RI Realtor Sheil Says Houses $500,000 to $800,000 Are Hard to Find and Moving Fast
RI Realtor Sheil Says Houses $500,000 to $800,000 Are Hard to Find and Moving Fast
“We're almost 30% up this year to date in inventory, which is good for buyers, but that $500,000 to $800,000 home is still really moving quickly,” said Sheil while appearing on GoLocal LIVE on Wednesday.
We just had a deal at $550,000. We ended up getting eight offers, and it went well into the sixes. So that is still very busy because that's the starting rate,” added Sheill, a team leader for Mott & Chace Sotheby's International.
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Interest Rates
In May, inflation stayed flat at 2.4% and may be a signal that the Federal Reserve will move to cut rates in the near future.
"I think any rate cut that we can get is going to help. Because we're still seeing a massive amount of people looking at a house. You know, we just had 30 showings but you know only one person gets that house," added Sheil.
He predicts that if interest rates are cut, you will see a "rush of people" enter the market.