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The Crash That Didn’t Happen

Jun 5, 2023 | RI and MA Real Estate Topics

Over the course of 14 months, starting in March of 2022, the Fed raised the interest rate 10 times, up 5%. The real estate sky was falling. Economists forecasted a crashing down of home values by between 10% and 15%. They shouted it from the rooftops in an act that could have been a self-fulfilling prophecy if based on sheer volume of the noise. But as Realtors®, we looked at each other and scratched our heads. If the laws of supply and demand still have jurisdiction in our world, how could prices fall with such low inventory?  With so much equity built up in the average homeowner’s home, how could we see another foreclosure crisis? How could people again be upside down on their homes? Our view on the ground just wasn’t adding up to the blaring headlines we were reading of the impending Crash.

The Crash didn’t happen…and with the pent up demand still exceeding the available supply, prices continue to rise again.

The Crash didn’t happen. We are again seeing values rise after a short period of flattening while buyers adjusted to the “new normal.”  We are still experiencing extremely low residential real estate inventory, but with the pent up demand still exceeding the available supply, prices continue to rise again.

Change in Home Values Graphic June 2023

If you have questions about the real estate market, don’t listen to the megaphones of the forecasters. Don’t get hung up on headlines. Ask a licensed Realtor®. At Homes By Connect, our trusted real estate agents are experiencing this market in real time and we can give you a real picture of what is going on. 

Katy Donovan is Owner and Principal Broker of Homes By Connect in Portsmouth, Rhode Island

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It’s Pick-Your-Own Season in Southern New England

It’s Pick-Your-Own Season in Southern New England

Aug 1, 2023 |

There are not many things that say summer in New England like picking your own fresh fruits and vegetables at our local Rhode Island and Massachusetts farms. The pick-your-own season in Southern New England runs from early June with strawberries and peas and wraps up with apple and pumpkin picking, usually until the first frost.

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