Woonsocket Real Estate

Woonsocket Real Estate  

Tom Keith, Realtor - KW/Spectrum 

Hi Fellow Patchers. Tom Keith here, from Keller Williams Realty. I was born and raised in Woonsocket and I have watched the seasons change in this city for the last three decades. As 2014 rolls around, Woonsocket is finding itself faced with many challenges. Being a real estate professional, I am often engaged in conversations regarding the local economy, the current real estate market, and the pulse of the financial community. 

Anyone who stays up to date on Patch and other media outlets knows that the business climate in Woonsocket is a little rocky at the moment. We have seen our share of stores jump the border, leaving vacant buildings at every major location. Without a concrete business plan and a new administration taking over city function, things seem very uncertain. I do feel that the overall business economy will gain traction and be revitalized. However, the effects of this will not be felt for years to come. It is also my belief that things will dip before they eventually get better. 

One of the biggest hurdles this city is facing is the unfavorable tax rates. An important aspect in buying or selling real estate is the bottom-line. In an economy like we currently have, the dollars need to make sense. When showing prospective buyers a property, it is my duty to present my clients with the most pertinent information. Often times, the tax burden on a property can make or break negotiations. Keep in mind, even if when you've finished paying off your mortgage, you will still have that tax bill each quarter. The tax rates are scheduled to increase over the next few years, while the Homestead Exemption is decreasing.

As the Sales Associate on my team, I instruct sellers to consider the effects of the future tax rates in deciding whether or not to sell, and more importantly, when to sell in order to maximize returns. The short answer is this: housing prices probably will not go up faster that the tax rate does, so the best time to sell is TODAY. 

For buyers, the interest rates are so favorable right now that buying a home is one of the soundest financial moves at the moment. This actually makes the real estate market very complementary on both sides of the transaction. It's a good time to sell and a good time to buy, depending on your situation. 

Likewise, investment in property throughout Woonsocket has such great potential right now. The market value of many multi-family properties in the city seems to be at rock bottom prices. Some properties come fully rented, some take a little more hands-on work. As the local economy stabilizes, the local renting market with adjust accordingly. Soon you will see landlords raising their rents to correspond to the demand (if you haven't already). My advice: Get in while the gettin's good. 

I look forward to opening a discussion here and please share your story below. If you know anyone that is in the market or even just considering, please feel free to pass along my info. I appreciate referrals. 

You can feel free to contact me with any questions you may have. Merry Christmas and have a great 2014!

Tom Keith
(401)529-6468
tom@spectrumrec.com
tkhouses.com
KW Leading Edge/Spectrum Team