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Top 5 Reasons to Buy in Providence Right Now

By stephanie - July 25, 2016
[caption id="attachment_4567" align="aligncenter" width="724"]165 BROWN STREET EAST SIDE OF PROVIDENCE, RI $769,000 | Single Family 3 Beds| 4.1 Baths 2,894 Sq Ft 165 BROWN STREET
EAST SIDE OF PROVIDENCE, RI
$769,000 | Single Family
3 Beds | 4.1 Baths 2,894 Sq Ft[/caption] With the prices of housing constantly on the rise – both for buying and renting – the ideal time to buy a home just about anywhere is right now. Don’t let your decision to buy a home linger any longer; there are lots of places to choose from, but Providence, RI is one of the best places around, and the longer you wait, the more the prices go up. Let us explain…. WHY BUY NOW? The first reason is one that we briefly covered – prices just aren’t getting any cheaper. According to a release from Standard and Poor (S&P), housing prices have increased a total of 24.5% since 2012, and they’re getting higher all the time. It’s simply not wise to wait any longer, and why would you want to wait on a place like Providence? Secondly, while housing prices have definitely gone up, mortgage rates are sitting at a low point for now. According to Freddie Mac’s recent mortgage rate chart, interest for a 30-year mortgage is at a record low of 3.41% - that’s only 10 points above the record all-time low of 2.70% recorded in 2012. You get a lower rate as well as your dream home, and if that’s not a good reason to buy your home now, I don’t know what is! WHY PROVIDENCE? Most people probably think that, because Rhode Island is such a small state, that there’s not much to do, and nothing it can offer. However, the opposite is true, especially in Providence! It’s so popular, in fact, that it’s recently received over 60% of the rental listing page views than any other US city, with homes only spending about 66 days, on average. The climate for business is nothing to sneer at, either; here we’ve been doing so well for ourselves that we’ve recently reduced our corporate tax rate from 9% to 7%. The city has eliminated the state tax on bills for utilities, as well as for Social Security recipients, both of which helps to make our state more competitive business-wise with our surrounding destinations. Our proximity to Boston and New York offers myriad benefits as well, such as:
  • An attractive and highly-sought-after waterfront setting;
  • Beautiful beaches;
  • Ski resorts;
  • Amusement parks;
  • Professional sports arenas, and many more!
The area is also affordable as well as trendy, and offers a slew of reasonably priced single family homes and apartments for less than half of what you’ll find in the surrounding locations of Boston and New York. For that, you get a lively and trendy atmosphere overall, as well as more bang for your housing buck. Overall, you’ll find that Providence, RI has many things to offer, if given the chance. I’m sure you can agree, we pride ourselves on our diverse and unique neighborhoods and overall culture, as well as:
  • The vibrant art scene;
  • Music festivals and concerts;
  • Food;
  • WaterFire (if you don’t know what that is yet, check it out here)
  • Coffee milk, which is a Rhode Island specialty;
  • Our very own species of hot dog, called the Hot Wiener;
  • Unique restaurant and bar scene;
  • Historic buildings and monuments;
  • Stunning scenery;
  • And so, so much more!
   

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Jim DeRentis
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