Narragansett, RI Real Estate News

By Ginny Gorman, Homes for Sale in Southern RI and beyond
(RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate)
The Narragansett RI 02882 Real Estate Market Statistics for December 2010 are as follows:         8 Narragansett RI homes sold, as follows:          2 homes sold for over $1 million          3 homes sold for over $400,000          1 home sold for between $300,000-$400,000          2 homes sold for less than $300,000   In December 2010 there were 149 Narragansett homes for sale which is a 14% decrease in the number of homes over the prior month of November 2010.  The home inventory has dropped again for the second straight month yet there is still a fine choice of homes  available at good prices.  Buyers are actively looking to make their purchases now as mortgage rates still remain at historically low levels.   Narragansett RI homes sold for December 2010 were down considerably from 22...
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By Ginny Gorman, Homes for Sale in Southern RI and beyond
(RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate)
  The Narrragansett RI 02882 Real Estate Market Statistics for the month of November 2010 for sold homes are as follows: 22 Narragansett RI homes sold, as follows: 1 home sold for $6.4 million 11 homes sold for over $400,0004 homes sold for between $300,000-$400,0006 homes sold for less than $300,000 Overall there were about 174 homes on the market during November 2010 in Narragansett RI which was a 7 % decrease in the number of homes on the market over the month of October 2010. The inventory level is still robust which means buyers have homes to choose from and be selective about.  However, choices of homes in certain price ranges has diminished as the inventory level continues to decrease.  Yet mortgage rates continue to remain at low rates for buyers with rates around 4.5 % which m...
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By Ginny Gorman, Homes for Sale in Southern RI and beyond
(RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate)
Why are Narragansett RI 02882 homes for sale such a big draw for out of state buyers as well as others?  There are many reasons but if I had to put it into a few words it would be the magnificent coastline and beaches!  Everyone seems to want to live in Narragansett RI when they query me about waterfront and oceanfront homes for sale in RI...it is a natural segue into why little ole Rhody is so recognized for its pristine environment of living. Having lived in Narragansett RI for a part of my life, I can say from experience that there is nothing like waking up to the dawn of the sun rising over Narragansett Bay...being able to walk the Narragansett Pier to our awesome Narragansett Beach (rated in the top 10 for the East Coast), enjoy fresh seafood in the fishing village of Galilee or ta...
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By Ginny Gorman, Homes for Sale in Southern RI and beyond
(RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate)
    The Narragansett RI 02882 Real Estate Market Statistics for October 2010 are as follows:                   13 Narragansett RI homes sold in this dollar range:                               4 homes sold for over $1 million                               6 homes sold for over $400,000                              1 homes sold for between $300,000-$400,000                              2 homes sold for less than $300,000 Approximately 187  homes are on the market during the month of October 2010 in Narragansett RI which was a 9% drop(19 fewer homes) in the number of homes sold over the prior month of September 2010.  The home inventory level is decreasing for the second month in Narragansett which means buyers have fewer homes to choose from and buyers need to not sit on the sidelines i...
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By Ginny Gorman, Homes for Sale in Southern RI and beyond
(RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate)
Some Narragansett RI homes for sale with their homeowners have just received word from FEMA that their flood plain maps have been revised and put on alert that flood insurance needs to be purchased by Tuesday, October 19, 2010 to get reduced rates.  There has been movement in the flood plain areas in Narragansett and about 150 additional homes require flood insurance now.  If you have a federally backed mortgage it is mandatory that you have flood insurance on your home if you are now located in a flood plain. The state of RI has sent letters to the impacted homeowners informing them of their flood plain change and encouraging them to take steps to protect their property.  It is really the Narragansett homeowners who did not require flood insurance before this change and now require it ...
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By Ginny Gorman, Homes for Sale in Southern RI and beyond
(RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate)
Harbour Island Narragansett RI 02882 - Waterfront Homes for Sales   One thing about the Rhode Island coastal towns is there is water, water everywhere like on Harbour Island in Narragansett RI 02882 - this is another gem of a waterfront community with waterfront homes for sale.  It is a little further north in Narragansett than the Great Island neighborhood I have written about but just as peaceful and serene for its residents.There are summer cottages, re-built homes and many new houses that have had their former replacements razed so a good mix of houses for all tastes await you.  I particularly like to be on the west side of Harbour Island on a friends' deck watching a beautiful setting sun.  The joys of home ownership whether for a waterfront summer home or year round home are here...
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By Ginny Gorman, Homes for Sale in Southern RI and beyond
(RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate)
It's that orange sticker on a Narragansett RI house that gets them inflamed!  It's BACK!!  The 1st Circuit Court of Appeals heard the grievance from the University of Rhode Island students versus the Narragansett RI Town Council on 'branding' of unruly, party homes on house front doors with a 10" x 14" neon orange sticker.  I wrote about this lawsuit in April in a post and it finally had it's day in court this week.  A court decision is due in a few months. Since Narragansett RI homes are rented out during the September to May school year to URI students for housing, the 'down the line' parties continue to grow and negatively impact the long term residents in these neighborhoods.  Narragansett is a great bay and ocean side community with lots to do and enjoy so quality of life is import...
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By Ginny Gorman, Homes for Sale in Southern RI and beyond
(RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate)
  The Narragansett RI 02882 Real Estate Market Statistics for the month of September 2010 for sold properties are as follows:                  12 South Kingstown RI homes sold:                     2 homes sold for over $1 million                      4 homes sold for over $400,000                      2 homes sold for between $300,000-$400,000                      4 homes sold for less than $300,000 Overall there were approximately 206 homes on the market during September 2010 in Narragansett RI 02882 which was a 8% decrease in the number of homes over the prior month of August 2010 (a decrease of 18 homes on the market).   The inventory level has decreased a bit but buyers still have an ample supply of homes to choose from and be selective about.  Realize also that mortgage rates cont...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"If we had no winter, the spring would not be so pleasant: if we did not sometimes taste of adversity, prosperity would not be so welcome." Charlotte Bronte Boy….yes! We are having WINTER in the real estate market! When is spring coming?! I took a poll the other day and most realtors in my area feel between 5 – 10 years: a rebound in the market. What will help this rebound: 1) Common sense underwriting by lenders! 2) Low interest rates 3) POSITIVE attitude among real estate agents and loan officers when dealing with the homebuyer 4) Careful financial planning by consumers: save $ for a down payment! 5) Loan modification approvals to KEEP homeowners IN their homes, thus reducing the number of homes for sale on the market. What do you think will help SPRING COME to real estate? Link To S...
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By Ginny Gorman, Homes for Sale in Southern RI and beyond
(RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate)
Every year at this time all of us wait for the Narragansett RI 02882 Beach Summer's End Festival which is happening today, Sunday Sept. 19, 2010, starting at noon and it is bound to be a blow out event for all!  Bring your chairs, blankets, coolers and your rocking bods because Brass Attack will be jazzing up the beach front with their incredible music blitz and it's all free music from 2 - 4 pm.  Now local merchants will have set up of their wares and food on the North Beach walkways, colorful kite flying demonstrations will be up in the air for all and hot dogs and hamburgers, beer, wine will be sold too.  If the minor meal goodies do not excite you stand by ...because for $30 each you can have up front concert seating and a steak & lobster dinner to take you through the afternoon.  I...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Don't judge each day by the harvest you reap; but by the seeds you plant." Every day we should focus on planting seeds: looking to grow our business; helping the next consumer; thinking of ideas to improve the market; making a better real estate market for ourselves and others. We need to work together to help make this market recover. 
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
- "One day in retrospect the years of struggle will strike you as the most beautiful." Sigmund Freud   So, when we look back upon this real estate market, will we think it was a beautiful time?  Does Freud mean struggle builds character?  We become better, stronger people because of the climb to get where we are? Does this Freudian phrase apply to all aspects of life?  Perhaps the real estate market is the exception?  I for one do not think this struggle has been beautiful!
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"If you had a friend who talked to you like you sometimes talk to yourself, would you continue to hang around with that person?" Rob Bremer - Speaker DO you talk to yourself throughout the day?  In the shower, while you do housework, while you are at your computer or ???? Would you want to have a friend who talks like you?  Yes, No?  Why not? Thanks for sharing!
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"Don't let your happiness be dependent on any object, person or situation." We need to be HAPPY with ourselves FIRST.  We need to LOVE ourselves FIRST.  Then we can find happiness in others and things and love being alive. So many people rely on others for happiness and to find life.  Let's find it in ourselves and then share the life within us with others. Have a GREAT day!
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"If you don't like something - change it. If you can't change it - change your attitude." Maya Angelou - Author and Poet So many people complain, sit around and do nothing. Then there are others who MAKE change HAPPEN. Complaining just annoys those around the complainer who have to listen to it. How many times have you been annoyed by: “This market is terrible. I can’t close a deal!” Well, maybe this is true, but what can negative people do to change? They must change THEIR ATTITUDE! If they start speaking POSITIVE, positive things will happen for them! Let’s make this a POSITIVE DAY!
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
TIME IS OF THE ESSENCE In this real estate market, how can any contract contain this clause?! There are soooo many factors now: short sales: take forever!; foreclosures: another timing issue; lenders want so much now. Especially from self-employed borrowers. “Time is of the Essence” is a clause in a contract/purchase and sales agreement, which states the time and date of the closing is imperative. If the time and date are not met, there is a liability for cancellation. If the cancellation is due to a title issue, there is usually no penalty, but outside of a title issue, penalties can be assessed and it is usually targeted to the buyer. So, when I received a call today from a realtor stating the closing is to take place on the home October 15 and time is of the essence for a property n...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
I received a call from a woman in Illinois who noticed my blogs on Active Rain.  She was trying to streamline refinance her loan, but the lenders she contacted stated since she was upside down, she could not.  Well, she has an FHA loan, which allows for a streamline with no cash out even if you ARE upside down.  I educated her on this fact and told her she needs a lender who is licensed with FHA.  I also passed along the lead to someone in Illinois who is licensed there.   Active Rain DOES have an impact on people's lives.  We are a community growing daily and we are out here not only for ourselves (at least, I hope not), but we are here to serve everyone.  If we can not help someone, we search out someone on this site who CAN help the consumer. Thank you creators of Active Rain!
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
"The time when you need to do something is when no one else is willing to do it, when people are saying it can't be done." Mary Frances Berry And, boy, is this the TIME!  There are properties GALORE!  The rates are low and there continue to be more and more properties due to foreclosures and short sales.  We need more than stimulus packages, we need SMARTS! I have written about this before, but I will continue to blog about it until someone takes NOTICE! Why should a stranger be able to purchase someone's home for significantly LESS, when the owner can afford THEIR home for significantly less, but yet the homeowner can not obtain a loan modification?  Does this make SENSE? I have proposed the following: "a SILENT 2nd department at every bank".  Wherein, the owner is financially qualifie...
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
Once you get people laughing - they're listening - and then you can tell them almost anything." Herbert Gardner   When you meet people, do you smile?  Try to make them laugh?  Or do you play it ALL business?     I believe showing a personality helps to bond any relationship in life, including professional ones.  Not too much, but just enough to show your human side.   What do you do?
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By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
George Wallace was hysterical on the MDA telethon.  Here is one of his jokes (from my perspective: not verbatim): He went to an IKEA store and saw a desk he liked.  He said to the store clerk: "I wish to buy that desk".  The clerk went off and came back with a box.  "What is that?" George asks.  Clerk responds "your desk".  "Looks awfully small" George replies.  The clerk states: "you have to put it together".  "Put it together?!  I want to buy that desk over there", George responds.  The clerk states: "You can't buy that desk.   That is for display only.  You have to buy the desk in this box and put it together."  George replies "That is stupid." So, George takes the box from the clerk and goes to the cashier.  Cashier gives him the total and George writes out a check and proceeds to r...
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Narragansett, RI Real Estate Professionals