Real estate values on upswing

After a steep run-up in the first half of the 2000s, Ocean State home prices crashed from the 2005 peak all the way to 2012, when residential real estate hit rock bottom.

The good news is that these days, home prices are starting to develop a little positive momentum. Much of the disruption caused by the Great Recession, which led to large numbers of foreclosures, among other things, seems to have worked its way out of the system. The result is a far smaller number of distressed sales, which not only deprived individuals of standard-home equity gains but also depressed the values of other homes in the neighborhoods.

It is becoming a seller’s market, with multiple offers coming in for homes and buyers finding themselves beaten to the punch by waiting too long to make offers.

It is not likely that home prices will reach their previous peaks anytime soon. That would require a much more booming state economy (and a concurrent population increase). But for the first time in a long time, it might make sense to find a new house sooner rather than later. •

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