Interesting explanation. I didn't think of the spatial awareness implications as opposed to simple "parking".

"With interest rates where they are, the cost to buy has never been higher."

That's absolutely not true. Average mortgage rates were consistently above 6%, and usually above 7%, from the early 70s until the rate cuts stemming from the financial crisis in the late aughts.

the housing stock in RI is so old and they sell for the same price as updated homes, this isn’t happening elsewhere in New England. There’s clearly a supply side issue here. I’ve spoken with some realtors and they have a lot of preapproved folks ready to snap up inventory as soon as they dip, I just don’t believe prices will go down considerably.

Pick it up?

Not all plates have a dash. This post was pointless

I got lucky and bought in 2020 right before the rate hikes and the market skyrocketed.

I would not be able to afford the house I'm in now at these prices.

I don't know the reasoning of DMV. But I think that the ability to effectively parallel park is a clear demonstration that the driver knows where the wheels and the four corners of the car are located, and how the vehicle actually turns. If you can parallel park, you should certainly be able to park any other way. And if a car parks very close to you in a parking lot, you have the skills to be able to get out of your spot without hitting the adjacent car. An understanding of how the wheels work in parallel parking can be applied to other close maneuvering: one should be less likely to cut a corner too close and hit the curb, for example. Parallel parking requires a good understanding of close maneuvering which can readily be ported to many day-to-day situations.

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They did. The owner said he couldnt find anyone to work the easton store so they closed it

Now I’m having flashbacks to my road test in Wakefield in November 200whatever, and the proctor making me parallel park on a curb that wasn’t even visible because it was covered in leaves.

Don’t take it in Wakefield. It’s probably the same dude from almost 20 years ago who yelled at me after the test while we sat in my mom’s car behind Old Mountain Lanes.

Thank you so much for the info I appreciate it!

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Rhode Island Housings down payment assistance will exist forever, they have been around for decades. It only applies to first time homebuyers so you would only be able to use it on a first home.

The grant with no payment will probably be gone within a few months, end of year at the latest. It has to be used at the time or closing so you would be in contract on something soon ideally.

If you have the ability to take advantage of the grant (income, FICO, etc) I would recommend it. If you are facing a situation where you don’t feel comfortable going that fast or you have a credit or income issue as far as how you are paid I would get with a lender today who is someone who does Rhode Island Housing a lot and they can put you on the right path. Rhode Island housing is pretty lax on there guidelines relative to some other equivalents in other states but deposits are a big thing for them so if you are depositing cash a lot that would be an issue.

Even if you miss the grant, the DPA is still a good program. If you need some help with a lender, let me know.

After getting pulled over on 95 for speeding I use Waze all the time now. The cop alerts are helpful but so are the traffic/accident alerts and redirections.

Yeah I’m sure but I’m not one of them as much as that would be nice. I’ve always bought out my phone and go to simple mobile so never had to do monthly payments, my husband and I don’t drink, if we go out it’s maybe once every couple months. As a woman I haven’t had my nails, feet, hair done or cut in years. Every penny that’s made goes towards bills or things for our toddler. Unfortunately we do all we can and it’s still not enough to afford even a foreclosure home in our town.

Nope i let the assholes in a hurry get a ticket. People in this state cant drive as is telling then its ok to go faster seems beyond retarded to me

My question is I’m assuming this is a one time thing? So would I not wait to use a grant it on a house we can afford after a few more years of saving? Genuinely would like your opinion

In this state mainly Rhode Island Housing, they just announced today a grant program for $17,500 towards down payment and closing costs. Not a lien, no payment, just need to have a 660 FICO and make below 112k a year. Outside of that program they offer up to 15k as a second lien towards down payment and closing costs normally. 15k and whatever your first mortgage rate is. As of today that would be 6% if you are below the income limit.

I agree the market is nuts. I also feel people that complain alot are using $800 cell phones with monthly payments of $50 plus. Go out or order food once or more a week. Buy coffee daily, get drinks on weekends, etc. It all adds up

> Some people say there will be a crash but I just don’t believe it anymore.

Instead of operating on belief, look at evidence. The run up in home prices since COVID is close to what we saw 2005-2008. Today we recognize that was an asset bubble driven by lax underwriting standard, poor transparency in the MBS marketplace, and low interest rates. At the time, a lot of folks looking to get into the housing market thought it was a “new normal” and bought in lest they miss their chance, including some friends of ours. Here are two anecdotes:

• Friend 1 bought a 2 Bed / Bath condo at the height of the market for $230K. They sold in 2016, the condo finally reached that $230K valuation again last year. The sale proceeds didn’t even cover the 3% they put down on their new place.

• Friend 2 bought a 2 Bed / Bath condo same neighborhood as the market started cooling for $200K. Friend 2 stopped paying his mortgage, and quit his job and worked under the table. His wife kept working. They got their loan adjusted down by about $100K, and made a decent chunk of cash when they upgraded.

Sometimes bad decisions are rewarded and good ones are punished.

>Is there any serious advice for someone looking to purchase their first home?

Wait. With interest rates where they are, the cost to buy has never been higher. Rising interest rates coexisting with rising home prices is an anomaly that cannot continue. If interest rates hit 8% (from 2% when I refinanced last year) that would doubled the monthly mortgage payment at the same purchase price. It’s unsustainable. If you look at the impact of rising interest rates were actually hitting value increases > the run up to the last bubble.

What kind of programs?

We know a few people who have done that, I just love northern RI and would hate to leave my area but that’s my own issue

I have known at least one person who literally didn't know there was a difference between her DRLs and her normal lights. She thought her normal lights were high beams and never knew how to actually turn the high beams on. I wouldn't be surprised if some of these people were like that.

Boomers!

Thank you for explaining it in a way I can actually understand!