Your Home Sold Guaranteed Realty — The Nathan Clark Team

Realtor Analysis: Is Providence a Buyer’s or Seller’s Market?

Whether you are buying or selling a home in 2022, knowing the state of the real estate market is important information. However, it can be difficult to determine what the state of the market is and it’s always changing. To help you make your home purchase or sale a success, we’ve taken the guesswork out of your real estate transaction. Find out here whether Providence is a buyer’s or seller’s market in 2022.

The Difference Between a Buyer’s and a Seller’s Market

There are several factors that determine whether Providence, RI is a buyer’s or seller’s market. These fluctuating factors are:

  • Inventory of homes
  • Recent sales
  • Pricing
  • Time on market
  • Market trends

When you compare and contrast these factors, you get either a buyer’s or a seller’s market.

So what’s the difference between a buyer’s and seller’s market?

A buyer’s market means that the market favors the buyers. There are more homes available than people who want to buy, giving buyers better prices and more power to negotiate terms of the sale. Since homes don’t sell as quickly, homebuyers can take their time and shop around before putting in an offer.

In contrast, in a seller’s market the conditions favor the seller. The supply of houses is limited, leading to increased prices and bidding wars. These conditions also cause sellers to have the power in negotiations for terms of the sale. Because homes for sale are scarce, it’s important for potential homebuyers to act as quickly when considering putting in an offer. 

Is Providence a Buyer’s or Seller’s Market in 2022?

So, is Providence, RI a buyer’s or seller’s market? In 2022, Providence, RI is a seller’s market. This means that:

  • There are more people interested in buying than there are homes for sale
  • Prices are higher
  • Homes sell faster

To illustrate this, the majority of homes were sold in 30 days with 55.3% of homes being sold above asking price in September 2022.

Further, this trend is expected to continue for the rest of 2022 because of two reasons. First, the Federal Reserve has increased mortgage rates which makes it difficult for families to afford a new home. Second, inflation rates have skyrocketed to their highest point in 40 years. When all goods and services are more expensive, it’s less likely the average family will be able to afford a down payment or a higher monthly mortgage payment. 

Buying or Selling a House in Providence, RI

With such a competitive seller’s market, it’s important to have an expert realtor by your side. Sellers can benefit from a realtor that can maximize their profits and sell their home quickly, while buyers can benefit by getting first access to homes to save money. With Your Home Sold Guaranteed Realty – The Nathan Clark Team, we have access to the hottest new listings for buyers and can help sellers sell fast and for top dollar.

Whatever your real estate needs, The Nathan Clark Team can help make your transaction a success. To get started, call us at 401-288-3557 or contact us here. You can also complete the form below for a quicker response.

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Nathan Clark $ 39 Cedar Swamp Rd, Smithfield RI 02917 401-288-3557
Nathan Clark, Owner/Broker
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