Tag Archives: investing

What To Expect When Closing On Your House

If you’re a first‑time homebuyer, or even if it’s been a while since your last purchase, this video will walk you through exactly what to expect on closing day so you can walk in confident and walk out a homeowner.

Let’s start with the basics.

Closing — also called settlement — is the final step in your residential real estate transaction. It’s the moment when:

  • Money changes hands
  • Documents get signed
  • Ownership officially transfers
  • And you get the keys to your new home after the Deed is Recorded

Think of it as the finish line of the home‑buying journey.

Before you even sit down at the closing table, a few important things happen:

1. Final Walkthrough

Usually within 24 hours of closing, you and your agent walk through the property to confirm it’s in the same condition as when you made the offer and that any agreed‑upon repairs were completed.

2. Review Your Closing Disclosure

Your lender must provide this at least three days before closing. It outlines:

  • Your loan terms
  • Closing costs
  • Prepaid taxes and insurance
  • Cash needed to close

Review it carefully — this is your chance to ask questions before signing anything.

Now let’s talk about what actually happens during the closing appointment.

You’ll Sign Documents

A lot of them. These include:

  • The promissory note
  • The mortgage or deed of trust
  • The settlement statement
  • Various disclosures required by state and federal law

You’ll Bring Your Funds to Close

This is usually done via certified funds or wire transfer. No personal checks.

The Title Company or Attorney Finalizes Everything

They’ll:

  • Verify your identity
  • Confirm the lender has funded the loan
  • Record the deed with the city or town
  • Issue your title insurance policies

Once everything is signed and recorded… you’re officially the owner.

After closing, you’ll receive copies of your documents — either digitally or in a physical folder.

You’ll also get:

  • Your keys
  • Garage door openers
  • Any appliance manuals
  • And sometimes a welcome packet from the seller

From here, you can move in, change the locks, and start making the home your own.

If you found this helpful, please subscribe for more real estate tips, homebuyer education, and Rhode Island market insights.

If you’re thinking about buying or selling a home — or you want to understand the closing process in more detail — reach out anytime. I’m here to guide you every step of the way.

Thanks for reading, and congratulations in advance on your closing day.

Providence Housing Market: A Resilient Outlook Amid National Trends

For months, we’ve all been hearing about how the housing market is “stuck”—high mortgage rates, affordability challenges, and cautious consumers. Home Depot’s most recent analyst call echoed those themes, pointing to weak housing turnover, consumer uncertainty, and the absence of storm-driven demand as drags on their sales.

But here’s the thing: while those national headwinds are real, Greater Providence continues to show resilience. Let’s break it down.

📉 National Trends That Hit Home

  • Housing Turnover Slows: Across the country, fewer people are buying and selling homes. That means less remodeling, less furnishing, and fewer big-ticket projects.
  • Consumer Caution: Shoppers are deferring discretionary spending. Kitchens, bathrooms, and flooring projects are being put on hold until confidence returns.
  • Storm Activity: Believe it or not, storm seasons drive demand for repairs and rebuilding. A mild season means less of that emergency-driven activity.

📊 Greater Providence Snapshot

  • Inventory: Just 227 homes for sale in late October, with only 86 new listings. Supply is tight.
  • Speed: Homes go pending in about 15 days. Buyers must move fast.
  • Prices: Average home value sits at $419,889, up 1.1% year-over-year. Median sale price in October was $515,000, up 3% YoY.
  • Neighborhoods:
    • College Hill: ~$968,317
    • Downtown: ~$548,504
    • Federal Hill: ~$430,068
    • Valley/Smith Hill: ~$369K–$373K

🧭 What It Means for Buyers & Sellers

  • For Buyers: Yes, rates are high. But inventory is scarce, and homes are still moving quickly. Waiting for the “perfect” rate could mean missing out on the right property.
  • For Sellers: Demand remains strong enough to keep values stable. Homes are selling near list price, often with multiple offers. If you’re considering listing, the market is still in your favor.
  • For Investors: Providence remains attractive as a safe-haven asset. Tight supply and steady demand make real estate here a hedge against broader economic uncertainty.

🔮 Outlook

Nationally, the housing market is in a holding pattern—waiting for lower rates or stronger consumer confidence. Locally, Providence’s severe inventory shortage keeps values resilient. Expect modest price growth (~3.5% in 2026), fast-moving listings, and continued competition in desirable neighborhoods.

Bottom Line: The same forces slowing Home Depot’s sales—cautious consumers, weak turnover, affordability pressures—are shaping our housing market. But in Greater Providence, scarcity keeps the market competitive. If you’re thinking about buying, selling, or investing, the window of opportunity is still open.

Above image and some data generated by AI.

Why Now Is a Great Time to Buy a House in Southern New England

If you’ve been dreaming of owning a home in Southern New England—think Connecticut’s charming towns, Rhode Island’s coastal gems, or the historic corners of southern Massachusetts—2025 might be your moment. As of March 11, 2025, the real estate market here is showing signs of opportunity for buyers. From economic shifts to local trends, here’s why now could be the perfect time to plant your roots in this picturesque region.

1. Interest Rates Are Settling Down

After a wild ride in recent years, mortgage rates appear to be stabilizing across the U.S., and Southern New England is no exception. While we’re not back to the rock-bottom rates of the 2010s, the steep climbs of the early 2020s have eased. For buyers in places like New Haven or Providence, this means more predictable mortgage payments and a chance to lock in a rate before any surprises. With the Federal Reserve keeping a close eye on inflation, rates could hold steady—giving you a solid window to finance that Cape Cod-style home or colonial fixer-upper.

2. Inventory Is Ticking Up Across the Region

Southern New England has felt the inventory crunch hard, with sellers clinging to their low-rate mortgages or waiting out peak prices. But early 2025 is bringing a shift. In towns like Mystic, CT, or Bristol, RI, more “For Sale” signs are popping up. Maybe it’s empty nesters downsizing, retirees heading south, or homeowners feeling the market has topped out. Whatever the reason, this uptick means more choices—whether you’re eyeing a waterfront cottage in Narragansett or a suburban spread in West Hartford. More options also mean less cutthroat bidding wars, a welcome relief for buyers.

3. Prices Are Softening in Hotspots

The pandemic boom sent prices soaring in Southern New England, especially in desirable spots like Fairfield County or the South Shore of Massachusetts. But as demand normalizes, some of these overheated markets are cooling. Sellers who bought at the 2021 peak might be more open to negotiation, especially in areas where listings are lingering a bit longer. In places like Cranston, RI, or Milford, CT, you could snag a deal that feels more reasonable than it did two years ago. It’s not a buyer’s market everywhere, but the balance is tipping your way in many towns.

4. Southern New England’s Long-Term Appeal Holds Strong

This region’s charm—historic villages, top-notch schools, and proximity to both Boston and New York—makes it a perennial winner for real estate investment. Even with short-term ebbs and flows, home values here tend to climb over time. Buying now in, say, Portsmouth, RI, or Simsbury, CT, sets you up for equity growth as hybrid work trends keep the area attractive to professionals and families alike. A home purchased in 2025 could be your family’s cornerstone—and a financial win—by 2035.

5. Local Incentives Are Sweetening the Deal

From builders in growing suburbs like Plainfield, CT, to sellers in competitive markets like Attleboro, MA, incentives are emerging. New developments might offer rate buydowns or closing cost help, while individual sellers could throw in extras—like covering roof repairs or offering flexible move-in dates—to close the deal. These perks can shave thousands off your upfront costs, making homeownership more attainable in a region where prices can still feel steep.

6. Seasonal Timing Works in Your Favor

March in Southern New England is a quiet season for real estate. The spring rush hasn’t fully kicked in, and winter’s chill keeps some buyers indoors. That means less competition as you tour that farmhouse in Litchfield County or that bungalow in Westerly, RI. Sellers listing now might be extra motivated—perhaps they’re relocating for work or eager to sell before the summer crowd arrives. It’s a strategic moment to strike while the market’s still waking up.

A Word of Caution

Southern New England’s market varies widely—Greenwich, CT, is a different beast from Fall River, MA. Check local trends, get pre-approved, and team up with a realtor who knows the area inside out. Coastal properties might still carry flood insurance costs, and older homes could need TLC. But for those ready to navigate these quirks, the rewards are there.

The Bottom Line

March 2025 is shaping up as a buyer’s sweet spot in Southern New England. With steadier rates, growing inventory, softening prices in key areas, and the region’s enduring appeal, the stars are aligning. So, grab your map, hit the open houses—from Stamford to Stonington—and make your move. That quintessential New England home, complete with a front porch and autumn leaves, might be waiting for you right now.

If you have any questions, or would like to connect, email me: Joe@JoeLucacaRealtor.com

Step-By-Step Guide for Moving Houses and Launching Businesses Successfully

Starting a new business is exciting, but it can also be challenging, especially when you’re also moving homes. If you find yourself in this situation, don’t fret – it’s possible to successfully manage both transitions simultaneously with a bit of planning and organization. In this article shared by Joe Luca, we’ll share some tips to help you make it work.

Shop for Homes Wisely by Determining Your Space Needs

When searching for a new home, it’s essential to determine the amount of space you’ll need to run your business effectively. This includes considering factors such as storage requirements, workspace needs, and any additional equipment or resources that are necessary for your operations. Having a clear idea of how much space you require will help you narrow down your search and focus on properties that meet your specific needs.

Consider Purchasing a Home As-Is to Save Time and Money

If you’re short on time and need to move quickly, consider purchasing a home as-is. These properties may require some renovations or updates, but they can be an excellent option for entrepreneurs who need a move-in-ready office space. Work with real estate professionals like Joe Luca and look for properties that have a designated area for your business, such as a basement, garage, or separate building on the property. Not only will this save you time and money, but it can also allow you to start your business operations sooner rather than later.

Hire a Moving Company

To ensure that your business doesn’t suffer during the move, consider hiring a professional moving company to handle the logistics of the transition. This will free up your time and energy to focus on continuing business operations and maintaining customer relationships. Be sure to communicate your business’s needs and timeline with the moving company so that they can work around your schedule and minimize any disruptions to your operations.

Create a Plan to Stay Organized

To move and start a business at the same time, you need a clear plan and timeline. This will keep you organized and ensure all necessary tasks are completed on schedule. Research potential homes, hire a moving company, set up your office space, and let your customers know about any operational changes. Take it step by step for greater efficiency and ease.

Designate a Space for Your Office

Running a business from home requires separating work and personal life. Choose a designated workspace – a separate room, garage, or shed – to maintain balance. Ensure it’s free from distractions and family activities to stay focused and productive during work hours while still enjoying home life.

Update Your Marketing

Since marketing is the backbone of any business, coming up with effective but affordable ways to spread the word is essential. Luckily, you can market for free via social media – but don’t stop there! You should supplement this with some tried-and-true approaches like business cards, as well. If you aren’t sure how to get started, explore some eye-catching business cards templates that you can customize for free. These are great for providing a tactile reminder of your business to potential clients and customers.

Starting a business and moving at the same time can be overwhelming, but it’s possible to make it work with careful planning and organization. By establishing your space requirements, considering purchasing a home as-is, hiring a professional moving company, using a customer data platform, making a detailed plan and timeline, and choosing a designated workspace, you’ll be well on your way to a successful move and business launch. Remember to take things one step at a time, stay organized, and keep a positive mindset – the rewards of running a thriving business from your dream home are worth it!

Joe Luca is the trustworthy realtor you’ve been looking for. Call (401) 409-5030.