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Greetings and Happy New Year for 2009! Never before (or at least not for a long, long time) has the greeting meant more. Needless to say, 2008 was a year to which most of us are saying good riddance. It certainly wasn’t a banner year in regards to many different categories, and the real estate industry felt the hit more so than many others. On the other hand, we should all try to keep things in perspective and realize that—although the economy has taken a hit, belts have been tightened, and budgets are being readjusted—there still are many things for which to be thankful.
We Are Thankful
Here at Gustave White Sotheby’s International Realty we are thankful for your past business and continued support and confidence. Just as importantly, we are thankful for the return of our co-owner and principal broker, Chris West. An unfortunate accident in early October involving Chris, Michele Kirby, and Kate Greenman, made us all realize that a faltering economy and a slowdown in the market really are secondary concerns when it comes to the health and well-being of our loved ones, family, and friends.
Real estate, as always, continues to be everyone’s favorite subject at holiday cocktail parties, family events, and general discussion at the coffee shop and deli. The questions have turned from “when is the bubble going to burst?” to “when is the bottom going to hit?” We didn’t pretend to know the answer to the first question a few years ago and don’t pretend to have an answer to the present question today. We can say with certainty though, that attempting to time the market is a very risky proposition. By the time you are certain that the market has peaked (or crashed), you’re more than likely months behind reality. Here at Gustave White Sotheby’s International Realty we strive to represent all of our clients with the highest degree of professionalism, utilizing both top-of-the-line and ahead-of-the-curve technology when appropriate, along with good old fashioned face-to-face and personal contact. Yes, e-mail is convenient, but a phone call and personal visit go a long way as well.
Year-end Statistics
Year-end statistics have been released in all the different categories having to do with real estate sales, and pretty much it is the same story across the board: sales and prices are down when compared to 2007 numbers. The Rhode Island Association of Realtor (RIAR) statistics show that, in Rhode Island, up to 26% of all single-family MLS sales can be attributed to distressed properties (either short-sale or foreclosures). In the last quarter of 2008, that number rose dramatically to approximately 40%! That being said, the median price today of $230,000 equals that of the median price at the end of 2003. Weren’t we all happy in 2003 with that same number?
Buyers and sellers are waiting to see what the Congressional Economic Stimulus Package will do for the market. Are a $8,000 tax credit to homebuyers and reduced mortgage rates going to be enough? will prices continue to drop? if so, for how long and how far? As noted earlier, we here at Gustave White Sotheby’s International Realty don’t profess to have all the answers, but we will give you the highest level of professional service while dealing with your real estate needs. We will keep on top of timely events and circumstances surrounding the economy and offer you sound and prudent advice while buying, selling, and renting real estate. We thank you for your continued support and look forward to helping you during 2009.
View Last Years Newsletter
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