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Five Questions With: Arthur Yatsko


Arthur Yatsko is president of the Rhode Island Association of Realtors, which recently released its first-quarter report on real estate activity. In April, the number of single-family homes for sale fell by nearly 10 percent. And while sales activity rose ...


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document.write(');By Mary MacDonald PBN Staff WriterTwitter: @MaryF_MacDonald Arthur Yatsko is president of the Rhode Island Association of Realtors, which recently released its first-quarter report on real estate activityIn April, the number of single-family homes for sale fell by nearly 10 percentAnd while sales activity rose through the first three months of the year, pending sales have started to taper off, increasing 2.5 percent in AprilYatsko responded this week to questions posed by the Providence Business News. To continue reading this article, please do one of the following. LoginCurrent subscriber? Log in to continue.Register for freeYou can access an additional 3 stories every 30 daysClick here to continue.SubscribeNo Limits!Get a Digital Subscription to PBN.1-Year Digital + Print: Just $89.Annual access: $79 – BEST OFFER.Purchase article accessYou can purchase access to thissingle article, if you prefer.Click here to continue. $(function(){ mac('114596', '__v', 114, 3, 0); }); Home Commentary Five Questions With real estate Five Questions With: Arthur Yatsko Arthur Yatsko is president of the Rhode Island Association of Realtors. COURTESY RHODE ISLAND ASSOCIATION OF REALTORS $(function(){ $('#top-carousel').on('slide.bs.carousel', function (e) { var slideFrom = $(this).find('.active').index(); var slideTo = $(e.relatedTarget).index(); $('.large_photos .thumbnails li').removeClass('active'); $('.large_photos .photo'+slideTo).addClass('active'); }); }); Print Email Comment Tweet (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.0"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); lang: en_US --> Posted: Thursday, June 2, 2016 4:51 am document.write(');By Mary MacDonald PBN Staff WriterTwitter: @MaryF_MacDonald Arthur Yatsko is president of the Rhode Island Association of Realtors, which recently released its first-quarter report on real estate activityIn April, the number of single-family homes for sale fell by nearly 10 percentAnd while sales activity rose through the first three months of the year, pending sales have started to taper off, increasing 2.5 percent in AprilYatsko responded this week to questions posed by the Providence Business News. PBN: The number of home listings seems to be decreasing from April 2014 and April 2015 to this past monthWhat is happening? It seems like this would be a good time to sell, given the rising prices and low interest ratesWhy is inventory falling back? YATSKO: It's not that we have an unusually low supply of homes for sale but we do have high demand on the buyer sideDuring the recession, many people wanted to make a move but couldn'tNow they're able toThat pent-up demand, coupled with the terrific mortgage rates that buyers can take advantage of is causing demand to outstrip supplyHowever, there are still plenty of great homes for sale in Rhode IslandThroughout much of the country, low inventory has affected the market much more than it has hereOur market slightly favors sellers, but there are still great opportunities for buyers out there. PBN: What is the most difficult home to find for buyers, in terms of size? Is it the home with more than three bedrooms in a good school district, or the smaller home in a good school district? I wondered if the supply falling back means some kinds or types of properties are particularly rare if( $(window).width() >= 1200 ){ var bust = Math.floor(89999999*Math.random()+10000000); var millis = new Date().getTime(); var referrer = encodeURIComponent(document.location); // ========== THIS SECTION IS STOP AUTOMATIC REFRESH ========== document.write(''); // ========== THIS SECTION IS TO INCLUDE AN AUTOMATIC REFRESH EVERY 60 SECONDS ========== // document.writeln('); // document.writeln('); // document.writeln('); // document.writeln('); // document.writeln('); } YATSKO: In recent years, the move-up and high-end markets were stagnant, those homes priced from roughly $400,000 and over, while lower-end homes were selling quicklyThat's changingOur move-up and the high-end market is moving again, in fact, all ends of the market are selling, but we are seeing fewer first-time buyersBetween school loans, the higher cost of renting and other debt, it's harder for millennials to qualify for a mortgageI do find that the hardest houses to sell are the ones that need updatingCurrently, if a house is in move-in condition and priced right, it will move quickly, at all levels of the market PBN: The number of pending sales has started to fall backIs this a reflection of the hard winter of 2015, making today’s pending numbers seem small by comparison? Or is something else happening here? YATSKO: Pending sales were up by quite a bit in the first quarterThey just began to moderate in April, though they remain higher than they were a year ago Since we only saw a dip in April, it's really too early to tell if any trend is developingIf we see the number of pending sales drop down again in May, it may be that last year's weather is the cause, but it's too soon to tell. PBN: What advice do you give sellers about timing the market or their listing? If they want to sell, should they put it out there just a few months before they need to move? YATSKO: The latest statistics from the Rhode Island Realtors show that it takes about 12 weeks for our average single-family home to sellTheir Realtor will be able to tell them if that time frame holds true in their particular areaAlso, a Realtor will let their sellers know what needs to be done prior to putting their home up for sale to make it market ready. PBN: What impact has the threat of rising interest rates had on buyers? Are they moving to purchase now, rather than waiting a few more years? YATSKO: Buyers are definitely moving to lock in today's ratesI think that's definitely a factor in the high demand that we're seeing nowWe were lucky that when the Federal Reserve raised the rate in December, mortgage rates actually fell in the months that followedThere's talk that rates will be increased again in June but there's no guarantee that the same thing would happen again. Keywords Providence, Rhode Island, Arthur Yatsko, Rhode Island Association of Realtors, home sales Print Email Comment Tweet (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.0"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); lang: en_US --> Comments No comments on this story | Please log in to comment by clicking here Please log in or register to add your comment #comment_add { display: none; } Related Stories Popular Most Read 1. Goldman relieved of duty at NUWC Newport Division Yesterday at 11:53 AM 2. ProvPort looks for $20M bond to expand footprint along Allens Ave. 3 days ago 3. Niche in new construction Friday, May 13 4. Bond refinancing expected to save taxpayers in 15 communities $4M Yesterday at 11:03 AM 5. How much of a tax break do nonprofits deserve? 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