Browse condos for sale in Providence, RI with Robert Rutley.
In October 2023, Providence home prices were up 21.0% compared to last year, selling for a median price of $463K. On average, homes in Providence sell after 14 days on the market compared to 31 days last year. There were 103 homes sold in October this year, down from 134 last year.
Median Sale Price
# of Homes Sold
Median Days on Market
A Guide To
In Providence, RI
Providence, RI, offers a prime location, a diverse and welcoming community, a rich culinary scene, top-notch educational institutions, a variety of housing options, and excellent transportation connectivity.
Search for top amenities in each area and learn more about the history, schools, neighborhoods, attractions, and Providence condos for sale in the map-based guide by Robert Rutley.
Providence, Rhode Island, is situated at the head of Narragansett Bay, offering a historic and picturesque setting. The city's strategic location provides residents with easy access to the New England coastline, cultural attractions, and vibrant neighborhoods.
Providence fosters a diverse and close-knit community. The city is known for its friendly residents, community events, and cultural festivals that celebrate its rich heritage. Whether you're a young professional, a family, or a retiree, Providence offers a welcoming environment for all.
The dining scene in Providence is a delightful mix of culinary experiences. From renowned seafood restaurants to eclectic eateries, residents can savor a variety of cuisines. The city's commitment to farm-to-table dining and innovative culinary creations has earned it a reputation as a foodie destination.
Providence is home to prestigious institutions like Brown University and the Rhode Island School of Design (RISD). The city's educational landscape includes top-rated schools, making it an ideal location for families seeking quality education for their children.
Providence offers diverse housing options, including historic homes, modern apartments, and, of course, stylish condos. The real estate market in Providence, RI, presents an array of condominiums, providing residents with a convenient and luxurious living experience. If you're in the market for a home that combines comfort and style, explore the keyword "Providence, RI Condos for Sale."
The city's transportation infrastructure includes highways, public transit, and a walkable urban layout. Residents can easily navigate Providence and its surrounding areas, whether by car, bus, or on foot. The accessibility contributes to the city's dynamic atmosphere and makes it convenient for daily commuting.
A Comparative Market Analysis (CMA) is a tool used by real estate agents to value a home. It evaluates similar homes that have recently sold in the same area. Agents find comparable sales and use them to conduct a sales comparison. In most cases, an agent will find three homes that have recently sold and are as similar to and located as close to the home being valued as possible. Each one is then analyzed to pinpoint differences between it and the home being valued. Once these differences are priced out, the price of each comp is adjusted to see what it would cost if it was identical to the home being valued were it to be sold in the current market.
An appraisal is an unbiased valuation of a home based on a professional’s opinion. They are usually what mortgage companies use for home purchases and refinances. A lender usually orders a home appraisal and the cost of the appraisal, sometimes up to $500, is paid by the homeowner. An appraiser does a complete visual inspection of the interior and exterior of the home as well as taking into consideration recent sales of similar properties and market trends. The appraiser then compiles a detailed report on the home, including an exterior building sketch, a street map showing the home and any comparable sales, photos of the home and street, an explanation of how the square footage was calculated, and any other relevant information.
Lenders base the amount of their loans on the value of your property and usually allow you to borrow a maximum of 75% to 96.5% against your property. Knowing what your home is worth allows lenders to calculate your equity in the home. The more equity you have, the better terms you will receive on your refinance.
If you’re doing home improvement projects to increase the resale value, you want to make sure you’re not pricing it out of the market. If your home is already priced on the high-end for your neighborhood, making too many improvements could make it more difficult to sell. When you get a valuation, you can see how your home compares with others in the neighborhood and let this guide your home improvement decisions.
If you want to borrow cash against your home, getting a Home Equity Line of Credit (HELOC) could be a good option. To qualify, you must have a certain level of equity in your home. Most lenders require at least 20%. Getting a home valuation will help you determine if you qualify and will be used by the lender to make a decision on your loan.
Though it’s not a necessity, simply knowing the value of your home is good information to have. It will help you plan for the future and deal with unforeseen circumstances when you might be in a position that requires extra money or a quick relocation. Knowing how much equity you have in your home and how much you may be able to borrow against it or sell it for will help you respond to any financial curveballs that life throws at you.
My goal is to make your home sale or purchase simple, seamless, and complete by utilizing a full network of high-quality, real estate-savvy resources. Contact me for a confidential discussion on your real estate goals.
