According to the Rhode Island Association of Realtors on Friday, sales in single-family homes rose 16% in June
, in comparison to sales the same time last year. This is relatively good news, since the month of June is generally a great month for home sales in real estate. However, this month seems to be extra special, according to Realtors Association President Victoria Doran:
“Typically June is the most active month for home sales but this year was exceptional. Consumers are finally realizing that we have seen the bottom of the market and they’re questioning how long interest rates will remain low. Activity is up, homes are moving and the distressed inventory is quickly diminishing.”
When it comes to home investment, its best to lock in a good opportunity when you see it, especially when you're ready to buy. The main reason being is that you'll avoid any short-term spikes. Doran hits the nail on the head by mentioning that consumers are finally realizing the industry has hit its bottom. More potential buyers are jumping on the opportunity to buy a property, mainly because they don't know how soon the opportunity will last for low interest rates. CNNMONEY: 5 things to know about rising rates
Rhode Islanders have seemed to have gotten the memo this year since there were 945 houses sold in June, an increase from 815 houses sold last year.