This week, Rich and Cherie talked with Brenda Clement, executive director of Housing Works RI, a coalition of over 100 agencies, addressing the state’s current housing crisis, to talk about Question 9 on the Rhode Island Ballot.

Approval of this referendum would permit the state to spend $50 million for affordable housing creation, which will in turn allow access to $450 million in available federal housing subsidies and private loan; the $500 million would be to create an additional 2,000 affordable housing units statewide by 2010.

Homes have been steadily increasing in value in recent years, which has been a good thing for most of us, but the dramatic rise has priced a lot of first-home and moderate income buyers out of the market.

Here are nine good reasons to vote yes on 9:

1: Housing prices have skyrocketed: The average Rhode Island house costs $283,000, double what it was in 2000. The average two-bedroom apartment now rents for $1,150

2: Rhode Islanders are priced out: Rhode Island families that earn less than $50,000 cannot afford the median-priced home in any community.
 
3: Local communities know best: This bond will create homes that fit with the community’s character and meet city and town planning guidelines.
 
4: Old buildings deserve new life: This bond will build new homes and rehabilitate abandoned houses, mills, and other buildings, creating new places for Rhode Islanders to live.

5: Many Rhode Islanders will benefit: Everyone knows someone who needs help with the high cost of housing. This bond will help hourly wage workers, senior citizens, and young families.
 
6: The local job market needs a boost: Employers say the high cost of housing makes it hard to expand. This bond will create the affordable homes the economy needs in order to add jobs.

7: Built “affordable” will stay affordable: The homes created with this bond will be affordable – by law – for at least 30 years. This bond will help generations of Rhode Islanders.
 
8: It’s a good investment: This $50 million bond will generate another $450 million in financing from the federal government and private investors.

9: Your “yes” goes a long way! This bond will more than double the number of affordable houses and apartments currently being created. Vote Yes on 9!

To find out more about Housingworks Rhode Island - visit:

Housing Works RI

Vote Yes on 9

This weeks Real Estate Insight.
Some fear that building affordable housing burden their communities with higher costs, for education and other services, but without adequate housing, Rhode Island cannot attract or keep the workers required for a thriving economy. Studies released last spring found that high housing prices have harmed Massachusetts’s ability to regain jobs lost in the 2001 recession. Employers cite housing as a prime reason they expand elsewhere. Voting yes on 9 is good for everyone.

Home inspections are a win, win, win for everyone involved in the transaction. Buyers learn about the property up front, so they can proceed with greater confidence and peace of mind. Keep in mind that very often items on the inspection list, while not structural or physical defects, become negotiating points for buyers, so lately I have been recommending a pre-listing inspection to my sellers.

This week Rich talked with Doug Roach from Amerispec, the nation’s number one Home Inspection Company.  One fact came up that I think people should keep in mind when choosing a home inspector, is that there are presently no laws regulating home inspectors in Rhode Island, so it is vital that you hire a reputable inspector, ask for referrals if you do not know a reliable inspector. Here are the highlights from the National Association of Realtors survey Rich quoted:

NAR Home Inspection Survey