For those who bought their homes during the market boom of the early 2000s, today’s single-family home prices and hot market must be a wish come true.
Those homeowners weathered the storm of the Great Recession with many of them making payments on mortgages that exceeded the market value of their properties. Now, with a return of the market and even a shortage of inventory, prices have rebounded and they are able to downsize or move up depending on their circumstances without suffering a loss.
As reported in Tuesday’s Beacon, realtors expect market sales for August to mirror those for July, which were slightly off from June’s record. Looking ahead they see September as equally strong, although traditionally spring and early summer are the best markets.
Single-family home sales in Warwick have always outpaced other municipalities. Of the 1,092 single-family home sales recorded statewide for July, 120 of them were in Warwick.
Several factors are mentioned when realtors are asked why Warwick is so active. First, they mention the city’s central location, services and amenities as making it especially attractive. That’s what realtors refer to as location, location, location.
Quite obviously, there’s more to it.
There are more single-family homes in Warwick and the median price of houses here is lower than the state average and adjoining communities. There’s a “good/bad” take to such news. It’s great that Warwick offers opportunity for people, many with families, to settle in a community of strong neighborhoods, reliable services and corruption-free government. We look forward to the ideas and dreams these newcomers bring to Warwick.
On the other hand, the turnover of Warwick homes could also be viewed as an indication that, for some, the city is nothing more than an interim stop to some place better. Especially troubling –a reality check – are reports that potential Warwick homebuyers are looking elsewhere because of the prolonged contentious relationship between Warwick teachers and the School Committee. Even during years where the teachers have had a contract, the system has failed to run smoothly with a sense of shared goals and purpose.
Indeed, schools are not the only criteria with which home purchases are made. But surely conditions would be better for home sales, and particularly for those who call Warwick home, if the parties could mend this interminable rift.