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RI real estate market frustrates buyers; some give up on buying homes
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Buying a home in Rhode Island? Be prepared to shell out around $349,000.
That was the median sale price of a single-family home in April, according to new statistics from the Rhode Island Association of Realtors. The price tag represents a surge of more than 18% over April of last year a rise fueled by the state s sparse inventory.
Joshua Deaner, an agent based in Providence with Mott & Chace Sotheby s International Realty, calls it a perfect storm.
One of his clients has now put in offers on five homes, waiving inspections on two, and still hasn t been able to secure one.
“I feel bad for them because they’re expecting their second child, and they’re doing everything right, and we’re getting there right away and putting in a very complete, thorough, really strong offer, Deaner said. But other buyers just either have a rich parent or relative, or are willing to pay even a higher price, or the terms are better.