WALT'S WINDOW EPISODE 70

Episode 70 starts with a thought from hedge fund manager John Paulson. "I still think buying a home is the best investment any individual can make."

I have no doubt about that. So, let's find a few and buy them.

CLOSING KING

592 Tuckerman Avenue in Middletown is the Closing King. This 5,200 square foot mansion sold for $6.2 million and included the furniture. I see a party on that roof deck!

A manufactured home in Coventry's Ramblewood is The Duke. The 744 square foot home sold for $92,000.

2,407 properties are on the market. 1,348 are single families and 433 are condos. 272 closed during the week and another 326 went under contract.

BUYERS WIDEN THEIR SEARCH

I've seen this locally, with buyers initially focused on one area but then deciding to expand their searchto other communities, to have more choices.

Now, data indicates this is happening around the country. 60% of the online views in the nation's 100 largest metros went out of their home market. That's up from just under 50% in 2019. The number in our region is just over 58%. The highest is out West, where nearly 7 out of 10 widened their net.

BIG BANKS BET BILLIONS ON HOUSING MARKET

Wells Fargo, Citibank, Bank of America and JP Morgan are spending billions to improve the housing market. The cash is aimed at zoning reform, building code changes and new homebuilding to restore affordability and potentially expand the pool of mortgage borrowers.

JP Morgan's stake is $750 billion over the next 10 years. Obviously the so-called "big four" would all benefit from more borrowers.

MAKING IT EASIER TO BUY MANUFACTURED HOMES

The effort to make it easier to finance manufactured homes is getting a boost from the 21st Century Road to Housing Act. Big banks are now calling for regulators to find ways to legalize moretypes of loans for factory built housing products.

The industry has been haunted by the idea that "manufactured" meant low-quality. Eliminating that stigma will no doubt be part of the process.

WALT'S PICK IN THE MILLION DOLLAR RANGE

46 Middle Road in East Greenwich stands out to me in this bracket. It's 2,400 square feet with 5 bedrooms on nearly an acre of land. It's listed at just under a million.

I love the screened in porch and fireplace at a cost of about $425 a square foot.

There are 84 single families and condos in the $980,000 to $1.2 million range. 17 of are new listings. 14 went under contract during the week and 6 closed. These numbers remain steady week to week.

WALT'S PICK IN THE MEDIAN RANGE

I like the new contruction in West Warwick at 3 Teresa Ann Crossing. The home is in an HOA and has 1,830 square feet with 3 bedrooms and 2 and half bathrooms, and a garage.

There are 5 of these available, priced at $529,000. I think they'll sell fast.

There are now 160 single families and condos that are active between $480,000 and $530,000. 39 are new listings and 120 are single fams. During the week, 17 in this range closed and 24 went under contract.

SPOTLIGHT ON LINCOLN

Lincoln, Rhode Island blends suburban comfort, historic character and easy access to Providence and Boston. Homebuyers will find everything from classic New England homes and established neighborhoods to newer construction and luxury properties.

Lincoln also offers beautiful outdoor escapes, including Lincoln Woods. Plus, convenient highway access makes commuting throughout Rhode Island and into Massachusetts easier. For buyers seeking Rhode Island real estate with space, location and variety, Lincoln deserves a serious look.

There are only 49 active listings in our 17th most populated community that currently has just over 22,000 residents. 31 are single families - in a range of $1.8 million for a new contruction colonial, down to $75,000 for a manufactured home.

The median sold price is $550,000, which is only slightly above the statewide median. That's up by only $5,000 from last year. That number surprises me for such a popular community with great schools.

The Days on Market is up one day from last year, settling in at a brisk 22 days to sell a home here.

This week, it was Lincoln in the Spotlight, but Window archives include posts on Cranston, Newport, Middletown, Portsmouth, Tiverton, East Greenwich, Narragansett, Coventry, Cumberland, Johnston, North Providence, Barrington, Warren, Pawtucket, East Providence, Providence, Bristol Warwick, South Kingstown, North Kingstown.

QUIZ TIME.

We did not get a correct response to our New England quiz question so we will ask it again. What state was the first to declare its independence from England?

Send me your answers.

Thank you for reading the 70th Walt's Real Estate Window. Text me at 401-339-0090 when you're ready to buy or sell, and as always your comments and questions are welcome. Have a wonderful week!