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Swamp_yankee_ninja t1_je50plv wrote

No, If I had the 5% or more for a down payment I would would wait it out and live in a van down by the river before I spent it on a house in RI right now. High Interest rates and inflated home prices don’t mix, something has to give. It’s not just in RI, I watched real estate values spike after 2020 up north as well, people buying property up north, NH, VT and ME sight unseen in some cases. The pandemic unfortunately had people living in the cities thinking about wide open spaces, and man did they buy up property, this has caused value to go up and inventory to go down as well. Inventory in RI is at an all time low, however I’m optimistic that will change. The economy right now is like a train wreck in slow motion, some people are affected more so than others. If you have money, hold on to it as others may not, this will cause a sell off. People who bought homes in the past 3 years paid way over what they should have, they are dealing with a large mortgage payment, one or two monkey wrenches in their life and boom all done. Now times that by thousands.

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