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Forever a renter shall I be?
An Essex Properties unit at "The Lofts at Allen Street," newly-built
loft space for sale in Woonsocket.
photo by Reza Corinne Clifton
There is good news nestled somewhere within the current climate,
and Duggan is happy to share it. For instance, rental rates have stayed
stable in spite of increases that many saw in their mortgage rates and
interest rates are still historically low. In addition, says Kate, "if
you're a first-time buyer or a buyer that doesn't have to sell right
now, it's a good opportunity right now to buy." Many banks and owners
alike are in a rush to dispense of property, which gives the buyer the
advantage.
"A lot of people that are renting don't even know that they could
potentially be buyers; they've never explored it. If you're paying
$1300 a month in rent, you could own a house for $1300," says Duggan.
"If you are a renter and have ever thought about buying, it's a good
time to explore getting pre-qualified and getting into a house. It's a
great time."
But as you'd expect a trained lawyer to warn, don't forget your
council, says Duggan, a very real possibility in today's climate, where
she sees many people undervaluing realtors. "People end up thinking
that realtors just show up then that's it. But there is much more that
goes into real estate transactions," Duggan explains, "things that are
never really seen on the frontline. The easy part is finding a person a
house . . . the hard part is keeping it together." But as Duggan
demonstrated, keeping it together is the challenge all the way through.
For more information about Essex Properties, visit
www.essexre.com. For more information about Adjustable Rate Mortgages,
Foreclosures, and other important real estate and finance info, visit www.federalreserve.gov.
Reza Corinne Clifton is the publisher and editor of
www.RezaRitesRi.com, a news and events website for Rhode Island's
ethnically, artistically, and socially diverse. She is a 2007 RICJ
Metcalf Award Winner for Diversity in the Media.
photo courtesy of
Clifton
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