The realtor remarked surprise at the slow spring market.
Well, that's what you get when 58% work for a living while 41% vote for a living...
In Rhode Island, ranked eighth out of fifty-one jurisdictions (50 states plus DC), being on welfare is equivalent to a salary of $26,100 ($12.55 an hour):
Not bad ...
That fact discourages people in the know from purchasing property:
I finished my taxes recently: despite being unemployed (and actively seeking employment) my tax rate (including federal, state, and property) was 32%.
I'm selling because I can't afford it. And my income is well up at the 81st percentile of the nation:
This house is at around the 71th percentile (70.6) for Newport County:
But Newport prices are over TWICE the national average (same link: 215% to be exact).
So this is the math:
$480K = 70th percentile ==> 100th percentile = 480K ÷ 0.70 = $685.71K
National 100th percentile = 685.71 ÷ 2.15 = $319K
So our price is 'way beyond the reach of most people in the nation.
Now, TBTG there still are people living beyond the national 99th percentile, so there is indeed hope.
But no immediate expectation.
We've seen this curve before, taking huge dips in 2008 and 2012:
Gosh. Any correlation with national elections?
So we know where to lay the blame.
Enjoy... (or not... :-(