the State of Rhode Island, sellers pay the broker commissions, meaning buyer representation comes at no cost to a purchaser.  

Working with a qualified realtor will help you compete for properties as well as give you the inside track on new listings and homes coming to market.  

If you have any questions about real estate in Rhode Island, please feel free to contact me directly at 401-241-1851 or TylerB@RemaxNewportRI.com

Open Houses This Weekend: January 16-17, 2021

Presented By People’s Credit Union

Newport

3 Third Street | $735,000

2 bed, 1 bath. Open house on Sunday from 1 pm to 3 pm

50 School Street #3 | $1,495,000

2 beds, 2.1 baths. Open house on Sunday from 1 pm to 3 pm

50 School Street #2 | $1,295,000

2 beds, 2.1 bath. Open house on Sunday from 1 pm to 3 pm.

50 School Street #7 | $1,995,000

2 beds, 2.1 baths. Open house on Sunday from 1 pm to 3 pm

50 School Street #8 | $2,879,000

4 beds, 4.1 baths. Open house on Sunday from 1 pm to 3 pm

Middletown

4 Ellen Road | $439,000

3 beds, 1.1 baths. Open house on Saturday from 12 pm to 2 pm

Portsmouth

36 Glen Meade Drive | $299,900

2 beds, 1 bath. Open house on Sunday from 1 pm to 2:30 pm.

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Tyler Bernadyn

WUN's Tyler Bernadyn is a born and raised Rhode Islander who proudly calls Newport home. Tyler works as a full-time realtor with the Fitzpatrick Team at RE/Max Professionals of Newport. He also bartends periodically at local favorites Midtown Oyster Bar and Caleb & Broad.

When he’s not working, he enjoys spending time with his two dogs, Bella & Red.  Feel free to contact him at directly at 401-241-1851 or TylerB@remaxnewportri.com,